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Sri Lankan international sovereign bonds fell by 1 cent, while Pakistani and Indonesian bonds came under pressure after Trump announced new tariffs.July 24th - S&P Globals preliminary German Composite PMI rose to 51.2 in July from 49.5 in June, exceeding analysts expectations of 49.8. Phil Smith, Associate Director of Economics at S&P Global Market Intelligence, stated, "The German economy had a strong start to the third quarter, with the Composite PMI returning to growth territory; previously, the index had been in contraction for three consecutive months due to the outbreak of conflict in the Middle East." However, Smith pointed out that the path to a sustainable recovery remains highly uncertain given the escalating hostilities in the region and the renewed push up global energy prices. Germanys preliminary Manufacturing PMI rose to 52.2 in July from 50.3 in the previous month, exceeding analysts expectations of 50.5. Smith stated, "Manufacturing output grew strongly in July, marking the most significant increase in nearly four and a half years." Meanwhile, the preliminary Services PMI recorded 49.6, an improvement from 48.6 in the previous month, reaching a four-month high.The Iranian military has launched another wave of drone attacks against US military facilities in Kuwait.Germanys preliminary composite PMI for July was 51.2, below the expected 49.8 and the previous reading of 49.5.Germanys preliminary manufacturing PMI for July was 52.2, below the expected 50.5 and the previous reading of 50.3.

Price Analysis: EUR/JPY Daily Rising Wedge Targeting 143.00

Daniel Rogers

Nov 23, 2022 16:01

 截屏2022-11-23 上午9.53.21.png

 

The EUR/JPY continues to consolidate within an ascending wedge, after ending Tuesday with tiny losses of 0.04% due to a risk-on sentiment. At the start of the Asian trading session, the EUR/JPY exchange rate is 145.48, representing a slight gain of 0.01%.

 

As noted previously, a rising wedge emerged on the EUR/JPY daily chart, with the bulk of daily lows acting as dynamic support after the 50-day Exponential Moving Average (EMA). In spite of the fact that the cross continues to move steadily, there has been less price action during the past four days. This would suggest that the EUR/JPY exchange rate is stable or that a breakout is near.

 

If the EUR/JPY reaches 146.00, it could accelerate a rally toward the year-to-date (YTD) highs near 148.40; however, buyers must first overcome crucial resistance levels. The first is the rising wedge top trendline close to 146.50, followed by the 9 November daily high at 147.11. After the psychological 148.00 is reached, the next objective will be 149.00.

 

If the EUR/JPY breaks below the rising wedge, the 50-day exponential moving average (EMA) around 144.12 would provide first support. A breach of this level will expose the 143.00 level, followed by the November 11 swing low of 142.54.

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