Daily market outlook on major

Update Time: 12 May 2022 09:30GMT.

USD/JPY - 128.57

Dollar's intra-day firm break of Wed's bottom at 129.46 in Europe due to safe haven buying on global weakness suggests erratic fall from Mon's fresh 20-year peak at 131.34 remains in force and further weakness to 128.10/20 would be seen, reckon 127.50 should contain downside and yield rebound due to over-sold condition.

On the upside, only a daily close above 129.46 would indicate aforesaid pullback over and yield stronger gain to 130.05/06.

Data to be released on Thursday

New Zealand food price index, inflation forecast, Japan current account, trade balance, Eco watchers outlook, Eco watchers current, Australia consumer inflation, Swiss producer/import price.
U.K. RICS housing price balance, GDP, trade balance, construction output, manufacturing output, industrial output, NIESR GDP estimate.
U.S. initial jobless claims, continuing jobless claims and PPI.
 

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