Dollar Rally Stalled Once Again, CAD Looks into Retail Sales
| Action Insight Daily Report 11-22-22 |
Dollar Rally Stalled Once Again, CAD Looks into Retail Sales |
Dollar's rebound stalled once again quickly, as risk markets appear to have stabilized. Overall, Swiss Franc is following the greenback as the second strongest for the week so far, then Canadian. Yen is the worst performer, followed by Aussie and Kiwi. Euro and Sterling are mixed with Sterling having an upper hand. Canadian retail sales will be a feature of the day while many central bankers will speak. Hopefully, there would be some more decisive market actions. Technically, USD/CAD is now pressing 1.3494 support turned resistance. Decisive break there will indicate that correction from 1.3976 has completed with three waves down to 1.3224. More important, that would be successful defense of 1.3222 key resistance turned support, and reinforce medium term bullishness. In this case, there's prospect of retesting 1.3976 high next. In Asia, at the time of writing, Nikkei is up 0.70%. Hong Kong HSI is down -0.39%. China Shanghai SSE is up 0.75%. Singapore Strait Times is up 0.51%. Japan 10-year JGB yield is up 0.0007 at 0.246. Overnight, DOW dropped -0.13%. S&P 500 dropped -0.39%. NASDAQ dropped -1.09%. 10-year yield rose 0.007 to 3.825. |
GBP/USD Daily Outlook Daily Pivots: (S1) 1.1766; (P) 1.1837; (R1) 1.1895; More... GBP/USD is staying inside tight range below 1.2028 as sideway consolidation continues. Intraday bias remains neutral first, and further rally is expected as long as 1.1644 resistance turned support holds. On the upside, break of 1.2028 will resume whole rise from 1.0351 to 100% projection of 1.0351 to 1.1494 from 1.1145 at 1.2288. However, sustained break of 1.1644 will bring deeper fall to 1.1145 support instead. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 21:45 | NZD | Trade Balance (NZD) Oct | -2129M | -1715M | -1615M | -1696M | | 07:00 | GBP | Public Sector Net Borrowing (GBP) Oct | 19.2B | | 09:00 | EUR | Eurozone Current Account (EUR) Sep | -20.3B | -26.3B | | 13:30 | CAD | New Housing Price Index M/M Oct | 0.20% | -0.10% | | 13:30 | CAD | Retail Sales M/M Sep | 1.10% | 0.70% | | 13:30 | CAD | Retail Sales ex Autos M/M Sep | 1.00% | 0.70% | | 15:00 | EUR | Eurozone Consumer Confidence Nov P | -26 | -28 |
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