Dollar Buying Picks Up Momentum, Other Currencies Mixed
| Action Insight Daily Report 8-19-22 |
Dollar Buying Picks Up Momentum, Other Currencies Mixed |
Dollar's rally has finally made some progress overnight and the momentum continues in Asian session. Other currencies are mixed for now with no clear loser. For the week, Aussie and Kiwi are on the weaker side while Euro and Canadian are the stronger ones. But the picture could easily flip before close. A question is on whether stock markets would have another surge which gives Yen extra pressure. Technically, some attention remains on 0.6868 support in AUD/USD and 1.2984 resistance in USD/CAD. Break of these levels will confirm the underlying strength of Dollar against commodity currencies too. Such development could drag EUR/USD further lower through parity, towards 0.9951 low. In Asia, Nikkei closed down -0.05%. Hong Kong HSI is up 0.25%. China Shanghai SSE is down -0.25%. Singapore Strait Times is down -0.74%. Japan 10-year JGB yield is down -0.0009 at 0.199. Overnight DOW rose 0.06%. S&P 500 rose 0.23% NASDAQ rose 0.21%. 10-year yield 10year yield dropped -0.013 to 2.880. |
EUR/USD Daily Outlook Daily Pivots: (S1) 1.0047; (P) 1.0120; (R1) 1.0160; More... EUR/USD's fall from 1.0368 resumed by breaking through 1.0121. Intraday bias is back on the downside for retesting 0.9951 low first. Firm break there will resume larger down trend trend. Next near term targets are 61.8% projection of 1.0773 to 0.9951 from 1.0368 at 0.9860, and then 100% projection at 0.9546. On the upside, above 1.0203 minor resistance will turn intraday bias neutral. But risk will stay on the downside as long as 1.0368 resistance holds. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 22:45 | NZD | Trade Balance (NZD) Jul | -1092M | 105M | -701M | -1102M | | 23:01 | GBP | GfK Consumer Confidence Aug | -44 | -42 | -41 | | 23:30 | JPY | National CPI Core Y/Y Jul | 2.40% | 2.40% | 2.20% | | 06:00 | EUR | Germany PPI M/M Jul | 5.30% | 0.50% | 0.60% | | 06:00 | EUR | Germany PPI Y/Y Jul | 37.20% | 31.50% | 32.70% | | 06:00 | GBP | Retail Sales M/M Jul | 0.30% | -0.20% | -0.10% | -0.20% | | 06:00 | GBP | Retail Sales Y/Y Jul | -3.40% | -3.30% | -5.80% | -6.10% | | 06:00 | GBP | Retail Sales ex-Fuel M/M Jul | 0.40% | -0.20% | 0.40% | 0.20% | | 06:00 | GBP | Retail Sales ex-Fuel Y/Y Jul | -3.00% | -2.80% | -5.90% | -6.20% | | 06:00 | GBP | Public Sector Net Borrowing (GBP) Jul | 4.2B | 25.3B | 22.1B | 20.1B | | 08:00 | EUR | Eurozone Current Account(EUR) Jun | -3.3B | -4.5B | | 12:30 | CAD | Retail Sales M/M Jun | 0.40% | 2.20% | | 12:30 | CAD | Retail Sales ex Autos M/M Jun | 0.90% | 1.90% |
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