Dollar Mixed Awaiting Fed Powell, Europeans Staying Soft
| Action Insight Daily Report 8-26-22 |
Dollar Mixed Awaiting Fed Powell, Europeans Staying Soft |
The forex markets are generally steady in Asian session today, as traders are still holding their bets ahead of Fed Chair Jerome Powell's Jackson Hole speech. US stocks staged a rebound overnight, but there was little reaction elsewhere. For the week, commodity are currently the strongest, led by Aussie. European majors are the worst performers, led by Euro. Dollar and Yen are mixed. Technically, 10-year yield breached 3.101 resistance this week but couldn't sustain above there so far. Rejection by 3.101, followed by break of gap support at 2.952, will suggest that corrective pattern from 3.483 is already starting a third leg down towards 2.525 low. In this case, USD/JPY could be dragged down as a corresponding move. Nevertheless, firm break of 3.101 will send TNX towards 3.483, taking USD/JPY higher for a test on 139.37. In Asia, at the time of writing, Nikkei is up 0.69%. Hong Kong HSI is up 0.70%. China Shanghai SSE is up 0.09%. Singapore Strait Times is up 0.36%. Japan 10-year JGB yield is down -0.007 at 0.223. Overnight, DOW rose 0.98%. S&P 500 rose 1.41%. NASDAQ rose 1.67%. 10-year yield dropped -0.080 to 3.026. |
USD/CHF Daily Outlook Daily Pivots: (S1) 0.9605; (P) 0.9641; (R1) 0.9670; More... Intraday bias in USD/CHF remains neutral at this point. Outlook is unchanged that triangle correction from 1.0063 could have completed at 0.9369 already. Above 0.9691 will resume the rise from 0.9369 and target 0.9884 resistance next. Break there will argue that larger up trend is ready for resumption through 1.0063. On the downside, below 0.9551 minor support will dampen this view and turn bias back to the downside for 0.9369 support instead. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 23:30 | JPY | Tokyo CPI Core Y/Y Aug | 2.60% | 2.50% | 2.30% | | 06:00 | EUR | Germany Gfk Consumer Confidence Sep | -31.5 | -30.6 | | 08:00 | EUR | Eurozone M3 Money Supply Y/Y Jul | 5.60% | 5.70% | | 12:30 | USD | Personal Income M/M Jul | 0.60% | 0.60% | | 12:30 | USD | Personal Spending M/M Jul | 0.40% | 1.10% | | 12:30 | USD | PCE Price Index M/M Jul | 1.00% | | 12:30 | USD | PCE Price Index Y/Y Jul | 6.80% | | 12:30 | USD | Core PCE Price Index M/M Jul | 0.30% | 0.60% | | 12:30 | USD | Core PCE Price Index Y/Y Jul | 4.70% | 4.80% | | 12:30 | USD | Wholesale Inventories Jul P | 1.50% | 1.80% | | 12:30 | USD | Goods Trade Balance (USD) Jul P | -99.0B | -98.6B | | 14:00 | USD | Michigan Consumer Sentiment Index Aug F | 55.2 | 55.1 |
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