Dollar Mildly Higher in Tight Range, Markets Quiet
| Action Insight Mid-Day Report 10-6-22 |
Dollar Mildly Higher in Tight Range, Markets Quiet |
The forex markets are very quiet today, with major pairs and crosses stuck inside yesterday's range so far. Dollar is trying to recover but lacks sustained buying. Traders are clearly holding the bets before tomorrow's non-farm payroll report. As for the week, the greenback remains the worst performer, followed by Yen and Swiss Franc. Commodity currencies are the stronger ones, but they're just in corrective recovery. Euro and Sterling are mixed. Technically, if Dollar is going to resume it's prior up trend, it will more likely breakout against commodity currencies first, with help from return of risk-off sentiment. Thus, some focuses will be on 0.6362 temporary low in AUD/USD and 1.3832 temporary top in USD/CAD. Break of these levels could be a prelude to more broad-based comeback of the greenback. In Europe, at the time of writing, FTSE is down -0.95%. DAX is down -0.18%. CAC is down -0.59%. Germany 10-year yield is up 0.0143 at 2.042. Earlier in Asia, Nikkei rose 0.70%. Hong Kong HSI dropped -0.42%. Singapore Strait Times dropped -0.05%. Japan 10-year JGB yield dropped -0.0059 at 0.244. |
USD/CHF Mid-Day Outlook Daily Pivots: (S1) 0.9784; (P) 0.9836; (R1) 0.9888; More... USD/CHF is still extending the consolidation pattern form 0.9964 and intraday bias remains neutral. Outlook is unchanged that further rally is in favor as long as 0.9694 support holds. On the upside, above 0.9964 will resume the rally from 0.9369 to retest 1.0063 high. On the downside, however, break of 0.9694 support will extend the corrective pattern from 1.0063 with another falling leg, towards 0.9478 support first. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 21:30 | AUD | AiG Performance of Construction Index Sep | 46.5 | 47.9 | | 00:30 | AUD | Trade Balance (AUD) Aug | 8.32B | 10.00B | 8.73B | 8.97B | | 06:00 | EUR | Germany Factory Orders M/M Aug | -2.40% | -0.50% | -1.10% | 1.90% | | 08:30 | GBP | Construction PMI Sep | 52.3 | 48.1 | 49.2 | | 09:00 | EUR | Eurozone Retail Sales M/M Aug | -0.30% | -0.30% | 0.30% | -0.40% | | 11:30 | EUR | ECB Monetary Policy Meeting Accounts | | 11:30 | USD | Challenger Job Cuts Y/Y Sep | 67.60% | 30.30% | | 12:30 | USD | Initial Jobless Claims (Sep 30) | 219K | 205K | 193K | 190K | | 14:00 | CAD | Ivey PMI Sep | 62.3 | 60.9 | | 14:30 | USD | Natural Gas Storage | 125B | 103B |
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