Dollar Selloff Resumes, Sterling in Pole PositionDollar Selloff Resumes, Sterling in Pole Position
| Action Insight Mid-Day Report 11-15-22 |
Dollar Selloff Resumes, Sterling in Pole Position |
Dollar selloff resumes today on the back of extended rally in the stock markets and decline in treasury yields. Selloff in particularly apparent against Euro and Sterling, and to a slightly lesser extent Aussie. Yen also manages to resumes recent rally against the greenback. But Swiss Franc is lagging behind, as dragged down by selloff against other Europeans. Technically, Sterling appears to have an advantage over Euro, with EUR/GBP dipping today. Break of 0.8689 minor support will likely resume the fall from 0.9267 through 0.8570 low. Nevertheless, firstly, the cross will have too take out mentioned 0.8689 minor support first. Secondly, the Pound will also face some tests from economic data release, and more importantly, the government's new budget later in the week. In Europe, at the time of writing, FTSE is up 0.33%. DAX is up 0.88%. CAC is up 1.09%. Germany 10-year yield is down -0.062 at 2.084. Earlier in Asia, Nikkei rose 0.10%. Hong Kong HSI rose 4.11%. China Shanghai SSE rose 1.64%. Singapore Strait Times rose 0.44%. Japan 10-year JGB yield rose 0.0012 to 0.244. |
GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.1703; (P) 1.1766; (R1) 1.1821; More... GBP/USD's rise from 1.0351 resumed after brief retreat and intraday bias is back on the upside. With break of 61.8% projection of 1.0351 to 1.1494 from 1.1145 at 1.1851, next target will be 100% projection at 1.2288. On the downside, break of 1.1708 minor support will turn intraday bias neutral and bring consolidation again, before staging another rally. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 23:50 | JPY | GDP Q/Q Q3 P | -0.30% | 0.30% | 0.90% | | 23:50 | JPY | GDP Deflator Y/Y Q3 P | -0.50% | -0.60% | -0.30% | | 00:30 | AUD | RBA Meeting Minutes | | 02:00 | CNY | Industrial Production Y/Y Oct | 5.00% | 5.20% | 6.30% | | 02:00 | CNY | Retail Sales Y/Y Oct | -0.50% | 1.00% | 2.50% | | 02:00 | CNY | Fixed Asset Investment YTD Y/Y Oct | 5.80% | 5.90% | 5.90% | | 04:30 | JPY | Industrial Production M/M Sep F | -1.70% | -1.60% | -1.60% | | 07:00 | GBP | Claimant Count Change Oct | 3.3K | -12.6K | 25.5K | | 07:00 | GBP | Unemployment Rate (3M) Sep | 3.60% | 3.50% | 3.50% | | 07:00 | GBP | Average Earnings Excluding Bonus 3M/Y Sep | 5.70% | 5.60% | 5.40% | | 07:00 | GBP | Average Earnings Including Bonus 3M/Y Sep | 6.00% | 6.00% | 6.00% | | 10:00 | EUR | Eurozone Trade Balance (EUR) Sep | -37.7B | -39.4B | -47.3B | -47.6B | | 10:00 | EUR | Eurozone GDP Q/Q Q3 P | 0.20% | 0.20% | 0.20% | | 10:00 | EUR | Eurozone Employment Change Q/Q Q3 P | 0.20% | 0.30% | 0.40% | | 10:00 | EUR | Germany ZEW Economic Sentiment Nov | -36.7 | -54.1 | -59.2 | | 10:00 | EUR | Germany ZEW Current Situation Nov | -64.5 | -67.5 | -72.2 | | 10:00 | EUR | Eurozone ZEW Economic Sentiment Nov | -38.7 | -55 | -59.7 | | 13:30 | CAD | Manufacturing Sales M/M Sep | 0.00% | -0.50% | -2.00% | -1.90% | | 13:30 | CAD | Wholesale Sales M/M Sep | 0.10% | -0.20% | 1.40% | 1.90% | | 13:30 | USD | Empire State Manufacturing Index Nov | 4.5 | -7 | -9.1 | | 13:30 | USD | PPI M/M Oct | 0.20% | 0.50% | 0.40% | 0.20% | | 13:30 | USD | PPI Y/Y Oct | 8% | 8.30% | 8.50% | 8.40% | | 13:30 | USD | PPI Core M/M Oct | 0.00% | 0.40% | 0.30% | 0.20% | | 13:30 | USD | PPI Core Y/Y Oct | 6.70% | 7.20% | 7.20% |
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