Sterling and Loonie Shrug Inflation Data, Markets Tread Water
| Action Insight Mid-Day Report 11-16-22 |
Sterling and Loonie Shrug Inflation Data, Markets Tread Water |
The financial markets are generally quiet today, with European indexes and US futures trading slightly lower into US session. In the currency markets, most major pairs and crosses are stuck inside yesterday's range, with Yen and Dollar on the softer side, Euro and Swiss Franc on the firmer side. Sterling and Canadian Shrug respecting inflation data. Aussie and Kiwi are mixed. Technically, while Dollar's selloff might have lost momentum, it's far too early to call for a reversal. Levels to note included 1.0092 support in EUR/USD, 0.6521 support in AUD/USD, 0.9680 minor resistance in USD/CHF and 1.3494 resistance in USD/CAD. As long as these level holds, near term sentiment is still against the greenback. In Europe, at the time of writing, FTSE is down -0.16%. DAX is down -0.83%. CAC is down -0.39%. Germany 10-year yield is down -0.079 at 2.034. Earlier in Asia, Nikkei rose 0.14$. Hong Kong HSI dropped -0.47%. China Shanghai SSE dropped -0.45%. Singapore Strait Times dropped -0.28%. Japan 10-year JGB yield rose 0.0014 to 0.244. |
GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.1729; (P) 1.1878; (R1) 1.2016; More... Intraday bias in GBP/USD is turned neutral with a temporary top formed at 1.2028, and more consolidations would be seen. Downside of retreat should be contained by 1.1597 minor support to bring another rally. On the upside, above 1.2028 will resume the rise from 1.0351 to 100% projection of 1.0351 to 1.1494 from 1.1145 at 1.2288. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
|---|
| 23:30 | AUD | Westpac Leading Index M/M Oct | -0.10% | 0.00% | | 23:50 | JPY | Machinery Orders M/M Sep | -4.60% | 0.70% | -5.80% | | 00:30 | AUD | Wage Price Index Q/Q Q3 | 1.00% | 0.90% | 0.70% | 0.80% | | 04:30 | JPY | Tertiary Industry Index M/M Sep | -0.40% | 0.60% | 0.70% | | 07:00 | GBP | CPI M/M Oct | 2.00% | 1.70% | 0.50% | | 07:00 | GBP | CPI Y/Y Oct | 11.10% | 10.60% | 10.10% | | 07:00 | GBP | Core CPI Y/Y Oct | 6.50% | 6.40% | 6.50% | | 07:00 | GBP | RPI M/M Oct | 2.50% | 1.80% | 0.70% | | 07:00 | GBP | RPI Y/Y Oct | 14.20% | 13.40% | 12.60% | | 07:00 | GBP | PPI Input M/M Oct | 0.60% | 1.00% | 0.40% | 0.90% | | 07:00 | GBP | PPI Input Y/Y Oct | 19.20% | 17.70% | 20.00% | 20.80% | | 07:00 | GBP | PPI Output M/M Oct | 0.30% | 0.00% | 0.20% | 0.30% | | 07:00 | GBP | PPI Output Y/Y Oct | 14.80% | 14.80% | 15.90% | 16.30% | | 07:00 | GBP | PPI Core Output M/M Oct | 0.50% | 1.30% | 0.70% | 0.80% | | 07:00 | GBP | PPI Core Output Y/Y Oct | 13.30% | 14.00% | 14.00% | 14.40% | | 13:15 | CAD | Housing Starts Oct | 267k | 275K | 300K | 299k | | 13:30 | CAD | CPI M/M Oct | 0.70% | 0.80% | 0.10% | | 13:30 | CAD | CPI Y/Y Oct | 6.90% | 7.00% | 6.90% | | 13:30 | CAD | CPI Median Y/Y Oct | 4.80% | 4.80% | 4.70% | | 13:30 | CAD | CPI Trimmed Y/Y Oct | 5.30% | 5.30% | 5.20% | | 13:30 | CAD | CPI Common Y/Y Oct | 6.20% | 5.90% | 6.00% | 6.20% | | 13:30 | USD | Retail Sales M/M Oct | 1.30% | 0.90% | 0.00% | | 13:30 | USD | Retail Sales ex Autos M/M Oct | 1.30% | 0.40% | 0.10% | | 13:30 | USD | Import Price Index M/M Oct | -0.20% | -0.50% | -1.20% | | 14:15 | USD | Industrial Production M/M Oct | 0.20% | 0.40% | | 14:15 | USD | Capacity Utilization Oct | 80.40% | 80.30% | | 15:00 | USD | Business Inventories Sep | 0.50% | 0.80% | | 15:00 | USD | NAHB Housing Market Index Nov | 36 | 38 | | 15:30 | USD | Crude Oil Inventories | -2.0M | 3.9M |
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