Dollar Strikes Back on Stellar NFP Data
| Action Insight Mid-Day Report 2-3-23 |
Dollar Strikes Back on Stellar NFP Data |
Dollar rebounds strongly and broadly in early US session after a set of stellar job data that blows past expectations. Stock futures dive on renewed concern that interest rate will stay high for lower while benchmark treasury yield rebounds. The question now is whether the greenback could overwhelm Yen and Swiss Franc to end the week as the best performer. In Europe, at the time of writing, FTSE is up 0.42%. DAX is down -0.84%. CAC is down -0.28%. Germany 10-year yield is up 0.1081 at 2.188. Earlier in Asia, Nikkei rose 0.39%. Hong Kong HSI dropped -1.36%. China Shanghai SSE dropped -0.68%. Singapore Strait Times rose 0.61%. Japan 10-year JGB yield dropped -0.0094 to 0.490. |
EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.0854; (P) 1.0943; (R1) 1.1001; More… Focus is now on 1.0800 minor support in EUR/USD with today's extended pull back. Considering bearish divergence condition in 4 hour MACD, firm break of 1.0800 will confirm short term topping at 1.1032. Intraday bias will then be turned back to the downside for 1.0482 support, which is close to 38.2% retracement of 0.9534 to 1.1032. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 01:45 | CNY | Caixin Services PMI Jan | 52.9 | 51.6 | 48 | | 07:45 | EUR | France Industrial Output M/M Dec | 1.10% | 0.20% | 2.00% | | 08:45 | EUR | Italy Services PMI Jan | 51.2 | 50.9 | 49.9 | | 08:50 | EUR | France Services PMI Jan F | 49.4 | 49.2 | 49.2 | | 08:55 | EUR | Germany Services PMI Jan F | 50.7 | 50.4 | 50.4 | | 09:00 | EUR | Eurozone Services PMI Jan F | 50.8 | 50.7 | 50.7 | | 09:30 | GBP | Services PMI Jan F | 48.7 | 48 | 48 | | 10:00 | EUR | Eurozone PPI M/M Dec | 1.10% | -0.40% | -1.00% | | 10:00 | EUR | Eurozone PPI Y/Y Dec | 24.60% | 22.50% | 27.10% | 27.00% | | 13:30 | USD | Nonfarm Payrolls Jan | 517K | 193K | 223K | 260K | | 13:30 | USD | Unemployment Rate Jan | 3.40% | 3.60% | 3.50% | | 13:30 | USD | Average Hourly Earnings M/M Jan | 0.30% | 0.30% | 0.30% | 0.40% | | 14:45 | USD | Services PMI Jan F | 46.6 | 46.6 | | 15:00 | USD | ISM Services PMI Jan | 50.4 | 49.6 |
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