No Clear Follow Through Buying in Euro Yet
| Action Insight Mid-Day Report 8-30-22 |
Euro Extending Rally... Against Sterling and Swiss Franc First |
Euro is trying to extend recent rally, but the gains also so far concentrated against Sterling and Swiss Franc. Persistent flow of hawkish comments from ECB official is support the common currency nevertheless. Australian Dollar and Yen are currently the stronger ones for the day. The Pound, Franc and Dollar are the weaker ones. Technically, EUR/CHF's break of 0.9698 resistance should confirm short term bottoming at 0.9550, on bullish convergence condition in 4 hour MACD. EUR/GBP's rally is continuing and break of 0.8585 resistance would set the stage for retesting 0.8720 high. However, EUR/USD is still struggling in established range of 0.9899/1.0094. Downside breakout remains in favor in EUR/USD, but let's see. In Europe, at the time of writing, FTSE is up 0.08%. DAX is up 1.64%. CAC is up 0.88%. Germany 10-year yield is down -0.011 at 1.495. Earlier in Asia, Nikkei rose 1.14%. Hong Kong HSI dropped -0.37%. China Shanghai SSE dropped -0.42%. Singapore Strait Times rose 0.53%. Japan 10-year JGB yield dropped -0.0155 to 0.227. |
EUR/GBP Mid-Day Outlook Daily Pivots: (S1) 0.8503; (P) 0.8526; (R1) 0.8566; More... EUR/GBP's rise from 0.8338 continues today and the break of near term channel resistance is a sign of upside acceleration. Intraday bias stays on the upside for 0.8585 resistance first. Decisive break there should confirm that whole pattern from 0.8720 has completed, and bring further rally to retest this high. On the downside, below 0.8520 minor support will mix up the outlook and turn intraday bias neutral first. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 23:30 | JPY | Unemployment Rate Jul | 2.60% | 2.60% | 2.60% | | 01:30 | AUD | Building Permits M/M Jul | -17.20% | -2.80% | -0.70% | -0.60% | | 07:00 | CHF | KOF Leading Indicator Aug | 86.5 | 88.6 | 90.1 | 90.5 | | 08:30 | GBP | Mortgage Approvals Jul | 64K | 62K | 64K | | 08:30 | GBP | M4 Money Supply M/M Jul | 0.50% | 0.00% | -0.30% | | 09:00 | EUR | Eurozone Economic Sentiment Indicator Aug | 97.6 | 102 | 99 | 98.9 | | 09:00 | EUR | Eurozone Industrial Confidence Aug | 1.2 | 1.5 | 3.5 | 3.4 | | 09:00 | EUR | Eurozone Services Sentiment Aug | 8.7 | 8.8 | 10.7 | 10.4 | | 09:00 | EUR | Eurozone Consumer Confidence Aug F | -24.9 | -24.9 | -24.9 | | 12:00 | EUR | Germany CPI M/M Aug P | 0.30% | 0.40% | 0.90% | | 12:00 | EUR | Germany CPI Y/Y Aug P | 7.90% | 7.80% | 7.50% | | 12:30 | CAD | Current Account (CAD) Q2 | 2.7B | 3.5B | 5.0B | | 13:00 | USD | S&P/Case-Shiller Home Price Indices Y/Y Jun | 19.80% | 20.50% | | 13:00 | USD | Housing Price Index M/M Jun | 0.80% | 1.40% | | 14:00 | USD | Consumer Confidence Aug | 97.6 | 95.7 |
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