Dollar Continuing Rally, Euro Losing Momentum
| Action Insight Daily Report 9-1-22 |
Dollar Continuing Rally, Euro Losing Momentum |
Dollar's rally continues in early US session as supported by risk aversion and rising yields. On the other hand, Euro is staying to digest this week's gain, and broadly. As for today, Canadian Dollar is currently the second strongest, following the greenback. Aussie and Kiwi follow. Sterling and Yen are the next weakest following Euro. Technically, as Euro is starting to lose momentum in crosses while Dollar is heading higher, it's probably time for EUR/USD to break to the downside. Outlook is staying bearish with 1.0094 resistance intact in EUR/USD. The key level is 61.8% projection of 1.0773 to 0.9951 from 1.0368 at 0.9860. Decisive break there will confirm that bears are back in control and would setup downside acceleration to 100% projection at 0.9546. In Europe, at the time of writing, FTSE is down -1.38%. DAX is down -1.10%. CAC is down -1.26%. Germany 10-yaer yield is up 0.037 at 1.579. Earlier in Asia, Nikkei dropped -1.53%. Hong Kong HSI dropped -1.79%. China Shanghai SSE dropped -0.54%. Singapore Strait Times rose 0.07%. Japan 10-year JGB yield rose 0.122 to 0.240. |
GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.1584; (P) 1.1639; (R1) 1.1679; More... GBP/USD's down trend is in progress and intraday bias stays on the downside. Current fall should target 1.1409 long term support next. On the upside, above 1.1759 minor resistance will turn intraday bias neutral for consolidations. But outlook will stay bearish as long as 1.2292 resistance holds, in case of recovery. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 22:30 | AUD | AiG Performance of Mfg Index Aug | 49.3 | 52.5 | | 23:50 | JPY | Capital Spending Q2 | 4.60% | 3.00% | 3.00% | | 00:30 | JPY | Manufacturing PMI Aug F | 51.5 | 51 | 51 | | 01:30 | AUD | Private Capital Expenditure Q2 | -0.30% | 1.10% | -0.30% | | 01:45 | CNY | Caixin Manufacturing PMI Aug | 49.5 | 50.2 | 50.4 | | 06:00 | EUR | Germany Retail Sales M/M Jul | 1.90% | -0.40% | -1.60% | | 06:30 | CHF | Real Retail Sales Y/Y Jul | 2.60% | 0.90% | 1.20% | 0.70% | | 06:30 | CHF | CPI M/M Aug | 0.30% | 0.40% | 0.00% | | 06:30 | CHF | CPI Y/Y Aug | 3.50% | 3.50% | 3.40% | | 07:30 | CHF | SVME - PMI Aug | 56.4 | 56.4 | 58 | | 07:45 | EUR | Italy Manufacturing PMI Aug | 48 | 48.4 | 48.5 | | 07:50 | EUR | France Manufacturing PMI Aug F | 50.6 | 49 | 49 | | 07:55 | EUR | Germany Manufacturing PMI Aug F | 49.1 | 49.8 | 49.8 | | 08:00 | EUR | Eurozone Manufacturing PMI Aug F | 49.6 | 49.7 | 49.7 | | 08:00 | EUR | Italy Unemployment Jul | 7.90% | 8.10% | 8.10% | 8.00% | | 08:30 | GBP | Manufacturing PMI Aug F | 47.3 | 46 | 46 | | 09:00 | EUR | Eurozone Unemployment Rate Jul | 6.60% | 6.60% | 6.60% | 6.70% | | 11:30 | USD | Challenger Job Cuts Y/Y Aug | 30.30% | 36.30% | | 12:30 | USD | Initial Jobless Claims (Aug 26) | 232K | 250K | 243K | 237K | | 12:30 | USD | Nonfarm Productivity Q2 | -4.10% | -4.60% | -4.60% | | 12:30 | USD | Unit Labor Costs Q2 | 10.20% | 10.60% | 10.80% | | 12:30 | CAD | Building Permits M/M Jul | -6.60% | -1.50% | -1.50% | -0.60% | | 13:30 | CAD | Manufacturing PMI Aug | 52.5 | | 13:45 | USD | Manufacturing PMI Aug F | 51.3 | 51.3 | | 14:00 | USD | ISM Manufacturing PMI Aug | 52.6 | 52.8 | | 14:00 | USD | ISM Manufacturing Prices Paid Aug | 59.5 | 60 | | 14:00 | USD | ISM Manufacturing Employment Index Aug | 49.9 | | 14:00 | USD | Construction Spending M/M Jul | -0.10% | -1.10% | | 14:30 | USD | Natural Gas Storage | 58B | 60B |
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