Euro Staying Weak, But Not Giving Up Yet
| Action Insight Mid-Day Report 9-5-22 |
Euro Staying Weak, But Not Giving Up Yet |
Euro remains the worst performer for the day so far, as weighed down by the news that Russia's state-controlled Gazprom would stop gas delivery via the Nord Stream 1 due to a fault. Yet, the common currency is not giving up yet, as losses are relatively limited. Dollar is the strongest one, followed by Swiss Franc and Canadian, But there is no clear follow through buying too. Australian Dollar is mixed, awaiting tomorrow's RBA rate hike. Technically, AUD/CAD is an interesting one to watch with RBA and BoC scheduled for the next two days. Break of 0.8875 support will argue that rebound from 0.8733 has completed, and larger down trend is ready to resume. On the other hand, break of 0.9048 will extend the rebound through 0.9104 and resume the down trend at a later stage. In Europe, at the time of writing, FTSE is down -0.23%. DAX is down -2.44%. CAC is down -1.53%. Germany 10-year yield is up 0.0479 at 1.571. Earlier in Asia, Nikkei dropped -0.11%. Hong Kong HSI dropped -1.16%. China Shanghai SSE rose 0.42%. Singapore Strait Times rose 0.31%. Japan 10-year JGB yield dropped -0.0075 to 0.235. |
EUR/USD Mid-Day Outlook Daily Pivots: (S1) 0.9925; (P) 0.9979; (R1) 1.0016; More... Intraday bias in EUR/USD remains on the downside for 61.8% projection of 1.0773 to 0.9951 from 1.0368 at 0.9860. Firm break there should prompt downside acceleration to 100% projection at 0.9546. On the upside, break of 1.0078 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 22:30 | AUD | AiG Performance of Construction Index Aug | 47.9 | 45.3 | | 01:00 | AUD | TD Securities Inflation M/M Aug | -0.50% | 1.20% | | 01:30 | AUD | Company Gross Operating Profits Q/Q Q2 | 7.60% | 4.00% | 10.20% | 9.80% | | 01:45 | CNY | Caixin Services PMI Aug | 55 | 54.2 | 55.5 | | 07:00 | CHF | GDP Q/Q Q2 | 0.30% | 0.40% | 0.50% | | 07:45 | EUR | Italy Services PMI Aug | 50.5 | 48.3 | 48.4 | | 07:50 | EUR | France Services PMI Aug F | 51.2 | 51 | 51 | | 07:55 | EUR | Germany Services PMI Aug F | 47.7 | 48.2 | 48.2 | | 08:00 | EUR | Eurozone Services PMI Aug F | 49.8 | 50.2 | 50.2 | | 08:30 | EUR | Eurozone Sentix Investor Confidence Sep | -31.8 | -27.5 | -25.2 | | 08:30 | GBP | Services PMI Aug F | 50.9 | 52.5 | 52.5 | | 09:00 | EUR | Eurozone Retail Sales M/M Jul | 0.30% | 0.60% | -1.20% | -1.00% |
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