Markets in Range and Focus Turns to UK Employment and Canada Inflation
| Action Insight Daily Report 1-17-23 |
Markets in Range and Focus Turns to UK Employment and Canada Inflation |
Markets are generally stuck in tight range in Asian session today, with better than expected data from China providing no inspirations. Dollar is staying in consolidations in tight range, with no sign of a sustainably rebound yet. Similarly, Yen is in retreat in rather shallow manner. Volatility might start to jump with UK employment and Canada CPI featured today, while the US will be back from holiday. Technically, GBP/CAD would be an interesting one to watch today. Pull back from 1.6846 short term top is contained by 55 day EMA so far. Break above 1.6433 minor resistance will argue that such correction has completed, and bring stronger rise to retest 1.6846 high. On the other hand, break of 1.6099 will extend the fall from 1.6846 to 1.5811 cluster support (38.2% retracement of 1.4069 to 1.6846), even as a corrective move. In Asia, Nikkei closed up 1.23%. Hong Kong HSI is down -1.07%. China Shanghai SSE is down -0.13%. Singapore Strait Times is down -0.16%. Japan 10-year JGB yield is down -0.0056 at 0.509. |
USD/CAD Daily Outlook Daily Pivots: (S1) 1.3368; (P) 1.3393; (R1) 1.3433; More.... Intraday bias in USD/CAD remains neutral and outlook is unchanged. Further decline could still be seen, but downside should be contained above 1.3224 key support level. Above 1.3451 minor resistance will turn bias back to the upside for 1.3704 resistance. However, sustained break of 1.3222/4 cluster support will resume the whole fall from 1.3976 and carry larger bearish implications. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 21:00 | NZD | NZIER Business Confidence Q4 | -70 | -42 | | 23:30 | AUD | Westpac Consumer Confidence Jan | 5.00% | 3.00% | | 02:00 | CNY | GDP Y/Y Q4 | 2.90% | 1.80% | 3.90% | | 02:00 | CNY | Industrial Production Y/Y Dec | 1.30% | 0.30% | 2.20% | | 02:00 | CNY | Retail Sales Y/Y Dec | -1.80% | -9.50% | -5.90% | | 02:00 | CNY | Fixed Asset Investment YTD Y/Y Dec | 5.10% | 5.00% | 5.30% | | 04:30 | JPY | Tertiary Industry Index M/M Nov | -0.20% | 0.20% | 0.20% | 0.50% | | 07:00 | GBP | Claimant Count Change Dec | 19.8K | 30.5K | | 07:00 | GBP | ILO Unemployment Rate (3M) Nov | 3.70% | 3.70% | | 07:00 | GBP | Average Earnings Including Bonus 3M/Y Nov | 6.10% | 6.10% | | 07:00 | GBP | Average Earnings Excluding Bonus 3M/Y Nov | 6.30% | 6.10% | | 07:00 | EUR | Germany CPI M/M Dec F | -0.80% | -0.80% | | 07:00 | EUR | Germany CPI Y/Y Dec F | 8.60% | 8.60% | | 10:00 | EUR | Germany ZEW Economic Sentiment Jan | -15.5 | -23.3 | | 10:00 | EUR | Germany ZEW Current Situation Jan | -57 | -61.4 | | 10:00 | EUR | Eurozone ZEW Economic Sentiment Jan | -14.3 | -23.6 | | 13:15 | CAD | Housing Starts Y/Y Dec | 265K | 264K | | 13:30 | CAD | CPI M/M Dec | -0.60% | 0.10% | | 13:30 | CAD | CPI Y/Y Dec | 6.30% | 6.80% | | 13:30 | CAD | CPI Median Y/Y Dec | 4.90% | 5.00% | | 13:30 | CAD | CPI Trimmed Y/Y Dec | 5.20% | 5.30% | | 13:30 | CAD | CPI Common Y/Y Dec | 6.60% | 6.70% | | 13:30 | USD | Empire State Manufacturing Index Jan | -8.2 | -11.2 |
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