NZD Softens after RBNZ Hike, Dollar Firming Up
Action Insight Daily Report 11-24-21

NZD Softens after RBNZ Hike, Dollar Firming Up

New Zealand Dollar weakens in Asian session after RBNZ rate hike, and leads other commodity currencies lower. Dollar firms up mildly as it's ready to extend recent rally, except versus Yen for now. European majors are mixed, with Sterling have a mild upper hand against Euro and Swiss Franc. Gold is treading water below 1800 handle for now, while WTI crude oil is trying to regain 78 level.

Technically, the main focus will be on Dollar against European majors. While EUR/USD broke key support level around 1.13, there is no downside acceleration yet. GBP/USD's break of 1.3351 support also looks non-committal. We'd see if today's set of data and FOMC minutes could finally prompt more sustainable buying in the greenback against Europeans.

In Asia, at the time of writing, Nikkei is down -1.64%. Hong Kong HSI is down -0.06%. China Shanghai SSE is down -0.10%. Singapore Strait Times is up 0.15%. Japan 10-year JGB yield is up 0.0122 at 0.087. Overnight, DOW rose 0.55%. S&P 500 rose 0.17%. NASDAQ dropped -0.50%. 10-year yield jumped 0.042 to 1.667.

Full Report Here

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EUR/USD Daily Outlook

Daily Pivots: (S1) 1.1226; (P) 1.1250; (R1) 1.1275; More...

Intraday bias in EUR/USD remains on the downside despite some loss of downside momentum. Current down trend from 1.2348 should target 161.8% projection of 1.1908 to 1.1523 from 1.1691 at 1.1068 next. On the upside, break of 1.1373 resistance is needed to indicate short term bottoming. Otherwise, outlook will stay bearish in case of recovery.

Full Report Here

EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD

EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY

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Economic Calendar
GMT Ccy Events Actual Forecast Previous Revised
0:30 AUD Construction Work Done Q3 -0.30% -3.10% 0.80% 2.20%
0:30 JPY Manufacturing PMI Nov P 54.2 54.5 53.2
0:40 AUD RBA's Bullock speech
1:00 NZD RBNZ Interest Rate Decision 0.75% 0.75% 0.50%
2:00 NZD RBNZ Press Conference
9:00 CHF Credit Suisse Economic Expectations Nov 15.6
9:00 EUR Germany IFO Business Climate Nov 96.7 97.7
9:00 EUR Germany IFO Current Assessment Nov 100.3 100.1
9:00 EUR Germany IFO Expectations Nov 96.3 95.4
13:30 USD Initial Jobless Claims (Nov 19) 260K 268K
13:30 USD GDP Annualized Q3 P 2.20% 2.00%
13:30 USD GDP Price Index Q3 P 5.70% 5.70%
13:30 USD Goods Trade Balance (USD) Oct P -94.7B -96.3B
13:30 USD Wholesale Inventories Oct P 1.20% 1.40%
13:30 USD Durable Goods Orders Oct 0.20% -0.30%
13:30 USD Durable Goods Orders ex Transportation Oct 0.50% 0.50%
15:00 USD Personal Income M/M Oct 0.30% -1.00%
15:00 USD Personal Spending Oct 0.90% 0.60%
15:00 USD PCE Price Index M/M Oct 0.40% 0.30%
15:00 USD PCE Price Index Y/Y Oct 4.60% 4.40%
15:00 USD Core PCE Price Index M/M Oct 0.40% 0.20%
15:00 USD Core PCE Price Index Y/Y Oct 4.10% 3.60%
15:00 USD New Home Sales Oct 801K 800K
15:00 USD Michigan Consumer Sentiment Index Nov F 66.8 66.8
15:30 USD Crude Oil Inventories -2.1M
17:00 USD Natural Gas Storage 26B
19:00 USD FOMC Minutes