Dollar Recovering Slightly in Consolidative Markets, Breakout Awaited
| Action Insight Daily Report 11-8-22 |
Dollar Recovering Slightly in Consolidative Markets, Breakout Awaited |
The currency markets are generally quiet, without committed directions. Dollar is recovering broadly, ahead of near term support against European majors. Commodity currencies are softening while Yen is mixed. Some focuses be on US mid-term elections, as well as a Bundesbank symposium. But overall trading activities might remain subdued until US CPI release on Thursday. Technically, for now, Dollar-Europeans are staying in range. That is, EUR/USD is trading inside 0.9729/1.0092, GBP/USD inside 1.1145/1.1644, USD/CHF 0.9840/1.0146. Any movements inside these ranges are seen as near term volatility only. Concurrent breakouts in these pairs are needed to confirm the next direction of the greenback. In Asia, at the time of writing, Nikkei is up 1.31%. Hong Kong HSI is down -0.70%. China Shanghai SSE is down -0.69%. Singapore Strait Times is up 0.21%. Japan 10-year JGB yield is down -0.0078% 0.251. Overnight, DOW rose 1.31%. S&P 500 rose 0.96%. NASDAQ rose 0.85%. 10-year yield rose 0.058 to 4.214. |
USD/CHF Daily Outlook Daily Pivots: (S1) 0.9843; (P) 0.9916; (R1) 0.9957; More... Intraday bias in USD/CHF remains neutral as range trading continues inside 0.9840/1.0146. Further rally is expected as long as 0.9840 support holds. Break of 1.0146 will resume larger up trend to 1.0283 projection level. However, sustained break of 0.9840 will now complete a double top pattern, and turn bias back to the downside for 0.9478 support instead. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 22:30 | AUD | AiG Performance of Services Index Oct | 47.7 | 48 | | 23:30 | AUD | Westpac Consumer Confidence Nov | -6.90% | -0.90% | | 23:30 | JPY | Labor Cash Earnings Y/Y Sep | 2.10% | 1.60% | 1.70% | | 23:30 | JPY | Overall Household Spending Y/Y Sep | 2.30% | 2.70% | 5.10% | | 23:50 | JPY | BoJ Summary of Opinions | | 00:01 | GBP | BRC Like-For-Like Retail Sales Y/Y Oct | 1.20% | 1.50% | 1.80% | | 00:30 | AUD | NAB Business Confidence Oct | 0 | 5 | | 00:30 | AUD | NAB Business Conditions Oct | 22 | 25 | 23 | | 02:00 | NZD | RBNZ Inflation Expectations Q/Q Q4 | 3.62% | 3.07% | | 05:00 | JPY | Leading Economic Index Sep P | 97.4 | 101.6 | 101.3 | | 07:45 | EUR | France Trade Balance (EUR) Sep | -14.0B | -15.3B | | 09:00 | EUR | Italy Retail Sales M/M Sep | -0.10% | -0.40% | | 10:00 | EUR | Eurozone Retail Sales M/M Sep | 0.00% | -0.30% | | 11:00 | USD | NFIB Business Optimism Index Oct | 91.7 | 92.1 |
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