Aussie Falters after RBA Minutes; Canada CPI Awaited

Action Insight Daily Report 3-21-23

Aussie Falters after RBA Minutes; Canada CPI Awaited

Australian Dollar is declining broadly as RBA minutes hinted at the possibility of a pause during their next meeting. Meanwhile, Yen has managed to hold on to the some gains it made earlier this week and appears poised for further rallying, particularly against commodity-based currencies.

Both Euro and Sterling have maintained their strength after being bought against Swiss Franc. However, their momentum seems to have slowed down a bit. Dollar is on the path to recovery from previous losses but all would depend on tomorrow's FOMC rate decision. Canadian Dollar remains in a mixed state as market participants eagerly await the release of the Canada CPI data.

Elsewhere in the markets, the banking crisis seems to have reached a point of stabilization at last, with hope that this trend will continue. Asian stock markets are making a comeback, taking cues from the rebound in US markets. Benchmark treasury yields in both the US and Europe have also bounced back, signaling a halt in the flow of funds towards safe-haven assets.

Gold, after spiking higher yesterday, is currently in a consolidation phase. However, it remains poised to potentially break through the 2000 mark again in the near future.

In Asia, at the time of writing, Hong Kong HSI is up 0.33%. China Shanghai SSE is up 0.15%. Singapore Strait Times is up 1.31%. Japan is on holiday. Overnight, DOW rose 1.20%. S&P 500 rose 0.89%. NASDAQ rose 0.39%. 10-year yield rose 0.086 to 3.481.

Full Report Here

Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol

EUR/USD Daily Outlook

Daily Pivots: (S1) 1.0660; (P) 1.0696; (R1) 1.0759; More...

EUR/USD is holding inside range of 1.0515/0759 and intraday bias remains neutral. Focus stays on 1.0759 resistance. Firm break there will argue that corrective fall from 1.1032 has completed at 1.0515, ahead of 38.2% retracement of 0.9534 to 1.1032 at 1.0258. Intraday bias will be turned back to the upside for retesting 1.1032 high. Nevertheless, sustained break of 1.0258 will turn near term outlook bearish for 61.8% retracement at 1.0106.

Full Report Here

EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD

EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY

Recommended Readings

RBA Board opens the door to a pause in April

GBP/USD Gains Bullish Momentum As Dollar Extends Decline

Crude Oil Price Forecast: WTI Spills into Trend Support

Fed Meeting Preview: Dollar Index at 1-month Low ahead of Tight Decision

Currency Pair of the Week: GBP/USD

WTI Crude Price Falls to 15-month Low on Demand Fears Amid Banking Crisis and US Interest Rates

Gold Tests $2000 for the Third Time

Will the SNB Roil Markets With a Hike Amid Credit Suisse Crisis?

Has the Long-Awaited Recession Arrived?

Fundamental Analysis | Technical Analysis
In-depth Reports
alt
March Flashlight for the FOMC Blackout Period: The Flashlight Needs Fresh Batteries
alt
ECB Review: 50bp Hike, But No Guidance for May
alt
European Central Bank Delivers, Again
alt
Eurozone Banking Sector Solid, But Softening
Economic Calendar
GMT Ccy Events Actual Forecast Previous Revised
21:45 NZD Trade Balance (NZD) Feb -714M -1800M -1954M -2113M
00:30 AUD RBA Minutes
07:00 CHF Trade Balance (CHF) Feb 3.45B 5.08B
07:00 GBP Public Sector Net Borrowing (GBP) Feb 10.5B -6.2B
10:00 EUR Germany ZEW Economic Sentiment Mar 22.6 28.1
10:00 EUR Germany ZEW Current Situation Mar -35.1 -45.1
10:00 EUR Eurozone ZEW Economic Sentiment Mar 23.2 29.7
12:30 CAD CPI M/M Feb 0.50% 0.50%
12:30 CAD CPI Y/Y Feb 5.40% 5.90%
12:30 CAD CPI - Core M/M Feb 0.10%
12:30 CAD CPI Median Y/Y Feb 4.80% 5.00%
12:30 CAD CPI Trimmed Y/Y Feb 4.90% 5.10%
12:30 CAD CPI Common Y/Y Feb 6.50% 6.60%
14:00 USD Existing Home Sales Feb 4.17M 4.00M