Sentiment Stabilized Somewhat But Euro Remains Pressured
Action Insight Daily Report 3-3-22

Euro Selloff Continues, Oil Extends Powerful Rally

Market sentiment stabilized a bit on reports that Russia a suggests to hold another round of peace talks with Ukraine, while Vladimir Putin's forces continue to shell multiple crowded Ukrainian cities. Stocks are recovery but remain vulnerable to more selloff. In the currency markets, Swiss Franc is paring some gains but remains the strongest one for the week. Euro is staying under tremendous pressure. Canadian Dollar is mixed, awaiting BoC rate hike. In other markets, Gold is dipping mildly after rally stalled at around 1950. WTI crude oil continues to march higher towards 115 handle.

Technically, Sterling is not performing much better than Euro. GBP/CHF's fall from 1.2598 is accelerating towards 1.2134 support. Break there will resume larger down trend from 1.3070. That, if happens, could be accompanied by a break of 1.3158 low in GBP/USD and 148.94 support in GBP/JPY.

In Europe, at the time of writing, FTSE is up 0.67%. DAX is up 0.11%. CAC is up 0.47%. Germany 10-year yield is up 0.0058 at -0.015. Earlier in Asia, Nikkei dropped -1.68%. Hong Kong HSI dropped -1.84%. China Shanghai SSE dropped -0.13%. Singapore Strait Times dropped -1.04%. Japan 10-year JGB yield dropped -0.0474 to 0.134.

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

EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.5201; (P) 1.5272; (R1) 1.5317; More...

EUR/AUD's fall continues today and break of 1.5250 low indicates resumption of larger down trend from 1.9799. Intraday bias stays on the downside for 100% projection of 1.6343 to 1.5354 from 1.6223 at 1.5143. Sustained break there will pave the way to 161.8% projection at 1.4476. On the upside, break of 1.5559 support turned resistance is needed to indicate short term bottoming. Otherwise, outlook stays bearish in case of recovery.

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EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD

EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY

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Economic Calendar
GMT Ccy Events Actual Forecast Previous Revised
21:30 AUD AiG Performance of Construction Index Feb 53.4 45.9
00:30 AUD Building Permits M/M Jan -27.90% -3.00% 8.20% 9.80%
00:30 AUD Trade Balance (AUD) Jan 12.89B 9.10B 8.36B 8.82B
01:45 CNY Caixin Services PMI Feb 50.2 50.9 51.4
05:00 JPY Consumer Confidence Index Feb 35.3 35 36.7
07:30 CHF CPI M/M Feb 0.30% 0.20%
07:30 CHF CPI Y/Y Feb 1.80% 1.60%
08:45 EUR Italy Services PMI Feb 48.9 48.5
08:50 EUR France Services PMI Feb F 57.9 57.9
08:55 EUR Germany Services PMI Feb F 56.6 56.6
09:00 EUR Eurozone Services PMI Feb F 55.8 55.8
09:00 EUR Italy Unemployment Jan 9.10% 9.00%
09:30 GBP Services PMI Feb F 60.8 60.8
10:00 EUR Eurozone Unemployment Rate Jan 6.90% 7.00%
10:00 EUR Eurozone PPI M/M Jan 3.00% 2.90%
10:00 EUR Eurozone PPI Y/Y Jan 26.90% 26.20%
12:30 EUR ECB Monetary Policy Meeting Accounts
12:30 USD Challenger Job Cuts Y/Y Feb -76.00%
13:30 USD Initial Jobless Claims (Feb 25) 235K 232K
13:30 USD Unit Labor Costs Q4 0.40% 0.30%
13:30 USD Nonfarm Productivity Q4 6.50% 6.60%
14:45 USD Services PMI Feb F 56.7 56.7
15:00 USD ISM Services PMI Feb 60.5 59.9
15:00 USD ISM Services Prices Paid Feb 82.3
15:00 USD ISM Services Employment Index Feb 52.3
15:00 USD Factory Orders M/M Jan 0.50% -0.40%
15:30 USD Natural Gas Storage -138B -129B