Euro Rebound Making Progress, Yen Recovery Lost Momentum
Action Insight Daily Report 3-31-22

Euro Rebound Making Progress, Yen Recovery Lost Momentum

Euro's rebound made some progress overnight even though momentum was still weak. The common is nevertheless firm in Asian session. Dollar is also strengthening up slightly, together with Sterling and Swiss Franc. Yen is consolidating in tight range as earlier recovery is losing some momentum. Commodity currencies are mixed for now.

Technically, EUR/USD's break of 1.1120 support turned resistance and EUR/GBP's break of 0.8476 structural resistance are both bullish signal for the Euro. Attention is now on EUR/CHF. Firm break of 1.0400 resistance will resume the rebound from 0.9970. That, if happens, should solidify Euro's broad based come back.

In Asia, at the time of writing, Nikkei is down -0.24%. Hong Kong HSI is down -0.81%. China Shanghai SSE is down -0.10%. Singapore Strait Times is down -0.23%. Japan 10-year JGB yield is up 0.0032 at 0.223. Overnight, DOW dropped -0.19%. S&P 500 dropped -0.63%. NASDAQ dropped -1.21%. 10-year yield dropped -0.042 to 2.358.

Full Report Here

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

EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8465; (P) 0.8482; (R1) 0.8512; More...

EUR/GBP's rise from 0.8201 extends higher today. The break of 0.8476 structural resistance should confirm medium term bottoming at 0.8201, with a head and shoulder bottom pattern too (ls: 0.8282, h: 0.8201, rs: 0.8294). Intraday bias stays on the upside for 0.8697 medium term fibonacci level next. On the downside, break of 0.8448 minor support will mix up the outlook and turn intraday bias neutral first.

Full Report Here

EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD

EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY

Recommended Readings

Technical Outlook and Review

Crude Oil Price Aims Fresh Increase If It Clears $114

Elliott Wave View: NZDUSD Rally Should Continue

Will an Inverted Yield Curve Spell Impending Doom?

Bullish Reversal in Play for Gold Bugs

Could Flash Eurozone CPI Inflation Amplify Euro's Rebound?

Precursor to Eurozone CPI Shows the Print May be Higher than Expected

Fundamental Analysis | Technical Analysis
In-depth Reports
Fed Update - Quickly Back to Neutral by Front-Loading Rate Hikes
For a Month of 'Heavy Metal', Gold Hasn't Done Too Badly
FOMC to Lift Federal Funds Rate to Peak of 2.375% by End 2022; Slight Tweak to RBA Profile
Global Inflation Watch - Inflation Keeps Pushing Higher
Economic Calendar
GMT Ccy Events Actual Forecast Previous Revised
23:50 JPY Industrial Production M/M Feb P 0.10% 0.50% -0.80%
00:30 AUD Building Permits M/M Feb 43.50% 9.00% -27.90% -27.10%
00:30 AUD Private Sector Credit M/M Feb 0.60% 0.70% 0.60%
01:00 CNY NBS Manufacturing PMI Mar 49.5 50 50.2
01:00 CNY Non-Manufacturing PMI Mar 48.4 50.7 51.6
05:00 JPY Housing Starts Y/Y Feb 6.30% 1.10% 2.10%
06:00 EUR Germany Retail Sales M/M Feb 0.80% 2.00%
06:00 GBP GDP Q/Q Q4 F 1.00% 1.00%
06:00 GBP Current Account (GBP) Q4 F -19.0B -24.4B
06:30 CHF Real Retail Sales Y/Y Feb 5.30% 5.10%
06:45 EUR France Consumer Spending M/M Feb 0.90% -1.50%
07:55 EUR Germany Unemployment Change Mar -20K -33K
07:55 EUR Germany Unemployment Rate Mar 5.00% 5.00%
08:00 EUR Italy Unemployment Rate Feb 8.70% 8.80%
09:00 EUR Eurozone Unemployment Rate Feb 6.70% 6.80%
12:30 CAD GDP M/M Jan 0.40% 0.00%
12:30 USD Initial Jobless Claims (Mar 25) 200K 187K
12:30 USD Personal Income M/M Feb 0.50% 0.00%
12:30 USD Personal Spending M/M Feb 0.60% 2.10%
12:30 USD PCE Price Index M/M Feb 0.60%
12:30 USD PCE Price Index Y/Y Feb 6.70% 6.10%
12:30 USD Core PCE Price Index M/M Feb 0.40% 0.50%
12:30 USD Core PCE Price Index Y/Y Feb 5.50% 5.20%
13:45 USD Chicago PMI Mar 56.4 56.3
14:30 USD Natural Gas Storage 23B -51B