Euro Rebounds Ahead of ECB, Dollar Follows Yields Lower
Action Insight Daily Report 4-14-22

Euro Rebounds Ahead of ECB, Dollar Follows Yields Lower

Dollar dropped notably overnight together with pull back in benchmark treasury yield. The selling of the greenback continued in Asian session today. Even the weak Yen is recovering against Dollar, but it's still, for now, the worst performing one for the week. On the other hand, European majors are making a comeback, with Sterling leading Euro and Swiss Franc higher. Commodity currencies are mixed for now.

Technically, Euro will be the main focus for today. For EUR/USD break of 1.0937 will bring stronger recovery, possibly towards 1.1184 resistance. Break of 0.8379 in EUR/GBP will bring stronger rebound back to 0.8511 resistance. Meanwhile, break of 137.49 resistance in EUR/JPY will resume larger up trend.

In Asia, Nikkei closed up 1.22%. Hong Kong HSI is up 0.92%. China Shanghai SSE is up 1.53%. Singapore Strait Times is down -0.04%. Japan 10-year JGB yield is down -0.0012 at 0.239. Overnight, DOW rose 1.01%. S&p 500 rose 1.12%. NASDAQ rose 2.03%. 10-year yield dropped -0.038 to 2.687.

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

EUR/USD Daily Outlook

Daily Pivots: (S1) 1.0836; (P) 1.0865 (R1) 1.0921; More...

Intraday bias in EUR/USD remains neutral for the moment. On the upside, break of 1.0937 minor resistance will extend the consolidation pattern from 1.0805 with another rising leg. Intraday bias will be back on the upside for stronger rebound. But overall outlook will stay bearish as long as 1.1184 resistance holds. On the downside, sustained break of 1.0805 low will resume larger down trend to 61.8% projection of 1.1494 to 1.0805 from 1.1184 at 1.0758, and then 100% projection at 1.0495.

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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 NZD BusinessNZ Manufacturing Index Mar 53.8 53.6
23:01 GBP RICS Housing Price Balance Mar 74% 78% 79%
01:00 AUD Consumer Inflation Expectations Apr 5.20% 4.90%
01:30 AUD Employment Change Mar 17.9K 30.0K 77.4K
01:30 AUD Unemployment Rate Mar 4.00% 3.90% 4.00%
06:30 CHF Producer and Import Prices M/M Mar 0.80% 0.00% 0.40%
06:30 CHF Producer and Import Prices Y/Y Mar 6.10% 4.90% 5.80%
11:45 EUR ECB Interest Rate Decision 0.00% 0.00%
12:30 EUR ECB Press Conference
12:30 CAD Manufacturing Sales M/M Feb 0.00% 0.60%
12:30 CAD Wholesale Sales M/M Feb 0.70% 4.20%
12:30 USD Initial Jobless Claims (Apr 8) 175K 166K
12:30 USD Retail Sales M/M Mar 0.60% 0.30%
12:30 USD Retail Sales ex Autos M/M Mar 0.70% 0.20%
12:30 USD Import Price Index M/M Mar 2.30% 1.40%
14:00 USD Michigan Consumer Sentiment Index Apr P 58.8 59.4
14:00 USD Business Inventories Feb 1.00% 1.10%
14:30 USD Natural Gas Storage 15B -33B