Dollar Rises on Risk Aversion and Yields, Euro Rebound Faltered
Action Insight Daily Report 4-22-22

Dollar Rises on Risk Aversion and Yields, Euro Rebound Faltered

Overall markets are relatively mixed. Euro's rebound attempt yesterday was rather disappointing, but it's nonetheless still the best performer for the week. Dollar staged a strong rebound overnight, with help from hawkish Fed and rising yield, but there is no clear follow through buying yet. Commodity currencies were generally hammered by risk off sentiment. Yen is staying in consolidation, which would extend for a while longer.

Technically, despite breaching 1.0922 minor resistance, EUR/USD lacked follow through buying and dipped back into middle of a near term range. EUR/GBP's is also capped below 0.8379 minor resistance so far. Thus, there is no confirmation of Euro's underlying strength yet. The levels will continued to be watched.

In Asia, at the time of writing, Nikkei is down -1.78%. Hong Kong HSI is down -0.49%. China Shanghai SSE is down -0.07%. Singapore Strait Times is up 0.10%. Japan 10-year JGB yield is down -0.0057 at 0.249. Overnight, DOW dropped -1.05%. S&P 500 dropped -1.48%. NASDAQ dropped -2.07%. 10-year yield rose 0.077 to 2.917.

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

EUR/USD Daily Outlook

Daily Pivots: (S1) 1.0792; (P) 1.0864 (R1) 1.0904; More...

EUR/USD quickly retreated after breaching 1.0922 resistance and intraday bias remains neutral at this point. On the upside, firm break of 1.0922 should confirm short term bottoming at 1.0756. Intraday bias will be back on the upside for 1.1184 structural resistance next. On the downside, though, break of 1.0756 will resume larger down trend. Next target is 100% projection of 1.1494 to 1.0805 from 1.1184 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
23:00 AUD Manufacturing PMI Apr P 57.9 57.7
23:00 AUD Services PMI Apr P 56.6 55.6
23:01 GBP GfK Consumer Confidence Apr -38 -33 -31
23:30 JPY National CPI Core Y/Y Mar 0.80% 0.80% 0.60%
00:30 JPY Manufacturing PMI Apr P 53.4 53.3 54.1
06:00 GBP Retail Sales M/M Mar -0.30% -0.30%
06:00 GBP Retail Sales Y/Y Mar 2.80% 7.00%
06:00 GBP Retail Sales ex-Fuel Y/Y Mar 0.60% 4.60%
06:00 GBP Retail Sales ex-Fuel M/M Mar -0.50% -0.70%
07:15 EUR France Manufacturing PMI Apr P 56.4 54.7
07:15 EUR France Services PMI Apr P 53.7 57.4
07:30 EUR Germany Manufacturing PMI Apr P 54.4 56.9
07:30 EUR Germany Services PMI Apr P 55.5 56.1
08:00 EUR Eurozone Manufacturing PMI Apr P 54.5 56.5
08:00 EUR Eurozone Services PMI Apr P 55 55.6
08:00 EUR Current Account (EUR) Feb 22.8B 22.6B
08:30 GBP Manufacturing PMI Apr P 54.9 55.2
08:30 GBP Services PMI Apr P 60.3 62.6
12:30 CAD Industrial Product Price M/M Mar 2.00% 3.10%
12:30 CAD Raw Material Price Index Mar 7.10% 6.00%
12:30 CAD Retail Sales M/M Feb -0.50% 3.20%
12:30 CAD Retail Sales ex Autos M/M Feb 0.20% 2.50%
13:45 USD Manufacturing PMI Apr P 58.3 58.8
13:45 USD Services PMI Apr P 58.1 58