Action Insight Daily Report 5-17-21

Dollar Recovers Mildly, Gold Extending Rise, Bitcoin in Free Fall

Dollar and Yen recover mildly in a mixed Asian session today, while commodity currencies are mildly today. But major pairs and crosses are all bounded inside Friday's range so far. China data provided some support to Hong Kong and China stocks but Japanese Nikkei is in another sharp decline. Gold is extending near rebound, while Bitcoin is in free fall again.

Technically, the focus remains on whether Dollar's recovery last week has completed, or it's still extending near term range trading. Focus will stay on 1.2181 resistance in EUR/USD, 1.4165 resistance in GBP/USD, 0.8984 support in USD/CHF and 1.0244 support in USD/CAD.

In Asia, at the time of writing, Nikkei is down -1.26%. Hong Kong HSI is up 0.38%. China Shanghai SSE is up 1.02%. Singapore Strait Times is up 0.19%. Japan 10-year JGB yield is down -0.0061 at 0.079.

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CFTC Commitments of Traders - Bets on Higher CAD Increased Markedly

CFTC Commitments of Traders - Net Length in Gold Futures Increased as Price Strengthened to 3-Month High

Stocks Stayed in Up Trend, Yields Range Bound, Dollar Lost Downside Momentum

Central Bank Views | China Watch | Oil N' Gold | Special Topics

USD/CHF Daily Outlook

Daily Pivots: (S1) 0.8999; (P) 0.9031; (R1) 0.9050; More....

Intraday bias in USD/CHF remains neutral for the moment as consolidation from 0.8984 is still extending. Another rise cannot be ruled out, but outlook stays bearish as long as 0.9163 resistance holds. On the downside, break of 0.8984 will resume the fall from 0.9471 to retest 0.8756 low.

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EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY

Recommended Readings

EUR/USD Remains Supported, 1.2200 Presents Resistance

Market Morning Briefing: Aussie Has Bounced Well From 0.77

Asian Open: Equities Rebound And Shake Off Inflation Fears

CFTC Commitments of Traders – Net Length in Gold Futures Increased as Price Strengthened to 3-Month High

CFTC Commitments of Traders – Bets on Higher CAD Increased Markedly

Weekly Economic & Financial Commentary: Reopening Comes with a Steep Price Tag

The Weekly Bottom Line: U.S. Small Businesses Struggle to Hire Workers, Despite High Unemployment

Week Ahead: Inflation or Stagflation? The UK Reopens and the US Takes it All Off

What is Pushing USD/CAD Lower?

Week Ahead – Will the Bond Market Remain in a Holding Pattern?

Forward Guidance: Firming Inflation Pressures to Intensify with Reopening Activity

Week Ahead – Inflation Scare Shakes Markets, European PMIs Next

Cliff Notes: A Focus on Jobs, Investment and Household Welfare

Fundamental Analysis | Technical Analysis

In-depth Reports

Rate and Crude Oil Price to Support CAD Outlook

Dollar in Trouble? Markets Believe the Fed on Tapering But Not on Inflation

Upside in Crude Oil Prices Limited as OPEC+ is Prone to Ramp Up Output

Copper Price Soars to New Record. Supply is Unlikely to Keep Pace with Demand as Major Economies Shift to Green Energy

Fed Monitor: "Still a Long Way to Go" – Fed is Currently "Employment-based"

Research Germany: End of the "Era Merkel' Leaves German Politics in Unchartered Territory

Economic Calendar

GMT	Ccy	Events	Actual	Forecast	Previous	Revised
23:50	JPY	PPI Y/Y Apr	3.60%	3.10%	1.00%	1.20%
02:00	CNY	Retail Sales Y/Y Apr	17.70%	24.90%	34.20%
02:00	CNY	Industrial Production Y/Y Apr	9.80%	9.80%	14.10%
02:00	CNY	Fixed Asset Investment YTD Y/Y Apr	19.90%	19.00%	25.60%
06:00	JPY	Machine Tool Orders Y/Y Apr F	65.00%
06:30	CHF	Producer and Import Prices M/M Apr	0.20%	0.60%
06:30	CHF	Producer and Import Prices Y/Y Apr	-0.20%
12:15	CAD	Housing Starts Y/Y Apr	250.0K	335.2K
12:30	USD	Empire State Manufacturing Index May	24	26.3
14:00	USD	NAHB Housing Market Index May	83	83