Action Insight Daily Report 5-31-21

Dollar Mildly Lower in Holiday Mood, Busy Week Ahead

Dollar weakens broadly in relatively quiet Asian session today, while Australian Dollar is strengthening. Asia markets are trading mildly lower, but losses are limited. Month-end flow, plus holiday in the UK and the US, could keep activity subdued today. But the week ahead is extremely busy, with lots of first-tier economic data featured.

Technically, Dollar's rebound attempt faltered quickly last Friday. Some near term resistance levels are still intact, keeping the greenback mildly bearish in general. The levels include 1.4090 support in GBP/USD, 0.7673 support in AUD/USD, 0.9046 resistance in USD/CHF and 1.2201 resistance in USD/CAD. We'd pay attention to whether selling in Dollar would come back soon.

In Asia, at the time of writing, Nikkei is down -1.07%. Hong Kong HSI is down -0.5%. China Shanghai SSE is down -0.20%. Singapore Straits Times is down -0.53%. Japan 10-year JGB yield is down -0.0014 at 0.084.

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AUD/USD Daily Report

Daily Pivots: (S1) 0.7674; (P) 0.7711; (R1) 0.7744; More...

Intraday bias in AUD/USD remains neutral for the moment, and further rise is in favor with 0.7673 support intact. On the upside, break of 0.7890 will resume the rise from 0.7530 to retest 0.8006 high. However, on the downside, firm break of 0.7673 will suggest that correction from 0.8006 is extending with another falling leg. Intraday bias will be turned back to the downside for 0.7530 support and possibly below.

Full Report Here

EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY

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Economic Calendar

GMT	Ccy	Events	Actual	Forecast	Previous
23:50	JPY	Industrial Production M/M Apr P	2.50%	4.10%	1.70%
23:50	JPY	Retail Trade Y/Y Mar	12.00%	15.40%	5.20%
1:00	CNY	Manufacturing PMI May	51	51.1	51.1
1:00	CNY	Non-Manufacturing PMI May	55.2	52.7	54.9
1:00	NZD	ANZ Business Confidence May	1.8	7
1:30	AUD	Private Sector Credit M/M Apr	0.20%	0.40%	0.40%
5:00	JPY	Housing Starts Y/Y Apr	5.20%	1.50%
5:00	JPY	Consumer Confidence May	35.3	34.7
8:00	EUR	Eurozone M3 Money Supply Y/Y Apr	9.50%	10.10%
12:00	EUR	Germany CPI M/M May P	0.30%	0.70%
12:00	EUR	Germany CPI Y/Y May P	2.40%	2.00%
12:30	CAD	Industrial Product Price M/M Apr	1.60%
12:30	CAD	Raw Material Price Index Apr	2.30%
12:30	CAD	Current Account (CAD) Q1	2.4B	-7.3B