Action Insight Mid-Day Report 1-13-23

Dollar Trying to Recover, Except Versus Yen

Yen's rally continues today on talks that BoJ could tweak the yield curve control again next week. It's also supported by extended decline in US and European benchmark treasury yields. Meanwhile, Dollar is trying to fight back as US futures are taking dive, reversing some of yesterday's post-CPI gains. But overall, the greenback remains the second worst performer for the week, following Swiss Franc, and followed by Kiwi. Yen is the best, followed by Euro and then Aussie.

In Europe, at the time of writing, FTSE is up 0.41%. DAX is flat. CAC is up 0.21%. Germany 10-year yield is down -0.017 at 2.107. Earlier in Asia, Nikkei dropped -1.25%. Hong Kong HSI rose 1.04%. China Shanghai SSE rose 1.01%. Singapore Strait Times rose 0.79%. Japan 10-year JGB yield rose 0.0067 to 0.512.

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EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.0766; (P) 1.0816; (R1) 1.0902; More...

With 1.0729 minor support intact, intraday bias in EUR/USD stays mildly on the upside. Current rise from 0.9534 should target 61.8% projection of 0.9630 to 1.0733 from 1.0482 at 1.1164 next. On the downside, below 1.0729 minor support will turn intraday bias neutral again first. But near term outlook will stay bullish as long as 1.0482 support holds, in case of retreat.

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EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY

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Economic Calendar

GMT	Ccy	Events	Actual	Forecast	Previous	Revised
23:50	JPY	Money Supply M2+CD Y/Y Dec	2.90%	3.30%	3.10%
03:20	CNY	Trade Balance (USD) Dec	78.0B	77.9B	69.8B
03:20	CNY	Exports (USD) Y/Y Dec	-9.90%	-10%	-8.70%
03:20	CNY	Imports (USD) Y/Y Dec	-7.50%	-9.80%	-10.60%
03:20	CNY	Trade Balance (CNY) Dec	550B	533B	494B
03:20	CNY	Exports (CNY) Y/Y Dec	-0.50%	0.90%
03:20	CNY	Imports (CNY) Y/Y Dec	2.20%	-1.10%
07:00	GBP	GDP M/M Nov	0.10%	-0.30%	0.50%
07:00	GBP	Index of Services 3M/3M Nov	-0.10%	-0.40%	-0.10%
07:00	GBP	Manufacturing Production M/M Nov	-0.50%	-0.20%	0.70%
07:00	GBP	Manufacturing Production Y/Y Nov	-5.90%	-5.20%	-4.60%	-5.70%
07:00	GBP	Industrial Production M/M Nov	-0.20%	-0.10%	0.00%	-0.10%
07:00	GBP	Industrial Production Y/Y Nov	-5.10%	-2.80%	-2.40%	-4.70%
07:00	GBP	Goods Trade Balance (GBP) Nov	-15.6B	-14.9B	-14.5B	-12.3B
09:00	EUR	Italy Industrial Output M/M Nov	-0.30%	0.40%	-1.00%
10:00	EUR	Eurozone Trade Balance (EUR) Nov	-15.2B	-20.0B	-28.3B	-28.1B
10:00	EUR	Eurozone Industrial Production M/M Nov	1.00%	0.60%	-2.00%	-1.90%
12:00	GBP	NIESR GDP Estimate (3M) Dec	0.10%	-0.30%
13:30	USD	Import Price Index M/M Dec	0.40%	-0.90%	-0.60%
15:00	USD	Michigan Consumer Sentiment Index Jan P	61.6	59.7