Action Insight Mid-Day Report 10-1-21

Dollar Continues to Pare Gain, Shrugs Higher PCE Inflation

Dollar continues to pare gains in early US session as the week is coming to a close. PCE inflation data is largely ignored by the markets, while Euro also shrugs CPI. Canadian Dollar also ignores smaller than expected GDP contraction. Sterling is leading the way in the rebound, followed by Aussie. As for the week, the greenback is still in favor to close as the best performer, while New Zealand Dollar is the worst.

In Europe, at the time of the writing, FTSE is down -0.59%. DAX is down -0.31%. CAC is down -0.05%. Germany 10-year yield is down -0.039 at -0.236. Earlier in Asia, Nikkei dropped -2.31%. Japan 10-year JGB yield dropped -0.0145 to 0.055. Singapore Strait Times dropped -1.15%. China and Hong Kong were on holiday.

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EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.1556; (P) 1.1583; (R1) 1.1603; More...

Intraday bias in EUR/USD is turned neutral with 4 hour MACD crossed above signal line. Upside of recovery should be limited by 1.1682 resistance to bring another fall. On the downside, break of 1.1561 will extend the whole fall from 1.2348, as a correction to whole rise from 1.0634. Next target is 1.1289 medium term fibonacci level. Nevertheless, sustained break of 1.1682 will bring stronger rebound back towards 1.1908 resistance.

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EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY

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