Dollar Rally Continues as Jobless Claims Dropped to Lowest Since 1969
Action Insight Mid-Day Report 11-24-21

Dollar Rally Continues as Jobless Claims Dropped to Lowest Since 1969

Dollar's rally continues today and stays firm after much better than expected jobless claims data. Yen is following as second strongest on risk-off sentiment, as major European indexes and US futures are in red. On the other hand, New Zealand Dollar remains the worst performing one on post-RBNZ selloff, Aussie and Loonie are following.

Technically, we'd keep an eye on Gold's development. Fall from 1877.05 is in progress and sustained break of channel support (now at 1762.19) could bring deeper fall back to 1700 handle (just above 1676.65/1682.60 support zone). Such decline would also come with intensified buying in Dollar, in particular against Euro.

In Europe, at the time of writing, FTSE is down -0.21%. DAX is down -1.11%. CAC is down -0.82%. Germany 10-year yield is up 0.0163 at -0.203. Earlier in Asia, Nikkei dropped -1.58%. Hong Kong HSI rose 0.14%. China Shanghai SSE rose 0.10%. Singapore Strait Times dropped -0.01%. Japan 10-year JGB yield rose 0.0012 to 0.086.

Full Report Here

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

RBNZ Hiked Rate but More Cautious about Economic Outlook
Market Priced in Faster Rate Hike after Powell's Nomination for Second Term
CFTC Commitments of Traders -Bets on Crude Oil Price Declined Sharply on Both Sides
Central Bank Views | China Watch | Oil N' Gold | Special Topics

USD/JPY Mid-Day Outlook

Daily Pivots: (S1) 114.69; (P) 114.93; (R1) 115.37; More...

USD/JPY's rally continues today and intraday bias remains on the upside. Current up trend from 102.58 should target 100% projection of 102.58 to 111.65 from 109.11 at 118.18 next. On the downside, below 114.81 minor support will turn intraday bias neutral first. But break of 113.57 support is needed to indicate short term topping. Otherwise, outlook will stay bullish in case of retreat.

Full Report Here

EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD

EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY

Recommended Readings

Wall Street Points Lower on Mixed Data, Weak Earnings

GBPJPY Marks Yet More Lower Highs as Bearish Forces Linger

NZ Dollar Falls Below 69 after RBNZ Hike

Gold Meets New Resistance But Sell-Off Already Overstretched

NZDUSD Traces Lower Bollinger, But Neutral Stance Stands

Two Trades To Watch: Oil, EUR/USD

Oil Laughs At Strategic Reserves Release

GBP/USD Pair Is Currently Consolidating Losses From The 1.3347 Low

USDJPY Inches Up To Fresh 4½-Year High, Next Target At 115.50

GBP/USD Outlook: Limited Correction May Precede Bearish Continuation

Fundamental Analysis | Technical Analysis
In-depth Reports
RBNZ Hiked Rate but More Cautious about Economic Outlook
Market Priced in Faster Rate Hike after Powell's Nomination for Second Term
China's Economic Outlook Remains Dismal Despite Some Recovery in October
Aussie Dropped as RBA Affirmed that 2022 Rate Hike is Unlikely
Economic Calendar
GMT Ccy Events Actual Forecast Previous Revised
00:30 AUD Construction Work Done Q3 -0.30% -3.10% 0.80% 2.20%
00:30 JPY Manufacturing PMI Nov P 54.2 54.5 53.2
00:40 AUD RBA's Bullock speech
01:00 NZD RBNZ Interest Rate Decision 0.75% 0.75% 0.50%
02:00 NZD RBNZ Press Conference
09:00 CHF Credit Suisse Economic Expectations Nov -10.8 15.6
09:00 EUR Germany IFO Business Climate Nov 96.5 96.7 97.7
09:00 EUR Germany IFO Current Assessment Nov 99 100.3 100.1 100.2
09:00 EUR Germany IFO Expectations Nov 94.2 96.3 95.4
13:30 USD Initial Jobless Claims (Nov 19) 199K 260K 268K 270K
13:30 USD GDP Annualized Q3 P 2.10% 2.20% 2.00%
13:30 USD GDP Price Index Q3 P 5.90% 5.70% 5.70%
13:30 USD Goods Trade Balance (USD) Oct P -82.9B -94.7B -96.3B
13:30 USD Wholesale Inventories Oct P 2.20% 1.20% 1.40%
13:30 USD Durable Goods Orders Oct -0.50% 0.20% -0.30%
13:30 USD Durable Goods Orders ex Transportation Oct 0.50% 0.50% 0.50%
15:00 USD Personal Income M/M Oct 0.30% -1.00%
15:00 USD Personal Spending Oct 0.90% 0.60%
15:00 USD PCE Price Index M/M Oct 0.40% 0.30%
15:00 USD PCE Price Index Y/Y Oct 4.60% 4.40%
15:00 USD Core PCE Price Index M/M Oct 0.40% 0.20%
15:00 USD Core PCE Price Index Y/Y Oct 4.10% 3.60%
15:00 USD New Home Sales Oct 801K 800K
15:00 USD Michigan Consumer Sentiment Index Nov F 66.8 66.8
15:30 USD Crude Oil Inventories -1.7M -2.1M
17:00 USD Natural Gas Storage -23B 26B
19:00 USD FOMC Minutes