Little Reaction to US ADP and Eurozone CPI Miss, Consolidations Continue

Action Insight Mid-Day Report 11-30-22

Little Reaction to US ADP and Eurozone CPI Miss, Consolidations Continue

Overall markets remain steady in consolidative trading today. There is little reaction to lower than expected Eurozone CPI and US ADP job data. Fed Chair Jerome Powell's speech might trigger some volatility, or traders will have to wait for non-farm payrolls on Friday. For now, Dollar is the strongest for the week, followed by Yen and Euro. Canadian remains the weakest followed by Sterling and Swiss Franc. Aussie and Kiwi are mixed.

Technically, WTI crude oil staged a notably rebound this week after dipping to 71.40 initially. But it has yet to break through 83.07 minor resistance. Thus, another fall is in favor to resume the larger down trend. However, firm break of 83.07 will firstly confirm short term bottoming, and secondly open up further rise towards 94.25 resistance. Canadian Dollar could be give a lift if that happens.

In Europe, at the time of writing, FTSE is up 1.02%. DAX is up 0.26%. CAC is up 0.79%. Germany 10-year yield is up 0.030 at 1.954. Earlier in Asia, Nikkei dropped -0.21%. Hong Kong HSI rose 2.16%. China Shanghai SSE rose 0.05%. Singapore Strait Times rose 0.43%. Japan 10-year JGB yield dropped -0.0033 to 0.251.

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USD/JPY Mid-Day Outlook

Daily Pivots: (S1) 137.93; (P) 138.64; (R1) 139.42; More...

Intraday bias in USD/JPY is turned neutral first with today's recovery. Further decline will remain in favor as long as 142.24 resistance holds. Break of 137.36 will resume the fall from 151.93 to 133.07 medium term fibonacci level. However, firm break of 142.24 will indicate short term bottoming, and turn bias back to the upside for stronger rebound.

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EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD

EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY

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Economic Calendar
GMT Ccy Events Actual Forecast Previous Revised
21:45 NZD Building Permits M/M Oct -10.70% 3.80% 3.60%
23:50 JPY Industrial Production M/M Oct P -2.60% -1.80% -1.70%
00:00 NZD ANZ Business Confidence Nov -57.1 -42.7
00:01 GBP BRC Shop Price Index Y/Y Oct 7.40% 6.60%
00:30 AUD Private Sector Credit M/M Oct 0.60% 0.60% 0.70%
00:30 AUD Building Permits M/M Oct -6.00% -2.00% -5.80% -8.10%
00:30 AUD Construction Work Done Q3 2.20% 2.00% -3.80% -2.00%
01:00 CNY Manufacturing PMI Nov 48 49.2 49.2
01:00 CNY Non-Manufacturing PMI Nov 46.7 48 48.7
05:00 JPY Housing Starts Y/Y Oct -1.80% -0.50% 1.00%
07:45 EUR France Consumer Spending M/M Oct -2.80% -0.90% 1.20%
07:45 EUR France GDP Q/Q Q3 0.20% 0.20% 0.20%
08:00 CHF KOF Leading Indicator Nov 89.5 89.5 90.9
08:55 EUR Germany Unemployment Change Nov 17K 10K 8K
08:55 EUR Germany Unemployment Rate Nov 5.60% 5.50% 5.50%
09:00 CHF Credit Suisse Economic Expectations Nov -57.5 -53.1
10:00 EUR Eurozone CPI Y/Y Nov P 10.00% 10.40% 10.60%
10:00 EUR Eurozone CPI Core Y/Y Nov P 5.00% 4.90% 5.00%
13:15 USD ADP Employment Change Nov 127K 195K 239K
13:30 USD GDP Annualized Q3 P 2.90% 2.60% 2.60%
13:30 USD GDP Price Index Q3 P 4.30% 4.10% 4.10%
13:30 USD Wholesale Inventories Oct P 0.80% 0.50% 0.60%
13:30 USD Goods Trade Balance (USD) Oct P -99.0B -90.2B -92.2B -91.9B
14:45 USD Chicago PMI Nov 45.4 45.2
15:00 USD Pending Home Sales M/M Oct -5.80% -10.20%
15:30 USD Crude Oil Inventories -3.2M -3.7M