Dollar Shrugs Strong CPI Reading, Extending Sideway Trading
Action Insight Mid-Day Report 12-10-21

Dollar Shrugs Strong CPI Reading, Extending Sideway Trading

The multi-decade high in US CPI reading appears to be failing trigger any move in Dollar. The greenback is staying in very tight range in general. Commodity currencies are indeed trying to regain upside momentum. Yen is set to end as the worst performing, followed by Swiss Franc and then Euro.

In Europe, at the time of writing, FTSE is down -0.06%. DAX is up 0.05%. CAC is down -0.06%. Germany 10-year yield is up 0.017 at -0.337. Earlier in Asia, Nikkei dropped -1.0%. Hong Kong HSI dropped -1.07%. China Shanghai SSE dropped -0.18%. Singapore Strait Times dropped -0.22%. Japan 10-year JGB yield rose 0.0059 to 0.056.

Full Report Here

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GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.3153; (P) 1.3207; (R1) 1.3248; More...

Intraday bias in GBP/USD remains neutral and outlook is unchanged. On the downside, sustained break of 1.3164 medium term fibonacci level will carry larger bearish implication. Fall from 1.4248 should resume and target 161.8% projection of 1.4248 to 1.3570 from 1.3833 at 1.2736. On the upside, though, break of 1.3351 support turned resistance will indicate short term bottoming, and turn bias back to the upside for 1.3512 resistance next.

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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
21:30 NZD Business NZ PMI Nov 50.6 54.3
23:50 JPY PPI Y/Y Nov 9.00% 8.50% 8.00%
07:00 EUR Germany CPI M/M Nov F -0.20% -0.20% -0.20%
07:00 EUR Germany CPI Y/Y Nov F 5.20% 5.20% 5.20%
07:00 GBP GDP M/M Oct 0.10% 0.30% 0.60%
07:00 GBP Index of Services 3M/3M Oct 1.10% 1.20% 1.60%
07:00 GBP Industrial Production M/M Oct -0.60% 0.20% -0.40%
07:00 GBP Industrial Production Y/Y Oct 1.40% 2.20% 2.90%
07:00 GBP Manufacturing Production M/M Oct 0.00% 0.10% -0.10%
07:00 GBP Manufacturing Production Y/Y Oct 1.30% 1.40% 2.80%
07:00 GBP Goods Trade Balance (GBP) Oct -13.9B -14.1B -14.7B
09:00 EUR Italy Industrial Output M/M Oct -0.60% 0.40% 0.10%
13:15 GBP NIESR GDP Estimate (3M) Nov 0.90% 1.30% 1.00% 0.90%
13:30 USD CPI M/M Nov 0.80% 0.70% 0.90%
13:30 USD CPI Y/Y Nov 6.80% 6.80% 6.20%
13:30 USD CPI Core M/M Nov 0.50% 0.50% 0.60%
13:30 USD CPI Core Y/Y Nov 4.90% 4.90% 4.60%
13:30 CAD Capacity Utilization Q3 81.40% 81.20% 82.00%
15:00 USD Michigan Consumer Sentiment Index Dec P 68.2 67.4