Euro Rises as Investor Sentiment Improves, Dollar and Yen Down
| Action Insight Mid-Day Report 12-5-22 |
Euro Rises as Investor Sentiment Improves, Dollar and Yen Down |
Euro rises broadly today as supported by improvement in investor sentiment, but Sterling and Swiss Franc are lagging behind. Canadian Dollar also follows oil price high, as China appears to be moving further towards reopening. Australian Dollar is also firm. But Yen and Dollar are on the weaker side on positive market sentiment. Technically, while Euro does strengthen, the momentum is not too convincing yet. For now, EUR/CHF's rise from 0.9720 still looks more like a corrective move, as the second leg of the pattern from 0.9953. The cross will need to take out 0.9953 resistance decisively to confirm the underlying bullishness in Euro. In Europe, at the time of writing, FTSE is up 0.30%. DAX is down -0.51%. CAC is down -0.57%. Germany 10-year yield is down -0.001 at 1.853. Earlier in Asia, Nikkei rose 0.15%. Hong Kong HSI rose 4.51%. China Shanghai SSE rose 1.76%. Singapore Strait Times rose 0.26%. Japan 10-year JGB yield rose 0.0064 to 0.258. |
EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.0466; (P) 1.0505; (R1) 1.0583; More... Intraday bias in EUR/USD stays on the upside for the moment with focus on 1.0609 fibonacci level. Sustained break there will carry larger bullish implication and target next level at 1.1273. However, break of 1.0427 minor support will indicate rejection by 1.1273, and turn bias back to the downside for 1.0222 support and possibly below. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
|---|
| 21:30 | AUD | AiG Performance of Construction Index Nov | 48.2 | 43.3 | | 00:00 | AUD | TD Securities Inflation M/M Nov | 1.00% | 0.40% | | 00:30 | AUD | Company Gross Operating Profits Q/Q Q3 | -12.40% | -1.50% | 7.60% | 7.80% | | 01:45 | CNY | Caixin Services PMI Nov | 46.7 | 48.8 | 48.4 | | 08:45 | EUR | Italy Services PMI Nov | 49.5 | 47.6 | 46.4 | | 08:50 | EUR | France Services PMI Nov F | 49.3 | 49.4 | 49.4 | | 08:55 | EUR | Germany Services PMI Nov F | 46.1 | 46.4 | 46.4 | | 09:00 | EUR | Eurozone Services PMI Nov F | 48.5 | 48.6 | 48.6 | | 09:30 | EUR | Eurozone Sentix Investor Confidence Dec | -21 | -27.1 | -30.9 | | 09:30 | GBP | Services PMI Nov F | 48.8 | 48.8 | 48.8 | | 10:00 | EUR | Eurozone Retail Sales M/M Oct | -1.80% | -1.60% | 0.40% | 0.80% | | 13:30 | CAD | Building Permits M/M Oct | -1.40% | -2.00% | -17.50% | | 14:45 | USD | Services PMI Nov F | 46.1 | 46.1 | | 15:00 | USD | ISM Services PMI Nov | 53.5 | 54.4 | | 15:00 | USD | Factory Orders M/M Oct | 0.00% | 0.30% |
|
|
|
