Stock Markets Dive Further, But Others Steady
Action Insight Mid-Day Report 2-28-22

Stock Markets Dive Further, But Others Steady

Markets are staying in risk aversion today with heavy selling in stocks. Expectations on the negotiation between Ukrainian President Volodymyr Zelenskyy and Russian President Vladimir Putin are low. Meanwhile, other markets are relatively steady. In forex, Swiss Franc, Yen and Dollar are still the stronger ones ,while Euro is the weakest. But still, most pairs and crosses are staying inside last week's range.

Technically, commodity currencies are rather resilient in the risk aversion environment. If sentiment improves, there are prospects of further rally. Attention will be on 0.7282 temporary top in AUD/USD and 1.2680 support in USD/CAD. Break of these levels could trigger more buying in Aussie and Loonie.

In Europe, at the time of writing, FTSE is down -1.48%. DAX is down -2.31%. CAC is down -2.95%. Germany 10-year yield is down -0.052 at 0.178. Earlier in Asia, Nikkei rose 0.19%. Hong Kong HSI dropped -0.24%. China Shanghai SSE rose 0.32%. Singapore Strait Times dropped -1.59%. Japan 10-year JGB yield dropped -0.023 at 0.185.

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

EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.1201; (P) 1.1238; (R1) 1.1309; More...

EUR/USD is staying in consolidation above 1.1105 and intraday bias remains neutral at this point. On the downside, sustained break of 1.1120 will confirm resumption of larger down trend from 1.2348. Next target is 61.8% projection of 1.2265 to 1.1120 from 1.1494 at 1.0786. However, firm break of 1.1287 will dampen this bearish view and turn bias back to the upside for 1.1494 resistance.

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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
23:50 JPY Industrial Production M/M Jan P -1.30% -0.70% -1.00%
23:50 JPY Retail Trade Y/Y Jan 1.60% 1.10% 1.40% 1.20%
00:00 NZD ANZ Business Confidence Feb F -51.8 -23.2
00:00 AUD TD Securities Inflation M/M Feb 0.50% 0.40%
00:30 AUD Private Sector Credit M/M Jan 0.60% 0.70% 0.80%
00:30 AUD Retail Sales M/M Jan 1.80% 0.40% -4.40%
05:00 JPY Housing Starts Y/Y Jan 2.10% 2.60% 4.20%
07:30 CHF Real Retail Sales Y/Y Jan 5.10% 0.40% -0.40% -0.50%
08:00 CHF KOF Economic Barometer Feb 105 108.5 107.8 107.2
08:00 CHF GDP Q/Q Q4 0.30% 0.40% 1.70%
13:30 CAD Industrial Product Price M/M Jan 3.00% 0.40% 0.70%
13:30 CAD Raw Material Price Index M/M Jan 6.50% -0.20% -2.90%
13:30 CAD Current Account (CAD) Q4 -0.8B 2.2B 1.4B
13:30 USD Goods Trade Balance (USD) Jan P -107.6B -98.5B -101.0B -100.5B
13:30 USD Wholesale Inventories Jan P 0.80% 0.90% 2.20%
14:45 USD Chicago PMI Feb 63.9 65.2