Action Insight Daily Report 4-1-22

Dollar Little Changed After Solid NFP, Euro Shrugs CPI

Dollar is little changed after another set of solid job data. The greenback is trying to extend the near term recovery against Euro and Yen, but turns softer against Aussie. Euro also shrugs off much stronger than expected consumer inflation reading. Yen continues to consolidate in tight range, digesting recent losses. There is still prospect of some bigger moves, depending how the risk markets end the week.

In Europe, at the time of writing, FTSE is up 0.36%. DAX is up 0.35%. CAC is up 0.47%. Germany 10-year yield is up 0.031 at 0.580. Earlier in Asia, Nikkei dropped -0.56%. Hong Kong HSI rose 0.19%. China Shanghai SSE rose 0.94%. Singapore Strait Times rose 0.31%. Japan 10-year JGB yield rose 0.0006 to 0.216.

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USD/JPY Mid-Day Outlook

Daily Pivots: (S1) 121.03; (P) 122.12; (R1) 122.92; More...

Intraday bias in USD/JPY remains neutral for the moment. With 121.17 support intact, further rally is in favor. On the upside, above 125.09 will target 161.8% projection of 109.11 to 116.34 from 114.40 at 126.09, which is close to 125.85 long term resistance. However, break of 121.17 will indicate short term topping, and bring deeper pull back.

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EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY

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Fundamental Analysis | Technical Analysis

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Economic Calendar

GMT	Ccy	Events	Actual	Forecast	Previous	Revised
21:30	AUD	AiG Performance of Mfg Index Mar	55.7	53.2
23:50	JPY	Tankan Large Manufacturing Index Q1	14	12	18
23:50	JPY	Tankan Large Manufacturing Outlook Q1	9	10	13
23:50	JPY	Tankan Non - Manufacturing Index Q1	9	5	9
23:50	JPY	Tankan Non - Manufacturing Outlook Q1	-10	8	8
23:50	JPY	Tankan Large All Industry Capex Q1	2.20%	4.40%	9.30%
00:30	JPY	Manufacturing PMI Mar F	54.1	53.2	53.2
01:45	CNY	Caixin Manufacturing PMI Mar	48.1	49.7	50.4
06:30	CHF	CPI M/M Mar	0.60%	0.50%	0.70%
06:30	CHF	CPI Y/Y Mar	2.40%	2.40%	2.20%
07:30	CHF	SVME PMI Mar	64	61	62.6
07:45	EUR	Italy Manufacturing PMI Mar	55.8	57	58.3
07:50	EUR	France Manufacturing PMI Mar F	54.7	54.8	54.8
07:55	EUR	Germany Manufacturing PMI Mar F	56.9	57.6	57.6
08:00	EUR	Eurozone Manufacturing PMI Mar F	56.5	57	57
08:30	GBP	Manufacturing PMI Mar F	55.2	55.5	55.5
09:00	EUR	Eurozone CPI Y/Y Mar P	7.50%	6.50%	5.90%
09:00	EUR	Eurozone CPI Core Y/Y Mar P	3.00%	3.10%	2.70%
12:30	USD	Nonfarm Payrolls Mar	431K	488K	678K	750K
12:30	USD	Unemployment Rate Mar	3.60%	3.70%	3.80%
12:30	USD	Average Hourly Earnings M/M Mar	0.40%	0.40%	0.00%	0.10%
13:30	CAD	Manufacturing PMI Mar	56.5	56.6
13:45	USD	Manufacturing PMI Mar F	58.5
14:00	USD	ISM Manufacturing PMI Mar	58.4	58.6
14:00	USD	ISM Manufacturing Prices Paid Mar	76	75.6
14:00	USD	ISM Manufacturing Employment Index Mar	53.7	52.9
14:00	USD	ISM Manufacturing New Orders Index Mar	59.8	61.7
14:00	USD	Construction Spending M/M Feb	0.90%	1.30%