Euro Rebounds as Some ECB Members Talk Up July Rate Hike
Action Insight Mid-Day Report 4-21-22

Euro Rebounds as Some ECB Members Talk Up July Rate Hike

Euro rebounds strongly today as some ECB policymakers continued to talk up the chance of a July rate hike. Canadian Dollar is following as second strongest, continuing to be supported by strong inflation data. Dollar is not performing too badly for now, as third strongest. On the other hand, New Zealand Dollar remains under pressured after CPI missed expectation. Yen is staying in consolidations in general despite decline attempt against some rivals. Sterling and Swiss Franc are mixed, with Aussie.

Technically, EUR/USD breached 1.0922 minor resistance but lacks follow through buying. Firm break of this level should confirm short term bottoming and bring stronger rebound back towards 1.1184 resistance. Similarly, firm break of 0.8379 minor resistance in EUR/GBP would bring further rebound back to 0.8511 structural resistance. Developments in these two pairs will be watched to gauge the underlying strength in Euro.

In Europe, at the time of writing, FTSE is up 0.32%. DAX is up 1.41%. CAC is up 1.88%. Germany 10-year yield is up 0.0197 at 0.875. Earlier in Asia, Nikkei rose 1.23%. Hong Kong HSI dropped -1.25%. China Shanghai SSE dropped -2.26%. Singapore Strait times rose 0.39%. Japan 10-year JGB yield dropped -0.0004 to 0.255.

Full Report Here

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

EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.0804; (P) 1.0835 (R1) 1.0887; More...

EUR/USD breached 1.0922 earlier today but quickly retreated. Intraday bias remains neutral for the moment. On the upside, firm break of 1.0922 should confirm short term bottoming at 1.0756. Intraday bias will be back on the upside for 1.1184 structural resistance next. On the downside, though, break of 1.0756 will resume larger down trend.

Full Report Here

EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD

EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY

Recommended Readings

Stocks Rise on Strong Earnings, Tesla Jumps

Canadian Dollar Eyes Retail Sales

Euro Breaks above 1.09 as CPI Surges

Bitcoin's Struggle to Break Away from Support

Oil Clinging to the Uptrend on Low Supply

New Zealand Dollar Edges Lower after CPI

AUDUSD Bullish Bearing Intact with Bounce Off 50-day SMA

EURUSD: Recovery Looks for More Positive Signals on Break of Pivotal Barrier

GBPJPY Hangs Near 6-Year Highs; Are the Bulls Done?

NZ CPI Hits a 32-Year High, but is it Enough for an Imminent Hike?

NZ CPI Review: The Misery Index

Fundamental Analysis | Technical Analysis
In-depth Reports
NZ CPI Review: The Misery Index
RBA's Scenario Analysis is a Helpful Tool for Terminal Rate Debate
Yen Falls Apart, How Likely is FX Intervention?
Research China - Three New Headwinds to Delay Recovery
Economic Calendar
GMT Ccy Events Actual Forecast Previous Revised
22:45 NZD CPI Q/Q Q1 1.80% 2.00% 1.40%
22:45 NZD CPI Y/Y Q1 6.90% 7.10% 5.90%
09:00 EUR Eurozone CPI Y/Y Mar F 7.40% 7.50% 7.50%
09:00 EUR Eurozone CPI Core Y/Y Mar F 2.90% 3.00% 3.00%
12:30 USD Initial Jobless Claims (Apr 15) 184K 177K 185K 186K
12:30 USD Philadelphia Fed Manufacturing Survey Apr 17.6 20.9 27.4
14:00 EUR Eurozone Consumer Confidence Apr P -20 -19
14:30 USD Natural Gas Storage 40B 15B