Dollar Staying Firm Despite Unexpected US GDP Contraction
Action Insight Mid-Day Report 4-28-22

Dollar Staying Firm Despite Unexpected US GDP Contraction

Dollar's broad based rally continues into US session. The unexpected contraction of Q1 US GDP might give the greenback a little jitter. But it's unlikely to alter the up trend for now. As for today, Canadian Dollar is the second strongest Yen is the worst performing one on post-BoJ selloff. But Kiwi and Sterling also also weak. Euro and Swiss Fran are mixed together with Aussie.

Technically, as Yen is back under pressure, some focus will be on CAD/JPY. The pull back from 102.93 should have completed at 98.98 already. Retest of 102.93 should be seen next and break will resume larger up trend. That could be a sign of more broad based selling in Yen, the should be followed by break of 95.73 high in AUD/JPY and 139.99 high in EUR/JPY.

In Europe, at the time of writing, FTSE is up 0.85%. DAX is up 1.38%. CAC is up 1.22%. Germany 10-year yield is up 0.079 at 0.883. Earlier in Asia, Nikkei rose 1.75%. Hong Kong HSI rose 1.65%. China Shanghai SSE rose 0.58%. Singapore Strait Times rose 0.43%. Japan 10-year JGB yield dropped -0.0307 to 0.219.

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

USD/CHF Mid-Day Outlook

Daily Pivots: (S1) 0.9635; (P) 0.9669; (R1) 0.9722; More....

USD/CHF's rally continues today and intraday bias remains on the upside. Current up trend should target next medium term projection level at 0.9864. On the downside, below 0.9669 minor support will turn intraday bias neutral and bring consolidations. But downside of retreat should be contained above 0.9459 resistance turned support to bring another rally.

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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
22:45 NZD Trade Balance (NZD) Mar -392M -648M -385M -691M
23:50 JPY Industrial Production M/M Mar P 0.30% 0.50% 2.00%
23:50 JPY Retail Trade Y/Y Mar 0.90% 0.40% -0.80% -0.90%
01:00 NZD ANZ Business Confidence Apr -42 -41.9
01:30 AUD Import Price Index Q/Q Q1 5.10% 7.10% 5.80%
03:00 JPY BoJ Interest Rate Decision -0.10% -0.10% -0.10%
05:00 JPY Housing Starts Y/Y Mar 6.00% -0.50% 6.30%
08:00 EUR ECB Economic Bulletin
12:00 EUR Germany CPI M/M Apr P 0.80% 1.70% 2.50%
12:00 EUR Germany CPI Y/Y Apr P 7.40% 7.30% 7.30%
12:30 USD Initial Jobless Claims (Apr 22) 180K 178K 184K 185K
12:30 USD GDP Annualized Q1 P -1.40% 1.00% 6.90%
12:30 USD GDP Price Index Q1 P 8.00% 6.00% 7.10%
14:30 USD Natural Gas Storage 39B 53B