Euro Recovers in Overall Consolidative Markets
Action Insight Mid-Day Report 5-16-22

Euro Recovers in Overall Consolidative Markets

The financial markets are generally quiet today. Major European indexes are mixed while US futures are treading water. Gold is still trying to defend 1800 handle, despite dipping earlier. Silver is also recovering ahead of 20 handle. Bitcoin and Ethereum are also staying in sideway trading. Euro is firmer in general with Dollar and Yen. Swiss Franc is trading lower, followed by Aussie and Canadian.

Technically, one focus in the week is whether overall risk sentiment would stabilize and rebound further. AUD/JPY could provide a guide to the development While it recovered ahead of 86.24 key medium term support, upside is capped by 55 day EMA (now at 89.99), around 90 handle. Sustained break of 90 handle will be a sign that overall risk sentiment is turning positive again.

In Europe, at the time of writing, FTSE is up 0.27%. DAX is down -0.65%. CAC is down -0.26%. Germany 10-year yield is up 0.0048 at 0.999. Earlier in Asia, Nikkei rose 0.45%. Hong Kong HSI rose 0.26%. China Shanghai SSE dropped -0.34%. Singapore Strait Times is up 0.82%. Japan 10-year JGB yield dropped -0.0014 at 0.244.

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

EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.0365; (P) 1.0393 (R1) 1.0435; More...

EUR/USD is staying in consolidation above 1.0339 long term support. Intraday bias remains neutral for the moment. Outlook also stays bearish as long as 1.0641 resistance holds. Decisive break of 1.0339 will carry larger bearish implication and target 161.8% projection of 1.1494 to 1.0805 from 1.1184 at 1.0069. Nevertheless, break of 1.0641 will indicate short term bottoming and turn bias back to the upside for rebound.

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EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD

EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY

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GMT Ccy Events Actual Forecast Previous Revised
22:30 NZD Business NZ PSI Apr 51.4 51.6 51.5
23:50 JPY PPI Y/Y Apr 10.00% 9.40% 9.50% 9.70%
02:00 CNY Retail Sales Y/Y Apr -11.10% -6.00% -3.50%
02:00 CNY Industrial Production Y/Y Apr -2.90% 0.70% 5.00%
02:00 CNY Fixed Asset Investment YTD Y/Y Apr 6.80% 7.00% 9.30%
06:00 JPY Machine Tool Orders Y/Y Apr P 25.00% 30.20%
09:00 EUR Eurozone Trade Balance (EUR) Mar -17.6B 2.3B -9.4B -11.3B
12:15 CAD Housing Starts Y/Y Apr 267K 250K 246K 248K
12:30 CAD Manufacturing Sales M/M Mar 2.50% 2.10% 4.20% 5.10%
12:30 CAD Wholesale Sales M/M Mar 0.30% 0.00% -0.40% -0.30%
12:30 USD Empire State Manufacturing Index May -11.6 15.5 24.6