Dollar Selloff Intensifies, European Majors Winning
Action Insight Mid-Day Report 5-18-21

Dollar Selloff Intensifies, European Majors Winning

Dollar's selloff intensifies today as risk-on sentiment is slowly coming back to the markets. Yen is following as the next weakest. European majors are currently the main winners. Commodity currencies are somewhat lagging behind. In other markets, European indexes are trading slightly higher while US futures also point to higher open. Gold and oil prices are also firm on Dollar weakness.

Technically, EUR/USD's break of 1.2181 temporary top, and USD/CHF's break of 0.8984 temporary low, affirm general weakness in the greenback. Eyes will be on whether AUD/USD would follow and break through 0.7890 resistance, and whether NZD/USD will break through equivalent level at 0.7304.

In Europe, at the time of writing, FTSE is up 0.30%. DAX is up 0.05%. CAC is up 0.03%. Germany 10-year yield is down -0.0102 at -0.122. Earlier in Asia, Nikkei rose 2.09%. Hong Kong HSI rose 1.42%. China Shanghai SSE rose 0.32%. Singapore Strait Times rose 2.04%. Japan 10-year JGB yield rose 0.0005 to 0.080.

Full Report Here

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

RBA Minutes Reaffirmed Likelihood of QE Expansion in July
China's Growth Slowed Across the Board in April
CFTC Commitments of Traders - Bets on Higher CAD Increased Markedly
Central Bank Views | China Watch | Oil N' Gold | Special Topics

EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.2129; (P) 1.2149; (R1) 1.2172; More....

Intraday bias in EUR/USD remains on the upside for retesting 1.2348 high. Firm break there will resume the up trend from 1.0635, for 1.2555 key long term resistance zone next. On the downside, break of 1.2050 support is needed to indicate short term topping. Otherwise, outlook will stay bullish in case of retreat.

Full Report Here

EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD

EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY

Recommended Readings

US open: Reopening Optimism and a Dovish Fed Lift Futures

Oil Rises, Gold Rally Continues

A Dovish Fed And Improving UK Jobs Market Lift European Stocks

Aussie Climbs, Consumer Confidence Next

An Unfolding Battle For The Dollar

Aussie Remains Firm With Unemployment Expected To Be Steady In April

Stocks Bounce Back As Optimism Returns, Dollar Sags

EURJPY Trades Bullish Along Resistance Line

WTI Futures Consolidate Above 66.00 In Near Term

Two Trades To Watch: GBP/USD, Dax

GBP/USD Outlook: Cable Rises To Three-Month High On Recovery Optimism, Solid UK Jobs Data

Fundamental Analysis | Technical Analysis
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Economic Calendar
GMT Ccy Events Actual Forecast Previous Revised
23:50 JPY GDP Q/Q Q1 P -1.30% -1.20% 2.80%
23:50 JPY GDP Deflator Y/Y Q1 P -0.20% -0.10% 0.30%
01:30 AUD RBA Minutes
04:30 JPY Tertiary Industry Index M/M Mar 1.10% -0.10% 0.30%
06:00 GBP Claimant Count Rate Apr 7.20% 7.30% 7.20%
06:00 GBP Claimant Count Change Apr -15.1K 10.1K
06:00 GBP ILO Unemployment Rate (3M) Mar 4.80% 4.90% 4.90%
06:00 GBP Average Earnings Including Bonus 3M/Y Mar 4.00% 4.60% 4.50%
06:00 GBP Average Earnings Excluding Bonus 3M/Y Mar 4.60% 4.60% 4.40%
08:00 EUR Italy Trade Balance (EUR) Mar 5.19B 4.75B
09:00 EUR Eurozone Trade Balance (EUR) Mar 13B 20.3B 18.4B 23.1B
09:00 EUR Eurozone GDP Q/Q Q1 P -0.60% -0.60% -0.60%
09:00 EUR Eurozone Employment Change Q/Q Q1 P -0.30% 0.10% 0.30% 0.40%
12:30 USD Housing Starts Apr 1.57M 1.71M 1.74M
12:30 USD Building Permits Apr 1.76M 1.77M 1.76M