Dollar Recovers in Range Bound Markets, No Breakout Yet
Action Insight Mid-Day Report 6-2-21

Dollar Recovers in Range Bound Markets, No Breakout Yet

The financial markets continue to be range bound today, as traders seem to be holding their bets before Friday's US job report. Dollar is recovering mildly but it's held below next term resistance levels. Sterling is currently the stronger one, while Swiss France is the weakest.

Technically, we're still staying near term bearish on the Dollar in general despite today's recovery. Key levels to watch include 1.4090 support in GBP/USD, 0.7673 support in AUD/USD, 0.9046 resistance in USD/CHF and 1.2201 resistance in USD/CAD. As long as these levels whole, the next committed move in the greenback is more likely down than up.

In Europe, at the time of writing, FTSE is up 0.14%. DAX is up 0.02%. CAC is up 0.27%. Germany 10-year yield is down -0.0112 at -0.189. Earlier in Asia, Nikkei rose 0.46%. Hong Kong HSI dropped -0.58%. China Shanghai SSE dropped -0.76%. Singapore Strait Times dropped -0.82%. Japan 10-year JGB yield dropped -0.0006 to 0.079.

Full Report Here

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Central Bank Views | China Watch | Oil N' Gold | Special Topics

GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.4114; (P) 1.4181; (R1) 1.4216; More...

Range trading continues in GBP/USD and intraday bias remains neutral. With 1.4090 support intact, further rise is still expected. On the upside, sustained break of 1.4240 will resume larger up trend from 1.1409. Next target is 1.4376 long term resistance. On the downside, however, break of 1.4090 support will extend the consolidation from 1.4240 with another falling leg. Intraday bias will be turned back to the downside for 1.4008 resistance turned support first.

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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 Terms of Trade Index Q1 0.10% -0.40% 1.30%
23:01 GBP BRC Shop Price Index Y/Y Apr -0.60% -1.30%
23:50 JPY Monetary Base Y/Y May 22.40% 25.20% 24.30%
01:30 AUD GDP Q/Q Q1 1.80% 1.10% 3.10%
06:00 EUR Germany Retail Sales M/M Apr -5.50% -2.00% 7.70%
08:30 GBP Mortgage Approvals Apr 87.0K 85.0K 82.7K
08:30 GBP M4 Money Supply M/M Apr 0.10% 0.70% 0.60%
09:00 EUR Eurozone PPI M/M Apr 1.00% 0.90% 1.10%
09:00 EUR Eurozone PPI Y/Y Apr 7.60% 7.30% 4.30%
12:30 CAD Building Permits M/M Apr -0.50% -5.20% 5.70%
18:00 USD Fed's Beige Book