Dollar and Yen Surge, Resuming Near Term Rally
Action Insight Mid-Day Report 6-29-21

Dollar and Yen Surge, Resuming Near Term Rally

Dollar rises sharply today and takes the Japanese Yen higher too. There is no clear stimulus for the moves as other markets are mixed. The technical development suggests that this week's retreat has completed already. New Zealand and Australian Dollar are currently the worst performing. But Euro and Sterling are not too far behind.

Technically, now, focus will be immediately on 0.9237 resistance in USD/CHF, 1.1846 support in EUR/USD and 1.3785 support in GBP/USD. Break there will resume recent rise in Dollar. Also, eyes will be on 1760.71 support in Gold. Break will resume the fall from 1916.30 and double confirm breakout in Dollar elsewhere.

In Europe, at the time of writing, FTSE is up 0.48%. DAX is up 1.12%. CAC is up 0.60%. Germany 10-year yield is up 0.025 at -0.163. Earlier in Asia, Nikkei dropped -0.81%. Hong Kong HSI dropped -0.94%. China Shanghai SSE dropped -0.92%. Singapore Strait Times dropped -1.20%. Japan 10-year JGB yield dropped -0.0008 to 0.060.

Full Report Here

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GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.3853; (P) 1.3896; (R1) 1.3922; More....

GBP/USD's break of 1.3859 minor support suggests that recovery from 1.3785 has completed at 1.4000, after rejection by 4 hour 55 EMA. Intraday bias is back on the downside for 1.3785. Break will resume the fall from 1.4248, as the third leg of the consolidation pattern from 1.4240, and target 1.3668 support and possibly below. On the upside, break of 1.4000 will turn bias back to the upside for retesting 1.4240/8 resistance zone instead.

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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
23:30 JPY Unemployment Rate May 3.00% 2.90% 2.80%
23:50 JPY Retail Trade Y/Y Apr 8.20% 7.90% 11.90%
08:30 GBP Mortgage Approvals May 88K 86K 87K
08:30 GBP M4 Money Supply M/M May 0.40% 0.20% 0.10%
09:00 EUR Eurozone Economic Sentiment Indicator Jun 117.9 116.5 114.5
09:00 EUR Eurozone Services Sentiment Jun 17.9 16 11.3
09:00 EUR Eurozone Industrial Confidence Jun 12.7 13 11.5
09:00 EUR Eurozone Consumer Confidence Jun F -3.3 -3.3 -3.3
09:00 EUR Eurozone Business Climate Jun 1.71 1.5 1.49
12:00 EUR Germany CPI M/M Jun P 0.40% 0.40% 0.50%
12:00 EUR Germany CPI Y/Y Jun P 2.30% 2.30% 2.50%
13:00 USD S&P/CS Composite-20 HPI Y/Y Apr 14.50% 13.30%
13:00 USD Housing Price Index M/M Apr 1.80% 1.40%
14:00 USD Consumer Confidence Jun 119.3 117.2