Dollar Hammered after CPI Miss, Yen Strongest But Others May Catch Up
Action Insight Mid-Day Report 8-10-22

Dollar Hammered after CPI Miss, Yen Strongest But Others May Catch Up

Dollar falls broadly in early US session after data shows headline CPI slowed more than expected, which core inflation held steady. Yen is gaining most against the greenback for now, with extra help from falling treasury yields. But it's unsure for now long Yen's rally against others could last. Also, it's hard to say which currencies is taking most advantage, as they'll need some time to sort their positions out. Nonetheless, selloff in the greenback is for now the main them.

Technically, USD/JPY's fall from 139.37 looks set to resume with current steep decline. Break of 132.50 will turn bias to the downside to 130.38 first. Further break there could prompt downside acceleration to 100% projection of 139.37 to 130.38 from 135.57 at 126.58, which is close to 126.25 structural support. Such development could help cap upside of other Yen crosses in case of their recoveries.

In Europe, at the time of writing, FTSE is up 0.21%. DAX is up 0.93%. CAC is up 0.65%. Germany 10-year yield is down -0.046 at 0.877. Earlier in Asia, Nikkei dropped -0.65%. Hong Kong HSI dropped -1.96%. China Shanghai SSE dropped -0.54%. Singapore Strait Times rose 0.47%. Japan 10-year JGB yield rose 0.0261 to 0.193.

Full Report Here

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

EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.0186; (P) 1.0217; (R1) 1.0244; More...

EUR/USD's rise from 0.9951 resumes today and accelerates to as high as 1.0344 so far. Immediate focus is now on 1.0348 support turned resistance, which is close to 55 day EMA (now at 1.0350). Decisive break there ague that such rally is at least correcting the fall from 1.1494. Further rally should then be seen to 38.2% retracement of 1.1494 to 0.9951 at 1.0540. On the downside, break of 1.0201 minor support will suggest that such rebound has completed and bring retest of 0.9951 low instead.

Full Report Here

EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD

EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY

Recommended Readings

US CPI Release Will Determine Dollar's Trend

European Drought: Possible Forex Implications?

USDJPY Resumes Rebound but 50-day SMA Caps Advance

NZDUSD in Quiet Trading ahead of US CPI Inflation

Bitcoin Seeks Support

Oil Resists to Russian Supply Cut, US CPI in Focus

Fundamental Analysis | Technical Analysis
In-depth Reports
Bank of England Update Review: Dovish 50bp Rate Hike
RBA Board Raises Cash Rate by 50 Basis Points – Expect Another 50 in September
Economic Calendar
GMT Ccy Events Actual Forecast Previous Revised
23:50 JPY PPI Y/Y Jul 8.60% 8.40% 9.20% 9.40%
01:30 CNY CPI Y/Y Jul 2.70% 2.90% 2.50%
01:30 CNY PPI Y/Y Jul 4.20% 4.90% 6.10%
06:00 EUR Germany CPI M/M Jul F 0.90% 0.90% 0.90%
06:00 EUR Germany CPI Y/Y Jul F 7.50% 7.50% 7.50%
12:30 USD CPI M/M Jul 0.00% 0.20% 1.30%
12:30 USD CPI Y/Y Jul 8.50% 8.70% 9.10%
12:30 USD CPI Core M/M Jul 0.30% 0.50% 0.70%
12:30 USD CPI Core Y/Y Jul 5.90% 6.10% 5.90%
14:00 USD Wholesale Inventories Jun F 1.90% 1.90%
14:30 USD Crude Oil Inventories 0.1M 4.5M