Dollar Struggles to Gain after NFP, Euro Buying Returns
| Action Insight Mid-Day Report 9-2-22 |
Dollar Struggles to Gain after NFP, Euro Buying Returns |
Dollar is extending recent up trend against Yen after non-farm payroll report, but struggles to gain against others so far. Instead, Euro shines again on news that Russia looks set to resume gas supplies to Europe through Nord Stream 1. The common currency is retaining its number one place for the week so far, followed by Dollar. Yen is the worst, followed by Swiss Franc and Sterling. But, there are still a few hours to go before weekly close. In Europe, at the time of writing, FTSE is up 1.20%. DAX is up 2.08%. CAC is up 1.29%. Germany 10-year yield is up 0.19 at 1.581. Earlier in Asia, Nikkei dropped -0.04%. Hong Kong HSI dropped -0.74%. China Shanghai SSE rose 0.05%. Singapore Strait Times dropped -0.57%. Japan 10-year JGB yield rose 0.0023 to 0.243. |
EUR/USD Mid-Day Outlook Daily Pivots: (S1) 0.9886; (P) 0.9972; (R1) 1.0033; More... EUR/USD recovered ahead of 0.9899 support and intraday bias stays neutral. Still, further decline is expected with 1.0094 resistance intact. On the downside, break of 0.9899 will resume larger down trend to 61.8% projection of 1.0773 to 0.9951 from 1.0368 at 0.9860. Firm break there should prompt downside acceleration to 100% projection at 0.9546. However, firm break of 1.0094 minor resistance will dampen this bearish view, and turn bias back to the upside for 1.0368 resistance instead. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 22:45 | NZD | Terms of Trade Index Q2 | -2.40% | 0.20% | 0.50% | 0.60% | | 06:00 | EUR | Germany Trade Balance (EUR) Jul | 5.4B | 4.6B | 6.4B | | 09:00 | EUR | Eurozone PPI M/M Jul | 4.00% | 2.50% | 1.10% | 1.30% | | 09:00 | EUR | Eurozone PPI Y/Y Jul | 37.90% | 35.80% | 35.80% | 36.00% | | 12:30 | CAD | Labor Productivity Q/Q Q2 | 0.20% | 0.10% | -0.50% | -0.60% | | 12:30 | USD | Nonfarm Payrolls Aug | 315K | 290K | 528K | 526K | | 12:30 | USD | Unemployment Rate Aug | 3.70% | 3.50% | 3.50% | | 12:30 | USD | Average Hourly Earnings M/M Aug | 0.30% | 0.30% | 0.50% | | 14:00 | USD | Factory Orders M/M Jul | 0.20% | 2.00% |
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