Dollar Edges Higher after Consumer Confidence, But Stays in Consolidations
| Action Insight Mid-Day Report 9-27-22 |
Dollar Edges Higher after Consumer Confidence, But Stays in Consolidations |
Dollar edges mildly higher after better than expected consumer confidence reading, but stays range bound. Overall, the forex markets are in consolidation mode. Sentiment appears to be supported as US stocks open higher, which European indexes are steady. One focus for the rest of the day is US 10-year yield's reaction to 4% handle, and subsequent reactions in other markets. Technically, USD/JPY is extending the recovery from 104.33 temporary low. There is prospect of a retest on 145.89 high, and even a break. But BoJ might come into the market again in that case, to intervene to cap USD/JPY below 1998 high at 147.68. Consolidation from 145.89 should extend with more legs. In Europe, at the time of writing, FTSE is down -0.13%. DAX is down -0.30%. CAC is down -0.01%. Germany 10-year yield is up 0.072 at 2.195. Earlier in Asia, Nikkei rose 0.53%. Hong Kong HSI rose 0.03%. China Shanghai SSE rose 1.40%. Singapore Strait Times dropped -0.52%. Japan 10-year JGB yield rose 0.0012 to 0.254. |
EUR/USD Mid-Day Outlook Daily Pivots: (S1) 0.9538; (P) 0.9624; (R1) 0.9694; More... Intraday bias in EUR/USD is turned neutral with a temporary low formed at 0.9551. Some consolidations could be seen, but upside should be limited by 0.9863 support turned resistance. Break of 0.9551 will resume larger down trend to 161.8% projection of 1.0368 to 0.9863 from 1.0197 at 0.9380 next. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 23:50 | JPY | Corporate Service Price Index Y/Y Aug | 1.90% | 2.20% | 2.10% | 2.00% | | 08:00 | EUR | Eurozone M3 Money Supply Y/Y Aug | 6.10% | 5.50% | 5.50% | 5.70% | | 12:30 | USD | Durable Goods Orders Aug | -0.20% | -0.10% | -0.10% | | 12:30 | USD | Durable Goods Orders ex Transportation Aug | 0.20% | 0.30% | 0.20% | | 13:00 | USD | S&P/Case-Shiller Home Price Indices Y/Y Jul | 16.10% | 16.90% | 18.60% | | 13:00 | USD | Housing Price Index M/M Jul | -0.60% | 0.00% | 0.10% | | 14:00 | USD | Consumer Confidence Sep | 108 | 104.5 | 103.2 | | 14:00 | USD | New Home Sales Aug | 685K | 500K | 511K |
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