Aussie Powers Up on Risk-On Sentiment and China Reopening
| Action Insight Daily Report 1-9-23 |
Aussie Powers Up on Risk-On Sentiment and China Reopening |
Australian Dollar rises broadly today as risk-on sentiment carried forward to Asian session. Additionally, the Aussie is lifted by reopening of China, together with Yuan and Hong Kong stocks. Kiwi and Sterling are currently the next strongest. Dollar plunges broadly as a result too, with expectations that Fed to going to slow down the tightening pace further in February. Yen and Swiss Franc are the next weakest, as following broad market movements, while Euro and Loonie are mixed. Technically, NZD/USD's break of 0.6372 resistance argues that correction from 0.6512 has completed with three waves down to 0.6190. Further rise is expected to retest 0.6512 high. Judging from the upside break out of AUD/USD today, NZD/USD would like follow and break through 0.6512 soon. In Asia, Japan was on holiday, Hong Kong HSI is up 1.82%. China Shanghai SSE is up 0.65%. Singapore Strait Times is up 0.60%. |
AUD/USD Daily Report Daily Pivots: (S1) 0.6770; (P) 0.6828; (R1) 0.6935; More... AUD/USD's break of 0.6892 resistance confirms resumption of whole rise from 0.6169. Intraday bias is back on the upside for 61.8% projection of 0.6169 to 0.6892 from 0.6721 at 0.7444. For now, outlook will stay bullish as long as 0.6721 support holds, in case of retreat. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 00:30 | AUD | Building Permits M/M Nov | -9.00% | 0.10% | -6.00% | | 06:45 | CHF | Unemployment Rate Dec | 1.90% | 2.10% | 2.00% | | 07:00 | EUR | Germany Industrial Production M/M Nov | 0.20% | 0.20% | -0.10% | | 07:45 | EUR | France Trade Balance (EUR) Nov | -11.3B | -12.2B | | 08:00 | CHF | Foreign Currency Reserves (CHF) Dec | 790B | | 09:00 | EUR | Italy Unemployment Nov | 7.80% | 7.80% | | 09:30 | EUR | Eurozone Sentix Investor Confidence (Jan) | -17 | -21 | | 10:00 | EUR | Unemployment Rate Nov | 6.50% | 6.50% | | 13:30 | CAD | Building Permits M/M Nov | 0.40% | -1.40% |
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