Markets Staying in Consolidative Trading, Gold Losing Upside Momentum
| Action Insight Daily Report 11-15-22 |
Markets Staying in Consolidative Trading, Gold Losing Upside Momentum |
Overall, the forex markets are bounded in tight range as consolidative trading continues. There is no clear sign of a sustainable rebound in Dollar, and thus, the most is more likely down than up. Yen is clearly soft but selling hasn't really take off yet. Commodity currencies are currently having a slight upper hand against Europeans, but nobody is overwhelming nobody yet. Technically, Gold's rally continues today but upside momentum is diminishing as seen in 4 hour MACD. While further rise is likely, upside could be limited by 38.2% retracement of 2070.06 to 1614.60 at 1788.58, at least on first attempt. Break of 1747.09 minor support turn this bias to the downside for 4 hours 55 EMA (now at 1716.38). If happens, that might be accompanied by corresponding recovery in Dollar. In Asia, Nikkei rose 0.10%. Hong Kong HSI is up 3.36%. China Shanghai SSE is up 1.49%. Singapore Strait Times is up 0.63%. Japan 10-year JGB yield is up 0.0029 at 0.245. Overnight, DOW dropped -0.63%. S&P 500 dropped -0.89%. NASDAQ dropped -1.12%. 10-year yield rose 0.052 to 3.865. |
GBP/USD Daily Outlook Daily Pivots: (S1) 1.1703; (P) 1.1766; (R1) 1.1821; More... Intraday bias in GBP/USD is turned neutral first with a temporary top in place at 1.1853. Some consolidations would be seen first, but downside of retreat should be contained above 1.1332 support to bring another rise. On the upside, firm break of 61.8% projection of 1.0351 to 1.1494 from 1.1145 at 1.1851 will pave the way to 100% projection at 1.2288. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 23:50 | JPY | GDP Q/Q Q3 P | -0.30% | 0.30% | 0.90% | | 23:50 | JPY | GDP Deflator Y/Y Q3 P | -0.50% | -0.60% | -0.30% | | 00:30 | AUD | RBA Meeting Minutes | | 02:00 | CNY | Industrial Production Y/Y Oct | 5.00% | 5.20% | 6.30% | | 02:00 | CNY | Retail Sales Y/Y Oct | -0.50% | 1.00% | 2.50% | | 02:00 | CNY | Fixed Asset Investment YTD Y/Y Oct | 5.80% | 5.90% | 5.90% | | 04:30 | JPY | Industrial Production M/M Sep F | -1.70% | -1.60% | -1.60% | | 07:00 | GBP | Claimant Count Change Oct | -12.6K | 25.5K | | 07:00 | GBP | Unemployment Rate (3M) Sep | 3.50% | 3.50% | | 07:00 | GBP | Average Earnings Excluding Bonus 3M/Y Sep | 5.60% | 5.40% | | 07:00 | GBP | Average Earnings Including Bonus 3M/Y Sep | 6.00% | 6.00% | | 10:00 | EUR | Eurozone Trade Balance (EUR) Sep | -39.4B | -47.3B | | 10:00 | EUR | Eurozone GDP Q/Q Q3 P | 0.20% | 0.20% | | 10:00 | EUR | Eurozone Employment Change Q/Q Q3 P | 0.30% | 0.40% | | 10:00 | EUR | Germany ZEW Economic Sentiment Nov | -54.1 | -59.2 | | 10:00 | EUR | Germany ZEW Current Situation Nov | -67.5 | -72.2 | | 10:00 | EUR | Eurozone ZEW Economic Sentiment Nov | -55 | -59.7 | | 13:30 | CAD | Manufacturing Sales M/M Sep | -0.50% | -2.00% | | 13:30 | CAD | Wholesale Sales M/M Sep | -0.20% | 1.40% | | 13:30 | USD | Empire State Manufacturing Index Nov | -7 | -9.1 | | 13:30 | USD | PPI M/M Oct | 0.50% | 0.40% | | 13:30 | USD | PPI Y/Y Oct | 8.30% | 8.50% | | 13:30 | USD | PPI Core M/M Oct | 0.40% | 0.30% | | 13:30 | USD | PPI Core Y/Y Oct | 7.20% | 7.20% |
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