NZD Rises after RBNZ Jumbo Rate Hike, Pressure Back on Dollar
| Action Insight Daily Report 11-23-22 |
NZD Rises after RBNZ Jumbo Rate Hike, Pressure Back on Dollar |
New Zealand Dollar rises broadly after RBNZ delivered the historical 75bps rate hike as widely expected. Yet, it's staying in near term range against the greenback. For now, Euro is following Kiwi as second strongest for the day, then Swiss Fran and Sterling. Canadian Dollar is the weakest, followed by Yen and Aussie. Apparently, Aussie is additionally dragged by selloff against Kiwi. Dollar is mixed and awaits more economic data as well as FOMC minutes, before US holiday tomorrow. Technically, Dollar is back under some pressure, in particular against Euro and Swiss Franc. 1.0092 support in EUR/USD and 0.9680 minor resistance in USD/CHF stay intact, and keep bearish bias in Dollar. EUR/USD and USD/CHF could revisit recent levels at 1.0481 and 0.9355 respectively during the rest of the week if selloff in Dollar intensifies. In Asia, at the time of writing, Nikkei is up 0.61%. Hong Kong HSI is up 1.05%. China Shanghai SSE is up 0.33%. Singapore Strait Times is down -0.06%. Japan 10-year JGB yield is down -0.0012 at 0.245. Overnight, DOW rose 1.18%. S&P 500 rose 1.36%. NASDAQ rose 1.36%. 10-year yield dropped -0.067 to 3.758. |
EUR/USD Daily Outlook Daily Pivots: (S1) 1.0259; (P) 1.0283; (R1) 1.0328; More... EUR/USD recovered after drawing support from 4 hour 55 EMA, but stays well below 1.0481. Intraday bias remains neutral an more consolidative trading could be seen. But after all, as long as 1.0092 resistance turned support holds, further rally is still expected. On the upside, break of 1.0481 will resume the rise from 0.9534 and target 1.0609 fibonacci level. However, sustained break of 1.0092 will turn bias to the downside for 55 day EMA (now at 1.0052) and below. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
|---|
| 22:00 | AUD | Manufacturing PMI Nov P | 51.5 | 52.7 | | 22:00 | AUD | Services PMI Nov P | 47.2 | 49.3 | | 01:00 | NZD | RBNZ Rate Decision | 4.25% | 4.25% | 3.50% | | 08:15 | EUR | France Manufacturing PMI Nov P | 47 | 47.2 | | 08:15 | EUR | France Services PMI Nov P | 50.6 | 51.7 | | 08:30 | EUR | Germany Manufacturing PMI Nov P | 45.2 | 45.1 | | 08:30 | EUR | Germany Services PMI Nov P | 46.4 | 46.5 | | 09:00 | EUR | Eurozone Manufacturing PMI Nov P | 46.5 | 46.4 | | 09:00 | EUR | Eurozone Services PMI Nov P | 48.4 | 48.6 | | 09:30 | GBP | Manufacturing PMI Nov P | 45.6 | 46.2 | | 09:30 | GBP | Services PMI Nov P | 48 | 48.8 | | 13:30 | USD | Initial Jobless Claims (Nov 18) | 224K | 222K | | 13:30 | USD | Durable Goods Orders Oct | 0.40% | 0.40% | | 13:30 | USD | Durable Goods Orders ex Transportation Oct | 0.10% | -0.50% | | 14:45 | USD | Manufacturing PMI Nov P | 49.8 | 50.4 | | 14:45 | USD | Services PMI Nov P | 47.7 | 47.8 | | 15:00 | USD | Michigan Consumer Sentiment Nov F | 54.7 | 54.7 | | 15:00 | USD | New Home Sales Oct | 575K | 603K | | 15:30 | USD | Crude Oil Inventories | -2.6M | -5.4M | | 17:00 | USD | Natural Gas Storage | 86B | 64B | | 19:00 | USD | FOMC Meeting Minutes |
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