Aussie Rises With Yuan and Copper, Gold Poised for Rebound
| Action Insight Daily Report 7-25-23 |
Aussie Rises With Yuan and Copper, Gold Poised for Rebound |
Australian Dollar advances broadly today, buoyed by optimism surrounding news of stimulus from the Chinese government. This positive outlook has also lifted sentiment for Chinese Yuan and Copper. New Zealand Dollar has similarly benefited from this favorable sentiment, which is providing support to Sterling as well. Meanwhile, Dollar is slightly softening, alongside Yen and Swiss Franc. Having stabilized from yesterday's sell-off following the PMI results, Euro now anticipates guidance from Germany's Ifo Business Climate Index. However, it's highly probable that traders will refrain from placing significant bets until FOMC and ECB rate decisions on Wednesday and Thursday respectively. Technically, it could be about time for Gold to finish the pull back from 1987.22. Break of 1973.59 minor resistance will indicate that rebound from 1892.76 is ready to resume through 1987.22 to take on 2000 psychological level. If realized, that might come with renewed selloff in Dollar. On the other hand, break of 1945.57 support could prompt deeper selloff back to 1892.76 low, and that would be accompanied by extended rebound in the greenback. In Asia, Nikkei closed down -0.15%. Hong Kong HSI is up 3.74%. China Shanghai SSE is up 2.01%. Singapore Strait Times is up 0.37%. Japan 10-year JGB yield is up 0.0136 at 0.465. Overnight, DOW rose 0.52%. S&P 500 rose 0.40%. NASDAQ rose 0.19%. 10-year yield rose 0.020 to 3.857. |
EUR/AUD Daily Outlook Daily Pivots: (S1) 1.6359; (P) 1.6460; (R1) 1.6516; More... EUR/AUD's pull back from 1.6601 extends lower today but stays well above 1.6231 support. Intraday bias remains neutral first and outlook stays cautiously bullish. On the upside, break of 1.6601 will resume the rebound from 1.5846 and target 1.6785 high next. However, firm break of 1.6231 will bring deeper fall to extend the corrective pattern from 1.6785. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 08:00 | EUR | Germany IFO Business Climate Jul | 88 | 88.5 | | 08:00 | EUR | Germany IFO Current Assessment Jul | 93 | 93.7 | | 08:00 | EUR | Germany IFO Expectations Jul | 83 | 83.6 | | 13:00 | USD | S&P/Case-Shiller Home Price Indices Y/Y May | -1.40% | -1.70% | | 13:00 | USD | Housing Price Index M/M May | 0.60% | 0.70% | | 14:00 | USD | Consumer Confidence Jul | 112.1 | 109.7 | | 14:00 | USD | Richmond Fed Manufacturing Index Jul | -10 | -7 |
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