Fed, SNB and BoE to Hike, BoJ to Stand Pat This Week
| Action Insight Daily Report 9-19-22 |
Fed, SNB and BoE to Hike, BoJ to Stand Pat This Week |
Dollar is trading with a slightly firmer tone in quiet Asian session. But overall, most major pairs and crosses are stuck inside Friday's range. Trading would likely remain subdued with Japan and UK on holiday, and the calendar is light. Nevertheless, the week ahead is ultra busy with four central bank meetings and some important economic data too. Technically, Euro has made nice bounces in some crosses, on expectation of hawkish ECB. EUR/CAD's break of 1.3271 resistance confirmed short term bottoming at 1.2867, on bullish convergence condition in daily MACD. The break above 55 day EMA, as well as the falling trend line resistance argues that it's at least correcting the decline from 1.4633. Further rally is in favor back to 38.2% retracement from 1.4633 to 1.2867 at 1.3542. Such development could help cushion any decline in EUR/USD. In Asia, Japan is on holiday. Hong Kong HSI is down -0.99%. China Shanghai SSE is down -0.21%. Singapore Strait Times is down -0.09%. |
GBP/USD Daily Outlook Daily Pivots: (S1) 1.1355; (P) 1.1418; (R1) 1.1485; More... Intraday bias in GBP/USD stays on the downside this week. Current down trend should target 61.8% projection of 1.3748 to 1.1759 from 1.2292 at 1.1063. On the upside, above 1.1479 minor resistance will turn intraday bias neutral first. But break of 1.1737 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 22:30 | NZD | Business NZ PSI Aug | 58.6 | 51.2 | 54.4 | | 10:00 | EUR | German Buba Monthly Report | | 12:30 | CAD | Industrial Product Price M/M Aug | 0.20% | -2.10% | | 12:30 | CAD | Raw Material Price Index Aug | 3.20% | -7.40% | | 14:00 | USD | NAHB Housing Market Index Sep | 48 | 49 |
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