Sterling Leads Europeans Higher in Quiet Trading
| Action Insight Mid-Day Report 11-7-22 |
Sterling Leads Europeans Higher in Quiet Trading |
European majors are the stronger ones for today, with help from better than expected investor confidence data. Sterling is leading the way, followed by Swiss Franc and Euro. While risk sentiment appears to be mildly positive, there is no clear buying in commodity currencies. Instead, they are the softer ones overall. Dollar and Yen are mixed for now. Technically, as European majors are gaining against Dollar, focus is back to respective pair. In particular, firm break of 0.9840 support in USD/CHF will complete a double top pattern, which is rather near term bearish. That would also complete with decisive break of 55 day EMA, and open up deeper fall to 0.9478 support. In Europe, at the time of writing, FTSE is down -0.23%. DAX is up 0.80%. CAC is up 0.11%. Germany 10-year yield is down -0.0336 at 2.268. Earlier in Asia, Nikkei rose 1.21%. Hong Kong HSI rose 2.69%. China Shanghai SSE rose 0.23%. Singapore Strait times rose 0.36%. Japan 10-year JGB yield rose 0.0015 to 0.258. |
GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.1223; (P) 1.1302; (R1) 1.1455; More... GBP/USD's rebound from 1.1145 extends higher today but stays well below 1.1644 resistance. Intraday bias remains neutral first. On the upside, break of 1.1644 will resume the whole rise from 1.0351 and target 1.1759/2292 resistance zone. On the downside, break of 1.1145 will reaffirm the case that corrective rise from 1.0351 has completed at 1.1644. Deeper fall would then be seen back to 1.0922 support and below. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
|---|
| 02:00 | CNY | Trade Balance (USD) Oct | 85.2B | 96.0B | 84.7B | | 02:00 | CNY | Trade Balance (CNY) Oct | 587B | 702B | 574B | | 06:45 | CHF | Unemployment Rate Oct | 2.10% | 2.10% | 2.10% | | 07:00 | EUR | Germany Industrial Production M/M Sep | 0.60% | -0.20% | -0.80% | | 08:00 | CHF | Foreign Currency Reserves (CHF) Oct | 817B | 807B | 806B | | 09:30 | EUR | Eurozone Sentix Investor Confidence Nov | -30.9 | -35 | -38.3 |
|
|
|
