Forex Markets Treads Water, Bitcoin Tumbles
| Action Insight Daily Report 11-8-22 |
Forex Markets Tread Water, Bitcoin Tumbles |
Markets continue to tread water today, having basically no reaction to economic data and comments from central bankers. For now, European majors are the slightly stronger ones, as led by Sterling. Commodity currencies are the weaker ones, with the Loonie being the softest. Dollar and Yen are mixed for now. But still, most pair and crosses are stuck inside ranges of yesterday and last week. Technically, the more interesting developments are find in cryptocurrencies. Bitcoin's break of 20023 suggests that corrective recovery from 18144 might have completed at 21460 already. Deeper fall is now in favor back to retest 18144 support, and break will target this year's low at 17575. In Europe, at the time of writing, FTSE is down -0.02%. DAX is up 0.37%. CAC is up 0.02%. Germany 10-year yield is up 0.001 at 2.345. Earlier in Asia, Nikkei rose 1.25%. Hong Kong HSI dropped -0.23%. China Shanghai SSE dropped -0.43%. Singapore Strait Times rose 0.14%. Japan 10-year JGB yield dropped -0.0063 to 0.252. |
EUR/USD Mid-Day Outlook Daily Pivots: (S1) 0.9939; (P) 0.9987; (R1) 1.0068; More... EUR/USD's rebound lose momentum ahead of 1.0092 resistance and intraday bias remains neutral. On the upside, firm break of 1.0092 will resume the rebound from 0.9534. Next target is 1.0368 resistance. On the downside, break of 0.9729 will reaffirm the case the corrective rise from 0.9534 has completed at 1.0092. Deeper fall would then be seen to retest 0.9534 low next. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 22:30 | AUD | AiG Performance of Services Index Oct | 47.7 | 48 | | 23:30 | AUD | Westpac Consumer Confidence Nov | -6.90% | -0.90% | | 23:30 | JPY | Labor Cash Earnings Y/Y Sep | 2.10% | 1.60% | 1.70% | | 23:30 | JPY | Overall Household Spending Y/Y Sep | 2.30% | 2.70% | 5.10% | | 23:50 | JPY | BoJ Summary of Opinions | | 00:01 | GBP | BRC Like-For-Like Retail Sales Y/Y Oct | 1.20% | 1.50% | 1.80% | | 00:30 | AUD | NAB Business Confidence Oct | 0 | 5 | | 00:30 | AUD | NAB Business Conditions Oct | 22 | 25 | 23 | | 02:00 | NZD | RBNZ Inflation Expectations Q/Q Q4 | 3.62% | 3.07% | | 05:00 | JPY | Leading Economic Index Sep P | 97.4 | 101.6 | 101.3 | | 07:45 | EUR | France Trade Balance (EUR) Sep | -17.5B | -14.0B | -15.3B | | 09:00 | EUR | Italy Retail Sales M/M Sep | 0.50% | -0.10% | -0.40% | | 10:00 | EUR | Eurozone Retail Sales M/M Sep | 0.40% | 0.00% | -0.30% | | 11:00 | USD | NFIB Business Optimism Index Oct | 91.3 | 91.7 | 92.1 |
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