Euro Leads Sterling and Swiss Franc Higher, Gold Reversing
| Action Insight Mid-Day Report 9-12-22 |
Euro Leads Sterling and Swiss Franc Higher, Gold Reversing |
Euro leads Sterling and Swiss Franc higher today, and stays firm so far. The common currency was apparently lifted by hawkish comments from ECB official over the weekend. Sterling shrugs off slightly worse than expected GDP and production data. Dollar and Yen are currently the weakest ones. Commodity currencies are mixed for now, with Canadian as the softer one. Technically, Gold's break of 1727.56 support turned resistance suggests that fall from 1807.66 has completed at 1688.59. That came after defending 1680 long term support cluster. Rise from 1688.59 could either be the third leg of the pattern from 1680.83, or part of an up trend. In either case, further rise is now in favor to 1765.29 resistance first. Break will affirm near term bullishness and target 38.2% retracement of 2070.06 to 1680.83 at 1825.51. In Europe, at the time of writing, FTSE is up 1.31%. DAX is up 1.65%. CAC is up 1.33%. Germany 10-year yield is down -0.0459 at 1.655. Earlier in Asia, Nikkei rose 1.16%. Japan 10-year JGB yield rose 0.0001 to 0.251. Singapore Strait Times rose 0.36%. Hong Kong and China were on holiday. |
EUR/USD Mid-Day Outlook Daily Pivots: (S1) 0.9991; (P) 1.0052; (R1) 1.0108; More... Intraday bias in EUR/USD remains on the upside as rebound from 0.9863 is extending. Sustained trading above 55 day EMA (now at 1.0169) raise the chance of larger trend reversal, and target 1.0368 resistance. On the downside, below 1.0031 minor support will turn bias back to the downside for retesting 0.9863 low. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 06:00 | JPY | Machine Tool Orders Y/Y Aug | 10.70% | 5.50% | | 06:00 | GBP | GDP M/M Jul | 0.20% | 0.30% | -0.60% | | 06:00 | GBP | Industrial Production M/M Jul | -0.30% | 0.40% | -0.90% | | 06:00 | GBP | Industrial Production Y/Y Jul | 1.10% | 2.00% | 2.40% | | 06:00 | GBP | Manufacturing Production M/M Jul | 0.10% | 0.60% | -1.60% | | 06:00 | GBP | Manufacturing Production Y/Y Jul | 1.10% | 1.70% | 1.30% | | 06:00 | GBP | Index of Services 3M/3M Jul | -0.20% | -0.80% | -0.40% | | 06:00 | GBP | Goods Trade Balance (GBP) Jul | -19.4B | -23.2B | -22.8B | | 08:00 | EUR | Italy Industrial Output M/M Jul | 0.40% | 0.00% | -2.10% | -2.00% | | 10:22 | GBP | NIESR GDP Estimate Aug | -0.30% | 0.00% |
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