Action Insight Mid-Day Report 4-24-18
| Action Insight Mid-Day Report 4-24-18 | | Dollar Turned into Consolidation, German Ifo Miss Gives Euro No Support | Dollar engages in consolidative trading today as markets digest recent sharp gains. Also, as pointed out before, 10 year yield should a sign of hesitation ahead of 3%, and it might take a bit more time to overcome this level. While housing data is a focus in the US today, consumer confidence is a piece of data that could help dollar extend its rally. Elsewhere in the currency markets, weaker than expected German Ifo confidence provide little support for Euro's rebound. New Zealand dollar remains the weakest, followed by Yen. Sterling is leading others high, followed by Aussie and Canadian Dollar. The Loonie could have a little more upside on oil price. Brent oil breached 75 level for the first time since 2014 today. And WTI is trying to reclaim 69. |  | EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.2173; (P) 1.2231 (R1) 1.2265; More.... Intraday bias in EUR/USD remains on the downside for 1.2154 support. Decisive break there should confirm the bearish case of medium term reversal. And EUR/USD should then target 161.8% projection of 1.2475 to 1.2214 from 1.2413 at 1.1991. On the upside, 1.2245 minor resistance will turn bias neutral first. But risk will now stay on the downside as long as 1.2413 resistance holds. |  | | GMT | Ccy | Events | Actual | Forecast | Previous | Revised | | 23:50 | JPY | Corporate Service Price Y/Y Mar | 0.50% | 0.50% | 0.60% | 0.70% | | 1:30 | AUD | CPI Q/Q Q1 | 0.40% | 0.50% | 0.60% | | | 1:30 | AUD | CPI Y/Y Q1 | 1.90% | 2.00% | 1.90% | | | 1:30 | AUD | CPI RBA Trimmed Mean Q/Q Q1 | 0.50% | 0.50% | 0.40% | | | 1:30 | AUD | CPI RBA Trimmed Mean Y/Y Q1 | 1.90% | 1.80% | 1.80% | | | 1:30 | AUD | CPI RBA Weighted Median Q/Q Q1 | 0.50% | 0.50% | 0.40% | 0.50% | | 1:30 | AUD | CPI RBA Weighted Median Y/Y Q1 | 2.00% | 1.90% | 2.00% | | | 6:00 | CHF | Trade Balance (CHF) Mar | 1.77B | 3.23B | 3.14B | 3.08B | | 8:00 | EUR | German IFO Business Climate Apr | 102.1 | 102.8 | 103.2 | 105.7 | | 8:00 | EUR | German IFO Expectations Apr | 98.7 | 99.5 | 100.1 | 101 | | 8:00 | EUR | German IFO Current Assessment Apr | 105.7 | 106 | 106.5 | 110.6 | | 8:30 | GBP | Public Sector Net Borrowing (GBP) Mar | -0.3B | 1.1B | -0.3B | -0.4B | | 10:00 | GBP | CBI Trends Total Orders Apr | 4 | 4 | 4 | | | 13:00 | USD | House Price Index M/M Feb | | 0.60% | 0.80% | | | 13:00 | USD | S&P/Case-Shiller Composite-20 Y/Y Feb | | 6.30% | 6.40% | | | 14:00 | USD | New Home Sales Mar | | 625K | 618K | | | 14:00 | USD | Consumer Confidence Index Apr | | 126 | 127.7 | | | | |
