Action Insight Mid-Day Report 5-1-18
| Action Insight Mid-Day Report 5-1-18 | | Dollar Resuming Recent Rally, Sterling Tumbles after PMI, Canadian Up on GDP | Dollar resumes recent rally today and breaks last week's high against all major currencies except Canadian Dollar. In particular, GBP/USD has taken out 1.3711 key support level after UK PMI manufacturing missed market expectations. The development is in line with the view of medium term reversal. AUD/USD also breached 0.7500 key support after RBA rate decision provided no support to the Aussie. Nonetheless, Canadian Dollar also picks up some solid buying after GDP beat expectations. Canadian GDP grew 0.4% mom in February versus consensus of 0.3% mom. That's a solid rebound from January's -0.1% mom contraction. Focus will turn to ISM manufacturing from US next. |  | AUD/USD Daily Outlook Daily Pivots: (S1) 0.7508; (P) 0.7545; (R1) 0.7566; More... AUD/USD dips lower to 0.7524 as recent fall resumes. Intraday bias is back on the downside with focus on 0.7500 key support level. Decisive break there will indicate medium term reversal and target next support at 0.7328. On the upside, above 0.7583 minor resistance will suggest short term bottoming. In that case, stronger rebound would be seen back to 0.7642 support turned resistance. |  | | GMT | Ccy | Events | Actual | Forecast | Previous | Revised | | 22:45 | NZD | Building Permits M/M Mar | 14.70% | | 5.70% | 6.40% | | 00:30 | JPY | PMI Manufacturing Apr F | 53.8 | 53.3 | 53.3 | | | 04:30 | AUD | RBA Rate Decision | 1.50% | 1.50% | 1.50% | | | 08:30 | GBP | Mortgage Approvals Mar | 62.9K | 63.0K | 63.9K | 63.8K | | 08:30 | GBP | Money Supply M4 M/M Mar | -1.40% | 0.20% | -0.30% | | | 08:30 | GBP | PMI Manufacturing Apr | 53.9 | 54.8 | 55.1 | | | 12:30 | CAD | GDP M/M Feb | 0.40% | 0.30% | -0.10% | | | 13:30 | CAD | RBC Manufacturing PMI Apr | | | 55.7 | | | 13:45 | USD | Manufacturing PMI Apr F | | 56.5 | 56.5 | | | 14:00 | USD | Construction Spending M/M Mar | | 0.50% | 0.10% | | | 14:00 | USD | ISM Manufacturing Apr | | 58.5 | 59.3 | | | 14:00 | USD | ISM Prices Paid Apr | | 76.8 | 78.1 | | | | |
