Action Insight Mid-Day Report 5-18-18
Action Insight Mid-Day Report 5-18-18 | Euro Weighed Down by Italy, CAD Lower on Data, Dollar Back in Spotlight | Dollar takes back the driving street in early US session as it jumps higher against all other major currencies. Swiss Franc is probably the only one that can counter Dollar's strength, as helped by the selloff in EUR/CHF. Euro is weighed down by news that the populist parties of 5-Star movement and the League has finally signed the accord to form coalition government. Though, Canadian Dollar is even weaker after disappointing retail sales and CPI data. Technically, EUR/USD's break of 1.1762 suggests that it's ready to resume recent fall. EUR/CHF also takes out 1.1770 support too. But for now, Dollar is still holding in range against Sterling, Swiss Franc, Aussie and even Canadian. | EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.1770; (P) 1.1804 (R1) 1.1831; More.... Breach of 1.1762 temporary low suggests that recent decline is resuming. Intraday bias is EUR/USD is back on the downside. Current fall from 1.2555 is resuming for 1.1708 medium term fibonacci level next. Break will target 1.1553 support. On the upside, above 1.1821 minor resistance will turn bias neutral again. But outlook will continue to stay bearish as long as 1.1995 resistance holds. | | GMT | Ccy | Events | Actual | Forecast | Previous | Revised | 23:30 | JPY | National CPI Core Y/Y Apr | 0.70% | 0.80% | 0.90% | | 06:00 | EUR | German WPI M/M Apr | 0.50% | 0.20% | 0.00% | | 06:00 | EUR | German PPI Y/Y Apr | 2.00% | 1.80% | 1.90% | | 06:00 | EUR | German PPI M/M Apr | 0.50% | 0.30% | 0.10% | | 08:00 | EUR | Eurozone Current Account (EUR) Mar | 32.0B | 35.1B | 35.1B | 36.8B | 09:00 | EUR | Eurozone Trade Balance (EUR) Mar | 21.2B | 21.1B | 21.0B | 20.9B | 12:30 | CAD | Retail Sales M/M Mar | 0.60% | 0.40% | 0.40% | 0.50% | 12:30 | CAD | Retail Sales Ex Auto M/M Mar | -0.20% | 0.50% | 0.00% | | 12:30 | CAD | CPI M/M Apr | 0.30% | 0.30% | 0.30% | | 12:30 | CAD | CPI Y/Y Apr | 2.20% | 2.30% | 2.30% | | 12:30 | CAD | CPI Core - Common Y/Y Apr | 1.90% | 1.90% | 1.90% | | 12:30 | CAD | CPI Core - Median Y/Y Apr | 2.10% | 2.10% | 2.10% | | 12:30 | CAD | CPI Core - Trim Y/Y Apr | 2.10% | 2.10% | 2.00% | | | | |