Action Insight Mid-Day Report 5-3-18
| Action Insight Mid-Day Report 5-4-18 | | Yen Stealing the Show as Dollar Consolidates, Euro and Sterling Tumble on Weak Data | Dollar is trading with a soft tone today as traders are cautiously waiting for tomorrow's job report. And just like how it was in recent months, wage growth will be more important than the headline number. For now, Yen and New Zealand Dollar have stolen the spotlight as both surge strongly. In particular, Yen is taking advantage of data disappointment in Eurozone and UK and jumps sharply higher against Euro and Sterling. Risk aversion could also be a factor as US stocks are set to open lower. Gold also manages to bounce back to 1315, partly thanks to Dollar's consolidation. |  | USD/JPY Mid-Day Outlook Daily Pivots: (S1) 109.61; (P) 109.82; (R1) 110.05; More... USD/JPY's sharp decline and break of 109.50 minor support indicates short term topping at 110.02, on bearish divergence condition in 4 hour MACD. Intraday bias is turned to the downside for deeper retreat to near term channel support (now at 108.48). But we'd expect strong support from 38.2% retracement of 104.62 to 110.02 at 107.95 to contain downside and bring rebound. Break of 110.02 will resume the rise from 104.62 to t 61.8% retracement of 114.73 to 104.62 at 110.86 next. |  | | GMT | Ccy | Events | Actual | Forecast | Previous | Revised | | 01:30 | AUD | Trade Balance Mar | 1.53B | 0.68B | 0.83B | 1.35B | | 01:30 | AUD | Building Approvals M/M Mar | 2.60% | 1.00% | -6.20% | -4.20% | | 08:30 | GBP | Services PMI Apr | 52.8 | 53.5 | 51.7 | | | 09:00 | EUR | Eurozone PPI M/M Mar | 0.10% | 0.10% | 0.10% | | | 09:00 | EUR | Eurozone PPI Y/Y Mar | 2.10% | 2.10% | 1.60% | | | 09:00 | EUR | Eurozone CPI Estimate Y/Y Apr | 1.20% | 1.30% | 1.30% | | | 09:00 | EUR | Eurozone CPI Core Y/Y Apr A | 0.70% | 0.90% | 1.00% | | | 09:00 | EUR | European Commission Economic Forecasts | | | | | | 11:30 | USD | Challenger Job Cuts Y/Y Apr | -1.40% | | 39.40% | | | 12:30 | CAD | International Merchandise Trade (CAD) Mar | -4.1B | -2.0B | -2.7B | -2.93B | | 12:30 | USD | Nonfarm Productivity Q1 P | 0.70% | 1.00% | 0.00% | | | 12:30 | USD | Unit Labor Costs Q1 P | 2.70% | 3.00% | 2.50% | | | 12:30 | USD | Initial Jobless Claims (APR 28) | 211K | 225K | 209K | | | 12:30 | USD | Trade Balance Mar | -49.0B | -55.6B | -57.6B | -57.7B | | 13:45 | USD | US Services PMI Apr F | | 54.4 | 54.4 | | | 14:00 | USD | ISM Non-Manufacturing/Services Composite Apr | | 58.1 | 58.8 | | | 14:00 | USD | Factory Orders Mar | | 1.40% | 1.20% | | | 14:30 | USD | Natural Gas Storage | | | -18B | | | | |
