Action Insight Mid-Day Report 4-30-21

Dollar Rebounds after Strong PCE Inflation, Euro Retreats on Mixed GDP

Action Insight Mid-Day Report 4-30-21 Dollar Rebounds after Strong PCE Inflation, Euro Retreats on Mixed GDP Dollar rebound in early US session after much stronger than expected PCE inflation data. Though, at this point, Canadian Dollar remains slightly firmer, as supported by GDP data. Yen is also recovering with mild retreat in German and Japan yields, as well as mild risk aversion. European majors are, on the other hand, the weaker ones for today. Mixed GDP data from Eurozone is not providing much support to Euro. Technically, focus will now be back on some minor resistance levels in Dollar, to see if it's ready for a stronger rebound when markets come back in May. Levels to note include 1.2055 minor support in EUR/USD, 0.7676 minor support in AUD/USD and 0.9180 minor resistance in USD/CHF. In Europe, at the time of writing, FTSE is up 0.32%. DAX is up 0.28%, CAC is down -0.04%. Germany 10-year yield is down -0.0148 at -0.205. Earlier in Asia, Nikkei dropped -0.83%. Hong Kong HSI dropped -1.97%. China Shanghai SSE dropped -0.81%. Singapore Strait Times dropped -0.10%. Japan 10-year JGB yield closed flat at 0.095. Full Report Here US PCE price index surged to 2.3% yoy in Mar, core... Canada GDP grew 0.4% mom in Feb, 10th straight monthly rise Eurozone CPI rose to 1.6% yoy in Apr, unemployment rate dropped... Eurozone GDP contracted -0.6% qoq in Q1, EU down -0.4% qoq Germany GDP dropped -1.7% qoq in Q1, worse than expected Swiss KOF rose to record 134, strong economic boost in... France GDP rose 0.4% qoq in Q1, still -4.4% below pre-pandemic... China Caixin PMI manufacturing rose to 51.9, price pressures to limit... Japan industrial production rose 2.2% in Mar, PMI manufacturing finalized at... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol Fed Refrained from Giving Any Hint about QE Tapering US Crude Inventory Increased, but Less than Expected CFTC Commitments of Traders - Net Length of CAD Futures Jumped Over 6 Times on Hawkish BOC Central Bank Views | China Watch | Oil N' Gold | Special Topics EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.2099; (P) 1.2124; (R1) 1.2147; More.... Intraday bias in EUR/USD is turned neutral with today's retreat. Some consolidations could be seen first, but further rally is expected as long as 1.2055 minor support holds. Above 1.2149 will resume the rise from 1.1703 to 1.2242/2348 resistance zone. Though, break of 1.2055 will bring deeper pull back to 55 day EMA (now at 1.1981) and possibly below. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings RBA To Hold Steady As Aussie Tries To Head North WTI Futures Resume Hike With Weakened Bullish Backing European Stocks Advance Amid Strong Earnings And Not As Bad As Feared EZ GDP Dollar Set For Big Monthly Losses, Stocks Struggle For Direction Again GBP/USD Outlook: Thursday's Shooting Star And Stronger Dollar Weigh On Sterling EUR/USD Outlook: Euro Eases On Weak German Data, Profit-Taking USDCAD Plunges As Descending Channel Highlights Bearish Bias EUR/USD Pair Broke The 1.2100 Resistance To Move Into A Positive Zone Sterling Investors Are Gradually Turning Attention To The Bank Of England Next Week Two Trades To Watch: EUR/USD, WTI Crude Oil Fundamental Analysis | Technical Analysis In-depth Reports Fed Refrained from Giving Any Hint about QE Tapering April FOMC: A Subtle Change In Tune Research Germany: End of the "Era Merkel' Leaves German Politics in Unchartered Territory BOJ Downgrades Inflation Forecasts Significantly as It Struggles with Limited Tools A Panoramic View of the US Economy and Dollar in 10 Charts Flash: ECB Review: Not a 'Significant' Meeting Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 23:30 JPY Tokyo CPI Core Y/Y Apr 0.00% 0.30% 0.30% 23:30 JPY Unemployment Rate Mar 2.60% 2.90% 2.90% 23:50 JPY Industrial Production M/M Mar P 2.20% -2.00% -1.30% 00:30 JPY Jibun Bank Manufacturing PMI Apr F 53.6 53.3 53.3 01:00 CNY NBS Manufacturing PMI Apr 51.1 51.4 51.9 01:00 CNY Non-Manufacturing PMI Apr 54.9 52.6 56.3 01:30 AUD Private Sector Credit M/M Mar 0.40% 0.10% 0.20% 01:30 AUD PPI Q/Q Q1 0.40% 0.30% 0.50% 01:30 AUD PPI Y/Y Q1 0.20% 0.80% -0.10% 05:00 JPY Housing Starts Y/Y Mar 1.50% -7.40% -3.70% 05:00 JPY Consumer Confidence Index Apr 34.7 34 36.1 05:30 EUR France GDP Q/Q Q1 P 0.40% 0.00% -1.40% 06:30 CHF Real Retail Sales Y/Y Mar 22.60% -5.40% -6.30% -6.60% 07:00 CHF KOF Leading Indicator Apr 134 119.8 117.8 08:00 EUR Germany GDP Q/Q Q1 P -1.70% -1.50% 0.30% 08:00 EUR Italy GDP Q/Q Q1 P -0.40% -0.40% -1.90% -1.80% 09:00 EUR Eurozone GDP Q/Q Q1 P -0.60% -0.80% -0.70% 09:00 EUR Eurozone CPI Y/Y Apr P 1.60% 1.60% 1.30% 09:00 EUR Eurozone CPI Core Y/Y Apr P 0.80% 0.90% 0.90% 09:00 EUR Eurozone Unemployment Rate Mar 8.10% 8.30% 8.30% 8.20% 12:30 CAD Raw Material Price Index Mar 2.30% 2.00% 6.60% 12:30 CAD Industrial Product Price M/M Mar 1.60% 1.50% 2.60% 12:30 CAD GDP M/M Feb 0.40% 0.50% 0.70% 12:30 USD Personal Spending M/M Mar 4.20% 3.80% -1.00% 12:30 USD Personal Income M/M Mar 21.10% 20.00% -7.10% -7.00% 12:30 USD PCE Price Index M/M Mar 0.50% 0.30% 0.20% 12:30 USD PCE Price Index Y/Y Mar 2.30% 1.60% 1.60% 1.50% 12:30 USD Core PCE Price Index M/M Mar 0.40% 0.30% 0.10% 12:30 USD Core PCE Price Index Y/Y Mar 1.80% 1.80% 1.40% 12:30 USD Employment Cost Index Q1 0.90% 0.80% 0.70% 13:45 USD Chicago PMI Apr 64.6 66.3 14:00 USD Michigan Consumer Sentiment Index Apr F 86.5 86.5

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