Forex Markets in Slow Motion: Anticipation Builds for Fed, BoE and Crucial Economic Data
Action Insight Daily Report 1-29-24 |
Forex Markets in Slow Motion: Anticipation Builds for Fed, BoE and Crucial Economic Data |
Tentative risk-on sentiment is perceptible in Asian session, as Japan's Nikkei rallied with energy shares lifted by rally in oil prices. Concurrently, stock markets Hong Kong are continuing their near-term rebound, reflecting cautious optimism in the region. Nevertheless, this momentum has not translated into significant activity in the forex markets, which are showing a slow start to the week. Australian and New Zealand Dollars are seeing mild gains, while Dollar, Euro, and Sterling are softening. Trading activity is expected to remain subdued for the remainder of the day, considering the lack of significant economic data releases scheduled. However, the coming week promises to be exceedingly eventful, with Fed and BoE rate decisions, alongside a flurry of high-impact economic data including US Non-Farm Payrolls and Eurozone GDP and CPI figures. These events are poised to inject significant volatility and potentially redefine market trends... |
USD/JPY Daily Outlook Daily Pivots: (S1) 147.65; (P) 147.93; (R1) 148.45; More... Intraday bias in USD/JPY remains neutral for the moment, as consolidation continues below 148.79. With 145.97 resistance turned support intact, further rally is in favor. As noted before, corrective fall from 151.89 should have completed at 140.25 already. Break of 148.79 will resume the rise from there for retesting 151.89/93 key resistance zone. | |
GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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21:45 | NZD | Trade Balance (NZD) Dec | -323M | -975M | -1234M | -1250M |
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