Dollar Declines as US Stocks Reach New Record, But Euro Even Weaker
Action Insight Daily Report 1-30-24 |
Dollar Declines as US Stocks Reach New Record, But Euro Even Weaker |
Dollar declined broadly overnight, US Treasury's borrowing plan for Q1 that spurred rally in the stock market, propelling it to new record highs while simultaneously exerting downward pressure on yields. Despite this shift, the greenback remains largely within its recent trading range. Market participants seem to be holding the substantial bets for now, awaiting the outcome of FOMC rate decision scheduled for tomorrow. Furthermore, the upcoming non-farm payroll data on Friday is also expected to be a key determinant in shaping the next moves. Meanwhile, Euro remains the weakest performer this week so far, with market speculation rife about ECB possibly starting interest rate cuts as early as April. Today's Eurozone GDP data is pivotal and could significantly shape these rate cut expectations. Sterling and Swiss Franc are also showing relative softness, trailing Dollar as the third and fourth weakest currencies, respectively... |
EUR/USD Daily Outlook Daily Pivots: (S1) 1.0803; (P) 1.0827; (R1) 1.0858; More... EUR/USD's decline from 1.1138 is resuming by breaching 1.0812 and intraday bias is back on the downside. Current fall should target 1.0722 support next. Decisive break there will argue that whole rise from 1.0447 has completed, and target this low. However, on the upside, break of 1.0931 will turn bias back to the upside for stronger rebound instead. | |
GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
---|
23:30 | JPY | Unemployment Rate Dec | 2.40% | 2.50% | 2.50% | 00:30 | AUD | Retail Sales M/M Dec | -2.70% | -1.90% | 2.00% | 1.60% | 06:30 | EUR | France Consumer Spending M/M Dec | 0.00% | 0.70% | 06:30 | EUR | France GDP Q/Q Q4 P | 0.00% | -0.10% | 07:00 | CHF | Trade Balance (CHF) Dec | 2.55B | 3.71B | 08:00 | CHF | KOF Leading Indicator Jan | 98.2 | 97.8 | 09:00 | EUR | Italy GDP Q/Q Q4 P | 0.00% | 0.10% | 09:00 | EUR | Germany GDP Q/Q Q4 P | -0.30% | -0.10% | 09:30 | GBP | M4 Money Supply M/M Dec | 0.20% | -0.10% | 09:30 | GBP | Mortgage Approvals Dec | 53K | 50K | 10:00 | EUR | Eurozone GDP Q/Q Q4 P | -0.10% | -0.10% | 10:00 | EUR | Eurozone Economic Sentiment Jan | 96.2 | 96.4 | 10:00 | EUR | Eurozone Industrial Confidence Jan | -9 | -9.2 | 10:00 | EUR | Eurozone Services Sentiment Jan | 8 | 8.4 | 14:00 | USD | S&P/CS Composite-20 HPI Y/Y Nov | 4.80% | 4.90% | 14:00 | USD | Housing Price Index M/M Nov | 0.20% | 0.30% | 15:00 | USD | Consumer Confidence Jan | 113.2 | 110.7 |
|
|
|