Forex Markets in Consolidation, Bitcoin Struggles at 70k
| Action Insight Daily Report 10-21-24 |
Forex Markets in Consolidation, Bitcoin Struggles at 70k |
In the Asian trading session today, the forex markets remained largely in consolidative state, with most major currency pairs moving within familiar ranges. Japanese Yen showed slight firmness, trading in a tight range alongside the Dollar and Kiwi. Conversely, British Pound Sterling softened, accompanied by Loonie and Aussie. The widely anticipated rate cut by PBoC did not elicit significant reactions in Asian markets, indicating that the move was already priced in by investors. Market activity is expected to remain subdued today due to a near-empty economic calendar. Although several Fed officials are scheduled to speak, they are unlikely to provide substantial new insights that could influence market dynamics. Fed remains on track for two additional 25 basis point rate cuts this year. Some policymakers might indicate the possibility of only one more cut, depending on upcoming economic data. The main events for the week will take place midweek, with BoC’s widely anticipated rate cut on Wednesday, followed by the release of PMI data from Australia, Japan, the Eurozone, the UK, and the US on Thursday.... |
USD/CAD Daily Outlook Daily Pivots: (S1) 1.3787; (P) 1.3801; (R1) 1.3816; More... USD/CAD is extending the consolidation pattern from 1.3837 and intraday bias stays neutral. Another retreat cannot be ruled out, but downside should be contained above 1.3646 resistance turned support. On the upside, break of 1.3837 will resume the rally from 1.3418 and target 1.3946/76 key resistance zone. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 01:00 | CNY | 1-Y Loan Prime Rate | 3.10% | 3.15% | 3.35% | | 01:00 | CNY | 5-Y Loan Prime Rate | 3.60% | 3.65% | 3.85% | | 06:00 | EUR | Germany PPI M/M Sep | -0.50% | -0.20% | 0.20% | | 06:00 | EUR | Germany PPI Y/Y Sep | -1.40% | -0.80% |
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