Dollar Holds Strong Against Europeans, Awaits Fed Insights
| Action Insight Daily Report 11-12-24 |
Dollar Holds Strong Against Europeans, Awaits Fed Insights |
Dollar strength and European weakness is currently the main theme in the markets this week so far. The greenback shrugs off strong risk-on sentiment, as reflected in another day of record closes in major US indexes, with strong momentum against Euro and Swiss Franc. A lineup of Fed officials today will provide commentary that could shed light on the central bank’s stance as markets look for cues about its policy easing pace moving forward. However, the most anticipated event remains tomorrow’s US CPI release. While another 25bps cut is widely expected in December to round up the year, the outlook for rate reduction in 2025 remains highly uncertain. Meanwhile, Sterling is also on the verge of breaking to new low against the greenback. Focuses is now on UK job data today, with attention particular on wages growth. Euro will also look into ZEW economic sentiment, which might reveal some reactions to US elections.... |
GBP/USD Daily Outlook Daily Pivots: (S1) 1.2841; (P) 1.2884; (R1) 1.2911; More... GBP/USD's breach of 1.2833 temporary low suggests that fall from 1.3433 is resuming. Intraday bias is back on the downside for 61.8% retracement of 1.2298 to 1.3433 at 1.2732. Sustained break there will pave the way towards 1.2298 key support. On the upside, above 1.3008 resistance will turn intraday bias neutral again first. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 23:30 | AUD | Westpac Consumer Confidence Nov | 5.30% | 6.20% | | 23:50 | JPY | Money Supply M2+CD Y/Y Oct | 1.50% | 1.30% | | 00:30 | AUD | NAB Business Confidence Oct | 5 | -2 | | 00:30 | AUD | NAB Business Conditions Oct | 7 | 7 | | 07:00 | EUR | Germany CPI M/M Oct F | 0.40% | 0.40% | | 07:00 | EUR | Germany CPI Y/Y Oct F | 2.00% | 2.00% | | 07:00 | GBP | Claimant Count Change Oct | 30.5K | 27.9K | | 07:00 | GBP | ILO Unemployment Rate (3M) Sep | 4.10% | 4.00% | | 07:00 | GBP | Average Earnings Including Bonus 3M/Y Sep | 3.90% | 3.80% | | 07:00 | GBP | Average Earnings Excluding Bonus 3M/Y Sep | 4.70% | 4.90% | | 10:00 | EUR | Germany ZEW Economic Sentiment Nov | 13.2 | 13.1 | | 10:00 | EUR | Germany ZEW Current Situation Nov | -86 | -86.9 | | 10:00 | EUR | Eurozone ZEW Economic Sentiment Nov | 20.5 | 20.1 | | 11:00 | USD | NFIB Business Optimism Index Oct | 91.9 | 91.5 | | 13:30 | CAD | Building Permits M/M Sep | -1.10% | -7.00% |
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