Action Insight Daily Report 11-19-24

Forex Consolidation Continues; Eyes on Canada’s CPI

The forex markets remain subdued in Asian session, with all major pairs and crosses confined within yesterday’s tight ranges, and many still constrained within last week’s bounds. Among the majors, Australian Dollar is showing slight strength supported by hawkish RBA minutes, followed by Swiss Franc and Canadian Dollar. Meanwhile, Japanese Yen lags as the weakest performer, trailed by the Dollar and New Zealand Dollar, with Sterling and Euro positioned in neutral territory. However, the lack of clear directional movement reflects the ongoing consolidative phase.

Today’s primary focus will be on Canada’s inflation data. October’s headline CPI is projected to rise to 1.9%, while CPI common is expected to remain steady at 2.1%. These results would reinforce expectations that the BoC will maintain its swift easing path, likely cutting rates again by 50 bps at its December 11 meeting. October’s BoC rate cut and minutes highlighted the need for aggressive easing due to labor market softness and a requirement to stimulate growth to absorb economic slack. Market participants anticipate this approach to continue....

Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol

EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.6253; (P) 1.6307; (R1) 1.6340; More...

EUR/AUD weakens notably after failing to sustain above 55 D EMA, but downside is held well above 1.6161 temporary low. Intraday bias stays neutral and risk remains on the downside for the moment. On the downside, below 1.6161 will target a test on 1.5996/6002 key support zone. Nevertheless, break of 1.6359 will turn bias to the upside for stronger rebound towards 1.6598 resistance instead.

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EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY

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