Dollar and Euro Neck-and-Neck for Weakest Performer, Awaiting ISM Manufacturing Insights
| Action Insight Daily Report 12-1-23 |
Dollar and Euro Neck-and-Neck for Weakest Performer, Awaiting ISM Manufacturing Insights |
The competition between Dollar and Euro for the title of the week's weakest performer remains intense. Current talking point is particularly on ECB, where economists are increasingly predicting an early rate cut following this week's pivotal inflation data. Goldman Sachs, aligning with this growing consensus, has updated its forecast today, now anticipating ECB to initiate a rate cut in Q2 of 2024, a quarter earlier than its previous projection. The market is now keenly observing whether this anticipation will trigger further selloff in Euro before weekly close, especially in crosses to push through additional support levels.... |
EUR/AUD Daily Outlook Daily Pivots: (S1) 1.6425; (P) 1.6506; (R1) 1.6567; More... EUR/AUD's fall from 1.6844 is still in progress and intraday bias stays on the downside, with focus on 1.6449 support. Decisive break there will argue that corrective pattern from 1.6319 has completed at 1.6844. More importantly, decline from 1.17062 is ready to resume through 1.6319 next. On the upside, above 1.6601 minor resistance will turn intraday bias neutral first. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 23:30 | JPY | Unemployment Rate Oct | 2.50% | 2.60% | 2.60% | | 23:50 | JPY | Capital Spending Q3 | 3.40% | 3.40% | 4.50% | | 00:30 | JPY | Manufacturing PMI Nov F | 48.3 | 48.1 | 48.1 | | 01:45 | CNY | Caixin Manufacturing PMI Nov | 50.7 | 49.3 | 49.5 | | 08:00 | CHF | GDP Q/Q Q3 | 0.10% | 0.00% | | 08:30 | CHF | Manufacturing PMI Nov | 42 | 40.6 | | 08:45 | EUR | Italy Manufacturing PMI Nov | 45.5 | 44.9 | | 08:50 | EUR | France Manufacturing PMI Nov F | 42.6 | 42.6 | | 08:55 | EUR | Germany Manufacturing PMI Nov F | 42.3 | 42.3 | | 09:00 | EUR | Italy GDP Q/Q Q3 | 0% | 0% | | 09:00 | EUR | Manufacturing PMI Nov F | 43.8 | 43.8 | | 09:30 | GBP | Manufacturing PMI Nov F | 46.7 | 46.7 | | 13:30 | CAD | Net Change in Employment Nov | 14.2K | 17.5K | | 13:30 | CAD | Unemployment Rate Nov | 5.80% | 5.70% | | 14:30 | CAD | Manufacturing PMI Nov | 48.6 | | 14:45 | USD | Manufacturing PMI Nov F | 49.4 | 49.4 | | 15:00 | USD | ISM Manufacturing PMI Nov | 47.7 | 46.7 | | 15:00 | USD | ISM Manufacturing Prices Paid Nov | 46.2 | 45.1 | | 15:00 | USD | ISM Manufacturing Employment Index Nov | 46.8 | | 15:00 | USD | Construction Spending M/M Oct | 0.40% | 0.40% |
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