Market Sentiment Stabilizes, Attention on BoC Decision and US ADP Job
| Action Insight Daily Report 12-6-23 |
Market Sentiment Stabilizes, Attention on BoC Decision and US ADP Job |
Global market sentiment shows signs of stabilization in Asia today, marked by gains in major indices like Nikkei Hong Kong's HSI. This shift indicates that the markets have largely absorbed the impact of Moody's downgrade of China's rating outlook, redirecting attention towards economic data and central bank policies. The spotlight is now on BoC's interest rate decision and the release of US ADP private employment report. In the currency markets, Australian Dollar is showing resilience, trading higher despite the release of GDP data that fell short of expectations. Canadian Dollar, meanwhile, is having a slight uptick as traders await BoC's decision, speculating on whether the central bank will adopt a dovish stance given current economic conditions. However, the New Zealand Dollar is emerging as the strongest performer, outpacing its Australian and Canadian counterparts. Concurrently, Dollar, Euro, and Yen are showing signs of softening, while Sterling and Swiss Franc are mixed... |
USD/CAD Daily Outlook Daily Pivots: (S1) 1.3551; (P) 1.3574; (R1) 1.3615; More... No change in USD/CAD's outlook and intraday bias stays neutral at this point. Below 1.3479 will resume the corrective fall from 1.3897. But downside should be contained by 1.3378 support, which is close to 61.8% retracement of 1.3091 to 1.3897 at 1.3399, to bring rebound. On the upside, break of 1.3625 resistance will indicate short term bottoming, and turn bias back to the upside for stronger rise. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 00:30 | AUD | GDP Q/Q Q3 | 0.20% | 0.40% | 0.40% | | 07:00 | EUR | Germany Factory Orders M/M Oct | 0.50% | 0.20% | | 09:30 | GBP | Construction PMI Nov | 47.1 | 45.6 | | 10:00 | EUR | Eurozone Retail Sales M/M Oct | 0.20% | -0.30% | | 13:15 | USD | ADP Employment Change Nov | 120K | 113K | | 13:30 | CAD | Labor Productivity Q/Q Q3 | 0.20% | -0.60% | | 13:30 | CAD | Trade Balance (CAD) Oct | 1.8B | 2.0B | | 13:30 | USD | Trade Balance (USD) Oct | -63.0B | -61.5B | | 13:30 | USD | Nonfarm Productivity Q3 | 4.70% | 4.70% | | 13:30 | USD | Unit Labor Costs Q3 | -0.80% | -0.80% | | 15:00 | CAD | BoC Rate Decision | 5.00% | 5.00% | | 15:00 | CAD | Ivey PMI Nov | 54.2 | 53.4 | | 15:30 | USD | Crude Oil Inventories | -1.3M | 1.6M |
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