Eyes on UK Inflation While Dollar Dominance Continues
| Action Insight Daily Report 2-14-24 |
Eyes on UK Inflation While Dollar Dominance Continues |
Dollar maintains its position as the week's top performer so far, following notable upside breakouts, while Asian markets remain relatively quiet. Without major economic releases from US today, the greenback could have a breather first. However, attention is set to return later in the week with the release of retail sales and the University of Michigan consumer sentiment index, which could reinvigorate the Dollar's rally. On the other hand, Sterling is taking center stage for now. As the week's second strongest currency at this point, the Pound showed remarkable resilience even in the face of Dollar's strength. Investors and market analysts alike are keenly awaiting today's UK inflation data, which could either reinforce BoE's hesitation to lower interest rates. Any unexpected upward surprise in inflation might not only affirm the BoE's current stance but also spur additional Sterling rally, especially in crosses... |
AUD/USD Daily Report Daily Pivots: (S1) 0.6419; (P) 0.6478; (R1) 0.6514; More... AUD/USD's decline from 0.6870 resumed by breaking 0.6468 support. Intraday bias is back on the downside for 61.8% projection of 0.6870 to 0.6524 from 0.6621 at 0.6407. Firm break there will target 100% projection at 0.6275, which is close to 0.6269 support. On the upside, 0.6542 resistance is needed to indicate short term bottoming. Otherwise, outlook will stay bearish in case of recovery. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 07:00 | GBP | CPI M/M Jan | -0.30% | 0.40% | | 07:00 | GBP | CPI Y/Y Jan | 4.10% | 4.00% | | 07:00 | GBP | Core CPI Y/Y Jan | 5.20% | 5.10% | | 07:00 | GBP | RPI M/M Jan | -0.10% | 0.50% | | 07:00 | GBP | RPI Y/Y Jan | 5.20% | 5.20% | | 07:00 | GBP | PPI Input M/M Jan | 0.00% | -1.20% | | 07:00 | GBP | PPI Input Y/Y Jan | -3.00% | -2.80% | | 07:00 | GBP | PPI Output M/M Jan | -0.20% | -0.60% | | 07:00 | GBP | PPI Output Y/Y Jan | -0.50% | 0.10% | | 07:00 | GBP | PPI Core Output M/M Jan | 0.00% | | 07:00 | GBP | PPI Core Output Y/Y Jan | 0.10% | | 10:00 | EUR | Eurozone GDP Q/Q Q4 P | 0.00% | 0.00% | | 10:00 | EUR | Eurozone Employment Change Q/Q Q4 P | 0.20% | 0.20% | | 10:00 | EUR | Eurozone Industrial Production M/M Dec | -0.30% | -0.30% | | 15:30 | USD | Crude Oil Inventories | 3.3M | 5.5M |
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