Kiwi and Aussie Rise on China's Market Boost, Dollar Weakens Ahead of FOMC Minutes
| Action Insight Daily Report 2-21-24 |
Kiwi and Aussie Rise on China's Market Boost, Dollar Weakens Ahead of FOMC Minutes |
New Zealand and Australia Dollar rise appreciably in Asian session today , , buoyed by a significant rebound in stock markets of China and Hong Kong. This positive momentum is largely attributed to the ripple effects of China's larger-than-expected interest rate cut earlier in the week. Hang Seng Index, in particular, showcased a robust increase of around 3%, reflecting renewed investor confidence. This upbeat mood was further amplified by visible signs of China's "national team" ramping up efforts to stabilize the stock market through strategic interventions, evident from the notable increase in assets within leading exchange-traded funds. At the same time, the offshore Chinese Yuan is also strengthening, now eyeing a breakthrough towards 7.2 level against Dollar... |
AUD/USD Daily Report Daily Pivots: (S1) 0.6521; (P) 0.6550; (R1) 0.6578; More... AUD/USD's recovery from 0.6442 extends higher, but upside is still capped well below 0.6621 resistance. Intraday bias remains neutral and further decline is in favor. Below 0.6520 minor support will turn bias to the downside for retesting 0.6442 first. Firm break there will resume the the decline from 0.6870 towards 0.6269 low. Nevertheless, considering bullish convergence condition in 4H MACD, decisive break of 0.6621 will turn near term outlook bullish for 0.6870 resistance instead. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 21:45 | NZD | PPI Input Q/Q Q4 | 0.90% | 0.40% | 1.20% | | 21:45 | NZD | PPI Output Q/Q Q4 | 0.70% | 0.40% | 0.80% | | 23:50 | JPY | Trade Balance (JPY) Jan | 0.24T | -0.23T | -0.41T | -0.44T | | 00:00 | AUD | Westpac Leading Index M/M Jan | -0.10% | 0.00% | | 00:30 | AUD | Wage Price Index Q/Q Q4 | 0.90% | 0.90% | 1.30% | | 07:00 | GBP | Public Sector Net Borrowing (GBP) Jan | -18.4B | 6.8B | | 13:30 | CAD | New Housing Price Index M/M Jan | 0.10% | 0.00% | | 15:00 | EUR | Eurozone Consumer Confidence Feb P | -16 | -16 | | 19:00 | USD | FOMC Minutes |
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