Dollar Rally Cooling Off, Kiwi Rebounds Post-CPI
| Action Insight Daily Report 4-17-24 |
Dollar Rally Cooling Off, Kiwi Rebounds Post-CPI |
Dollar's rally appeared to be slowing a little despite extended rally in benchmark treasury yields, the selloff in US stocks could be stabilizing too. Fed Chair Jerome Powell's comment that interest rate could stay at current level for longer if inflation persist triggered little reactions in the market. This is actually a given now considering recent strong consumption, inflation, and employment data. Fed's Beige Book report today would likely reinforce the view that the economy remains robust while inflationary pressure is not gone. New Zealand Dollar recovers broadly today after Q1 inflation data. While headline inflation slowed, it remained well above RBNZ's target band. More importantly, domestic price pressure as seen in non-tradeable inflation remains elevated and made little progress down. It's still a long way before RBNZ could start cutting interest rates... |
EUR/GBP Daily Outlook Daily Pivots: (S1) 0.8533; (P) 0.8541; (R1) 0.8555; More... Intraday bias in EUR/GBP remains neutral at this point. On the downside, firm break of 0.8529 support will argue that the corrective recovery from 0.8497 has completed at 0.8601. Intraday bias will be back on the downside for retesting 0.8497 low next. On the upside, break of 0.8601 will resume the rebound instead. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 22:45 | NZD | CPI Q/Q Q1 | 0.60% | 0.60% | 0.50% | | 22:45 | NZD | CPI Y/Y Q1 | 4.00% | 4.70% | | 23:50 | JPY | Trade Balance (JPY) Mar | -0.70T | -0.28T | -0.45T | -0.57T | | 01:00 | AUD | Westpac Leading Index M/M Mar | -0.10% | 0.10% | | 06:00 | GBP | CPI M/M Mar | 0.60% | | 06:00 | GBP | CPI Y/Y Mar | 3.10% | 3.40% | | 06:00 | GBP | CPI Core Y/Y Mar | 4.10% | 4.50% | | 06:00 | GBP | RPI M/M Mar | 0.80% | | 06:00 | GBP | RPI Y/Y Mar | 4.20% | 4.50% | | 06:00 | GBP | PPI Input M/M Mar | 0.00% | -0.40% | | 06:00 | GBP | PPI Input Y/Y Mar | -2.70% | | 06:00 | GBP | PPI Output M/M Mar | 0.20% | 0.30% | | 06:00 | GBP | PPI Output Y/Y Mar | 0.40% | | 06:00 | GBP | PPI Core Output M/M Mar | 0.20% | | 06:00 | GBP | PPI Core Output Y/Y Mar | 0.20% | 0.30% | | 09:00 | EUR | Eurozone CPI Y/Y Mar F | 2.90% | 2.90% | | 09:00 | EUR | Eurozone CPI Core Y/Y Mar F | 2.40% | 2.40% | | 14:30 | USD | Crude Oil Inventories | 1.6M | 5.8M | | 18:00 | USD | Fed's Beige Book |
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