Aussie Resilient in Face of Dismal Job Data, Bitcoin Prepares to Conclude Consolidation
| Action Insight Daily Report 4-18-24 |
Aussie Resilient in Face of Dismal Job Data, Bitcoin Prepares to Conclude Consolidation |
The forex markets are rather subdued in today's Asian session, with major currency pairs and crosses largely trading within yesterday's ranges. Australian Dollar strengthened slightly, ignoring significantly weaker-than-anticipated job data. Instead, it's lifted by rebound in Asian stock markets and stabilizing risk sentiment. However, the momentum behind Aussie's rebound appears weak and limited, suggesting it may be merely in consolidation before another selloff. Central bank commentary from both Fed and ECB has been plentiful but has yet to significantly influence market movements. ECB is widely expected to implement a rate cut in June, aligning with previous communications. In contrast, Fed would maintain its policy stance for longer, as the disinflation process in the US has shown signs of slowing down, or even stalling this year, which precludes any immediate policy loosening. |
AUD/USD Daily Report Daily Pivots: (S1) 0.6407; (P) 0.6427; (R1) 0.6454; More... A temporary low is formed at 0.6388 in AUD/USD with current recovery and some consolidations would be seen. But upside should be limited by 0.6492 minor resistance. Below 0.6388 should resume larger fall from 0.6870 through 61.8% projection of 0.6870 to 0.6442 from 0.6643 at 0.6378 to 100% projection at 0.6215. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 01:30 | AUD | NAB Business Confidence Q1 | -2 | -6 | | 01:30 | AUD | Employment Change Mar | -6.6K | 7.2K | 116.5K | 117.6K | | 01:30 | AUD | Unemployment Rate Mar | 3.80% | 3.90% | 3.70% | | 01:30 | AUD | RBA Bulletin Q1 | | 04:30 | JPY | Tertiary Industry Index M/M Feb | 1.50% | 0.80% | 0.30% | -0.50% | | 06:00 | CHF | Trade Balance (CHF) Mar | 3.22B | 3.66B | | 08:00 | EUR | Eurozone Current Account (EUR) Feb | 45.2B | 39.4B | | 12:30 | USD | Initial Jobless Claims (Apr 12) | 214K | 211K | | 12:30 | USD | Philadelphia Fed Manufacturing Survey Apr | 0.8 | 3.2 | | 14:00 | USD | Existing Home Sales Mar | 4.20M | 4.38M | | 14:30 | USD | Natural Gas Storage | 54B | 24B |
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