Aussie and Yen Decline, Loonie Awaits Crucial CPI Data
Action Insight Daily Report 5-21-24 |
Aussie and Yen Decline, Loonie Awaits Crucial CPI Data |
Australian Dollar weakened broadly during Asian session as its recent rally lost momentum. Despite RBA minutes revealing that a rate hike was considered earlier this month, which should have been supportive for the Aussie, this positive sentiment was countered by weak consumer sentiment readings. Additionally, Aussie seemed to be weighed down by a pullback in regional stock markets, particularly with the retreat in Hong Kong's HSI. Meanwhile, Japanese Yen continued its broad-based decline, albeit at a slow pace. Japanese Finance Minister Shunichi Suzuki reiterated that foreign exchange rates should be determined by market fundamentals and move in stable manner. He also explained the government's aim to achieve wage growth that outpaces inflation, a challenging goal if prices keep rising strongly. This highlights Japan's cautious stance against a steep depreciation of Yen, which would increase import prices and inflation pressures... |
AUD/USD Daily Report Daily Pivots: (S1) 0.6650; (P) 0.6679; (R1) 0.6697; More... AUD/USD dips mildly today as consolidation from 0.6713 continues. Intraday bias stays neutral for the moment. Further rally is expected as long as 0.6578 support holds. As noted before, fall from 0.6870 has probably completed with three waves down to 0.6361 already. Above 0.6713 will target 0.6870 resistance next. | |
GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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00:30 | AUD | Westpac Consumer Confidence May | -0.30% | -2.40% | 01:30 | AUD | RBA Minutes | 06:00 | EUR | Germany PPI M/M Apr | 0.10% | 0.20% | 06:00 | EUR | Germany PPI Y/Y Apr | -3.20% | -2.90% | 08:00 | EUR | Eurozone Current Account (EUR) Mar | 30.2B | 29.5B | 09:00 | EUR | Eurozone Trade Balance (EUR) Mar | 19.9B | 17.9B | 12:30 | CAD | CPI M/M Apr | 0.50% | 0.60% | 12:30 | CAD | CPI Y/Y Apr | 2.80% | 2.90% | 12:30 | CAD | CPI Median Y/Y Apr | 2.70% | 2.80% | 12:30 | CAD | CPI Trimmed Y/Y Apr | 2.90% | 3.10% | 12:30 | CAD | CPI Common Y/Y Apr | 2.80% | 2.90% |
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