Dollar Recovers Post-Hawkish FOMC Minutes, EUR/GBP in Focus
| Action Insight Daily Report 5-23-24 |
Dollar Recovers Post-Hawkish FOMC Minutes, EUR/GBP in Focus |
Trading has been relatively quiet in Asian session today. Dollar regained some ground overnight following hawkish minutes from the latest FOMC meeting, which revealed that several members are prepared to support further rate hike if necessary. Despite this, the greenback lacks clear follow-through momentum at present. For a more sustained near-term rebound, Dollar will need additional support from upcoming economic data, including today's jobless claims and PMIs, as well as tomorrow's durable goods orders. New Zealand Dollar stands out as the strongest performer of the day at the point, driven by unexpectedly robust retail sales data that ended a two-year contraction streak. Kiwi has also been a top performer for the week, buoyed by RBNZ's hawkish stance. Australian Dollar is the second strongest today, supported by solid PMI data showing solid growth and renewed cost pressures. Conversely, Dollar is the weakest performer, followed by Japanese Yen and then Euro. Notably, all major pairs and crosses are confined within yesterday's ranges, with the exception of AUD/NZD.... |
USD/CHF Daily Outlook Daily Pivots: (S1) 0.9117; (P) 0.9138; (R1) 0.9178; More.... Intraday bias in USD/CHF remains on the upside at this point. Rise from 0.8987 is in progress for retesting 0.9223. On the downside, below 0.9105 minor support will turn intraday bias neutral first. Further break of 0.8987 will resume the fall from 0.9223 to 38.2% retracement of 0.8332 to 0.9223 at 0.8883. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 22:45 | NZD | Retail Sales Q/Q Q1 | 0.50% | -0.30% | -1.90% | -1.80% | | 22:45 | NZD | Retail Sales ex Autos Q/Q Q1 | 0.40% | 0.00% | -1.70% | -1.60% | | 23:00 | AUD | Manufacturing PMI May P | 49.6 | 49.6 | | 23:00 | AUD | Services PMI May P | 53.1 | 53.6 | | 00:30 | JPY | Manufacturing PMI May P | 50.5 | 49.7 | 49.6 | | 00:30 | JPY | Services PMI May P | 53.6 | 54.3 | | 01:00 | AUD | Consumer Inflation Expectations May | 4.10% | 4.60% | | 07:15 | EUR | France Manufacturing PMI May P | 45.5 | 45.3 | | 07:15 | EUR | France Services PMI May P | 51.5 | 51.3 | | 07:30 | EUR | Germany Manufacturing PMI May P | 43.5 | 42.5 | | 07:30 | EUR | Germany Services PMI May P | 53.5 | 53.2 | | 08:00 | EUR | Eurozone Manufacturing PMI May P | 46.6 | 45.7 | | 08:00 | EUR | Eurozone Services PMI May P | 53.5 | 53.3 | | 08:30 | GBP | Manufacturing PMI May P | 49.2 | 49.1 | | 08:30 | GBP | Services PMI May P | 54.8 | 55 | | 12:30 | USD | Initial Jobless Claims (May 17) | 220K | 222K | | 13:45 | USD | Manufacturing PMI May P | 50.1 | 50 | | 13:45 | USD | Services PMI May P | 51.5 | 51.3 | | 14:00 | USD | New Home Sales Apr | 674K | 693K | | 14:00 | EUR | Eurozone Consumer Confidence May P | -14 | -15 | | 14:30 | USD | Natural Gas Storage | 70B |
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