Sluggish Forex Markets on Hold for Direction from US Non-Farm Payrolls
| Action Insight Daily Report 6-7-24 |
Sluggish Forex Markets on Hold for Direction from US Non-Farm Payrolls |
Forex markets remain directionless as the week's highly anticipated central bank activities. The rate cuts by both BoC and ECB failed to provide the expected catalysts for significant currency movements. Neither Canadian Dollar nor Euro managed to break out of their recent trading ranges following these policy adjustments. Similarly, Dollar continues to gyrate within its familiar boundaries. All eyes are now on the upcoming non-farm payroll report, which market participants hope will provide the momentum needed for more sustainable movements. As we approach the week's end, the Swiss Franc remains the standout performer among major currencies, closely followed by Japanese Yen and New Zealand Dollar. On the other end of the spectrum, Canadian Dollar finds itself as the week's weakest link, exacerbated by BoC's dovish turn. Euro and British Pound continue to hover in middle positions... |
AUD/USD Daily Report Daily Pivots: (S1) 0.6639; (P) 0.6661; (R1) 0.6689; Moreâ¦. AUD/USD is still extending sideway trading below 0.6713 and intraday bias stays neutral. As long as 0.6578 cluster support (38.2% retracement of 0.6361 to 0.6713 at 0.6579) holds, further rally remains in favor. On the upside, firm break of 0.6713 will resume whole rise from 0.6361 to 0.6870 resistance next. However, sustained break of 0.6578 will dampen this bullish view, and bring deeper fall to 61.8% retracement at 0.6495. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 01:30 | AUD | Trade Balance (AUD) May | 6.55B | 5.50B | 5.02B | 4.84B | | 05:45 | CHF | Unemployment Rate May | 2.40% | 2.30% | 2.30% | | 06:00 | EUR | Germany Factory Orders M/M Apr | -0.20% | 0.50% | -0.40% | | 08:00 | EUR | Italy Retail Sales M/M Apr | -0.10% | 0.30% | 0.00% | | 08:30 | GBP | Construction PMI May | 54.7 | 52.5 | 53 | | 09:00 | EUR | Eurozone Retail Sales M/M Apr | -0.50% | -0.20% | 0.80% | 0.70% | | 12:15 | EUR | ECB Rate On Deposit Facility | 3.75% | 3.75% | 4.00% | | 12:15 | EUR | ECB Main Refinancing Operations Rate | 4.25% | 4.25% | 4.50% | | 12:30 | USD | Trade Balance (USD) Apr | -74.6B | -69.8B | -69.4B | -68.6B | | 12:30 | USD | Initial Jobless Claims (May 31) | 229K | 215K | 219K | | 12:30 | USD | Nonfarm Productivity Q1 | 0.20% | 0.30% | 0.30% | | 12:30 | USD | Unit Labor Costs Q1 | 4.00% | 4.70% | 4.70% | | 12:30 | CAD | Trade Balance (CAD) Apr | -1.05B | -2.2B | -2.3B | | 12:45 | EUR | ECB Press Conference | | 14:00 | CAD | Ivey PMI May | 65.2 | 63 | | 14:30 | USD | Natural Gas Storage | 89B | 84B |
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