Quiet Forex Session Precedes Three Central Bank Meetings and High-Impact Data
| Action Insight Daily Report 7-29-24 |
Quiet Forex Session Precedes Three Central Bank Meetings and High-Impact Data |
Trading in the forex markets has been notably subdued during the Asian session today, even as major Asian stock indexes showed strong rebounds. This muted activity in currency trading is not surprising given that it's a typical Monday, coupled with an ultra light economic calendar. However, significant volatility is anticipated later in the week with a series of high-impact events on the horizon. Three central banks are scheduled to hold meetings that could result in a rate hike, a hold, and a cut. Additionally, important economic data releases are expected, including CPI figures from Eurozone, Switzerland, and Australia, GDP data from Eurozone and Canada, and the highly anticipated non-farm payroll data from the US. As July draws to a close, Yen remains the top performer among currencies, followed by Sterling and Swiss Franc. New Zealand Dollar is at the bottom, trailed by Australian and Canadian Dollars. Dollar and Euro are positioned in the middle. The overall picture reflects risk-off sentiment that may persist into August... |
USD/CAD Daily Outlook Daily Pivots: (S1) 1.3814; (P) 1.3831; (R1) 1.3856; More... Intraday bias in USD/CAD remains neutral for consolidations below 1.3848 temporary top. Further rally is expected as long as 55 4H EMA (now at 1.3762) holds. Decisive break of 1.3845 will resume whole rally from 1.3176. Next target is 61.8% projection of 1.3176 to 1.3845 from 1.3588 at 1.4025. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 08:30 | GBP | M4 Money Supply M/M Jun | -0.10% | | 08:30 | GBP | Mortgage Approvals Jun | 60K | 60K |
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