Market Turmoil Boosts Safe Haven Currencies ahead of NFP, GBP/CHF Under Pressure
| Action Insight Daily Report 8-2-24 |
Market Turmoil Boosts Safe Haven Currencies ahead of NFP, GBP/CHF Under Pressure |
Safe haven currencies are dominating the market as the steep selloff in the US extended into Asian trading, with Nikkei down more than -5%. Poor US manufacturing data released overnight has intensified investor concerns about an impending recession, overshadowing the benefits of monetary policy easing from Fed. The market's attention is now firmly on today's non-farm payroll data, with the potential for another significant selloff if the numbers disappoint. GBP/CHF has been one of the most notable movers this week. The British Pound has been under pressure following BoE's decision to cut rates yesterday. Concurrently, Swiss Franc has strengthened due to increased risk aversion in stock markets and safe haven flows triggered by escalating tensions in the Middle East... |
USD/CAD Daily Outlook Daily Pivots: (S1) 1.3777; (P) 1.3818; (R1) 1.3849; More... USD/CAD's rally resumed after brief consolidations and intraday bias is back on the upside. Current rise is part of the whole rally from 1.3176 and next target is 61.8% projection of 1.3176 to 1.3845 from 1.3588 at 1.4025. On the downside, break of 1.3786 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 23:50 | JPY | Monetary Base Y/Y Jul | 1.00% | 0.90% | 0.60% | | 01:30 | AUD | PPI Q/Q Q2 | 1.00% | 1.00% | 0.90% | | 01:30 | AUD | PPI Y/Y Q2 | 4.80% | 4.30% | | 06:30 | CHF | CPI M/M Jul | -0.20% | 0.00% | | 06:30 | CHF | CPI Y/Y Jul | 1.30% | 1.30% | | 06:45 | EUR | France Industrial Output M/M Jun | 0.90% | -2.10% | | 07:30 | CHF | Manufacturing PMI Jul | 44.6 | 43.9 | | 08:00 | EUR | Italy Industrial Output M/M Jun | -0.20% | 0.50% | | 09:00 | EUR | Italy Retail Sales M/M Jun | 0.20% | 0.40% | | 12:30 | USD | Nonfarm Payrolls Jul | 176K | 206K | | 12:30 | USD | Unemployment Rate Jul | 4.10% | 4.10% | | 12:30 | USD | Average Hourly Earnings M/M Jul | 0.30% | 0.30% | | 14:00 | USD | Factory Orders M/M Jun | 0.50% | -0.50% |
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