Euro Edges Up on ECB Hawks' Comments, But Momentum Limited
Action Insight Mid-Day Report 1-15-24 |
Euro Edges Up on ECB Hawks' Comments, But Momentum Limited |
Euro trades mildly higher today after two known ECB hawks raised skepticism about a near term rate cut. Yet, upside momentum is somewhat tempered by weak trade and production data. Also, Euro is outshone slightly by Dollar, but the latter is also struggling to break out from familiar range other major currencies. Subdued trading could continue for the rest of the day with US on holiday. Meanwhile, Sterling, Australian Dollar, and New Zealand Dollar are trading on the softer side. Overall markets in Europe are mildly on the risk-off side. Yen is also among the worst performers, apparent on speculations that BoJ isn't ready to hike yet, which also boosts Nikkei. Swiss Franc and Canadian Dollar are mixed like pedestrians.... |
EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.0929; (P) 1.0958; (R1) 1.0980; More... No change in EUR/USD's outlook as it's staying in very tight range. Intraday bias stays neutral at this point. Further fall is in favor as long as 1.0997 minor resistance intact. Break of 1.0876 will resume the fall from 1.1138 to 1.0722 support next. Nevertheless, firm break of 1.0997 will turn bias back to the upside for retesting 1.1138 high instead. | |
GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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23:50 | JPY | Money Supply M2+CD Y/Y Dec | 2.30% | 2.20% | 2.30% | 00:00 | AUD | TD Securities Inflation M/M Dec | 1.00% | 0.30% | 06:00 | JPY | Machine Tool Orders Y/Y Dec | -15.50% | -13.60% | 10:00 | EUR | Eurozone Industrial Production M/M Nov | -0.30% | -0.30% | -0.70% | 10:00 | EUR | Eurozone Trade Balance (EUR) Nov | 14.8B | 11.2B | 10.9B | 11.1B | 13:30 | CAD | Manufacturing Sales M/M Nov | 1.20% | 0.90% | -2.80% | 13:30 | CAD | Wholesale Sales M/M Nov | 0.90% | 0.80% | -0.50% | 15:30 | CAD | BoC Business Outlook Survey |
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