Dollar Shrugs Poor Durable Orders; AUD Awaits Inflation Data
| Action Insight Mid-Day Report 1-28-25 |
Dollar Shrugs Poor Durable Orders; AUD Awaits Inflation Data |
The global financial markets are finding their footing following the turmoil triggered by yesterday’s tech-driven selloff. European stocks have moved into positive territory, while US futures signal a flat start to trading. Nvidia, which lost a staggering -17% on Monday—erasing nearly USD 600B in market capitalization—is poised for a partial rebound. Meanwhile, investors appear to have shrugged off US durable goods orders data, which showed a sharp contraction, as the weakness was primarily attributed to volatile transportation equipment orders rather than broader economic concerns. From a technical perspective, NASDAQ’s sharp decline appears to be merely a part of the ongoing consolidation from its record high of 20204.58. Volatility of this nature is not unusual during such phases. For now, more sideway trading is likely and deeper pull back might be seen. But downside should be contained by 38.2% retracement of 15708.53 to 20204.58 at 18787.09 to bring rebound, and then up trend resumption. ... |
USD/CHF Mid-Day Outlook Daily Pivots: (S1) 0.8966; (P) 0.9019; (R1) 0.9074; More… Intraday bias in USD/CHF remains neutral for the moment. Rise from 0.9374 remains intact so far with strong support support seen from near term rising channel. On the upside, break of 0.9107 will target 0.9200 and 0.9223 key resistance. On the downside, however, break of 0.8964 will resume the fall from 0.9200 to 38.2% retracement of 0.8374 to 0.9200 at 0.8884 next. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 23:50 | JPY | Corporate Service Price Index Y/Y Dec | 2.90% | 3.20% | 3.00% | | 00:30 | AUD | NAB Business Confidence Dec | -2 | -3 | | 00:30 | AUD | NAB Business Conditions Dec | 6 | 2 | 3 | | 13:30 | USD | Durable Goods Orders Dec | -2.20% | 0.80% | -1.20% | | 13:30 | USD | Durable Goods Orders ex Transport Dec | 0.30% | 0.40% | -0.20% | | 14:00 | USD | S&P/CS Composite-20 HPI Y/Y Nov | 4.30% | 4.10% | 4.20% | | 14:00 | USD | Housing Price Index M/M Nov | 0.30% | 0.20% | 0.40% | 0.50% | | 15:00 | USD | Consumer Confidence Jan | 105.7 | 104.7 |
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