Canadian Dollar Rallies on Retail Sales Surprise, Kiwi and Sterling Firm
| Action Insight Mid-Day Report 11-24-23 |
Canadian Dollar Rallies on Retail Sales Surprise, Kiwi and Sterling Firm |
Canadian Dollar is having a notable rebound in early US session, fueled by unexpectedly robust Canadian retail sales data. This data indicated a surprising resurgence in consumer spending, defying the constraints of high interest rates and ongoing inflation. Despite this uplift, Loonie was overshadowed by New Zealand Dollar, which also saw a lift from its own country's encouraging retail sales data. Similarly, British Pound is performing well, supported by improvement in UK consumer confidence... |
GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.2494; (P) 1.2529; (R1) 1.2568; More... GBP/USD's rally is still in progress and intraday bias stays on the upside. Current rise from 1.2036 should target 61.8% retracement of 1.3141 to 1.2036 at 1.2716 next. On the downside, though, below 1.2447 minor support will turn intraday bias again first, and bring lengthier consolidations. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
|---|
| 21:45 | NZD | Retail Sales Q/Q Q3 | 0.00% | -0.80% | -1.00% | -0.90% | | 21:45 | NZD | Retail Sales ex Autos Q/Q Q3 | 1.00% | -1.50% | -1.80% | -1.60% | | 23:30 | JPY | National CPI Y/Y Oct | 3.30% | 3.00% | | 23:30 | JPY | National CPI ex Fresh Food Y/Y Oct | 2.90% | 3.00% | 2.80% | | 23:30 | JPY | National CPI ex Food Energy Y/Y Oct | 4.00% | 4.20% | | 00:01 | GBP | GfK Consumer Confidence Nov | -24 | -27 | -30 | | 00:30 | JPY | Manufacturing PMI Nov P | 48.1 | 48.8 | 48.7 | | 00:30 | JPY | Services PMI Nov P | 51.7 | 51.6 | | 07:00 | EUR | Germany GDP Q/Q Q3 F | -0.10% | -0.10% | -0.10% | | 09:00 | EUR | Germany IFO Business Climate Nov | 87.3 | 87.5 | 86.9 | | 09:00 | EUR | Germany IFO Current Assessment Nov | 89.4 | 89.4 | 89.2 | | 09:00 | EUR | Germany IFO Expectations Nov | 85.2 | 85.7 | 84.7 | 84.8 | | 13:30 | CAD | Retail Sales M/M Sep | 0.60% | 0.00% | -0.10% | | 13:30 | CAD | Retail Sales ex Autos M/M Sep | 0.20% | -0.30% | 0.10% | | 14:45 | USD | Manufacturing PMI Nov P | 49.8 | 50 | | 14:45 | USD | Services PMI Nov P | 50.4 | 50.6 |
|
|
|
