Dollar Struggles as Safe Havens Strengthen Ahead of US Election; RBA Holds Key Focus Tomorrow
| Action Insight Mid-Day Report 11-4-24 |
Dollar Struggles as Safe Havens Strengthen Ahead of US Election; RBA Holds Key Focus Tomorrow |
Dollar remains the weakest currency in the lead-up to the US presidential election, though its downside appears contained as early selling momentum in Asia has not extended into European session. Safe-haven currencies, led by the Swiss Franc and Yen, are gaining as US and European Treasury yields retreat. Among other currencies, Sterling and Loonie are also lagging behind, although overall market indecisiveness keeps most major pairs within Friday’s trading range. While the US election remains the primary focus, attention is also turning to RBA’s rate decision in the upcoming Asian session. The central bank is widely expected to hold rates at 4.35%, with virtually no expectation for any surprises. Market participants will be watching closely for any changes in RBA’s language that might hint at future policy easing, particularly any shift from the “not ruling anything in or out ” stance, which could set a clearer tone for policy easing in 2025. The release of new economic projections will also be key in gauging RBA’s outlook.... |
EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.0809; (P) 1.0857; (R1) 1.0883; More... Intraday bias in EUR/USD is back on the upside as rebound from 1.0760 short term bottom resumed. Further rise would be seen to 55 D EMA (now at 1.0940). Strong resistance should be seen there to limit upside. On the downside, below 1.0831 minor support will bring retest of 1.0760 first, and then 61.8% retracement of 1.0447 to 1.1213 at 1.0740. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 00:00 | AUD | TD-MI Inflation Gauge M/M Oct | 0.30% | 0.10% | | 08:50 | EUR | France Manufacturing PMI Oct | 44.5 | 44.5 | 44.5 | | 08:55 | EUR | Germany Manufacturing PMI Oct | 43 | 42.6 | 42.6 | | 09:00 | EUR | Eurozone Manufacturing PMI Oct | 46 | 45.9 | 45.9 | | 09:30 | EUR | Eurozone Sentix Investor Confidence Nov | -12.8 | -12.7 | -13.8 | | 15:00 | USD | Factory Orders M/M Sep | -0.40% | -0.20% |
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