Yen and Dollar in Weak Positions as Traders Watch US Markets' Record Rally
| Action Insight Mid-Day Report 2-23-24 |
Yen and Dollar in Weak Positions as Traders Watch US Markets' Record Rally |
As US session gets underway, Yen and Dollar remain the weakest links in the currency markets, reflecting a broader trend of risk appetite among investors. All eyes are now on whether the US stock market can extend its record-setting run. In particular, there is anticipation that NASDAQ could catch up and achieve a new historical high. Meanwhile, there's prospect for Yen and Dollar to swap their positions before the week closes, contingent upon extended retreat US treasury yields. Meanwhile, Euro presents a mixed picture following the latest German Ifo business survey, which underscored the persistent sluggish sentiment within Europe's largest economy. Despite stabilization, the economic outlook remains tepid at best. Additionally, a series of remarks from ECB officials aimed at tempering expectations for an early rate cut seems to have had limited impact on market sentiment, suggesting that investors may be looking beyond immediate policy signals. Sterling, on the other hand, is finding some strength, especially against Euro, buoyed by overall positive risk sentiment. Australian dollar and New Zealand dollar are also benefiting from the prevailing risk-on environment, though Canadian dollar is noticeably trailing... |
GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.2612; (P) 1.2661; (R1) 1.2710; More... GBP/USD bounces notably today but stays below 1.2708. Intraday bias remains neutral first. On the upside, break of 1.2708 resistance will indicate that correction from 1.2826 has completed. Intraday bias will be back on the upside for retesting 1.2826. Nevertheless, decisive break of 1.2499 will argue that whole rise from 1.2036 has completed and turn near term outlook bearish. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 21:45 | NZD | Retail Sales Q/Q Q4 | -1.90% | -0.20% | 0.00% | -0.80% | | 21:45 | NZD | Retail Sales ex Autos Q/Q Q4 | -1.70% | -0.10% | 1.00% | 0.40% | | 00:01 | GBP | GfK Consumer Confidence Feb | -21 | -18 | -19 | | 07:00 | EUR | Germany GDP Q/Q Q4 F | -0.30% | -0.30% | -0.30% | | 09:00 | EUR | Germany IFO Business Climate Feb | 85.5 | 85.5 | 85.2 | | 09:00 | EUR | Germany IFO Current Assessment Feb | 86.9 | 87 | 87 | 86.9 | | 09:00 | EUR | Germany IFO Expectations Feb | 84.1 | 83.8 | 83.5 |
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