Euro Gains Traction as Markets Eye Japan CPI, Commodity Currencies Lag
| Action Insight Mid-Day Report 2-26-24 |
Euro Gains Traction as Markets Eye Japan CPI, Commodity Currencies Lag |
The global financial markets are overall very quiet today, marked by a noticeable absence of significant economic data releases or impactful news. Euro emerges as the frontrunner, leading European majors higher, while Yen sees a slight dip in anticipation of Japan's CPI data set to be released tomorrow. Commodity currencies are on the weaker side, particularly highlighted by New Zealand Dollar's early sell-off. Dollar, meanwhile, is mixed as it awaits new drivers that could provide fresh momentum. Technically, EUR/CAD's rebound from 1.4457 resumed today and it's on track to test 1.4733 resistance. Corrective fall from 1.5041 is seen as completed with three waves down. Rise from 1.4155 is probably resuming. Sustained break of 1.4733 will strengthen this bullish case and target 1.5041 resistance next. This will now remain the favored case long as 1.4575 support holds... |
GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.2647; (P) 1.2674; (R1) 1.2699; More... GBP/USD is still capped below 1.2708 temporary top and 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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| 23:50 | JPY | Corporate Service Price Index Y/Y Jan | 2.10% | 2.40% | 2.40% | | 15:00 | USD | New Home Sales M/M Jan | 685K | 664K |
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