Consolidation Persists Amid Indecision and Anticipation
| Action Insight Mid-Day Report 3-14-24 |
Consolidation Persists Amid Indecision and Anticipation |
Consolidative trading continues in the forex markets in general. There is little reaction to the batch of economic data released from there US. Comments from ECB officials were also largely ignored. For now, commodity currencies are the stronger ones for the week, as led by Canadian Dollar, while Euro is also firm. Sterling and Swiss Franc are on the softer side together with Yen. Dollar is mixed in the mixed. Despite these fluctuations, it's noteworthy that all major currency pairs and crosses have remained within last week's range, signaling a market characterized by indecision and anticipation. This collective pause among traders and investors can be attributed to good reasons. The upcoming week is poised to be a pivotal one for global financial markets, with a slew of central banks, including BoJ, RBA, Fed, SNB, and BoE, all set to announce their monetary policy decisions. This upcoming "central bank bonanza" is expected to inject a significant dose of volatility and directional movement into the forex markets... |
GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.2778; (P) 1.2794; (R1) 1.2814; More... Intraday bias in GBP/USD remains neutral and outlook is unchanged. Further rally will remain in favor as long as 55 4H EMA (now at 1.2764) holds. On the upside, above 1.2892 will resume larger rise from 1.2063 and target 61.8% projection of 1.2036 to 1.2826 from 1.2517 at 1.3005. However, sustained break of 55 4H EMA will bring deeper fall back towards 55 D EMA (now at 1.2672), and possibly further to 1.2517 structural support. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 00:01 | GBP | RICS Housing Price Balance Feb | -10% | -10% | -18% | | 07:30 | CHF | PPI M/M Feb | 0.10% | 0.20% | -0.50% | | 07:30 | CHF | PPI Y/Y Feb | -2.00% | -2.30% | | 12:30 | CAD | Manufacturing Sales M/M Jan | 0.20% | 0.30% | -0.70% | | 12:30 | USD | Retail Sales M/M Feb | 0.60% | 0.50% | -0.80% | | 12:30 | USD | Retail Sales ex Autos M/M Feb | 0.30% | 0.40% | -0.60% | | 12:30 | USD | PPI M/M Feb | 0.60% | 0.30% | 0.30% | | 12:30 | USD | PPI Y/Y Feb | 1.60% | 1.10% | 0.90% | 1.00% | | 12:30 | USD | PPI Core M/M Feb | 0.30% | 0.20% | 0.50% | | 12:30 | USD | PPI Core Y/Y Feb | 2.00% | 2.00% | 2.00% | | 12:30 | USD | Initial Jobless Claims (Mar 8) | 209K | 218K | 217K | 210K | | 14:00 | USD | Business Inventories Jan | 0.30% | 0.40% | | 14:30 | USD | Natural Gas Storage | -3B | -40B |
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