Yen and Dollar Face Fresh Selling Pressure in Quiet Market
| Action Insight Mid-Day Report 5-13-24 |
Yen and Dollar Face Fresh Selling Pressure in Quiet Market |
Fresh selling is seen in Yen and Dollar in early US session, as the markets are going through a quiet day. There is no immediate fundamental catalyst identified for these movements. Traders might be repositioning ahead of significant US economic data releases scheduled for later in the week. Producer Price Index on Tuesday will offer early insights into upstream inflation, but the primary focus remains on Wednesday's Consumer Price Index release. Meanwhile, Australian Dollar is trading as the strongest performer, dismissing weak business conditions data. Aussie is set to face its own pivotal moment with the release of employment data on Thursday. Euro and Sterling follow as the second and third strongest currencies, respectively, with traders looking forward to German ZEW economic sentiment data and UK employment figures due tomorrow. New Zealand Dollar turn mixed, recovering from earlier selloff, while Canadian Dollar and Swiss Franc are mixed in the middle. |
EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.0757; (P) 1.0773; (R1) 1.0787; More... EUR/USD is staying below 1.0810 resistance despite today's rise. Intraday bias remains neutral at this point. Further rally is expected as long as 55 4H EMA (now at 1.0751) holds. On the upside, above 1.0810 will resume the rebound from 1.0601 to 1.0884 resistance next. However, firm break of 55 4H EMA will argue that the rebound has completed, and turn bias to the downside for 1.0648 support instead. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 22:30 | NZD | Business NZ PSI Apr | 47.1 | 47.5 | 47.2 | | 23:50 | JPY | Money Supply M2+CD Y/Y Apr | 2.20% | 2.50% | | 01:30 | AUD | NAB Business Confidence Apr | 1 | 1 | | 01:30 | AUD | NAB Business Conditions Apr | 7 | 9 | | 03:00 | NZD | RBNZ Inflation Expectations Q/Q Q2 | 2.33% | 2.50% | | 07:00 | CHF | SECO Consumer Climate Q2 | -38 | -40 | -38 | | 12:30 | CAD | Building Permits M/M Mar | -11.70% | -4.60% | 9.30% | 8.90% |
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