Dollar Strengthens Modestly as Forex Markets Quiet
| Action Insight Mid-Day Report 5-7-24 |
Dollar Strengthens Modestly as Forex Markets Quiet |
The forex markets are displaying some calmness today. While Dollar is trading as the strongest performer, it lacks clear upside momentum indicating a reversal of the decline started last week. With no significant economic data expected from the US for the remainder of the week, Dollar's next move hinges on shifts in risk sentiment and movements in other major currencies. Meanwhile, New Zealand Dollar is standing as the second strongest, benefiting from Australian Dollar's selloff following RBA's decision to maintain a neutral stance without leaning towards a hawkish tone. Additionally, Euro garners support from better-than-expected Eurozone retail sales data, positioning it as the third strongest currency for the day. In contrast, Japanese Yen underperforms, emerging as the worst performer, followed by Australian Dollar and Swiss Franc. Sterling and the Canadian Dollar hold intermediate positions... |
EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.0753; (P) 1.0772; (R1) 1.0789; More... EUR/USD is staying in consolidation below 1.0810 temporary top and intraday bias stays neutral. While deeper retreat cannot be ruled out, further rally is expected as long as 55 4H EMA (now at 1.0725) 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 turn bias to the downside for 1.0648 support instead. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 00:30 | JPY | Services PMI Apr F | 54.3 | 54.6 | 54.6 | | 04:30 | AUD | RBA Interest Rate Decision | 4.35% | 4.35% | 4.35% | | 05:30 | AUD | RBA Press Conference | | 05:45 | CHF | Unemployment Rate M/M Apr | 2.30% | 2.30% | 2.30% | | 06:00 | EUR | Germany Trade Balance (EUR) Mar | 22.3B | 22.4B | 21.4B | | 06:00 | EUR | Germany Factory Orders M/M Mar | -0.40% | 0.40% | 0.20% | | 06:45 | EUR | France Trade Balance (EUR) Mar | -5.5B | -5.0B | -5.2B | -5.6B | | 07:00 | CHF | Foreign Currency Reserves (CHF) Apr | 720B | 715B | | 08:30 | GBP | Construction PMI Apr | 53 | 51.1 | 50.2 | | 09:00 | EUR | Eurozone Retail Sales M/M Mar | 0.80% | 0.60% | -0.50% | -0.30% | | 14:00 | CAD | Ivey PMI Apr | 58.1 | 57.5 |
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