Dollar's Rebound Stalls Amid Weak PPI and Jobless Claims; Focus Shifts to BoJ
| Action Insight Mid-Day Report 6-13-24 |
Dollar's Rebound Stalls Amid Weak PPI and Jobless Claims; Focus Shifts to BoJ |
Trading activity slowed notably today as the markets turned relatively quiet. Dollar attempted a rebound from its losses earlier this week but struggled to gain momentum after worse-than-expected PPI and jobless claims data. Despite being one of the weaker performers this week, Dollar has managed to stay above last week's lows against all major currencies. The brief breakout against British Pound also quickly reversed, bringing Dollar back within its established range. Japanese Yen has been the weakest performer this week. Attention now shifts to the upcoming BoJ monetary policy decision. While no changes in interest rates are anticipated, there is speculation that BoJ may begin tapering its monthly purchases of JGBs. Due to opposition from some BoJ board members, BoJ might only offer vague language about reduction in future bond buying rather than a detailed plan... |
USD/CHF Mid-Day Outlook Daily Pivots: (S1) 0.8897; (P) 0.8940; (R1) 0.8988; More…. No change in USD/CHF's outlook as range trading continues. Intraday bias remains neutral. On the downside, sustained break of 0.8883 fibonacci level will carry larger bearish implications and bring deeper decline. On the upside, firm break of 0.8987 support turned resistance will argue that correction from 0.9223 has completed, after drawing support from 0.8883 fibonacci level. Intraday bias will be back on the upside for 0.9157/9223 resistance zone. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 23:01 | GBP | RICS Housing Price Balance May | -17% | -5% | -5% | -7% | | 23:50 | JPY | BSI Large Manufacturing Index Q2 | -1 | -5.2 | -6.7 | | 01:30 | AUD | Employment Change May | 39.7K | 39.0K | 38.5K | 37.4K | | 01:30 | AUD | Unemployment Rate May | 4.00% | 4.00% | 4.10% | | 06:30 | CHF | PPI M/M May | -0.30% | 0.50% | 0.60% | | 06:30 | CHF | PPI Y/Y May | -1.80% | -1.80% | | 09:00 | EUR | Eurozone Industrial Production M/M Apr | -0.10% | 0.10% | 0.60% | 0.50% | | 12:30 | USD | PPI M/M May | -0.20% | 0.20% | 0.50% | | 12:30 | USD | PPI Y/Y May | 2.20% | 2.20% | 2.20% | 2.30% | | 12:30 | USD | PPI Core M/M May | 0.00% | 0.30% | 0.50% | | 12:30 | USD | PPI Core Y/Y May | 2.30% | 2.30% | 2.40% | | 12:30 | USD | Initial Jobless Claims (Jun 7) | 242K | 227K | 229K | | 14:30 | USD | Natural Gas Storage | 75B | 98B |
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