Dollar Weakens after Mixed Data, Traders Turn Cautious
| Action Insight Mid-Day Report 6-27-24 |
Dollar Weakens after Mixed Data, Traders Turn Cautious |
Dollar weakens broadly weakening in the early US session following the release of a batch of economic data. Durable goods orders presented a mixed bag. Concurrently, continuing claims for unemployment benefits rose to their highest level in more than two-and-a-half years. Despite these indicators, there is no immediate cause for alarm. Instead, traders, observing the Dollar's inability to extend its near-term rally against Euro, appear to be lightening up their positions ahead of the upcoming PCE inflation data tomorrow and the end of the first half. Adding to the cautious sentiment is the upcoming French parliamentary election on Sunday, which is contributing to market jitters. The potential political shake-up in France could have significant implications for the Eurozone, prompting traders to adopt a wait-and-see approach... |
EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.0658; (P) 1.0688; (R1) 1.0710; More.... EUR/USD recovered after breaching 1.0667 briefly and intraday bias remains neutral. Outlook stays outlook stays bearish with 1.0760 resistance intact. Decline from 1.0915 is seen as another leg in the larger corrective pattern. Firm break of 1.0667 will target 1.0601 and below. However, decisive break of 1.0760 will turn intraday bias back to the upside for stronger rebound. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
|---|
| 23:50 | JPY | Retail Trade Y/Y May | 3.00% | 2.00% | 2.40% | 2.00% | | 01:00 | AUD | Consumer Inflation Expectations Jun | 4.40% | 4.10% | | 01:00 | NZD | ANZ Business Confidence Jun | 6.1 | 11.2 | | 08:00 | EUR | Eurozone M3 Money Supply Y/Y May | 1.60% | 1.60% | 1.30% | | 09:00 | EUR | Eurozone Economic Sentiment Jun | 95.9 | 96.3 | 96 | | 09:00 | EUR | Eurozone Industrial Confidence Jun | -10.1 | -9.6 | -9.9 | | 09:00 | EUR | Eurozone Services Sentiment Jun | 6.5 | 6.4 | 6.5 | | 09:00 | EUR | Eurozone Consumer Confidence Jun F | -14 | -14 | -14 | | 12:30 | USD | Initial Jobless Claims (Jun 21) | 233K | 230K | 238K | | 12:30 | USD | Durable Goods Orders May | 0.10% | -0.10% | 0.60% | | 12:30 | USD | Durable Goods Orders ex Transport May | -0.10% | 0.10% | 0.40% | | 12:30 | USD | Goods Trade Balance (USD) May P | -100.6B | -96.0B | -99.4B | | 12:30 | USD | Wholesale Inventories May P | 0.60% | 0.20% | 0.10% | | 12:30 | USD | GDP Annualized Q1 F | 1.40% | 1.30% | 1.30% | | 12:30 | USD | GDP Price Index Q1 F | 3.10% | 3.00% | 3.00% | | 14:00 | USD | Pending Home Sales M/M May | 0.60% | -7.70% | | 14:30 | USD | Natural Gas Storage | 53B | 71B |
|
|
|
