Dollar Edges Up After Strong Q2 GDP, Yen Finally Retreats
| Action Insight Mid-Day Report 7-25-24 |
Dollar Edges Up After Strong Q2 GDP, Yen Finally Retreats |
Dollar rises modestly in early US trading following stronger-than-expected Q2 GDP data. The robust performance overshadowed the mixed durable goods orders data, instilling some optimism in the market. Despite this, overall market reactions remain subdued. US futures point to a flat open, suggesting a degree of stabilization following yesterday's sharp selloff. Additionally, 10-year yield has recovered slightly from its earlier dip. Meanwhile, the Japanese Yen, which had seen significant gains recently, is retreating slightly. The buying climax for the Yen might have passed, but it's too early to determine if risk sentiment has improved. Traders could be switching their positions to the Yen's safe-haven counterpart, the Swiss Franc, which is currently the strongest currency for the day... |
USD/JPY Mid-Day Outlook Daily Pivots: (S1) 152.68; (P) 154.33; (R1) 155.56; More... Intraday bias in USD/JPY is turned neutral first with current recovery, and some consolidations would be seen above 151.93 temporary low. But risk will remain on the downside as long as 155.36 support turned resistance holds. Decisive break of 151.89 resistance turned support will argue that large scale correction is underway to 148.66 fibonacci level. Nevertheless, break of 155.36 will turn bias back to the upside for stronger rebound. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 23:50 | JPY | Corporate Service Price Index Y/Y Jun | 3.00% | 2.60% | 2.50% | 2.70% | | 08:00 | EUR | Germany IFO Business Climate Jul | 87 | 89 | 88.6 | | 08:00 | EUR | Germany IFO Current Assessment Jul | 87.1 | 88.5 | 88.3 | | 08:00 | EUR | Germany IFO Expectations Jul | 86.9 | 89 | 89 | 88.8 | | 08:00 | EUR | Eurozone M3 Money Supply Y/Y Jun | 2.20% | 1.90% | 1.60% | 1.50% | | 12:30 | USD | Initial Jobless Claims (Jul 19) | 235K | 238K | 243K | | 12:30 | USD | GDP Annualized Q2 P | 2.80% | 2.00% | 1.40% | | 12:30 | USD | GDP Price Index Q2 P | 2.30% | 2.60% | 3.10% | | 12:30 | USD | Durable Goods Orders Jun | -6.60% | 0.40% | 0.10% | | 12:30 | USD | Durable Goods Orders ex Transport Jun | 0.50% | 0.20% | -0.10% | | 14:30 | USD | Natural Gas Storage | 13B | 10B |
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