Forex Markets Steady as Traders Shrug US PCE Data
| Action Insight Daily Report 7-26-24 |
Forex Markets Steady as Traders Shrug US PCE Data |
Trading in the forex markets remains subdued today as investors take a breather from a week of high volatility. Most major currency pairs and crosses are trading within yesterday's ranges, with little reaction to US PCE inflation data. Annual Core PCE rate was surprisingly unchanged in June, but the slight monthly increase still indicates that disinflation is in progress, keeping investors relatively calm. In other markets, US futures are trading sharply higher, suggesting that tech shares, in particular, are set to recover some of this week's steep losses. 10-year Treasury yield is slightly down, continuing its recent range-bound pattern. Gold is attempting to find support at the 55 D EMA to maintain its near-term bullish outlook, while WTI crude oil is struggling to reclaim 80 handle despite recovery yesterday... |
USD/JPY Mid-Day Outlook Daily Pivots: (S1) 152.48; (P) 153.40; (R1) 154.86; More... Intraday bias in USD/JPY remains neutral as consolidations continue above 151.93 temporary low. Risk will stay 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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| 23:30 | JPY | Tokyo CPI Y/Y Jul | 2.20% | 2.30% | | 23:30 | JPY | Tokyo CPI Core Y/Y Jul | 2.20% | 2.20% | 2.10% | | 23:30 | JPY | Tokyo CPI Core-Core Y/Y Jul | 1.50% | 1.80% | | 12:30 | USD | Personal Income M/M Jun | 0.20% | 0.40% | 0.50% | | 12:30 | USD | Personal Spending Jun | 0.30% | 0.30% | 0.20% | | 12:30 | USD | PCE Price Index M/M Jun | 0.10% | 0.10% | 0.00% | | 12:30 | USD | PCE Price Index Y/Y Jun | 2.50% | 2.50% | 2.60% | | 12:30 | USD | Core PCE Price Index M/M Jun | 0.20% | 0.20% | 0.10% | | 12:30 | USD | Core PCE Price Index Y/Y Jun | 2.60% | 2.50% | 2.60% | | 14:00 | USD | Michigan Consumer Sentiment Jul F | 66 | 66 |
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