Dollar Down Again on PCE Inflation, Yen Reverses Too
| Action Insight Mid-Day Report 7-28-23 |
Dollar Down Again on PCE Inflation, Yen Reverses Too |
Dollar is reversing much of yesterday's gain as both headline and core PCE price indexes showed more than expected moderation. Meanwhile, Yen is also reversing earlier gains around BoJ policy decisions. On the other hand, European majors are making a notable comeback, with Sterling outperforming Euro and Swiss Franc. Commodity currencies however, are staying as the worst performers, except that Loonie is just mixed. In Europe, at the time of writing, FTSE is up 0.14%. DAX is up 0.22%. CAC is up 0.01%. Germany 10-year yield is flat at 2.473. Earlier in Asia, Nikkei dropped -0.40%. Hong Kong HSI rose 1.41%. China Shanghai SSE rose 1.84%. Singapore Strait Times rose 1.01%. Japan 10-year JGB yield rose 0.1094 to 0.550. |
GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.2720; (P) 1.2858; (R1) 1.2934; More... GBP/USD recovers notably after dipping to 1.2761 earlier today. But for now, further decline is in favor as long as 1.2994 resistance holds. Fall from 1.3141 would target 55 D EMA (now at 1.2718) and possibly below. On the upside, break of 1.2994 resistance will argue that the pull back has completed, and bring retest of 1.3141 high. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 23:30 | JPY | Tokyo CPI Y/Y Jul | 3.20% | 2.80% | 3.10% | | 23:30 | JPY | Tokyo CPI ex Fresh Food Y/Y Jul | 3.00% | 2.90% | 3.20% | | 23:30 | JPY | Tokyo CPI ex Food Energy Y/Y Jul | 4.00% | 3.80% | | 01:30 | AUD | Retail Sales M/M Jun | -0.80% | 0.00% | 0.70% | 0.80% | | 01:30 | AUD | PPI Q/Q Q1 | 0.50% | 0.90% | 1.00% | | 01:30 | AUD | PPI Y/Y Q1 | 3.90% | 3.90% | 5.20% | | 03:28 | JPY | BoJ Interest Rate Decision | -0.10% | -0.10% | -0.10% | | 05:30 | EUR | France GDP Q/Q Q2 | 0.50% | 0.10% | 0.20% | 0.10% | | 07:00 | CHF | KOF Economic Barometer Jul | 92.2 | 90 | 90.8 | 90.7 | | 09:00 | EUR | Germany GDP Q/Q Q2 | 0.00% | 0.10% | -0.30% | | 09:00 | EUR | Eurozone Economic Sentiment Indicator Jul | 94.5 | 95 | 95.3 | | 09:00 | EUR | Eurozone Industrial Confidence Jul | -9.4 | -7.5 | -7.2 | -7.3 | | 09:00 | EUR | Eurozone Services Sentiment Jul | 5.7 | 5.3 | 5.7 | 5.9 | | 09:00 | EUR | Eurozone Consumer Confidence Jul F | -15.1 | -15.1 | -15.1 | | 12:00 | EUR | Germany CPI M/M Jul P | 0.30% | 0.30% | 0.30% | | 12:00 | EUR | Germany CPI Y/Y Jul P | 6.20% | 6.20% | 6.40% | | 12:30 | CAD | GDP M/M May | 0.30% | 0.30% | 0.00% | 0.10% | | 12:30 | USD | Personal Income M/M Jun | 0.30% | 0.50% | 0.40% | 0.50% | | 12:30 | USD | Personal Spending M/M Jun | 0.50% | 0.40% | 0.10% | 0.20% | | 12:30 | USD | PCE Price Index M/M Jun | 0.20% | -0.10% | 0.10% | | 12:30 | USD | PCE Price Index Y/Y Jun | 3.00% | 3.10% | 3.80% | | 12:30 | USD | Core PCE Price Index M/M Jun | 0.20% | 0.20% | 0.30% | | 12:30 | USD | Core PCE Price Index Y/Y Jun | 4.10% | 4.20% | 4.60% | | 12:30 | USD | Employment Cost Index Q1 | 1.00% | 1.10% | 1.20% | | 13:45 | USD | Chicago PMI Jul | 72.6 | 41.5 | | 14:00 | USD | Michigan Consumer Sentiment Index Jul F | 72.6 | 72.6 |
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