Quiet Forex Trading with Dollar Leading, AUD/JPY at Make-or-Break Level
| Action Insight Mid-Day Report 7-30-24 |
Quiet Forex Trading with Dollar Leading, AUD/JPY at Make-or-Break Level |
Overall trading in the forex markets remained relatively subdued today. Dollar continues to hold the top position, despite the absence of clear follow-through buying momentum. Investor caution is also evident in US stock futures, which are moving within a tight range. Any movement in the US markets is likely to be temporary today, as traders are holding off on major bets until tomorrow's FOMC rate decision, looking for clear guidance on a September rate cut. Elsewhere in the forex markets, Euro remains sluggish despite stronger-than-expected Q2 GDP data and German CPI figures. It is also starting to face selling pressure against Swiss Franc as this week's recovery loses steam. British Pound is also soft, with some traders guarding against a dovish rate cut from BoE on Thursday. Yen and Australian Dollar are also on the weaker side, with key events scheduled for the upcoming Asian session. For Australian Dollar, Q2 CPI data will be crucial for RBA's decision on whether another rate hike is needed to curb inflation. Australian Dollar will also be influenced by domestic retail sales data and PMIs from China. As for Yen, it is anticipated that BoJ will outline its plan to taper bond purchases, but there is uncertainty over the announcement of an additional rate hike... |
GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.2816; (P) 1.2852; (R1) 1.2898; More... No change in GBP/USD's outlook and intraday bias stays on the downside. Decisive break of 55 D EMA (now at 1.2779) will suggest that rise from 1.2298 has completed with three waves up to 1.3043 Deeper fall would be seen to 1.2612 support and below. On the upside, above 1.2936 resistance will bring retest of 1.3043 resistance instead. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 23:30 | JPY | Unemployment Rate Jun | 2.50% | 2.60% | 2.60% | | 01:30 | AUD | Building Permits M/M Jun | -6.50% | -2.30% | 5.50% | 5.70% | | 06:45 | EUR | France Consumer Spending M/M Jun | -0.50% | -0.40% | 1.50% | | 05:30 | EUR | France GDP Q/Q Q2 P | 0.30% | 0.20% | 0.20% | | 07:00 | CHF | KOF Leading Indicator Jul | 101 | 102.6 | 102.7 | | 08:00 | EUR | Italy GDP Q/Q Q2 P | 0.20% | 0.20% | 0.30% | | 08:00 | EUR | Germany GDP Q/Q Q2 P | -0.10% | 0.10% | 0.20% | | 09:00 | EUR | Eurozone GDP Q/Q Q2 P | 0.30% | 0.20% | 0.30% | | 09:00 | EUR | Eurozone Economic Sentiment Indicator Jul | 95.8 | 95.4 | 95.9 | | 09:00 | EUR | Eurozone Industrial Confidence Jul | -10.5 | -10.5 | -10.1 | -10.2 | | 09:00 | EUR | Eurozone Services Sentiment Jul | 4.8 | 6.4 | 6.5 | 6.2 | | 09:00 | EUR | Eurozone Consumer Confidence Jul F | -13 | -13 | -13 | | 12:00 | EUR | Germany CPI M/M Jul P | 0.30% | 0.30% | 0.10% | | 12:00 | EUR | Germany CPI Y/Y Jul P | 2.30% | 2.20% | 2.20% | | 13:00 | USD | S&P/CS Composite-20 HPI Y/Y May | 6.80% | 7.40% | 7.20% | | 13:00 | USD | Housing Price Index M/M May | 0.00% | 0.20% | 0.20% | 0.30% | | 14:00 | USD | Consumer Confidence Jul | 99.8 | 100.4 |
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