Subdued Trading and Anticipation for RBA Minutes
| Action Insight Daily Report 2-19-24 |
Subdued Trading and Anticipation for RBA Minutes |
Activity in the global financial markets are rather muted today, with major European stock indexes reading water within a narrow range. US futures are also showing little change, reflecting the quietness of US market holiday. In the currency sphere, movements are similarly subdued, with Euro and Swiss Franc ranking as the day's weaker currencies followed by Dollar. Kiwi, Aussie, and Yen are having relative strength. Sterling and Swiss Franc find themselves positioned in the middle, presenting mixed performance. The upcoming Asian trading session, however, promises an uptick in market volatility, with release of RBA minutes highly anticipated. At its February board meeting, RBA maintained official cash rate at 4.35%, aligning with market expectations. Notably, the central bank chose not to abandon its tightening bias. Governor Michele Bullock's stance, that another rate hike remains a possibility but is not definitively on the cards, has sparked keen interest. The forthcoming minutes are expected to shed light on whether an additional hike was seriously considered and the degree of contention surrounding this decision. |
USD/JPY Mid-Day Outlook Daily Pivots: (S1) 149.81; (P) 150.23; (R1) 150.63; More... USD/JPY is extending the consolidation from 150.87 and intraday bias remains neutral. Downside of retreat should be contained by 148.79 resistance turned support to bring another rally. Above 150.87 will resume the rise from 140.25 to 151.89/93 key resistance zone. Decisive break there will confirm larger up trend resumption of 155.50 projection level next. However, firm break of 148.79 will turn bias to the downside for 145.88 support. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
|---|
| 21:30 | NZD | Business NZ PSI Jan | 52.1 | 48.8 | | 23:50 | JPY | Machinery Orders M/M Dec | 2.70% | 2.50% | -4.90% | | 00:01 | GBP | Rightmove House Price Index M/M Feb | 0.90% | 1.30% | | 11:00 | EUR | German Buba Monthly Report | | 13:30 | CAD | Industrial Product Price M/M Jan | -0.10% | 0.10% | -1.50% | | 13:30 | CAD | Raw Material Price Index Jan | 1.20% | 0.80% | -4.90% |
|
|
|
