Sterling Leads the Week Ahead of UK GDP, Dollar Sluggish
Action Insight Daily Report 1-12-24 |
Sterling Leads the Week Ahead of UK GDP, Dollar Sluggish |
Dollar's fleeting post-CPI rally was very short-lived. The greenback quickly reversed its initial gains and has since been trading within a narrow range against other major currencies. Traders appear relatively unfazed by the stronger than expected inflation readings, with markets still pricing in more than 70% chance on Fed cutting interest rate in March. This scenario reveals a pattern where Dollar briefly reacts to upside surprises in economic data, such as the non-farm payroll and CPI data. It seems likely that this trend of transient responses to Dollar-favorable economic indicators might persist for a while, probably through the rest of the month.... |
EUR/USD Daily Outlook Daily Pivots: (S1) 1.0936; (P) 1.0967; (R1) 1.1005; More... Range trading continues in EUR/USD and intraday bias remains neutral. On the downside break of 1.0876 will resume the fall from 1.1138 short term top to 1.0722 support next. However, break of 1.0997 will turn bias back to the upside for retesting 1.1138 high instead. | |
GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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23:50 | JPY | Bank Lending Y/Y Dec | 3.10% | 2.70% | 2.80% | 23:50 | JPY | Current Account (JPY) Nov | 1.89T | 2.18T | 2.62T | 01:30 | CNY | CPI Y/Y Dec | -0.30% | -0.40% | -0.50% | 01:30 | CNY | PPI Y/Y Dec | -2.70% | -2.50% | -3.00% | 02:30 | CNY | Trade balance (USD) Dec | 75.34B | 74.75B | 68.39B | 02:30 | CNY | Exports Y/Y Dec | 2.30% | 1.70% | 0.50% | 02:30 | CNY | Imports Y/Y Dec | 0.20% | 0.30% | -0.60% | 05:00 | JPY | Eco Watchers Survey: Current Dec | 50.7 | 49.9 | 49.5 | 07:00 | GBP | GDP M/M Nov | 0.20% | -0.30% | 07:00 | GBP | Industrial Production M/M Nov | 0.10% | -0.80% | 07:00 | GBP | Manufacturing Production Y/Y Nov | 1.70% | 0.80% | 07:00 | GBP | Manufacturing Production M/M Nov | 0.30% | -1.10% | 07:00 | GBP | Industrial Production Y/Y Nov | 0.70% | 0.40% | 07:00 | GBP | Goods Trade Balance (GBP) Nov | -15.7B | -17.0B | 07:45 | EUR | France Consumer Spending M/M Nov | 0.00% | -0.90% | 13:00 | GBP | NIESR GDP Estimate (3M) Dec | -0.10% | 13:30 | USD | PPI M/M Dec | 0.10% | 0.00% | 13:30 | USD | PPI Y/Y Dec | 1.30% | 0.90% | 13:30 | USD | PPI Core M/M Dec | 0.20% | 0.00% | 13:30 | USD | PPI Core Y/Y Dec | 2.00% | 2.00% |
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