Dollar Gains on Risk-Off Mood: Mixed China Data and Japan Earthquake Drive Cautious Trading
| Action Insight Daily Report 12-29-23 |
Dollar Gains on Risk-Off Mood: Mixed China Data and Japan Earthquake Drive Cautious Trading |
Dollar gains modest ground in Asian session today, driven by mild risk-off sentiment. Mixed data emerging from China's PMI manufacturing sector has cast a shadow over market sentiment, contributing to a tepid start in Hong Kong's stock market. The HSI index is grappling with the aftermath of its fourth consecutive year of losses, as a prolonged period of underperformance continues. Contrasting this, Japanese Yen is showing a broad softening while Japan is on holiday. A powerful earthquake in Japan's central region on New Year's Day adds a layer of uncertainty to the economic outlook. Investors are closely monitoring the situation, assessing the potential repercussions of this natural disaster... |
EUR/USD Daily Outlook Daily Pivots: (S1) 1.1020; (P) 1.1052; (R1) 1.1070; More... EUR/USD's retreat from 1.1138 extends lower today but stays well above 1.0929 support. Intraday bias remains neutral for the moment. Further rally is expected as long as 1.0929 support holds. Break of 1.1138 will resume the rise from 1.0447 to retest 1.1274 high. Strong resistance should be seen from there to limit upside, at least on first attempt. Meanwhile, break of 1.0929 will indicate short term topping and turn bias back to the downside for 1.0772 support. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 00:01 | GBP | BRC Shop Price Index Y/Y Nov | 4.30% | 4.30% | | 01:45 | CNY | Caixin Manufacturing PMI Dec | 50.8 | 50.4 | 50.7 | | 08:45 | EUR | Italy Manufacturing PMI Dec | 44.4 | 44.4 | | 08:50 | EUR | France Manufacturing PMI Dec F | 42 | 42 | | 08:55 | EUR | Germany Manufacturing PMI Dec F | 43.1 | 43.1 | | 09:00 | EUR | Eurozone Manufacturing PMI Dec F | 44.2 | 44.2 | | 09:00 | EUR | Eurozone M3 Money Supply Y/Y Nov | -1% | -1% | | 09:30 | GBP | Manufacturing PMI Dec F | 46.4 | 46.4 | | 14:30 | CAD | Manufacturing PMI Dec | 47.7 | | 14:45 | USD | Manufacturing PMI Dec F | 48.2 | 48.2 | | 15:00 | USD | Construction Spending M/M Nov | 0.60% | 0.60% |
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