Aussie Weakens, Gold's Recovery, Global Inflation Data in Spotlights
| Action Insight Daily Report 1-8-24 |
Aussie Weakens, Gold's Recovery, Global Inflation Data in Spotlights |
Australian Dollar trades broadly lower in today's Asian session, influenced by notable decline in Hong Kong and Chinese stock markets as driven by selloff in technology stocks in these regions. Additionally, there is growing investor caution ahead of impending economic data from China, which is anticipated to highlight deepened deflation and challenges in the export sector. This cautious sentiment has led to Australian Dollar being the weakest performers so far, with Swiss Franc, British Pound, and Kiwi following. On the flip side, Japanese Yen, Dollar, and Euro are showing slight gains in what has been a relatively subdued session. Notably, apart from a few Yen currency pairs, most forex markets are trading within the ranges established on Friday, indicating the lack of significant volatility at the moment. However, this is expected to change as focus shifts to forthcoming economic inflation data from major economies including US, Japan, China, Australia, Switzerland, as well as UK GDP... |
AUD/USD Daily Report Daily Pivots: (S1) 0.6655; (P) 0.6702; (R1) 0.6762; More... With 0.6759 minor resistance intact, further decline is expected in AUD/USD. Fall from 0.6870 short term top would target 55 D EMA (now at 0.6612). Some support could be seen there to bring rebound on first attempt. On the upside, however, break of 0.6759 minor resistance will suggest that the pull back is over, and bring retest of 0.6870 instead. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 07:00 | EUR | Germany Factory Orders M/M Nov | 1.10% | -3.70% | | 07:00 | EUR | Germany Trade Balance (EUR) Nov | 17.9B | 17.8B | | 07:30 | CHF | Real Retail Sales Y/Y Nov | 0.00% | -0.10% | | 07:30 | CHF | CPI M/M Dec | -0.10% | -0.20% | | 07:30 | CHF | CPI Y/Y Dec | 1.70% | 1.40% | | 09:30 | EUR | Eurozone Sentix Investor Confidence Jan | -15.4 | -16.8 | | 10:00 | EUR | Eurozone Economic Sentiment Indicator Dec | 93.8 | | 10:00 | EUR | Eurozone Industrial Confidence Dec | -9.5 | | 10:00 | EUR | Eurozone Services Sentiment Dec | 4.9 | | 10:00 | EUR | Eurozone Consumer Confidence Dec F | -15.1 | -15.1 | | 10:00 | EUR | Eurozone Retail Sales M/M Nov | -0.10% | 0.10% |
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