Risk Sentiment Steadies as Dollar Softens, GBP/CAD Eyes UK and Canada Data
| Action Insight Daily Report 10-11-24 |
Risk Sentiment Steadies as Dollar Softens, GBP/CAD Eyes UK and Canada Data |
Risk sentiment appears to have stabilized heading into the weekend, despite stronger-than-expected US inflation data released overnight. The report didn’t cause any significant shifts in market expectations regarding Fed's rate cuts. Stock markets also showed resilience, with major US indexes closing only slightly lower. Dollar, however, has lost some momentum, turning softer against both Swiss Franc and Japanese Yen. Investors are now focused on comments from upcoming Fed officials, particularly on whether any will echo Atlanta Fed President Raphael Bostic’s openness to a potential pause in rate cuts at the November meeting. For the week so far, Canadian Dollar is currently the weakest performer, followed by New Zealand Dollar and Australian Dollar. On the other hand, Swiss Franc is leading as the strongest currency, followed by Yen, and then Dollar. Euro and British Pound are stuck in the middle.... |
USD/CHF Daily Outlook Daily Pivots: (S1) 0.8542; (P) 0.8578; (R1) 0.8597; More… Intraday bias in USD/CHF is turned neutral first with current retreat. On the upside, above 0.8611 will resume the rebound from 0.8374 to 38.2% retracement of 0.9223 to 0.8374 at 0.8698. Sustained break there will argue that fall from 0.9223 has completed after defending 0.8332 low. However, firm break of 0.8529 minor support will turn bias back to the downside for retesting 0.8374/8401 support zone instead. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
|---|
| 21:30 | NZD | Business NZ PMI Sep | 46.9 | 45.8 | 46.1 | | 23:50 | JPY | Money Supply M2+CD Y/Y Sep | 1.30% | 1.50% | 1.30% | | 06:00 | EUR | Germany CPI M/M Sep F | 0.00% | 0.00% | | 06:00 | EUR | Germany CPI Y/Y Sep F | 1.60% | 1.60% | | 06:00 | GBP | GDP M/M Aug | 0.20% | 0.00% | | 06:00 | GBP | Industrial Production M/M Aug | 0.20% | -0.80% | | 06:00 | GBP | Industrial Production Y/Y Aug | -0.50% | -1.20% | | 06:00 | GBP | Manufacturing Production M/M Aug | 0.30% | -1.00% | | 06:00 | GBP | Manufacturing Production Y/Y Aug | -0.40% | -1.30% | | 06:00 | GBP | Goods Trade Balance (GBP) Aug | -19.2B | -20.0B | | 12:30 | USD | PPI M/M Sep | 0.10% | 0.20% | | 12:30 | USD | PPI Y/Y Sep | 1.60% | 1.70% | | 12:30 | USD | PPI Core M/M Sep | 0.20% | 0.30% | | 12:30 | USD | PPI Core Y/Y Sep | 2.70% | 2.40% | | 12:30 | CAD | Building Permits M/M Aug | -8.40% | 22.10% | | 12:30 | CAD | Net Change in Employment Sep | 34.5K | 22.1K | | 12:30 | CAD | Unemployment Rate Sep | 6.60% | 6.60% | | 14:00 | USD | Michigan Consumer Sentiment Index Oct P | 70.1 | 70.1 | | 14:30 | CAD | BOC Business Outlook Survey |
|
|
|
