| Action Insight Daily Report 11-16-23 |
Aussie Dips Amid Mixed Employment Data and Global Market Cautiousness |
 Australian Dollar weakens broadly in Asian session, as Australian employment data and shifting global risk sentiment take center stage. The mixed nature of the latest Australian jobs report is causing a rethink among investors regarding RBA's next steps. Despite robust increase in overall employment numbers, a nuanced look reveals cracks in the job market's strength. The unexpected uptick in the unemployment rate and deceleration in work hours growth are clear indicators of a cooling labor market. This cooling trend reinforces expectation for RBA to hit pause on its interest rate hikes again in December meeting. RBA is likely to closely monitor the economic indicators over the festive season to gauge the need for further monetary policy adjustments in February... |
AUD/USD Daily Report Daily Pivots: (S1) 0.6481; (P) 0.6512; (R1) 0.6540; More... Despite spiking higher to 0.6541, subsequent retreat in AUD/USD suggests that a temporary top was formed. Intraday bias is turned neutral for some consolidations first. Downside should be contained by 55 4H EMA (now at 0.6427) to bring rebound. Break of 0.6541, and sustained trading above 38.2% retracement of 0.6894 to 0.6269 at 0.6508, will argue that whole corrective fall from 0.7156 has completed with three waves down to 0.6269. Stronger rally should seen to falling channel resistance (now at 0.6684) next. |  |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 00:30 | AUD | Wage Price Index Q/Q Q3 | 1.30% | 1.30% | 0.80% | 0.90% | | 23:50 | JPY | GDP Q/Q Q3 P | -0.50% | -0.10% | 1.20% | | 23:50 | JPY | GDP Deflator Y/Y Q3 P | 5.10% | 4.80% | 3.50% | | 02:00 | CNY | Industrial Production Y/Y Oct | 4.60% | 4.50% | 4.50% | | 02:00 | CNY | Retail Sales Y/Y Oct | 7.60% | 7.00% | 5.50% | | 02:00 | CNY | Fixed Asset Investment YTD Y/Y Oct | 2.90% | 3.10% | 3.10% | | 04:30 | JPY | Industrial Production M/M Sep F | 0.50% | 0.20% | 0.20% | | 07:00 | GBP | CPI M/M Oct | 0.00% | 0.20% | 0.50% | | 07:00 | GBP | CPI Y/Y Oct | 4.60% | 4.70% | 6.70% | | 07:00 | GBP | Core CPI Y/Y Oct | 5.70% | 5.80% | 6.10% | | 07:00 | GBP | RPI M/M Oct | -0.20% | 0.50% | | 07:00 | GBP | RPI Y/Y Oct | 6.10% | 6.40% | 8.90% | | 07:00 | GBP | PPI Input M/M Oct | 0.40% | 0.10% | 0.40% | 0.60% | | 07:00 | GBP | PPI Input Y/Y Oct | -2.60% | -2.60% | -2.10% | | 07:00 | GBP | PPI Output M/M Oct | 0.10% | 0.10% | 0.40% | 0.60% | | 07:00 | GBP | PPI Output Y/Y Oct | -0.60% | -0.10% | 0.20% | | 07:00 | GBP | PPI Core Output M/M Oct | 0.10% | 0.00% | | 07:00 | GBP | PPI Core Output Y/Y Oct | 0.20% | 0.70% | 0.80% | | 10:00 | EUR | Eurozone Trade Balance (EUR) Sep | 9.2B | 12.3B | 11.9B | 11.1B | | 10:00 | EUR | Eurozone Industrial Production M/M Sep | -1.10% | -0.90% | 0.60% | | 13:30 | CAD | Manufacturing Sales M/M Sep | 0.40% | 0.80% | 0.70% | | 13:30 | CAD | Wholesale Sales M/M Sep | 0.40% | 1.40% | 2.30% | | 13:30 | USD | Empire State Manufacturing Index Nov | 9.1 | -2.6 | -4.6 | | 13:30 | USD | Retail Sales M/M Oct | -0.10% | -0.30% | 0.70% | 0.90% | | 13:30 | USD | Retail Sales ex Autos M/M Oct | 0.10% | -0.20% | 0.60% | 0.80% | | 13:30 | USD | PPI M/M Oct | -0.50% | 0.10% | 0.50% | 0.40% | | 13:30 | USD | PPI Y/Y Oct | 1.30% | 1.90% | 2.20% | | 13:30 | USD | PPI Core M/M Oct | 0.00% | 0.20% | 0.30% | 0.20% | | 13:30 | USD | PPI Core Y/Y Oct | 2.40% | 2.70% | 2.70% | | 15:00 | USD | Business Inventories Sep | 0.30% | 0.40% | | 15:30 | USD | Crude Oil Inventories |
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