Dollar Finds Support as Traders Turn to NFP for January Fed Guidance
| Action Insight Daily Report 12-6-24 |
Dollar Finds Support as Traders Turn to NFP for January Fed Guidance |
Dollar steadied after yesterday’s selloff, recovering slightly as markets braced for the non-farm payroll report. Traders appear increasingly confident about a December rate cut, shifting the focus of today’s employment data toward its implications for January's FOMC meeting. While the report may still trigger some market volatility, many participants seem inclined to look past this release, awaiting key indicators like next week’s CPI or January's NFP for more decisive cues. Meanwhile, Australian and New Zealand Dollars remained under pressure, showing weakness despite the absence of a clear risk-off sentiment. Global equity markets are holding up well, with US indices near record highs and Germany’s DAX extending its powerful record-breaking rally. Australian stocks also hit new highs, albeit with slower momentum. The Antipodean currencies’ weakness could reflect rising concerns about the escalation of US-China tariff tensions under the incoming US administration next year. For the week so far, Swiss Franc unexpectedly leads as the strongest performer, followed by Sterling and Dollar. Australian Dollar lags at the bottom, trailed by Kiwi and Yen. Euro and Canadian Dollar are positioned mid-pack.... |
EUR/USD Daily Outlook Daily Pivots: (S1) 1.0533; (P) 1.0562; (R1) 1.0615; More... Intraday bias in EUR/USD remains neutral for the moment. On the upside, firm break of 1.0609 resistance will resume the rebound from 1.0330 to 55 D EMA (now at 1.0729). But strong resistance could be seen there to limit upside. . On the downside, break of 1.0330 will resume the fall from 1.1213. Also, sustained trading below 1.0404 key fibonacci level will carry larger bearish implication. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
|---|
| 23:30 | JPY | Labor Cash Earnings Y/Y Oct | 2.60% | 2.60% | 2.80% | 2.50% | | 23:30 | JPY | Household Spending Y/Y Oct | -1.30% | -2.60% | -1.10% | | 05:00 | JPY | Leading Economic Index Oct P | 108.6 | 108.9 | 109.1 | | 07:00 | EUR | Germany Industrial Production M/M Oct | -1.00% | 1.00% | -2.50% | -2.00% | | 07:45 | EUR | France Trade Balance (EUR) Oct | -7.7B | -8.3B | -8.3B | -8.4B | | 10:00 | EUR | Eurozone GDP Q/Q Q3 | 0.40% | 0.40% | | 13:30 | CAD | Net Change in Employment Nov | 24.7K | 14.5K | | 13:30 | CAD | Unemployment Rate Nov | 6.60% | 6.50% | | 13:30 | USD | Nonfarm Payrolls Nov | 218K | 12K | | 13:30 | USD | Unemployment Rate Nov | 4.10% | 4.10% | | 13:30 | USD | Average Hourly Earnings M/M Nov | 0.30% | 0.40% | | 15:00 | USD | Michigan Consumer Sentiment Dec P | 72.9 | 71.8 |
|
|
|
