Dollar Strikes Back as Investors Reevaluate Global Central Bank Paths

Action Insight Daily Report 3-22-24

Dollar Strikes Back as Investors Reevaluate Global Central Bank Paths

Dollar mounted a significant comeback overnight, demonstrating resilience amidst surge in risk-on sentiment that propelled the three major US stock indexes to record highs. The greenback continued to extend gains in Asian session, surpassing pre-FOMC highs against European majors.

The shift in sentiment came in wake of SNB's unexpected rate cut yesterday and dovish voting pattern from BoE. These events could have led investors to realize there are realistic risks that Fed could start cutting interest rates later other major counterparts like ECB...

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Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol

GBP/USD Daily Outlook

Daily Pivots: (S1) 1.2605; (P) 1.2704; (R1) 1.2757; More...

GBP/USD's steep decline and break of 1.2666 support indicates resumption of fall from 1.2892. Intraday bias is back on the downside for 1.2517 structural support next. Decisive break there will indicate larger bearish reversal. For now, risk will remain on the downside as long as 1.2802 resistance holds, in case of recovery.

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EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD

EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY

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Economic Calendar
GMT Ccy Events Actual Forecast Previous Revised
21:45 NZD Trade Balance (MZD) Feb -218M -825M -976M -1089M
23:30 JPY National CPI Y/Y Feb 2.80% 2.20%
23:30 JPY National CPI ex Fresh Food Y/Y Feb 2.80% 2.80% 2.00%
23:30 JPY National CPI ex Food Energy Y/Y Feb 3.20% 3.50%
00:01 GBP GfK Consumer Confidence Mar -21 -20 -21
07:00 GBP Retail Sales M/M Feb -0.30% 3.40%
09:00 EUR Germany IFO Business Climate Mar 86.2 85.5
09:00 EUR Germany IFO Current Assessment Mar 86.8 86.9
09:00 EUR Germany IFO Expectations Mar 84.7 84.1
12:30 CAD Retail Sales M/M Jan -0.40% 0.90%
12:30 CAD Retail Sales ex Autos M/M Jan -0.50% 0.60%