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... |
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. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 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% |
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