Dollar Gains Traction Ahead of Key Inflation Data, Yen Struggles Despite Stronger Tokyo CPI

Action Insight Daily Report 6-28-24

Dollar Gains Traction Ahead of Key Inflation Data, Yen Struggles Despite Stronger Tokyo CPI

Dollar is showing renewed strength in Asian session, particularly against commodity currencies. Market reactions to the televised debate between US President Joe Biden and former President Donald Trump have been muted, with traders shifting their focus to upcoming inflation data.

Both headline and core PCE inflation are expected to dip to 2.6% in May. For Fed to consider lowering interest rates, disinflation needs to show consistent progress for several more months. Currently, Fed fund futures indicate around a 65% chance of a 25bps rate cut in September...

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

EUR/JPY Daily Outlook

Daily Pivots: (S1) 171.60; (P) 171.89; (R1) 172.38; More...

Intraday bias in EUR/JPY remains on the upside as up trend continues. Next target is 100% projection of 164.01 to 170.87 from 167.52 at 174.38. On the downside, below 171.37 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.

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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
23:30 JPY Tokyo CPI Y/Y Jun 2.30% 2.20%
23:30 JPY Tokyo CPI ex Fresh Food Y/Y Jun 2.10% 2.00% 1.90%
23:30 JPY Tokyo CPI ex Food & Energy Y/Y Jun 1.80% 1.70%
23:30 JPY Unemployment Rate May 2.60% 2.60% 2.60%
23:50 JPY Industrial Production M/M May P 2.80% 2.00% -0.90%
01:30 AUD Private Sector Credit M/M May 0.40% 0.40% 0.50%
05:00 JPY Housing Starts Y/Y May -6.00% 13.90%
06:00 EUR Germany Import Price Index M/M May 0.20% 0.70%
06:00 GBP GDP Q/Q Q1 F 0.60% 0.60%
06:00 GBP Current Account (GBP) Q1 -17.7B -21.2B
06:45 EUR France Consumer Spending M/M May 0.20% -0.80%
07:00 CHF KOF Economic Barometer Jun 100.5 100.3
07:55 EUR Germany Unemployment Change Jun 15K 25K
07:55 EUR Germany Unemployment Rate Jun 5.90% 5.90%
12:30 CAD GDP M/M Apr 0.30% 0.00%
12:30 USD Personal Income M/M May 0.40% 0.30%
12:30 USD Personal Spending M/M May 0.30% 0.20%
12:30 USD PCE Price Index M/M May 0.00% 0.30%
12:30 USD PCE Price Index Y/Y May 2.60% 2.70%
12:30 USD Core PCE Price Index M/M May 0.10% 0.20%
12:30 USD Core PCE Price Index Y/Y May 2.60% 2.80%
13:45 USD Chicago PMI Jun 40 35.4
14:00 USD Michigan Consumer Sentiment Index Jun F 65.6 65.6