Dollar Holds Firm Against Euro in Quiet Trading, Cautious Sentiment Prevails
| Action Insight Mid-Day Report 7-29-24 |
Dollar Holds Firm Against Euro in Quiet Trading, Cautious Sentiment Prevails |
Dollar remains firm against European majors in relatively quiet trading today. Despite slightly better-than-expected GDP data from France, Euro has not gained significant support. While today's Eurozone GDP and tomorrow's CPI flash are important, they are unlikely to cause substantial movements in Euro. Traders' attention is firmly on tomorrow's FOMC rate decision and the accompanying press conference. Meanwhile, Yen is broadly softer within its established near-term range as markets await BoJ meeting. It is anticipated that BoJ will lay out its plan to taper bond purchases, but there is uncertainty over whether an additional rate hike will be announced. This uncertainty keeping low volatility in Yen. Swiss Franc follows Yen as the second weakest currency for the week so far, with Euro also underperforming. In contrast, Australian Dollar is currently the strongest, followed by New Zealand Dollar and then the greenback. However, with the exception of EUR/USD, all major pairs and crosses are currently trading within last week's range, indicating a lack of decisive movements ahead of key events... |
EUR/USD Daily Outlook Daily Pivots: (S1) 1.0793; (P) 1.0831; (R1) 1.0860; More..... Intraday bias in EUR/USD remains on the downside for the moment. Sustained break of 55 D EMA (now at 1.0815) will argue that whole rebound from 1.0601 has completed with three waves up to 1.0947. Deeper decline should then be seen to 1.0601/0665 support zone next. Nevertheless, break of 1.0869 minor resistance will bring retest of 1.0947 instead. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
|---|
| 23:30 | JPY | Unemployment Rate Jun | 2.50% | 2.60% | 2.60% | | 01:30 | AUD | Building Permits M/M Jun | -6.50% | -2.30% | 5.50% | 5.70% | | 06:45 | EUR | France Consumer Spending M/M Jun | -0.50% | -0.40% | 1.50% | | 05:30 | EUR | France GDP Q/Q Q2 P | 0.30% | 0.20% | 0.20% | | 07:00 | CHF | KOF Leading Indicator Jul | 102.6 | 102.7 | | 08:00 | EUR | Italy GDP Q/Q Q2 P | 0.20% | 0.30% | | 08:00 | EUR | Germany GDP Q/Q Q2 P | 0.10% | 0.20% | | 09:00 | EUR | Eurozone GDP Q/Q Q2 P | 0.20% | 0.30% | | 09:00 | EUR | Eurozone Economic Sentiment Indicator Jul | 95.9 | | 09:00 | EUR | Eurozone Industrial Confidence Jul | -10.1 | | 09:00 | EUR | Eurozone Services Sentiment Jul | 6.5 | | 09:00 | EUR | Eurozone Consumer Confidence Jul F | -13 | -13 | | 12:00 | EUR | Germany CPI M/M Jul P | 0.30% | 0.10% | | 12:00 | EUR | Germany CPI Y/Y Jul P | 2.20% | 2.20% | | 13:00 | USD | S&P/CS Composite-20 HPI Y/Y May | 7.40% | 7.20% | | 13:00 | USD | Housing Price Index M/M May | 0.20% | 0.20% | | 14:00 | USD | Consumer Confidence Jul | 99.8 | 100.4 |
|
|
|
