Risk-On Sentiment Drives Asian Markets; Focus Shifts to SNB Rate Decision
Action Insight Daily Report 9-26-24 |
Risk-On Sentiment Drives Asian Markets; Focus Shifts to SNB Rate Decision |
Asian markets are maintaining a risk-on tone today, despite the lackluster US market performance overnight. Sentiment remains buoyed by China’s recent monetary stimulus measures, even as doubts linger about their overall effectiveness due to the absence of significant fiscal support. Nevertheless, stocks in Hong Kong and China continue to trade higher. In Japan, Nikkei is benefiting from Yen weakness, which further extended after BOJ minutes revealed a deeply divided board on future tightening measures. Dollar bounced back strongly after dipping through July’s lows against Euro. However, this rebound seems driven more by quarter-end flows rather than a meaningful shift in market sentiment. Investors are also waiting on comments from key Fed officials today, including Chair Jerome Powell and New York Fed President John Williams. Yet, it's unlikely that these speeches will offer any fresh insights into November's rate cut plans. While today's jobless claims and durable goods orders, along with tomorrow's PCE inflation data, may cause minor market fluctuations, the primary focus is on next week's non-farm payrolls report as the fourth quarter begins..... |
AUD/USD Daily Report Daily Pivots: (S1) 0.6791; (P) 0.6850; (R1) 0.6881; More... With current retreat, a temporary top is in place at 0.6907 in AUD/USD, just ahead of 61.8% projection of 0.6348 to 0.6823 from 0.6621 at 0.6915. Intraday bias is turned neutral for consolidations first. While deeper retreat cannot be ruled out, outlook will stay bullish as long as 0.6221 support holds. Sustained break of 0.6915 will pave the way to 100% projection at 0.7096 next. | |
GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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23:50 | JPY | BoJ Minutes | 06:00 | EUR | Germany GfK Consumer Sentiment Oct | -21 | -22 | 07:30 | CHF | SNB Interest Rate Decision | 1.00% | 1.25% | 08:00 | CHF | SNB Press Conference | 08:00 | EUR | ECB Economic Bulletin | 08:00 | EUR | Eurozone M3 Money Supply Y/Y Aug | 2.50% | 2.30% | 12:30 | USD | Initial Jobless Claims (Sep 20) | 226K | 219K | 12:30 | USD | GDP Annualized Q2 F | 3.00% | 3.00% | 12:30 | USD | GDP Price Index Q2 F | 2.50% | 2.50% | 12:30 | USD | Durable Goods Orders Aug | -2.80% | 9.80% | 12:30 | USD | Durable Goods Orders ex Transport Aug | 0.10% | -0.20% | 14:00 | USD | Pending Home Sales M/M Aug | 0.90% | -5.50% | 14:30 | USD | Natural Gas Storage | 52B | 58B |
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