Dollar Gains Capped by 10-Year Yield's Struggle with Critical Resistance Level
| Action Insight Mid-Day Report 11-14-24 |
Dollar Gains Capped by 10-Year Yield's Struggle with Critical Resistance Level |
While Dollar extends recent gains following stronger than expected PPI data in early US session, it's upward momentum was somewhat capped by the retreat in treasury yields as their correlation continues. Nevertheless, the greenback is still staying as the strongest one for the day and the week. It remains to be seen if there is sustainable selling, or profit-taking, to indicate that the greenback has topped. For now, Yen remains the worst performer for the week. The unusually quietness of Japanese authorities suggests that they might allow Yen to depreciate further towards 160 mark before coming back for verbal intervention again. Sterling is currently the second worst, followed by Aussie. On the other hand, Canadian Dollar is the second best, followed by Swiss Franc. Euro and Kiwi are positioning in the middle.... |
EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.0529; (P) 1.0591; (R1) 1.0627; More... Intraday bias in EUR/USD stays on the downside for now, as fall from 1.1213 is in progress for 100% projection of 1.1213 to 1.0760 from 1.0936 at 1.0483. Break there will target 1.0404 key fibonacci level. On the upside, above 1.0594 minor resistance will turn intraday bias neutral again and bring consolidations. But outlook will stay bearish as long as 1.0760 support turned resistance holds, in case of recovery. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 00:00 | AUD | Consumer Inflation Expectations Nov | 3.80% | 4.00% | | 00:01 | GBP | RICS Housing Price Balance Oct | 16% | 12% | 11% | | 00:30 | AUD | Employment Change Oct | 15.9K | 25.0K | 64.1K | 61.3K | | 00:30 | AUD | Unemployment Rate Oct | 4.10% | 4.10% | 4.10% | | 10:00 | EUR | Eurozone GDP Q/Q Q3 P | 0.40% | 0.40% | 0.40% | | 10:00 | EUR | Eurozone Industrial Production M/M Sep | -2.00% | -1.20% | 1.80% | 1.50% | | 12:30 | EUR | ECB Meeting Accounts | | 13:30 | USD | PPI M/M Oct | 0.20% | 0.20% | 0.00% | 0.10% | | 13:30 | USD | PPI Y/Y Oct | 2.40% | 2.30% | 1.80% | 1.90% | | 13:30 | USD | PPI Core M/M Oct | 0.30% | 0.30% | 0.20% | 0.20% | | 13:30 | USD | PPI Core Y/Y Oct | 3.10% | 3.00% | 2.80% | 2.90% | | 13:30 | USD | Initial Jobless Claims (Nov 8) | 217K | 224K | 221K | | 15:30 | USD | Natural Gas Storage | 34B | 69B | | 16:00 | USD | Crude Oil Inventories | 0.4M | 2.1M |
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