Dollar Stays Soft With Falling Yields and Stocks Rally
| Action Insight Mid-Day Report 11-25-24 |
Dollar Stays Soft With Falling Yields and Stocks Rally |
Dollar remains under pressure as the market heads into the US session, with selling momentum picks up slightly alongside a continued decline in Treasury yields. US stock futures are staging a robust rally, reflecting optimism over President-elect Donald Trump's selection of Scott Bessent as Treasury Secretary. Bessent is viewed as a safe choice for implementing key policies, including tariffs, with a measured approach. On the other hand, Euro stands out as the strongest performer so far, shrugging off disappointing German Ifo Business Climate data. Swiss Franc follows as the second strongest, while Yen rounds out the top three. In contrast, Canadian Dollar is among the weakest, followed by Australian Dollar, with Kiwi and Sterling occupying middle-ground positions.... |
EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.0335; (P) 1.0416; (R1) 1.0500; More... EUR/USD's recovery from 1.0330 extends higher today but stays below 1.0609 resistance. Intraday bias remains neutral and further decline is still in favor. On the downside, sustained trading below 1.0404 key fibonacci level will carry larger bearish implication and target next level at 161.8% projection of 1.1213 to 1.0760 from 1.0936 at 1.0203. However, firm break of 1.0609 will confirm short term bottoming, and turn bias back to the upside for 1.0760 support turned resistance first. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 21:45 | NZD | Retail Sales Q/Q Q3 | -0.10% | -0.50% | -1.20% | | 21:45 | NZD | Retail Sales ex Autos Q/Q Q3 | -0.80% | -0.30% | -1.00% | | 21:45 | NZD | Trade Balance (NZD) Oct | -1544M | -1760M | -2108M | -2154M | | 09:00 | EUR | Germany IFO Business Climate Nov | 85.7 | 86 | 86.5 | | 09:00 | EUR | Germany IFO Current Assessment Nov | 84.3 | 85.5 | 85.7 | | 09:00 | EUR | Germany IFO Expectations Nov | 87.2 | 87.3 | 87.3 |
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