Dollar Rebounds, Suggesting Post-Election Bullish Sentiment Remains Intact

Action Insight Mid-Day Report 11-8-24

Dollar Rebounds, Suggesting Post-Election Bullish Sentiment Remains Intact

Dollar regained some strength in early US session, after a volatile week marked by high-profile events, including the US presidential election and Fed’s rate decision. The greenback's pullback from its post-election spike now appears to be more of a consolidation rather than reversal of its bullish momentum. However, Dollar bulls may need to wait until next week’s US CPI report to see if inflation data can provide the next catalyst for a decisive move.

Commodity currencies continue to top the weekly performance charts for now. However, there is uncertainty about whether they can maintain these gains as the trading week concludes, as Aussie appears to be leading a reversal.

Euro is currently the weakest performer of the week, with Swiss Franc also under pressure while Sterling is mixed. Yen also positions in the middle with help from today's strong rebound. ...

Full Report Here

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

EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.0736; (P) 1.0780; (R1) 1.0848; More...

EUR/USD retreats after initial rejection by 55 4H EMA. Intraday bias remains neutral and more consolidations could still be seen above 1..0681 temporary low. But further decline is expected as long as 1.0936 resistance holds. On the downside, sustained break of 61.8% projection of 1.1213 to 1.0760 from 1.0936 at 1.0656 will pave the way to 100% projection at 1.0483.

Full Report Here

EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD

EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY

Recommended Readings

EUR/USD Stabilises, Considers Trump’s Impact

Ethereum Rally Stops At Key Resistance Level

GBPJPY Fails to Challenge 200.00 Key Level

AUD/USD: “Trump Trade” Overshadowed Cautiously Hawkish RBA, At Risk of Further Downside

EUR/USD Outlook: Bears Hold Grip But Prolonged Consolidation May Precede Fresh Push Lower

Dollar Index Outlook: Markets Digest News from US Election /Fed Policy Outlook

Crypto Market Stands on Top

USDCAD Retains Bullish Bias Above 20-day SMA

Elliott Wave View in EURGBP Calling for More Downside

Fundamental Analysis | Technical Analysis
In-depth Reports
alt
Fed Continues To Dial Back Policy Restraint via 25 bps Rate Cut
alt
Bank of England Review - Gradual Easing Supports a Stronger GBP
alt
October CPI Preview: Disinflation Is Getting Harder
alt
Global Takeaways of the U.S. Election
alt
Markets Brace For Higher Inflation and Interest Rates Under President Trump
alt
Could Markets Relive 2016 Post-Election Day Performance?
alt
The 2024 U.S. Elections: Economic Implications
alt
RBA Decision: Vigilance Sustained
Economic Calendar
GMT Ccy Events Actual Forecast Previous Revised
23:30 JPY Household Spending Y/Y Sep -1.10% -1.80% -1.90%
05:00 JPY Leading Economic Index Sep P 109.4 108.9 106.9
07:45 EUR France Trade Balance (EUR) Sep -8.3B -7.0B -7.4B -7.7B
08:00 CHF SECO Consumer Climate Q4 -37 -33 -34
13:30 CAD Net Change in Employment Oct 14.5K 33.2K 46.7K
13:30 CAD Unemployment Rate Oct 6.50% 6.60% 6.50%
15:00 USD Michigan Consumer Sentiment Index Nov P 70 70.5