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. ... |
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. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 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 |
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