Persistent Dollar Rally Accompanied by Yen and Franc Comebacks

Action Insight Mid-Day Report 4-12-24

Dollar Holds Gains, Gold Hits Record, Sterling Awaits UK GDP

Dollar's rally presses on today and extends into early US session, reflecting continued strength even after a period of brief consolidation. Swiss Franc and Japanese Yen are also rebounding notably, indicating a broader trend of currency strength in traditionally safe-haven assets. This pattern is further underscored by the ongoing record rally in Gold, pointing to an underlying risk-off sentiment among global investors.

Despite these movements in the currency markets and previous metals, major European stock indexes are trading positively, while US futures show only a slight downturn. This divergence presents a contrasting picture, leaving the question on the dominant driving force unanswered for now...

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

EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.0697; (P) 1.0727; (R1) 1.0755; More...

EUR/USD's decline extends through 1.0694 support today. The development confirms resumption of whole fall from 1.1138. Intraday bias stays on the downside for 100% projection of 1.1138 to 1.0694 from 1.0980 at 1.0536 next. On the upside, above 1.0723 support turned resistance will turn intraday bias neutral and bring consolidations first, before staging another fall.

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EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD

EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY

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A Trading Playbook on Japanese FX Intervention
Economic Calendar
GMT Ccy Events Actual Forecast Previous Revised
22:30 NZD Business NZ PMI Mar 47.1 49.3 49.1
04:30 JPY Industrial Production M/M Feb F -0.60% -0.10% -0.10%
06:00 EUR Germany CPI M/M Mar F 0.40% 0.40% 0.40%
06:00 EUR Germany CPI Y/Y Mar F 2.20% 2.20% 2.20%
06:00 GBP GDP M/M Feb 0.10% 0.10% 0.20% 0.30%
06:00 GBP Manufacturing Production M/M Feb 1.20% 0.20% 0.00% -0.20%
06:00 GBP Manufacturing Production Y/Y Feb 2.70% 2.10% 2% 1.50%
06:00 GBP Industrial Production M/M Feb 1.10% 0.00% -0.20% -0.30%
06:00 GBP Industrial Production Y/Y Feb 1.40% 0.60% 0.50% 0.30%
06:00 GBP Goods Trade Balance (GBP) Feb -14.2B -14.5B -14.5B
11:00 GBP NIESR GDP Estimate Mar 0.40% 0.00% 0.20%
12:30 USD Import Price Index M/M Mar 0.40% 0.30%
14:00 USD Michigan Consumer Sentiment Index Apr P 79 79.4