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... |
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. | |
| 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 |
|
|
|
