Canadian Dollar Rallies on Strong Job Data, Sterling Support by GDP
| Action Insight Mid-Day Report 5-10-24 |
Canadian Dollar Rallies on Strong Job Data, Sterling Support by GDP |
Canadian Dollar surges in early US session after much stronger than expected job data that blew past market expectations. The Loonie is taking over Sterling's position as the best performer of the day, with the latter lifted slightly by strong UK GDP data. At the same time, Dollar is also strengthening slightly against others, but the next move would depend on market reactions to U of Michigan consumer sentiment and inflation expectations. Technically, one immediate focus is on whether USD/CAD would break through 55 D EMA (now at 1.3628) decisively. If that materializes, it would argue that whole rise from 1.3176 has already completed ahead of 1.3897/3976 resistance zone. The sideway pattern from 1.3976 would then be already in another falling leg, heading back towards 1.3176 support... |
USD/JPY Mid-Day Outlook Daily Pivots: (S1) 155.12; (P) 155.54; (R1) 155.91; More... No change in USD/JPY's outlook and intraday bias stays mildly on the upside. Rebound from 151.86 is seen as the second leg of the corrective pattern from 160.20 high. Further rise would be seen to 157.98 resistance. On the downside, below 154.23 minor support will turn intraday bias neutral. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 22:30 | NZD | Business NZ PMI Apr | 48.9 | 47.1 | 46.8 | | 23:30 | JPY | Overall Household Spending Y/Y Mar | -1.20% | -2.40% | -0.50% | | 23:50 | JPY | Current Account (JPY) Mar | 2.01T | 2.05T | 1.37T | | 05:00 | JPY | Eco Watchers Survey: Current Apr | 47.4 | 49.8 | | 06:00 | GBP | GDP M/M Mar | 0.40% | 0.10% | 0.10% | 0.20% | | 06:00 | GBP | GDP Q/Q Q1 P | 0.60% | 0.40% | -0.30% | | 06:00 | GBP | Manufacturing Production M/M Mar | 0.30% | -0.50% | 1.20% | | 06:00 | GBP | Manufacturing Production Y/Y Mar | 2.30% | 1.80% | 2.70% | 2.60% | | 06:00 | GBP | Industrial Production M/M Mar | 0.20% | -0.50% | 1.10% | 1.00% | | 06:00 | GBP | Industrial Production Y/Y Mar | 0.50% | 0.30% | 1.40% | 1.00% | | 06:00 | GBP | Goods Trade Balance (GBP) Mar | -14.0B | -14.5B | -14.2B | -14.1B | | 08:00 | EUR | Italy Industrial Output M/M Mar | -0.50% | 0.30% | 0.10% | 0.00% | | 11:40 | GBP | NIESR GDP Estimate (3M) Apr | 0.70% | 0.40% | | 12:30 | CAD | Net Change in Employment Apr | 90.4K | 17.5K | -2.2K | | 12:30 | CAD | Unemployment Rate Apr | 6.10% | 6.20% | 6.10% | | 14:00 | USD | Michigan Consumer Sentiment Index May P | 77 | 77.2 |
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