Euro Recovers on Eurozone PMIs, But Gains Limited
Action Insight Mid-Day Report 5-23-24 |
Euro Recovers on Eurozone PMIs, But Gains Limited |
As trading progresses into US session, activity in the forex markets remains relatively muted. Euro is showing signs of recovery ahead of key support levels against Dollar and crucial support against Sterling. Eurozone PMIs revealed that economic recovery is strengthening, with Germany, the region's largest economy, finally catching up. Despite this positive data, Euro's gains are still modest. Currently, New Zealand Dollar is the strongest performer of the day, supported by strong retail sales data. Following closely is Australian Dollar while Swiss Franc is the third strongest. On the other end of the spectrum, Dollar is the weakest performer, trailed by Japanese Yen and British Pound. Canadian Dollar and Euro are positioned in the middle of the performance spectrum... |
GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.2691; (P) 1.2726; (R1) 1.2753; More... Intraday bias in GBP/USD stays neutral for the moment. On the upside. decisive break of 100% projection of 1.2298 to 1.2633 from 1.2445 at 1.2780 will extend the rally from 1.2298 to 1.2892 resistance next. However, break of 1.2685 will minor support will turn bias back to the downside, for retreat to 55 4H EMA (now at 1.2661) and below. | |
GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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22:45 | NZD | Retail Sales Q/Q Q1 | 0.50% | -0.30% | -1.90% | -1.80% | 22:45 | NZD | Retail Sales ex Autos Q/Q Q1 | 0.40% | 0.00% | -1.70% | -1.60% | 23:00 | AUD | Manufacturing PMI May P | 49.6 | 49.6 | 23:00 | AUD | Services PMI May P | 53.1 | 53.6 | 00:30 | JPY | Manufacturing PMI May P | 50.5 | 49.7 | 49.6 | 00:30 | JPY | Services PMI May P | 53.6 | 54.3 | 01:00 | AUD | Consumer Inflation Expectations May | 4.10% | 4.60% | 07:15 | EUR | France Manufacturing PMI May P | 46.7 | 45.5 | 45.3 | 07:15 | EUR | France Services PMI May P | 49.4 | 51.5 | 51.3 | 07:30 | EUR | Germany Manufacturing PMI May P | 45.4 | 43.5 | 42.5 | 07:30 | EUR | Germany Services PMI May P | 53.9 | 53.5 | 53.2 | 08:00 | EUR | Eurozone Manufacturing PMI May P | 47.4 | 46.6 | 45.7 | 08:00 | EUR | Eurozone Services PMI May P | 53.3 | 53.5 | 53.3 | 08:30 | GBP | Manufacturing PMI May P | 51.3 | 49.2 | 49.1 | 08:30 | GBP | Services PMI May P | 52.9 | 54.8 | 55 | 12:30 | USD | Initial Jobless Claims (May 17) | 215K | 220K | 222K | 223K | 13:45 | USD | Manufacturing PMI May P | 50.1 | 50 | 13:45 | USD | Services PMI May P | 51.5 | 51.3 | 14:00 | USD | New Home Sales Apr | 674K | 693K | 14:00 | EUR | Eurozone Consumer Confidence May P | -14 | -15 | 14:30 | USD | Natural Gas Storage | 84B | 70B |
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