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...

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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.

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EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY

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Economic Calendar

GMT	Ccy	Events	Actual	Forecast	Previous	Revised
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