Action Insight Mid-Day Report 5-24-24

Euro Rebounds With Sterling, Dollar Softens Despite Solid Durable Goods

Euro rebounded notably today despite the absence of substantial news from Europe. Sterling followed suit, shrugging off poor UK retail sales data. Conversely, Dollar ignored upbeat durable goods data and weakened alongside Yen and Swiss Franc. Commodity currencies displayed mixed performance. It appears that traders are lightening up their positions ahead of the long weekend in the UK and the US.

Technically, EUR/AUD is a focus as Euro is trying to strengthen broadly. Sustained break of 55 D EMA (now at 1.6412) will argue that fall from 1.6742, as the third leg of the corrective pattern from 1.7062, has completed. In this case, stronger rally would be seen back towards 1.6742 resistance. This development if realized, might be accompanied by strengthen in EUR/USD and weakness in AUD/USD simultaneously...

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GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.2674; (P) 1.2710; (R1) 1.2736; More...

Intraday bias in GBP/USD is turned neutral as it recovered ahead of 55 4H EMA (now at 1.2671). On the upside, break of 1.2760 will resume the rally fro 1.2290 towards 1.2892 resistance. On the downside, break of 1.2670 will resume the pull back from 1.2760 to near term channel support (now at 1.2573).

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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	Trade Balance (NZD) Apr	91M	-202M	588M	476M
23:01	GBP	GfK Consumer Confidence May	-17	-18	-19
23:30	JPY	National CPI Y/Y Apr	2.50%	2.70%
23:30	JPY	National CPI ex Fresh Food Y/Y Apr	2.20%	2.20%	2.60%
23:30	JPY	National CPI ex Food & Energy Y/Y Apr	2.40%	2.90%
06:00	GBP	Retail Sales M/M Apr	-2.30%	-0.60%	0.00%
06:00	EUR	Germany GDP Q/Q Q1 F	0.20%	0.20%	0.20%
12:30	CAD	Retail Sales M/M Mar	-0.20%	-0.10%	-0.10%
12:30	CAD	Retail Sales ex Autos M/M Mar	-0.60%	-0.20%	-0.30%
12:30	USD	Durable Goods Orders Apr	0.70%	0.50%	2.60%	0.90%
12:30	USD	Durable Goods Orders ex Transportation Apr	0.40%	0.10%	0.20%	0.00%
14:00	USD	Michigan Consumer Sentiment May	67.4	67.4