Sterling and Aussie Show Strength in Quiet Trading
| Action Insight Mid-Day Report 6-19-24 |
Sterling and Aussie Show Strength in Quiet Trading |
Trading as been relatively quiet in European session today. Sterling strengthened slightly despite CPI data showing inflation returning to BoE's target for the first time in three years. Notably, services inflation remains elevated at 5.7%, which could limit the BoE's ability to aggressively ease policy, although the first rate cut is still expected in August. Market participants will closely watch tomorrow's BoE rate decision, with traders scrutinizing the statement and voting details. Currently, Australian Dollar is the second strongest currency of the day, although it lacks strong follow through buying momentum. Euro follows as the third strongest. In contrast, New Zealand Dollar is the weakest, with traders awaiting New Zealand's GDP data in the upcoming Asian session. Yen is the second weakest, followed by Dollar, while Swiss Franc and Canadian Dollar are positioned in the middle... |
GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.2678; (P) 1.2700; (R1) 1.2730; More... GBP/USD is still in weak recovery today and intraday bias remains neutral. Risk will stay on the downside as long as 1.2859 resistance holds. Firm break of 1.2633 resistance turned support will argue that whole rise from 1.2298 has completed, and target 1.2445 and below. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 22:45 | NZD | Current Account (NZD) Q1 | -4.36B | -4.65B | -7.84B | -7.98B | | 23:50 | JPY | Trade Balance (JPY) May | -0.62T | -0.63T | -0.56T | | 23:50 | JPY | BoJ Minutes | | 06:00 | GBP | CPI M/M May | 0.30% | 0.40% | 0.30% | | 06:00 | GBP | CPI Y/Y May | 2.00% | 2.00% | 2.30% | | 06:00 | GBP | Core CPI Y/Y May | 3.50% | 3.50% | 3.90% | | 06:00 | GBP | RPI M/M May | 0.40% | 0.50% | 0.50% | | 06:00 | GBP | RPI Y/Y May | 3.00% | 3.10% | 3.30% | | 06:00 | GBP | PPI Input M/M May | 0% | -0.20% | 0.60% | 0.80% | | 06:00 | GBP | PPI Input Y/Y May | -0.10% | -1.60% | -1.40% | | 06:00 | GBP | PPI Output M/M May | -0.10% | 0.10% | 0.20% | 0.30% | | 06:00 | GBP | PPI Output Y/Y May | 1.70% | 1.10% | | 06:00 | GBP | PPI Core Output M/M May | 0.20% | 0.00% | 0.20% | | 06:00 | GBP | PPI Core Output Y/Y May | 1.00% | 0.20% | 0.30% | | 08:00 | EUR | Eurozone Current Account (EUR) Apr | 38.6B | 35.2B | 35.8B | | 14:00 | USD | NAHB Housing Index Jun | 46 | 45 | | 17:30 | CAD | BoC Summary of Deliberations |
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