Dollar's Decline Slows as Selling Momentum Eases
Action Insight Mid-Day Report 7-4-24 |
Dollar's Decline Slows as Selling Momentum Eases |
Dollar remains subdued today, but selling momentum has turned weak. With US markets closed for the holiday, trading activity is expected to be light. Meanwhile, traders are also gearing up for tomorrow's key US non-farm payroll data, which will be crucial. Further cooling in the job market and wage growth is needed to give Fed policymakers the confidence to start cutting interest rates in September. Swiss Franc had a brief dip following lower-than-expected inflation data but quickly regained ground. It might be premature to determine if SNB will lower interest rates again in September. Additionally, with the French elections looming this weekend, Swiss Franc traders are likely to remain cautious as risk sentiment could flip dramatically... |
AUD/USD Daily Report Daily Pivots: (S1) 0.6669; (P) 0.6701; (R1) 0.6739; More... Intraday bias in AUD/USD remains on the upside for the moment. Rise from 0.6361 has just resumed and should target 61.8% projection of 0.6361 to 0.6713 from 0.6619 at 0.6837 next. For now, near term outlook will stay bullish as long as 0.6619 support holds, in case of retreat. | |
GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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01:30 | AUD | Trade Balance (AUD) May | 5.77B | 6.30B | 6.55B | 6.03B | 05:45 | CHF | Unemployment Rate Jun | 2.30% | 2.30% | 06:00 | EUR | Germany Factory Orders M/M May | -1.60% | 0.90% | -0.20% | -0.60% | 06:30 | CHF | CPI M/M Jun | 0.00% | 0.10% | 0.30% | 06:30 | CHF | CPI Y/Y Jun | 1.30% | 1.40% | 1.40% | 08:30 | GBP | Construction PMI Jun | 52.2 | 54.0 | 54.7 | 11:30 | EUR | ECB Meeting Accounts |
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