Dollar Weakens as Traders Boost Bets on 50bps Fed Cut
| Action Insight Mid-Day Report 9-16-24 |
Dollar Weakens as Traders Boost Bets on 50bps Fed Cut |
Traders continue to ramp up bets on a 50bps rate cut by Fed this Wednesday, with market odds now sitting at 65%. This increasing expectation is driving DOW futures higher, positioning the index for a potential new record high in the upcoming regular trading session. However, S&P 500 and NASDAQ are showing less momentum, struggling to match DOW's rally for now. In the currency markets, Dollar is facing renewed selling pressure, making it the worst performer today at this point. USD/JPY is currently testing the key psychological level of 140, and the greenback is under threat of retesting recent lows against the major European currencies even before the FOMC's rate decision. Other currencies are showing mixed performance, with Yen displaying some tentative strength, while the Canadian Dollar remains on the weaker side.... |
GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.3109; (P) 1.3133; (R1) 1.3152; More... GBP/USD's rebound from 1.3000 extends higher today but stays below 1.3265 resistance. Intraday bias remains neutral first. On the upside, decisive break of 1.3265 will resume larger rally 1.3364 projection level next. On the downside, below, 1.3177 minor support will turn bias to the downside, to extend the correction from 1.3265 through 1.3000 support. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 22:30 | NZD | Business NZ PSI Aug | 45.5 | 44.6 | 45.2 | | 23:01 | GBP | Rightmove House Price Index M/M Sep | 0.80% | -1.50% | | 06:30 | CHF | Producer and Import Prices M/M Aug | 0.20% | 0.10% | 0.00% | | 06:30 | CHF | Producer and Import Prices Y/Y Aug | -1.20% | -1.70% | | 09:00 | EUR | Eurozone Trade Balance (EUR) Jul | 15.5B | 20.3B | 17.5B | 17.0B | | 12:30 | CAD | Manufacturing Sales M/M Jul | 1.40% | 0.70% | -2.10% | | 12:30 | USD | Empire State Manufacturing Index Sep | 11.5 | -3.9 | -4.7 |
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