Dollar's Rebound Pauses, Awaiting Direction from ISM Manufacturing and FOMC Minutes
| Action Insight Daily Report 1-3-24 |
Dollar's Rebound Pauses, Awaiting Direction from ISM Manufacturing and FOMC Minutes |
Dollar softens mildly in quiet Asian session today. The greenback's rebound stalled ahead of near term resistance levels, as general market sentiment stabilized in US session overnight. Investors and analysts are now turning their attention ISM Manufacturing PMI and FOMC minutes, seeking guidance on the future on the next move of the greenback. In the December meeting, Fed officials projected three rate cuts for the current year, as reflected in the dot plot. The market is particularly keen to understand the discussions surrounding this policy loosening. The timing of the first rate cut is a subject of high interest among investors and analysts. While it is expected that Fed will maintain its stance on data dependence, any indications of a dovish tilt in the policy could potentially trigger another downturn for Dollar... |
GBP/USD Daily Outlook Daily Pivots: (S1) 1.2567; (P) 1.2663; (R1) 1.2716; More... Intraday bias in GBP/USD stays neutral for the moment, as 1.2611 support remains intact. On break of 1.2826 will resume whole rally from 1.2036. However, break of 1.2611 will indicate short term topping, and turn bias back to the downside for 1.2499 support. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 08:30 | CHF | Manufacturing PMI Dec | 43 | 42.1 | | 08:55 | EUR | Germany Unemployment Change Dec | 20K | 22K | | 08:55 | EUR | Germany Unemployment Rate Dec | 5.90% | 5.90% | | 15:00 | USD | ISM Manufacturing PMI Dec | 47.1 | 46.7 | | 15:00 | USD | ISM Manufacturing Prices Paid Dec | 50 | 49.9 | | 15:00 | USD | ISM Manufacturing Employment Index Dec | 45.8 | | 19:00 | USD | FOMC Minutes |
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