Investors Tread Carefully Following FOMC Minutes, Awaiting Key US Job Reports
| Action Insight Daily Report 1-4-24 |
Investors Tread Carefully Following FOMC Minutes, Awaiting Key US Job Reports |
Major US stock indexes closed lower overnight, after FOMC minutes revealed Fed might be hesitance to lower interest rates soon. Notably, the likelihood of a March interest rate cut, as inferred from Fed funds futures, dipped below the 70% market following the release of the minutes. Dollar, however, is encountering challenges in gaining further momentum in its near term rebound. This struggle is partly attributed to 10-year Treasury yield's rejection by 4% level. Investors are now turning their attention to today's ADP employment data, though significant market moves are more likely to be reserved for tomorrow's non-farm payroll report... |
AUD/USD Daily Report Daily Pivots: (S1) 0.6698; (P) 0.6735; (R1) 0.6767; More... Intraday bias in AUD/USD remains mildly on the downside at this point. Pull back from 0.6870 short term top is in progress for 0.6689 resistance turned support, and possibly below. But strong support would be seen from channel support (now at 0.6663) to bring rebound. On the upside, above 0.6780 minor resistance will turn bias back to the upside for retesting 0.6870 instead. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 00:30 | JPY | Manufacturing PMI Dec F | 47.9 | 47.7 | 47.7 | | 01:45 | CNY | Caixin Services PMI Dec | 52.9 | 51.6 | 51.5 | | 08:45 | EUR | Italy Services PMI Dec | 49.8 | 49.5 | | 08:50 | EUR | France Services PMI Dec F | 44.3 | 44.3 | | 08:55 | EUR | Germany Services PMI Dec F | 48.4 | 48.4 | | 09:00 | EUR | Eurozone Services PMI Dec F | 48.1 | 48.1 | | 09:30 | GBP | Services PMI Dec F | 52.7 | 52.7 | | 09:30 | GBP | Mortgage Approvals Nov | 48K | 47K | | 09:30 | GBP | M4 Money Supply M/M Nov | 0.20% | 0.30% | | 12:30 | USD | Challenger Job Cuts Y/Y Dec | -40.80% | | 13:00 | EUR | Germany CPI M/M Dec P | 0.20% | -0.40% | | 13:00 | EUR | Germany CPI Y/Y Dec P | 3.80% | 3.20% | | 13:15 | USD | ADP Employment Change Dec | 130K | 103K | | 13:30 | USD | Initial Jobless Claims (Dec 29) | 210K | 218K | | 14:45 | USD | Services PMI Dec F | 51.3 | 51.3 | | 15:30 | USD | Natural Gas Storage | -33B | -87B | | 16:00 | USD | Crude Oil Inventories | -3.2M | -7.1M |
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