Forex Markets in a Lull, Gold Extending Rally, Oil Tumbles
| Action Insight Daily Report 11-17-23 |
Forex Markets in a Lull, Gold Extending Rally, Oil Tumbles |
As the trading week draws to a close, the forex markets are experiencing a period of relative calm in today's Asian session. Key developments include Euro's attempted resurgence against Dollar overnight, which, despite initial signs of a rally, lost its momentum and settled back into familiar range. This pattern of indecisiveness is mirrored by Swiss Franc, which, after a period of gains against Dollar, is now in a similar phase of consolidation, aligning with other European majors. Commodity currencies displaying a softer stance overall. However, Australian Dollar stands out for its resilience... |
USD/CHF Daily Outlook Daily Pivots: (S1) 0.8837; (P) 0.8933; (R1) 0.8988; More.... A temporary low is formed at 0.8853 and intraday bias in USD/CHF is turned neutral for consolidations. Stronger recovery cannot be ruled out. But upside should be limited by 0.8952 support turn resistance to bring another fall. Break of 0.8852 will resume the decline from 0.9243 to 100% projection of 0.9243 to 0.8886 from 0.9111 at 0.8754. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 21:45 | NZD | PPI Input Q/Q Q3 | 1.20% | 0.20% | -0.20% | | 21:45 | NZD | PPI Output Q/Q Q3 | 0.80% | 0.40% | 0.20% | | 07:00 | GBP | Retail Sales M/M Oct | 0.30% | -0.90% | | 09:00 | EUR | Eurozone Current Account (EUR) Sep | 20.3B | 27.7B | | 10:00 | EUR | Eurozone CPI Y/Y Oct F | 2.90% | 2.90% | | 10:00 | EUR | Eurozone CPI Core Y/Y Oct F | 4.20% | 4.20% | | 13:30 | CAD | Industrial Product Price M/M Oct | 0.20% | 0.40% | | 13:30 | CAD | Raw Material Price Index Oct | -2.00% | 3.50% | | 13:30 | USD | Building Permits Oct | 1.45M | 1.47M | | 13:30 | USD | Housing Starts Oct | 1.36M | 1.36M |
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