Market Optimism Hits Highs, Yen and Dollar Falter as Equities Soar to New Heights
| Action Insight Daily Report 2-23-24 |
Market Optimism Hits Highs, Yen and Dollar Falter as Equities Soar to New Heights |
The global financial markets is riding a wave of strong risk-on sentiment, propelling DOW and S&P 500 to historical highs overnight, while NASDAQ achieved its best daily gain in over a year. That followed the record closes in DAX, CAC and Nikkei yesterday. This enthusiasm for risk has led to the yen, dollar, and Swiss Franc emerging as the week's underperformers, given their safe-haven status which tends to be less attractive during bullish market phases. In the currency realm, Australian and New Zealand Dollars stand out as the strongest currencies, buoyed by the prevailing risk-on market sentiment. Meanwhile, Canadian dollar faces challenges following weaker-than-expected CPI data earlier in the week. Euro and Sterling find themselves positioned in the middle, with Sterling holding a slight advantage... |
AUD/USD Daily Report Daily Pivots: (S1) 0.6533; (P) 0.6564; (R1) 0.6588; More... AUD/USD's recovery resumed by breaching 0.6578 but upside is capped below 0.6621 resistance. Intraday bias stays neutral for the moment, and larger fall is still in favor to continue. On the downside, below 0.6520 minor support will turn bias to the downside for retesting 0.6442 first. Firm break there will resume the the decline from 0.6870 towards 0.6269 low. Nevertheless, considering bullish convergence condition in 4H MACD, decisive break of 0.6621 will turn near term outlook bullish for 0.6870 resistance instead. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 21:45 | NZD | Retail Sales Q/Q Q4 | -1.90% | -0.20% | 0.00% | -0.80% | | 21:45 | NZD | Retail Sales ex Autos Q/Q Q4 | -1.70% | -0.10% | 1.00% | 0.40% | | 00:01 | GBP | GfK Consumer Confidence Feb | -21 | -18 | -19 | | 07:00 | EUR | Germany GDP Q/Q Q4 F | -0.30% | -0.30% | | 09:00 | EUR | Germany IFO Business Climate Feb | 85.5 | 85.2 | | 09:00 | EUR | Germany IFO Current Assessment Feb | 87 | 87 | | 09:00 | EUR | Germany IFO Expectations Feb | 83.8 | 83.5 |
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