Week Begins with Market Optimism, Metals See Strong Gains
| Action Insight Daily Report 5-20-24 |
Week Begins with Market Optimism, Metals See Strong Gains |
Asian markets kicked off the week on a positive note, buoyed by the record-breaking rally in US markets last week. Despite escalating geopolitical tensions in the Middle East, which have spurred strong rallies in metals, stock investors appear relatively calm. Trading activity today may be muted due to bank holidays in several European countries and Canada, along with an empty US economic calendar. However, market participants will be paying close attention to comments from BoE MPC member Ben Broadbent and several Fed officials. Later in the week, volatility is expected to rise with RBNZ rate decision, RBA and Fed minutes as well as key CPI and PMI data from several countries. In the currency markets, Australian Dollar is currently leading the pack, followed by Euro and Canadian Dollar. Conversely, New Zealand Dollar is the weakest performer, likely due to caution ahead of RBNZ rate decision. Dollar and Japanese Yen are also lagging, with Swiss Franc not far behind. This pattern aligns with the prevailing risk-on sentiment in the markets... |
GBP/USD Daily Outlook Daily Pivots: (S1) 1.2660; (P) 1.2686; (R1) 1.2727; More... Intraday bias in GBP/USD remains on the upside for the moment. Firm break of 1.2708 resistance will extend the rise from 1.2298 to 100% projection of 1.2298 to 1.2633 from 1.2445 at 1.2780. On the downside, below 1.2642 minor support will turn intraday bias neutral again. But further rise will now remain in favor as long as 1.2445 support holds, in case of retreat. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 01:15 | CNY | PBoC 1-y Loan Prime Rate | 3.45% | 3.45% | 3.45% | | 01:15 | CNY | PBoC 5-y Loan Prime Rate | 3.95% | 3.95% | 3.95% | | 04:30 | JPY | Tertiary Industry Index M/M Mar | -2.40% | 0.10% | 1.50% |
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