Dollar Stabilizes After FOMC Projections, Eyes on US PPI and Jobless Claims
| Action Insight Daily Report 6-13-24 |
Dollar Stabilizes After FOMC Projections, Eyes on US PPI and Jobless Claims |
While Dollar had a sharp decline following US consumer inflation data, the selloff was short-lived. The greenback stabilized and recovered after FOMC projections indicated that only one rate cut is likely this year. Stock and bond markets showed little reaction to Fed's announcement. Attention now turns to upcoming US PPI and jobless claims data for further market direction. In the broader forex market, Japanese Yen remains the weakest currency of the week. BoJ's policy decision tomorrow is unlikely to offer much support. However, Yen's selloff is somewhat contained as traders remain cautious about risks of intervention. Dollar is the second weakest, followed by Euro, which continues to grapple with political instability in France and the EU.... |
USD/CAD Daily Outlook Daily Pivots: (S1) 1.3682; (P) 1.3722; (R1) 1.3764; More... Despite steep retreat, USD/CAD recovered strongly ahead of 1.2662 support. Intraday bias stays neutral first. On the upside, above 1.3790 will resume the rebound from 1.3589 to retest 1.3845 high. Firm break there will resume larger rally. Nevertheless, break of 1.3662 will turn bias to the downside to extend the corrective pattern from 1.3845 with another falling leg. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 23:01 | GBP | RICS Housing Price Balance May | -17% | -5% | -5% | -7% | | 23:50 | JPY | BSI Large Manufacturing Index Q2 | -1 | -5.2 | -6.7 | | 01:30 | AUD | Employment Change May | 39.7K | 39.0K | 38.5K | 37.4K | | 01:30 | AUD | Unemployment Rate May | 4.00% | 4.00% | 4.10% | | 06:30 | CHF | PPI M/M May | 0.50% | 0.60% | | 06:30 | CHF | PPI Y/Y May | -1.80% | | 09:00 | EUR | Eurozone Industrial Production M/M Apr | 0.10% | 0.60% | | 12:30 | USD | PPI M/M May | 0.20% | 0.50% | | 12:30 | USD | PPI Y/Y May | 2.20% | 2.20% | | 12:30 | USD | PPI Core M/M May | 0.30% | 0.50% | | 12:30 | USD | PPI Core Y/Y May | 2.30% | 2.40% | | 12:30 | USD | Initial Jobless Claims (Jun 7) | 227K | 229K | | 14:30 | USD | Natural Gas Storage | 75B | 98B |
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