Dollar Gains Traction Ahead of Key Inflation Data, Yen Struggles Despite Stronger Tokyo CPI
Action Insight Daily Report 6-28-24 |
Dollar Gains Traction Ahead of Key Inflation Data, Yen Struggles Despite Stronger Tokyo CPI |
Dollar is showing renewed strength in Asian session, particularly against commodity currencies. Market reactions to the televised debate between US President Joe Biden and former President Donald Trump have been muted, with traders shifting their focus to upcoming inflation data. Both headline and core PCE inflation are expected to dip to 2.6% in May. For Fed to consider lowering interest rates, disinflation needs to show consistent progress for several more months. Currently, Fed fund futures indicate around a 65% chance of a 25bps rate cut in September... |
EUR/JPY Daily Outlook Daily Pivots: (S1) 171.60; (P) 171.89; (R1) 172.38; More... Intraday bias in EUR/JPY remains on the upside as up trend continues. Next target is 100% projection of 164.01 to 170.87 from 167.52 at 174.38. On the downside, below 171.37 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally. | |
GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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23:30 | JPY | Tokyo CPI Y/Y Jun | 2.30% | 2.20% | 23:30 | JPY | Tokyo CPI ex Fresh Food Y/Y Jun | 2.10% | 2.00% | 1.90% | 23:30 | JPY | Tokyo CPI ex Food & Energy Y/Y Jun | 1.80% | 1.70% | 23:30 | JPY | Unemployment Rate May | 2.60% | 2.60% | 2.60% | 23:50 | JPY | Industrial Production M/M May P | 2.80% | 2.00% | -0.90% | 01:30 | AUD | Private Sector Credit M/M May | 0.40% | 0.40% | 0.50% | 05:00 | JPY | Housing Starts Y/Y May | -6.00% | 13.90% | 06:00 | EUR | Germany Import Price Index M/M May | 0.20% | 0.70% | 06:00 | GBP | GDP Q/Q Q1 F | 0.60% | 0.60% | 06:00 | GBP | Current Account (GBP) Q1 | -17.7B | -21.2B | 06:45 | EUR | France Consumer Spending M/M May | 0.20% | -0.80% | 07:00 | CHF | KOF Economic Barometer Jun | 100.5 | 100.3 | 07:55 | EUR | Germany Unemployment Change Jun | 15K | 25K | 07:55 | EUR | Germany Unemployment Rate Jun | 5.90% | 5.90% | 12:30 | CAD | GDP M/M Apr | 0.30% | 0.00% | 12:30 | USD | Personal Income M/M May | 0.40% | 0.30% | 12:30 | USD | Personal Spending M/M May | 0.30% | 0.20% | 12:30 | USD | PCE Price Index M/M May | 0.00% | 0.30% | 12:30 | USD | PCE Price Index Y/Y May | 2.60% | 2.70% | 12:30 | USD | Core PCE Price Index M/M May | 0.10% | 0.20% | 12:30 | USD | Core PCE Price Index Y/Y May | 2.60% | 2.80% | 13:45 | USD | Chicago PMI Jun | 40 | 35.4 | 14:00 | USD | Michigan Consumer Sentiment Index Jun F | 65.6 | 65.6 |
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