Sterling Steady, Kiwi Rebounds, Gold Hits Record
| Action Insight Daily Report 7-17-24 |
Sterling Steady, Kiwi Rebounds, Gold Hits Record |
Forex markets have been relatively subdued today,Sterling remains steady after June's UK CPI data revealed that both headline and core inflation were unchanged from the previous month. Significantly, services inflation also failed to cool, which could keep BoE cautious about making a premature rate cut on August 1. Some key members of the MPC may prefer to see further progress in disinflation before taking any action. Earlier in Asian session, New Zealand Dollar showed a surprising rebound despite lower-than-expected Q2 CPI figures. Many economists have now revised their forecasts, anticipating the first RBNZ rate cut in November. Kiwi's bounce can be seen as a "cover-on-news" move, as the Q2 inflation data was not disastrous enough to cause major concern... |
GBP/USD Daily Outlook Daily Pivots: (S1) 1.2948; (P) 1.2965; (R1) 1.2992; More... GBP/USD is staying in consolidation below 1.2994 temporary top and intraday bias remains neutral. Further rally is expected as long as 1.2859 resistance turned support holds. Above 1.2994 will resume the rally from 1.2298 and target 100% projection of 1.2298 to 1.2859 from 1.2612 at 1.3173, which is slightly above 1.3141 key medium term resistance. However, break of 1.2859 will turn bias to the downside for deeper pullback. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 22:45 | NZD | CPI Q/Q Q2 | 0.40% | 0.50% | 0.60% | | 22:45 | NZD | CPI Y/Y Q2 | 3.30% | 3.50% | 4.00% | | 01:00 | AUD | Westpac Leading Index M/M Jun | 0.00% | 0.00% | | 06:00 | GBP | CPI M/M Jun | 0.10% | 0.10% | 0.30% | | 06:00 | GBP | CPI Y/Y Jun | 2.00% | 2.00% | 2.00% | | 06:00 | GBP | Core CPI Y/Y Jun | 3.50% | 3.40% | 3.50% | | 06:00 | GBP | RPI M/M Jun | 0.20% | 0.20% | 0.40% | | 06:00 | GBP | RPI Y/Y Jun | 2.90% | 2.90% | 3.00% | | 06:00 | GBP | PPI Input M/M Jun | -0.80% | 0.10% | 0.00% | -0.60% | | 06:00 | GBP | PPI Input Y/Y Jun | -0.40% | -0.10% | -0.70% | | 06:00 | GBP | PPI Output M/M Jun | -0.30% | 0.10% | -0.10% | 0.00% | | 06:00 | GBP | PPI Output Y/Y Jun | 1.40% | 1.70% | | 06:00 | GBP | PPI Core Output M/M Jun | 0.10% | 0.20% | | 06:00 | GBP | PPI Core Output Y/Y Jun | 1.10% | 1.00% | | 09:00 | EUR | Eurozone CPI Y/Y Jun F | 2.50% | 2.50% | | 09:00 | EUR | Eurozone CPI Core Y/Y Jun F | 2.90% | 2.90% | | 12:30 | USD | Building Permits Jun | 1.40M | 1.40M | | 12:30 | USD | Housing Starts Jun | 1.30M | 1.28M | | 13:15 | USD | Industrial Production M/M Jun | 0.30% | 0.90% | | 13:15 | USD | Capacity Utilization Jun | 78.60% | 78.70% | | 14:30 | USD | Crude Oil Inventories | -0.9M | -3.4M | | 18:00 | USD | Beige Book |
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