Dollar Extending Recovery as Consolidation Starts, Risks Still Tilted to the Downside
| Action Insight Mid-Day Report 11-22-23 |
Dollar Extending Recovery as Consolidation Starts, Risks Still Tilted to the Downside |
Dollar is extending its near term recovery in the early US session. The latest jobless claims data came in better than expected, offering some support to the greenback. However, this was somewhat offset by weaker-than-anticipated durable goods orders. Overall, the current upswing in may not be entirely rooted in these economic releases. The recovery appears more likely attributed to traders taking profits on short positions ahead of Thanksgiving holiday, a period typically marked by reduced trading activity. This context suggests that the greenback's recovery could be part of a broader consolidation phase, with a more definitive trend likely to emerge only after the release of crucial economic data next week, including PCE inflation and ISM Manufacturing figures... |
EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.0885; (P) 1.0926; (R1) 1.0951; More... Intraday bias in EUR/USD remains neutral for consolidation below 1.0964 temporary top. While deeper retreat could be seen, downside should be contained by 1.0823 support to bring another rally. On the upside, sustained trading above 1.0958 will pave the way to retest 1.1274 high. However, firm break of 1.0823 will indicate short term topping, and turn bias back to the downside for deeper decline. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 00:00 | AUD | Westpac Leading Index M/M Oct | 0.00% | 0.10% | | 13:30 | USD | Initial Jobless Claims (Nov 17) | 209K | 225K | 231K | 233K | | 13:30 | USD | Durable Goods Orders Oct | -5.40% | -3.20% | 4.60% | | 13:30 | USD | Durable Goods Orders ex-Transport Oct | 0.00% | 0.20% | 0.40% | | 15:00 | USD | Michigan Consumer Sentiment Index Nov F | 61.1 | 60.4 | | 15:00 | EUR | Eurozone Consumer Confidence Nov P | -18 | -18 | | 15:30 | USD | Crude Oil Inventories | 0.9M | 3.6M | | 17:00 | USD | Natural Gas Storage | 1B | 60B |
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