Dollar Dips, Euro Stuggles in Lackluster Market
| Action Insight Mid-Day Report 11-27-23 |
Dollar Dips, Euro Stuggles in Lackluster Market |
As US session commences, Dollar is showing a more notable downturn following a rather uneventful day. In the background risk sentiment is steady, with investors and traders largely holding their positions in anticipation of key economic data releases. The upcoming PCE inflation data on Thursday and ISM manufacturing data on Friday are particularly crucial. These datasets are expected to play a significant role in shaping the current narrative of falling inflation and a stabilizing economy, which is hoped to lead to soft landing. However, it's also important to note that both Canadian Dollar and Euro are having some struggles too in their respective crosses. Euro, in particular, is looking vulnerable against Sterling and Australian Dollar. Important economic data releases are on the horizon for these currencies as well, including Canadian employment figures and Eurozone PMI flash data later in the week.... |
GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.2548; (P) 1.2581; (R1) 1.2638; More... GBP/USD hits as high as 1.2642 so far as rise from 1.2036 continues today. Intraday bias stays on the upside at this point. Next target is 61.8% retracement of 1.3141 to 1.2036 at 1.2716. On the downside, below 1.2572 minor support will turn intraday bias neutral first. But further rally will now remain in favor as long as 1.2426 resistance turned support holds. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 23:50 | JPY | Corporate Service Price Index Y/Y Oct | 2.30% | 2.10% | 2.10% | | 15:00 | USD | New Home Sales M/M Oct | 725K | 759K |
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