Dollar Finds Its Footing, Euro Faces Headwinds, Aussie at a Critical Point
| Action Insight Mid-Day Report 11-29-23 |
Dollar Finds Its Footing, Euro Faces Headwinds, Aussie at a Critical Point |
Dollar is stabilizing after earlier selloff but remains the weakest performer for the week. Its modest recovery can be partly attributed to a bounce back against Euro, which is currently under pressure due to Germany's lower-than-expected CPI readings. Meanwhile, Australian Dollar is experiencing a delayed reaction to Australia's lower-than-expected monthly CPI readings too. As a result, both Aussie and Euro are the worst performers for the day. On the other hand, the New Zealand Dollar continues to soar, bolstered by RBNZ's (RBNZ) hawkish holds. Swiss Franc is also showing strength, particularly in its recovery against Euro. Sterling and Canadian Dollar, meanwhile, display mixed performances amidst these currency movements... |
EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.0950; (P) 1.0980; (R1) 1.1024; More... Intraday bias in EUR/USD stays on the upside with 1.0933 minor support intact. Current rise from 1.0447 should target 1.1274 resistance next. But strong resistance should be seen there to limit upside. On the downside, below 1.0933 minor support will turn intraday bias neutral and bring consolidations. But further rally will remain in favor as long as 1.0851 support holds. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 00:30 | AUD | Monthly CPI Y/Y Oct | 4.90% | 5.20% | 5.60% | | 01:00 | NZD | RBNZ Rate Decision | 5.50% | 5.50% | 5.50% | | 07:00 | EUR | Germany Import Price M/M Oct | 0.30% | 0.10% | 1.60% | | 09:00 | CHF | Credit Suisse Economic Expectations Nov | -29.6 | -37.8 | | 09:30 | GBP | M4 Money Supply M/M Oct | 0.30% | -0.20% | -1.10% | | 09:30 | GBP | Mortgage Approvals Oct | 47K | 44K | 43K | 44K | | 10:00 | EUR | Eurozone Economic Sentiment Indicator Nov | 93.8 | 93.7 | 93.3 | 93.5 | | 10:00 | EUR | Eurozone Industrial Confidence Nov | -9.5 | -8.9 | -9.3 | -9.2 | | 10:00 | EUR | Eurozone Services Sentiment Nov | 4.9 | 4.3 | 4.5 | 4.6 | | 10:00 | EUR | Consumer Confidence Nov F | -16.9 | -16.9 | -16.9 | | 13:00 | EUR | Germany CPI M/M Nov P | -0.40% | -0.10% | 0% | | 13:00 | EUR | Germany CPI Y/Y Nov P | 3.20% | 3.50% | 3.80% | | 13:30 | CAD | Current Account (CAD) Q3 | -3.2B | 0.7B | -6.6B | | 13:30 | USD | GDP Annualized Q3 P | 5.20% | 5.00% | 4.90% | | 13:30 | USD | GDP Price Index Q3 P | 3.60% | 3.50% | 3.50% | | 13:30 | USD | Goods Trade Balance (USD) Oct P | -89.8B | -86.7B | -86.8B | | 13:30 | USD | Wholesale Inventories Oct P | -0.20% | 0.10% | 0.20% | | 15:30 | USD | Crude Oil Inventories | -0.1M | 8.7M | | 19:00 | USD | Fed's Beige Book |
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