Euro Sell-Off Intensifies Following CPI Miss, Spurring Broad-Based Dollar Rebound
| Action Insight Mid-Day Report 11-30-23 |
Euro Sell-Off Intensifies Following CPI Miss, Spurring Broad-Based Dollar Rebound |
Dollar is staging a broad-based rebound today, driven in part by the selloff in Euro. However, a more significant factor behind Dollar's recovery appears to be the exhaustion of selling momentum as the month draws to a close. This rebound continues after both headline and core PCE inflation data in US matched expectations, indicating that disinflation is underway, albeit not at a pace drastic enough to significantly alter Fed's policy stance. Despite these developments, it remains premature to declare a bullish reversal for the Dollar, and the market will be closely watching the extent of this rebound.... |
EUR/CHF Mid-Day Outlook Daily Pivots: (S1) 0.9563; (P) 0.9608; (R1) 0.9632; More... EUR/CHF's fall from 0.9683 accelerated to as low as 0.9547 so far today. The development confirms rejection by 0.9691 resistance, and dampened the case of larger bullish reversal. Intraday bias is now on the downside for 61.8% retracement level of 0.9416 to 0.9683 at 0.9518. Sustained break there will pave the way to retest 0.9416 low. On the upside, above 0.9579 minor resistance will turn intraday bias neutral first. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
|---|
| 23:50 | JPY | Industrial Production M/M Oct P | 1.00% | 0.70% | 0.50% | | 23:50 | JPY | Retail Trade Y/Y Oct | 4.20% | 5.90% | 5.80% | 6.30% | | 00:00 | NZD | ANZ Business Confidence Nov | 30.8 | 23.4 | | 00:30 | AUD | Private Capital Expenditure Q3 | 0.60% | 1.00% | 2.80% | | 00:30 | AUD | Private Sector Credit M/M Oct | 0.30% | 0.40% | 0.50% | | 01:00 | CNY | NBS Manufacturing PMI Nov | 49.4 | 49.6 | 49.5 | | 01:00 | CNY | NBS Non-Manufacturing PMI Nov | 50.2 | 51.1 | 50.6 | | 05:00 | JPY | Housing Starts Y/Y Oct | -6.30% | -7.00% | -6.80% | | 07:00 | EUR | Germany Retail Sales M/M Oct | 1.10% | 0.50% | -0.80% | | 07:30 | CHF | Real Retail Sales Y/Y Oct | -0.10% | 0.20% | -0.60% | -1.20% | | 08:00 | CHF | KOF Economic Barometer Nov | 96.7 | 96.2 | 95.8 | 95.1 | | 08:55 | EUR | Germany Unemployment Change Nov | 22K | 25K | 30K | | 08:55 | EUR | Germany Unemployment Rate Nov | 5.90% | 5.80% | 5.80% | | 09:00 | EUR | Italy Unemployment Oct | 7.80% | 7.40% | 7.40% | | 10:00 | EUR | Eurozone Unemployment Rate Oct | 6.50% | 6.50% | 6.50% | | 10:00 | EUR | Eurozone CPI Y/Y Nov P | 2.40% | 2.70% | 2.90% | | 10:00 | EUR | Eurozone CPI Core Y/Y Nov P | 3.60% | 3.90% | 4.20% | | 13:30 | CAD | GDP M/M Sep | 0.10% | 0.10% | 0.00% | | 13:30 | USD | Personal Income M/M Oct | 0.20% | 0.20% | 0.30% | 0.40% | | 13:30 | USD | Personal Spending Oct | 0.20% | 0.20% | 0.70% | | 13:30 | USD | PCE Price Index M/M Oct | 0.00% | 0.10% | 0.40% | | 13:30 | USD | PCE Price Index Y/Y Oct | 3.00% | 3.00% | 3.40% | | 13:30 | USD | Core PCE Price Index M/M Oct | 0.20% | 0.20% | 0.30% | | 13:30 | USD | Core PCE Price Index Y/Y Oct | 3.50% | 3.50% | 3.70% | | 13:30 | USD | Initial Jobless Claims (Nov 24) | 218K | 215K | 209K | 211K | | 14:45 | USD | Chicago PMI Nov | 45.4 | 44 | | 15:00 | USD | Pending Home Sales M/M Oct | -0.70% | 1.10% | | 15:30 | USD | Natural Gas Storage | -8B | -7B |
|
|
|
