Dollar Down after Lackluster Economic Data, Yen Extending Rebound
| Action Insight Daily Report 12-21-23 |
Dollar Down after Lackluster Economic Data, Yen Extending Rebound |
As US session gets underway, Dollar is declining broadly, influenced by a series of lackluster economic reports. US GDP growth for Q3 was revised downward to annualized rate of 4.9% in the final estimate. Additionally, Philadelphia Fed business outlook survey for December showed a drop from -5.9 to -10.5, signaling deeper contraction in regional manufacturing activity. However, the labor market showed some resilience, with jobless claims maintaining relatively stable level at 205,000, a positive sign amidst other economic headwinds. Despite the negative economic indicators, US stock futures are pointing towards a higher opening, suggesting a potential rebound in the equity markets. Nevertheless, with the year-end holiday period approaching, there is uncertainty about whether this sell-off in Dollar and the uplift in stocks can be sustained over a longer period.... |
USD/JPY Mid-Day Outlook Daily Pivots: (S1) 143.18; (P) 143.64; (R1) 144.02; More... USD/JPY's fall from 144.94 extends lower today but it's staying above 140.94 support so far. Intraday bias remains neutral and more range trading could still be seen. But outlook will stay bearish as long as 146.58 resistance holds. Firm break of 140.94 will resume the whole fall from 151.89. Next target will be next fibonacci level at 136.63. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 07:00 | GBP | Public Sector Net Borrowing (GBP) Nov | 13.4B | 13.2B | 14.0B | | 13:30 | CAD | Retail Sales M/M Oct | 0.70% | 0.80% | 0.60% | | 13:30 | CAD | Retail Sales ex Autos M/M Oct | 0.60% | 0.50% | 0.20% | | 13:30 | USD | Initial Jobless Claims (Dec 15) | 205K | 220K | 202K | 203K | | 13:30 | USD | GDP Annualized Q3 | 4.90% | 5.20% | 5.20% | | 13:30 | USD | GDP Price Index Q3 | 3.60% | 3.60% | 3.60% | | 13:30 | USD | Philadelphia Fed Manufacturing Survey Dec | -10.5 | -3 | -5.9 | | 15:30 | USD | Natural Gas Storage | -82B | -55B |
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