Speculations Over Fed's Next Move Grow Increasingly Complex
| Action Insight Mid-Day Report 2-21-24 |
Speculations Over Fed's Next Move Grow Increasingly Complex |
Trading activity is relatively subdued today, with most major currency pairs and crosses hovering within the previous day's range. Australian and New Zealand Dollars are showing some resilience, maintaining their position as the firmer currencies, albeit without significant momentum. Swiss Franc has also edged higher in the daily performance chart, benefiting a recovery against both the Euro and the Sterling. On the other hand, Dollar and Yen find themselves on the softer side, while Euro and the Pound show mixed performances. The spotlight for the rest of day is firmly on the upcoming FOMC minutes. Investors and traders alike will dissect for clues regarding the timing of the first rate cut, although expectations for concrete hints are tempered. However, it should also be pointed out that the narrative within certain market segments is increasingly complex.... |
USD/CHF Mid-Day Outlook Daily Pivots: (S1) 0.8791; (P) 0.8814; (R1) 0.8843; More.... USD/CHF dips mildly today but stays in range of 0.8727/8884. Intraday bias remains neutral and more consolidations could be seen. With 0.8727 resistance turned support intact, further rally is still expected. On the upside, break of 0.8885 will resume the rise from 0.8332 and target and 100% projection of 0.8332 to 0.8727 from 0.8550 at 0.8954. However, sustained break of 0.8727 will dampen this bullish view, and turn bias back to the downside for 0.8550 support instead. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 21:45 | NZD | PPI Input Q/Q Q4 | 0.90% | 0.40% | 1.20% | | 21:45 | NZD | PPI Output Q/Q Q4 | 0.70% | 0.40% | 0.80% | | 23:50 | JPY | Trade Balance (JPY) Jan | 0.24T | -0.23T | -0.41T | -0.44T | | 00:00 | AUD | Westpac Leading Index M/M Jan | -0.10% | 0.00% | | 00:30 | AUD | Wage Price Index Q/Q Q4 | 0.90% | 0.90% | 1.30% | | 07:00 | GBP | Public Sector Net Borrowing (GBP) Jan | -17.6B | -18.4B | 6.8B | 6.5B | | 13:30 | CAD | New Housing Price Index M/M Jan | -0.10% | 0.10% | 0.00% | | 15:00 | EUR | Eurozone Consumer Confidence Feb P | -16 | -16 | | 19:00 | USD | FOMC Minutes |
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