Euro Briefly Dips on Soft PMI, CAD Shrugs Off Robust Retail Sales
| Action Insight Mid-Day Report 2-21-25 |
Euro Briefly Dips on Soft PMI, CAD Shrugs Off Robust Retail Sales |
Trading is rather subdued in the forex markets today, with most major pairs and crosses stuck within yesterday’s range. Loonie failed to react to significantly stronger-than-expected retail sales data. Euro dipped earlier following weak PMI reports, but selling pressure quickly fizzled out. Yen saw some volatility during the Asian session, initially weakening alongside Japanese bond yields after BoJ Governor Kazuo Ueda’s comments, but selling was short-lived. For the week so far, Yen remains the strongest performer, although it could now pause for consolidation after its recent rally. Sterling pound ranks second, followed by Aussie. On the weaker side, Euro has slipped to the bottom, just below Loonie and Dollar. However, the gap between the three remains tight, leaving room for shifts before the weekly close. Meanwhile, Swiss Franc and Kiwi are positioning in the middle.... |
EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.0446; (P) 1.0475; (R1) 1.0532; More... Outlook in EUR/USD remains unchanged despite today's mild dip. Consolidation from 1.0176 is still extending and intraday bias remains neutral. Stronger rebound might be seen but outlook will remain bearish as long as 38.2% retracement of 1.1213 to 1.0176 at 1.0572 holds. On the downside, break of 1.0176 will resume whole fall from 1.1213. However, decisive break of 1.0572 will raise the chance of reversal, and target 61.8% retracement at 1.0817. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 21:45 | NZD | Trade Balance (NZD) Jan | -486M | 225M | 219M | 94M | | 22:00 | AUD | Manufacturing PMI Feb P | 50.6 | 50.2 | | 22:00 | AUD | Services PMI Feb P | 51.4 | 51.2 | | 23:50 | JPY | CPI Y/Y Jan | 4.00% | 3.60% | | 23:50 | JPY | CPI Core Y/Y Jan | 3.20% | 3.10% | 3.00% | | 23:50 | JPY | CPI Core-Core Y/Y Jan | 2.50% | 2.40% | | 00:01 | GBP | GfK Consumer Confidence Feb | -20 | -22 | -22 | | 00:30 | JPY | Manufacturing PMI Feb P | 48.9 | 49 | 48.7 | | 00:30 | JPY | Services PMI Feb P | 53.1 | 53 | | 07:00 | GBP | Retail Sales M/M Jan | 1.70% | 0.30% | -0.30% | -0.60% | | 07:00 | GBP | Public Sector Net Borrowing (GBP) Jan | -15.4B | -20.5B | 17.8B | 18.1B | | 08:15 | EUR | France Manufacturing PMI Feb P | 45.5 | 45.3 | 45 | | 08:15 | EUR | France Services PMI Feb P | 44.5 | 49 | 48.2 | | 08:30 | EUR | Germany Manufacturing PMI Feb P | 46.1 | 45.6 | 45 | | 08:30 | EUR | Germany Services PMI Feb P | 52.2 | 52.6 | 52.5 | | 09:00 | EUR | Eurozone Manufacturing PMI Feb P | 47.3 | 47.1 | 46.6 | | 09:00 | EUR | Eurozone Services PMI Feb P | 50.7 | 51.5 | 51.3 | | 09:30 | GBP | Manufacturing PMI Feb P | 46.4 | 48.5 | 48.3 | | 09:30 | GBP | Services PMI Feb P | 51.1 | 51 | 50.8 | | 13:30 | CAD | Retail Sales M/M Dec | 2.50% | 1.60% | 0% | 0.20% | | 13:30 | CAD | Retail Sales ex Autos M/M Dec | 2.70% | 0.40% | -0.70% | | 14:45 | USD | Manufacturing PMI Feb P | 51.3 | 51.2 | | 14:45 | USD | Services PMI Feb P | 53 | 52.9 | | 15:00 | USD | Existing Home Sales M/M Jan | 4.17M | 4.24M | | 15:00 | USD | Michigan Consumer Sentiment Index Jan F | 67.8 | 67.8 |
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