Yen Maintain Gains But Faces Momentum Hurdle, Dollar Indifferent to Weak Durable Goods
| Action Insight Mid-Day Report 2-27-24 |
Yen Maintain Gains But Faces Momentum Hurdle, Dollar Indifferent to Weak Durable Goods |
As the market transitions into early US session, Yen remains the best performer of the day, riding on Japan's stronger-than-anticipated CPI data. Despite the positive undercurrent, Yen has yet to find decisive buying momentum, suggesting that most traders are still on the sideline. Meanwhile, Australian Dollar trails as the second strongest for now, followed by Swiss Franc and Canadian Dollar. Conversely, New Zealand Dollar finds itself at the bottom, with market participants on edge as they anticipate the upcoming RBNZ rate decision. While most economists lean towards a rate hold as the likely outcome, the potential for a surprise hike keeps traders on their toes. Kiwi's response could be notably volatile in either case. Sterling and Euro are also underperforming. Dollar is also soft, despite showing minimal reaction to disappointing durable goods orders data. |
USD/CHF Mid-Day Outlook Daily Pivots: (S1) 0.8785; (P) 0.8803; (R1) 0.8819; More.... Intraday bias in USD/CHF remains neutral as consolidation from 0.8884 is still in progress. With 0.8727 resistance turned support intact, further rally is expected. On the upside, above 0.8884 will resume the rally from 0.8332 to 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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| 23:30 | JPY | National CPI Y/Y Jan | 2.20% | 2.60% | | 23:30 | JPY | National CPI ex Fresh Food Y/Y Jan | 2.00% | 1.90% | 2.30% | | 23:30 | JPY | National CPI ex Food & Energy Y/Y Jan | 3.50% | 3.70% | | 00:01 | GBP | BRC Shop Price Index Y/Y Jan | 2.50% | 2.90% | | 07:00 | EUR | Germany Gfk Consumer Confidence Mar | -29 | -29 | -29.7 | -29.6 | | 09:00 | EUR | Eurozone M3 Money Supply Y/Y Jan | 0.10% | 0.20% | 0.10% | | 13:30 | USD | Durable Goods Orders Jan | -6.10% | -4.40% | 0.00% | | 13:30 | USD | Durable Goods Orders ex Transport Jan | -0.30% | 0.30% | 0.50% | | 14:00 | USD | S&P/CS Composite-20 HPI y/y Dec | 6.10% | 6.00% | 5.40% | | 14:00 | USD | Housing Price Index M/M Dec | 0.10% | 0.10% | 0.30% | | 15:00 | USD | Consumer Confidence Feb | 114.9 | 114.8 |
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