Dollar in Consolidation Mode as Kiwi Eyes Upcoming NZ Job Data
| Action Insight Mid-Day Report 2-6-24 |
Dollar in Consolidation Mode as Kiwi Eyes Upcoming NZ Job Data |
Dollar is largely in a state of consolidation today, except with a minor uptick observed against Swiss Franc. In the absence of significant economic data from the US, market participants are poised to gauge the sentiment from forthcoming comments by Fed officials. However, the broader market dynamics, particularly the interplay with other financial markets, could play a more pivotal role in shaping the greenback's next. 10-year yield, nearing the upper echelon of its near-term range at 4.2%, might begin to taper off, while the stock markets are teetering on the edge of a mild pullback after struggling to sustain their record runs. These factors of countering forces could keep trading in Dollar sluggish for a while... |
USD/CHF Mid-Day Outlook Daily Pivots: (S1) 0.8669; (P) 0.8694; (R1) 0.8731; More.... Break of 0.8272 resistance suggest that USD/CHF's rebound from 0.8332 is resuming. Intraday bias is back on the upside. Further rally should be seen to 61.8% retracement of 0.9243 to 0.8332 at 0.8995 next. On the downside, below 0.8689 minor support will turn intraday bias neutral first. But risk will stay on the upside as long as 0.8550 support holds, in case of retreat. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 23:30 | JPY | Labor Cash Earnings Y/Y Dec | 1.00% | 1.30% | 0.70% | | 23:30 | JPY | Household Spending Y/Y Dec | -2.50% | -2.10% | -2.90% | | 03:30 | AUD | RBA Interest Rate Decision | 4.35% | 4.35% | 4.35% | | 04:30 | AUD | RBA Press Conference | | 07:00 | EUR | Germany Factory Orders M/M Dec | 8.90% | 0.30% | 0.30% | 0.00% | | 09:30 | GBP | Construction PMI Jan | 48.8 | 47.2 | 46.8 | | 10:00 | EUR | Eurozone Retail Sales M/M Dec | -1.10% | -1.30% | -0.30% | 0.30% | | 13:30 | CAD | Building Permits M/M Dec | -14.00% | 1.20% | -3.90% | -5.00% | | 15:00 | CAD | Ivey PMI Jan | 55 | 56.3 |
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