Dollar Gains Following Durable Goods Data, Canadian Drops on Retail Sales Miss
| Action Insight Mid-Day Report 4-24-24 |
Dollar Gains Following Durable Goods Data, Canadian Drops on Retail Sales Miss |
Dollar is making a modest recovery in early US session, supported by slightly better-than-expected durable goods orders and recovery in benchmark Treasury yields. However, the overarching direction of the greenback for the near term remains uncertain, largely dependent on shifting risk sentiments. Current stock futures are showing mixed opening, leaving investors watching closely to see how these dynamics unfold throughout the trading day. In the broader currency market, Australian Dollar and New Zealand Dollar are leading as the strongest performers for the day. Aussie particularly buoyed by stronger than expected CPI data, which are likely to push back the timetable for any rate cuts by RBA. Conversely, Canadian dollar is currently the weakest performer, following disappointing retail sales data, indicating softer consumer spending. Swiss Franc and Euro are also underperforming, while Japanese Yen and British Pound hold middle ground... |
EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.0656; (P) 1.0684; (R1) 1.0729; More... EUR/USD is still bounded in range trading above 1.0601 and intraday bias remains neutral. Strong resistance should be seen from 1.0723 to complete the corrective rise from 1.0601. Break of 1.0601 will resume the fall from 1.1138 to 100% projection of 1.1138 to 1.0694 from 1.0980 at 1.0536 next. Nevertheless, firm break of 1.0723 will bring stronger rebound to 55 D EMA (now at 1.0786) instead. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 22:45 | NZD | Trade Balance (NZD) Mar | 588M | -505M | -218M | -315M | | 23:50 | JPY | Corporate Service Price Index Y/Y Mar | 2.30% | 2.10% | 2.10% | 2.20% | | 01:30 | AUD | Monthly CPI Y/Y Mar | 3.50% | 3.40% | 3.40% | | 01:30 | AUD | CPI Q/Q Q1 | 1.00% | 0.80% | 0.60% | | 01:30 | AUD | CPI Y/Y Q1 | 3.60% | 3.40% | 4.10% | | 01:30 | AUD | RBA Trimmed Mean CPI Q/Q Q1 | 1.00% | 0.80% | 0.80% | | 01:30 | AUD | RBA Trimmed Mean CPI Y/Y Q1 | 4.00% | 3.80% | 4.20% | | 08:00 | CHF | Credit Suisse Economic Expectations Apr | 17.6 | 11.5 | | 08:00 | EUR | Germany IFO Business Climate Apr | 89.4 | 88.5 | 87.8 | | 08:00 | EUR | Germany IFO Current Assessment Apr | 88.9 | 88.7 | 88.1 | | 08:00 | EUR | Germany IFO Expectations Apr | 89.9 | 88.9 | 87.5 | | 12:30 | USD | Durable Goods Orders Mar | 2.60% | 2.50% | 1.30% | | 12:30 | USD | Durable Goods Orders ex Transportation Mar | 0.20% | 0.30% | 0.50% | | 12:30 | USD | Durable Goods Orders ex Defense Mar | 2.30% | 2.00% | 2.20% | | 12:30 | CAD | Retail Sales M/M Feb | -0.10% | 0.10% | -0.30% | | 12:30 | CAD | Retail Sales ex Autos M/M Feb | -0.30% | 0.00% | 0.50% | 0.40% | | 14:30 | USD | Crude Oil Inventories | 1.7M | 2.7M | | 17:30 | CAD | BoC Summary of Deliberations |
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