Markets Stuck in Ranges as Data Fail to Inspire
| Action Insight Mid-Day Report 5-16-25 |
Markets Stuck in Ranges as Data Fail to Inspire |
Market activity remains subdued ahead of the weekend, with major currency pairs and crosses locked within yesterday’s tight ranges. Earlier in the day, New Zealand Dollar received a brief lift from rise in inflation expectations, but the move lacked conviction and quickly faded. Similarly, Japan’s weaker-than-expected Q1 GDP figures failed to trigger much reaction, as traders largely shrugged off domestic data and remained directionless. Broader risk sentiment is offering little help, with global equity markets also confined to narrow ranges. Investors are awaiting fresh cues, with some attention turning to the upcoming US University of Michigan Consumer Sentiment survey. While a bounce in sentiment is possible following the 90-day reciprocal tariff truce, lingering policy uncertainty may cap any gains. Of particular interest will be the inflation expectations component, as a notable uptick could reinforce concerns that tariffs are beginning to feed into price pressures. For the week, Aussie is leading the pack, followed by Dollar and Sterling. On the weaker side, Swiss Franc is underperforming, trailed by Euro and Kiwi. Yen and Canadian Dollar are trading more neutrally.... |
GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.3263; (P) 1.3292; (R1) 1.3331; More... Intraday bias in GBP/USD remains neutral as range trading continues. On the upside, decisive break of 1.3433/42 key resistance zone will confirm larger up trend resumption. Nevertheless, below 1.3138 will resume the correction from 1.3442. But downside should be contained by 38.2% retracement of 1.2099 to 1.3442 at 1.2929 to bring rebound. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 22:30 | NZD | Business NZ PMI Apr | 53.9 | 53.2 | | 23:50 | JPY | GDP Q/Q Q1 P | -0.20% | -0.10% | 0.70% | | 23:50 | JPY | GDP Deflator Y/Y Q1 P | 3.30% | 3.20% | 2.90% | | 03:00 | NZD | RBNZ Inflation Expectations Q2 | 2.29% | 2.06% | | 04:30 | JPY | Industrial Production M/M Mar F | 0.20% | -1.10% | -1.10% | | 09:00 | EUR | Eurozone Trade Balance (EUR) Mar | 27.9B | 17.5B | 21.0B | 22.7B | | 12:30 | USD | Housing Starts Apr | 1.36M | 1.37M | 1.32M | 1.34M | | 12:30 | USD | Building Permits Apr | 1.41M | 1.45M | 1.48M | | 12:30 | USD | Import Price Index M/M Apr | 0.10% | -0.40% | -0.10% | -0.40% | | 14:00 | USD | UoM Consumer Sentiment May P | 53 | 52.2 | | 14:00 | USD | UoM Inflation Expectations May P | 6.50% |
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