Risk-On Rally Continues in Quiet Markets, Forex Lacks Direction
| Action Insight Mid-Day Report 5-20-24 |
Risk-On Rally Continues in Quiet Markets, Forex Lacks Direction |
Global financial markets are trading with a risk-on sentiment today, starting from the Asian session and continuing through the European and early US sessions. However, gains in stocks have been relatively limited, partly constrained by recovery in benchmark treasury yields, and partly capped by low trading activity. In the currency markets, positions have shifted somewhat from earlier in the day. While Kiwi stay as the weakest, Aussie is now the second worst, followed by Yen. Dollar, Swiss Franc, and Sterling are the stronger ones. Canadian Dollar and Euro are positioning in the middle... |
EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.0844; (P) 1.0861; (R1) 1.0886; More... EUR/USD is staying in consolidation below 1.0894 and intraday bias stays neutral. Further rally is expected as long as 1.0810 resistance turned support holds. Break of 1.0894 will resume the rise to 1.0980 resistance. Decisive break there will confirm that whole fall from 1.1138 has completed at 1.0601 already. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 01:15 | CNY | PBoC 1-y Loan Prime Rate | 3.45% | 3.45% | 3.45% | | 01:15 | CNY | PBoC 5-y Loan Prime Rate | 3.95% | 3.95% | 3.95% | | 04:30 | JPY | Tertiary Industry Index M/M Mar | -2.40% | 0.10% | 1.50% |
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