Euro Rebounds With Sterling, Dollar Softens Despite Solid Durable Goods
| Action Insight Mid-Day Report 5-24-24 |
Euro Rebounds With Sterling, Dollar Softens Despite Solid Durable Goods |
Euro rebounded notably today despite the absence of substantial news from Europe. Sterling followed suit, shrugging off poor UK retail sales data. Conversely, Dollar ignored upbeat durable goods data and weakened alongside Yen and Swiss Franc. Commodity currencies displayed mixed performance. It appears that traders are lightening up their positions ahead of the long weekend in the UK and the US. Technically, EUR/AUD is a focus as Euro is trying to strengthen broadly. Sustained break of 55 D EMA (now at 1.6412) will argue that fall from 1.6742, as the third leg of the corrective pattern from 1.7062, has completed. In this case, stronger rally would be seen back towards 1.6742 resistance. This development if realized, might be accompanied by strengthen in EUR/USD and weakness in AUD/USD simultaneously... |
GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.2674; (P) 1.2710; (R1) 1.2736; More... Intraday bias in GBP/USD is turned neutral as it recovered ahead of 55 4H EMA (now at 1.2671). On the upside, break of 1.2760 will resume the rally fro 1.2290 towards 1.2892 resistance. On the downside, break of 1.2670 will resume the pull back from 1.2760 to near term channel support (now at 1.2573). | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
|---|
| 22:45 | NZD | Trade Balance (NZD) Apr | 91M | -202M | 588M | 476M | | 23:01 | GBP | GfK Consumer Confidence May | -17 | -18 | -19 | | 23:30 | JPY | National CPI Y/Y Apr | 2.50% | 2.70% | | 23:30 | JPY | National CPI ex Fresh Food Y/Y Apr | 2.20% | 2.20% | 2.60% | | 23:30 | JPY | National CPI ex Food & Energy Y/Y Apr | 2.40% | 2.90% | | 06:00 | GBP | Retail Sales M/M Apr | -2.30% | -0.60% | 0.00% | | 06:00 | EUR | Germany GDP Q/Q Q1 F | 0.20% | 0.20% | 0.20% | | 12:30 | CAD | Retail Sales M/M Mar | -0.20% | -0.10% | -0.10% | | 12:30 | CAD | Retail Sales ex Autos M/M Mar | -0.60% | -0.20% | -0.30% | | 12:30 | USD | Durable Goods Orders Apr | 0.70% | 0.50% | 2.60% | 0.90% | | 12:30 | USD | Durable Goods Orders ex Transportation Apr | 0.40% | 0.10% | 0.20% | 0.00% | | 14:00 | USD | Michigan Consumer Sentiment May | 67.4 | 67.4 |
|
|
|
