Swiss Franc and Yen Surge as Dollar Lags in Risk-Averse Markets
| Action Insight Mid-Day Report 5-30-24 |
Swiss Franc and Yen Surge as Dollar Lags in Risk-Averse Markets |
As US session commences, Swiss Franc and Japanese Yen are trading as the day's strongest currencies, fueled by risk aversion in US markets. While major European indices exhibit only modest fluctuations, US futures indicate notably lower opens, reinforcing the cautious sentiment among investors. Swiss Franc's additional strength can be traced to comments made by outgoing SNB Chairman Thomas Jordan overnight, who pointed to its depreciation as a catalyst for unexpected inflationary pressures in Switzerland. In response, Jordan highlighted the possibility of the SNB intervening in the currency market by selling foreign currencies to stabilize the Franc... |
USD/CHF Mid-Day Outlook Daily Pivots: (S1) 0.9116; (P) 0.9130; (R1) 0.9147; More.... USD/CHF's fall from 0.9157 accelerates lower today, and the development suggests that rebound from 0.8987 has completed already. Fall from 0.9157 is now seen as the third leg of the pattern from 0.9223. Intraday bias is back on the downside for 0.8987 support first. Break will target 100% projection of 0.9223 to 0.8987 from 0.9157 at 0.8921. On the upside, above 0.8904 minor resistance will turn intraday bias neutral first. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 22:45 | NZD | Building Permits M/M Apr | -1.90% | -0.20% | | 01:30 | AUD | Private Capital Expenditure Q1 | 1.00% | 0.60% | 0.80% | | 06:00 | CHF | Trade Balance (CHF) Apr | 4.32B | 3.98B | 3.54B | 3.77B | | 07:00 | CHF | KOF Economic Barometer May | 100.3 | 102.2 | 101.8 | 101.9 | | 07:00 | CHF | GDP Q/Q Q1 | 0.30% | 0.30% | 0.30% | | 08:00 | EUR | Italy Unemployment Apr | 6.90% | 7.30% | 7.20% | 7.10% | | 09:00 | EUR | Eurozone Unemployment Rate Apr | 6.40% | 6.50% | 6.50% | | 09:00 | EUR | Eurozone Economic Sentiment Indicator May | 96 | 96 | 95.6 | | 09:00 | EUR | Eurozone Industrial Confidence May | -9.9 | -9.4 | -10.5 | -10.4 | | 09:00 | EUR | Eurozone Services Sentiment May | 6.5 | 6.5 | 6 | 6.1 | | 09:00 | EUR | Eurozone Consumer Confidence May F | -14.3 | -14.3 | -14.3 | | 12:30 | CAD | Current Account (CAD) Q1 | -5.4B | -5.5B | -1.6B | -4.5B | | 12:30 | USD | Initial Jobless Claims (May 24) | 219K | 218K | 215K | 216K | | 12:30 | USD | GDP Annualized Q1 P | 1.30% | 1.50% | 1.60% | | 12:30 | USD | GDP Price Index Q1 P | 3.00% | 3.10% | 3.10% | | 12:30 | USD | Goods Trade Balance (USD) Apr P | -99.4B | -91.8B | -91.8B | -92.3B | | 12:30 | USD | Wholesale Inventories Apr P | 0.20% | -0.10% | -0.40% | | 14:00 | USD | Pending Home Sales M/M Apr | -0.60% | 3.40% | | 14:30 | USD | Natural Gas Storage | 77B | 78B | | 15:00 | USD | Crude Oil Inventories | -2.0M | 1.8M |
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