Dollar Making Progress in Quiet Markets, Yen Weakening Further
| Action Insight Mid-Day Report 5-8-24 |
Dollar Making Progress in Quiet Markets, Yen Weakening Further |
The financial markets are relatively quiet entering into US session. Despite a significant downturn in Japanese equities earlier, European markets have remained resilient, with major indices post modest gains. In the commodities sector, oil prices continue their near term decline, driven by expectations of increased supply coupled with dampened demand projections. Conversely, gold is e confined to a narrow range as its recovery efforts are thwarted by strengthening Dollar. Meanwhile, Bitcoin, too, is facing challenges, failing to make a significant rally to conclude its consolidation that started after reaching record highs in March. In the currency markets, Dollar is the strongest one for the day, making some progress in reversing its near term pullback. Swiss Franc is the second strongest followed by Euro. Aussie is the worst performer so far, followed by Yen , and then Kiwi. Canadian Dollar and Sterling are positioning in the middle... |
EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.0739; (P) 1.0764; (R1) 1.0779; More... Intraday bias in EUR/USD stays neutral for the moment. More consolidations could be seen below 1.0810. Further rally is expected as long as 55 4H EMA (now at 1.0731) holds. On the upside, above 1.0810 will resume the rebound from 1.0601 to 1.0884 resistance next. However, firm break of 55 4H EMA will argue that the rebound has completed, and turn bias to the downside for 1.0648 support instead. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 06:00 | EUR | Germany Industrial Production M/M Mar | -0.40% | -1.10% | 2.10% | | 08:00 | EUR | Italy Retail Sales M/M Mar | 0.00% | 0.20% | 0.10% | | 14:00 | USD | Wholesale Inventories Mar F | -0.40% | -0.40% | | 14:30 | USD | Crude Oil Inventories | -1.0M | 7.3M |
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