Euro Dips on Poor PMI Data, Dollar Losing Some Momentum
| Action Insight Mid-Day Report 6-23-23 |
Euro Dips on Poor PMI Data, Dollar Losing Some Momentum |
Dollar has launched a broad-based rebound in today's market. However, momentum appears to be faltering against its European counterparts in early U.S. trading session. Although it continues to perform strongly against Yen and Australian dollar, the greenback has been struggling to break last week's high against other key currencies. Consequently, this rebound seems to be more of a corrective move than a robust up trend. Nevertheless, today's surge could potentially signal a period of consolidation that might extend through the remainder of the month. Meanwhile, Euro has suffered broad losses today, driven by disappointing PMI data. While a July rate hike by ECB seems almost certain, the outlook beyond that point is clouded in uncertainty. Australian and New Zealand Dollars, have taken a severe hit following sell-off in Hong Kong stocks and continuous decline in Chinese Yuan. Despite being among the week's worst performers, Yen is experiencing a slight recovery against other currencies, with the notable exception of Dollar. In Europe, at the time of writing, FTSE is down -0.57%. DAX is down -1.20%. CAC is down -0.60%. Germany 10-year yield is down -0.165 at 2.335. Earlier in Asia, Nikkei fell -1.45%. 10-year JGB yield dropped -0.0072 to 0.372. Hong Kong HSI fell -1.71%. Singapore Strait Times fell -0.96%. |
EUR/CHF Mid-Day Outlook Daily Pivots: (S1) 0.9783; (P) 0.9812; (R1) 0.9834; More... EUR/CHF's break of 0.9763 minor support argues that recovery from 0.9670 has completed as a correction to 0.9840 Intraday bias is back on the downside for retesting 0.9670 low. Sustained break there will resume the whole fall from 1.0095. Nevertheless, break of 0.9840 will resume the rebound to 0.9878 resistance. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 23:00 | AUD | Manufacturing PMI Jun P | 48.6 | 48.4 | | 23:00 | AUD | Services PMI Jun P | 50.7 | 52.1 | | 23:01 | GBP | GfK Consumer Confidence Jun | -24 | -26 | -27 | | 23:30 | JPY | National CPI Y/Y May | 3.20% | 3.50% | | 23:30 | JPY | National CPI Core Y/Y May | 3.20% | 3.10% | 3.40% | | 23:30 | JPY | National CPI Core-Core Y/Y May | 4.30% | 4.10% | | 00:30 | JPY | Manufacturing PMI Jun P | 49.8 | 50.2 | 50.6 | | 06:00 | GBP | Retail Sales M/M May | 0.30% | -0.20% | 0.50% | | 07:15 | EUR | France Manufacturing PMI Jun P | 45.5 | 45.2 | 45.7 | | 07:15 | EUR | France Services PMI Jun P | 48 | 52.1 | 52.5 | | 07:30 | EUR | Germany Manufacturing PMI Jun P | 41 | 43.6 | 43.2 | | 07:30 | EUR | Germany Services PMI Jun P | 54.1 | 56.3 | 57.2 | | 08:00 | EUR | Eurozone Manufacturing PMI Jun P | 43.6 | 44.9 | 44.8 | | 08:00 | EUR | Eurozone Services PMI Jun P | 52.4 | 54.5 | 55.1 | | 08:30 | GBP | Manufacturing PMI Jun P | 46.2 | 46.8 | 47.1 | | 08:30 | GBP | Services PMI Jun P | 53.7 | 54.9 | 55.2 | | 13:45 | USD | Manufacturing PMI Jun P | 48.5 | 48.4 | | 13:45 | USD | Services PMI Jun P | 54 | 54.9 |
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