Dollar Dips Slightly on PCE Core, But Overall Market Reactions Subdued
Action Insight Mid-Day Report 6-28-24 |
Dollar Dips Slightly on PCE Core, But Overall Market Reactions Subdued |
Dollar dips slightly in early US session, following the release of May's PCE core inflation data. This Fed's preferred measure of inflation indicated a continued, though modest, progress in disinflation. However, the financial market's response to the report was overall relatively muted, as the figures aligned closely with expectations. While the data is encourage, it is unlikely to prompt rate cuts from Fed yet. Fed officials have indicated that they require more consistent data over several months to justify such a move. Moreover, they emphasize the need for widespread disinflation. With services price growth still running at an annual rate of 3.9%, there remains significant ground to cover before Fed would feel comfortable easing monetary policy... |
USD/JPY Mid-Day Outlook Daily Pivots: (S1) 160.43; (P) 160.63; (R1) 160.98; More... Intraday bias in USD/JPY is turned neutral again with current retreat. Some consolidations could be seen first and deeper pullback cannot be ruled out. But near term outlook will remain bullish as long as 157.70 resistance turned support holds. break of 161.27 will resume larger up trend to 161.8% projection of 151.86 to 157.70 from 154.53 at 163.97. | |
GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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23:30 | JPY | Tokyo CPI Y/Y Jun | 2.30% | 2.20% | 23:30 | JPY | Tokyo CPI ex Fresh Food Y/Y Jun | 2.10% | 2.00% | 1.90% | 23:30 | JPY | Tokyo CPI ex Food & Energy Y/Y Jun | 1.80% | 1.70% | 23:30 | JPY | Unemployment Rate May | 2.60% | 2.60% | 2.60% | 23:50 | JPY | Industrial Production M/M May P | 2.80% | 2.00% | -0.90% | 01:30 | AUD | Private Sector Credit M/M May | 0.40% | 0.40% | 0.50% | 05:00 | JPY | Housing Starts Y/Y May | -5.30% | -6.00% | 13.90% | 06:00 | EUR | Germany Import Price Index M/M May | 0.00% | 0.20% | 0.70% | 06:00 | GBP | GDP Q/Q Q1 F | 0.70% | 0.60% | 0.60% | 06:00 | GBP | Current Account (GBP) Q1 | -21.0B | -17.7B | -21.2B | 06:45 | EUR | France Consumer Spending M/M May | 1.50% | 0.20% | -0.80% | -0.90% | 07:00 | CHF | KOF Economic Barometer Jun | 102.7 | 100.5 | 100.3 | 102.2 | 07:55 | EUR | Germany Unemployment Change Jun | 19K | 15K | 25K | 07:55 | EUR | Germany Unemployment Rate Jun | 6.00% | 5.90% | 5.90% | 12:30 | CAD | GDP M/M Apr | 0.30% | 0.30% | 0.00% | 12:30 | USD | Personal Income M/M May | 0.50% | 0.40% | 0.30% | 12:30 | USD | Personal Spending M/M May | 0.20% | 0.30% | 0.20% | 0.10% | 12:30 | USD | PCE Price Index M/M May | 0.00% | 0.00% | 0.30% | 12:30 | USD | PCE Price Index Y/Y May | 2.60% | 2.60% | 2.70% | 12:30 | USD | Core PCE Price Index M/M May | 0.10% | 0.10% | 0.20% | 0.30% | 12:30 | USD | Core PCE Price Index Y/Y May | 2.60% | 2.60% | 2.80% | 13:45 | USD | Chicago PMI Jun | 40 | 35.4 | 14:00 | USD | Michigan Consumer Sentiment Index Jun F | 65.6 | 65.6 |
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