Euro Rebound Stalls as Sterling and Dollar Mount a Comeback
| Action Insight Mid-Day Report 7-1-24 |
Euro Rebound Stalls as Sterling and Dollar Mount a Comeback |
Euro has seen a notable rebound as the new week commenced, though the lack of follow-through buying momentum is evident. The initial results from French parliamentary elections were not as dire as investors had feared. The far-right National Rally's victory was not as overwhelming as anticipated. However, significant uncertainty remains as political parties scramble to form a coalition to block the National Rally from gaining power. Leaders of both the left-wing New Popular Front and President Macron's centrist alliance announced on Sunday night that they would withdraw their candidates in districts where another candidate stands a better chance of defeating the National Rally in the upcoming run-off on Sunday. Despite this strategic move, it remains unclear how such a coalition will be effectively implemented and whether it will succeed in preventing the far-right from gaining a foothold in the government... |
EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.0692; (P) 1.0708; (R1) 1.0731; More.... EUR/USD edged higher to 1.0775 earlier today but failed to break through 55 D EMA (now at 1.0773) and retreated. Intraday bias stays neutral first. On the upside, firm break of 55 D EMA will argue that pull back from 1.0915 has completed. Further rise should be seen back to 1.0915 resistance. However, break of 1.0665 will resume larger down trend through 1.0601 low instead. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
|---|
| 23:50 | JPY | Tankan Large Manufacturing Index Q2 | 13 | 11 | 11 | | 23:50 | JPY | Tankan Large Manufacturing Outlook Q2 | 14 | 10 | | 23:50 | JPY | Tankan Non - Manufacturing Index Q2 | 33 | 33 | 34 | | 23:50 | JPY | Tankan Non - Manufacturing Outlook Q2 | 27 | 27 | | 23:50 | JPY | Tankan Large All Industry Capex Q2 | 11.10% | 4% | | 00:30 | JPY | Manufacturing PMI Jun F | 50 | 50.1 | 50.1 | | 01:45 | CNY | Caixin Manufacturing PMI Jun | 51.8 | 51.2 | 51.7 | | 05:00 | JPY | Consumer Confidence Jun | 36.4 | 36.5 | 36.2 | | 06:30 | CHF | Real Retail Sales Y/Y May | 0.40% | 2.50% | 2.70% | 2.20% | | 07:30 | CHF | Manufacturing PMI Jun | 43.9 | 44.9 | 46.4 | | 07:45 | EUR | Italy Manufacturing PMI Jun | 45.7 | 44.5 | 45.6 | | 07:50 | EUR | France Manufacturing PMI Jun F | 45.4 | 45.3 | 45.3 | | 07:55 | EUR | Germany Manufacturing PMI Jun F | 43.5 | 43.4 | 43.4 | | 08:00 | EUR | Eurozone Manufacturing PMI Jun F | 45.8 | 45.6 | 45.6 | | 08:30 | GBP | Manufacturing PMI Jun F | 50.9 | 51.4 | 51.4 | | 08:30 | GBP | M4 Money Supply M/M May | -0.10% | 0.20% | 0.10% | 0.00% | | 08:30 | GBP | Mortgage Approvals May | 60K | 61K | 61K | | 12:00 | EUR | Germany CPI M/M Jun P | 0.10% | 0.20% | 0.10% | | 12:00 | EUR | Germany CPI Y/Y Jun P | 2.20% | 2.30% | 2.40% | | 13:45 | USD | Manufacturing PMI Jun F | 51.7 | 51.7 | | 14:00 | USD | ISM Manufacturing PMI Jun | 49.3 | 48.7 | | 14:00 | USD | ISM Manufacturing Prices Paid Jun | 55.9 | 57 | | 14:00 | USD | ISM Manufacturing Employment Index Jun | 51.1 | | 14:00 | USD | Construction Spending M/M May | 0.30% | -0.10% |
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