Calm Markets Await Powell's Insights on Disinflation and Rate Cuts
Action Insight Mid-Day Report 7-15-24 |
Calm Markets Await Powell's Insights on Disinflation and Rate Cuts |
Global financial markets lack clear direction today. Major European stock indexes are trading slightly lower, while US futures indicate a modestly higher open. Investors are unfazed by the assassination attempt on former US President Donald Trump, maintaining a calm stance. Focuses are turning to Fed Chair Jerome Powell's upcoming speech, where the market hopes to gauge his views on the faster-than-expected disinflation trend in the US. Key questions include whether a September rate cut by Fed is now realistic and if a second rate cut this year is back on the radar. In the currency markets, Dollar is currently the strongest performer, followed by Euro and the Swiss Franc. New Zealand dollar is the weakest, further weighed down by poor New Zealand services data. Sterling is the second weakest, followed by Australian Dollar, while Yen and Canadian dollar are positioned in the middle... |
EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.0876; (P) 1.0893; (R1) 1.0925; More.... No change in EUR/USD's outlook and intraday bias remains on the upside for the moment. Decisive break of 1.0915 resistance will resume whole rise from 1.0601 to 100% projection of 1.0601 to 1.0915 from 1.0665 at 1.0979. On the downside, below 1.0859 minor support will turn intraday bias neutral first. | |
GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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22:30 | NZD | Business NZ PSI Jun | 40.2 | 43 | 42.6 | 23:01 | GBP | Rightmove House Price Index M/M Jul | -0.40% | 0.00% | 02:00 | CNY | GDP Y/Y Q2 | 4.70% | 5.10% | 5.30% | 02:00 | CNY | Industrial Production Y/Y Jun | 5.30% | 5.00% | 5.60% | 02:00 | CNY | Retail Sales Y/Y Jun | 2.00% | 3.30% | 3.70% | 02:00 | CNY | Fixed Asset Investment YTD Y/Y Jun | 3.90% | 3.90% | 4.00% | 06:30 | CHF | PPI M/M Jun | 0.00% | 0.10% | -0.30% | 06:30 | CHF | PPI Y/Y Jun | -1.90% | -1.80% | 09:00 | EUR | Eurozone Industrial Production M/M May | -0.60% | -1.00% | -0.10% | 12:30 | USD | Empire State Manufacturing Index Jul | -6.6 | -5.5 | -6.0 | 12:30 | CAD | Manufacturing Sales M/M May | 0.40% | 0.20% | 1.10% | 12:30 | CAD | Wholesale Sales M/M May | -0.80% | 2.00% | 2.40% | 14:30 | CAD | BoC Business Outlook Survey |
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