Dollar Struggles to Keep Momentum in Indecisive Markets
| Action Insight Daily Report 7-2-24 |
Dollar Struggles to Keep Momentum in Indecisive Markets |
In the forex market, clear weakness of Yen, Swiss Franc, and Kiwi contrasts with a broader sense of indecision elsewhere. Dollar's rally attempt quickly lost momentum as it struggled to break through near-term resistance levels against both the Euro and Sterling. Additionally, the greenback remains stuck within familiar ranges against the Aussie and Loonie, a trend that has persisted since early Q2. Market participants are now eyeing Fed Chair Jerome Powell's speech at the ECB forum today, though it is unlikely to offer any significant new insights. Traders are more focused on tomorrow's ISM Services PMI and Friday's Non-Farm Payroll report before making substantial moves. At this point in the week, Euro is the best performer, although it lacks follow-through momentum due to political uncertainties in France. Sterling is the second strongest currency, followed by Dollar. On the other hand, Swiss Franc remains the worst performer, followed by Kiwi and Yen. The Aussie and the Loonie are positioned in the middle of the performance spectrum... |
GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.2622; (P) 1.2661; (R1) 1.2690; More... GBP/USD recovered ahead of 1.2612 support as range trading continues. Intraday bias remains neutral at this point. On the upside, firm break of 1.2705 resistance will argue that pull back from 1.2859 has completed, and bring retest of this high instead. Nevertheless, sustained trading below 1.2633 resistance turned support will argue that whole rise from 1.2298 has completed, and target 1.2445 and below. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 22:45 | NZD | Building Permits M/M May | -1.70% | -1.90% | -2.10% | | 01:30 | AUD | RBA Meeting Minutes | | 09:00 | EUR | Eurozone Unemployment Rate May | 6.40% | 6.40% | 6.40% | | 09:00 | EUR | Eurozone CPI Y/Y Jun P | 2.50% | 2.50% | 2.60% | | 09:00 | EUR | Eurozone CPI Core Y/Y Jun P | 2.90% | 2.80% | 2.90% | | 13:30 | CAD | Manufacturing PMI Jun | 50.2 | 49.3 |
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