Consolidations from 0.9200 is still in progress and intraday bias stays neutral. While deeper pull back might be seen, outlook will stay mildly bullish as long as 38.2% retracement of 0.8374 to 0.9200 at 0.8884 holds. On the upside, firm break of 0.9223 key resistance will carry larger bullish implication. However, sustained break of 0.8884 will indicate bearish reversal, and target 61.8% retracement at 0.8690 instead.

Action Forex

21.02.2025

Canada: Retail Sales Jump in December, With Real Activity Reporting Its Strongest Month Since Mid-2022 - Action Forex

Retail activity ended the year with a bang. Given the dampening effect of the GST/HST tax break on nominal figures, real sales provide a better measure of consumer activity, pointing to a swift rebound in spending behaviour. As a result, we expect consumption growth for Q4 2024 to reach around 4% (annualized), pushing GDP growth above trend.

Action Forex

21.02.2025

US PMI services slumps into contraction, growth outlook dims - Action Forex

US Manufacturing PMI rose from 51.2 to 51.6, an eight-month high. However, Services PMI dropped sharply from 52.9 to 49.7, marking a 25-month low. As a result, Composite PMI fell from 52.7 to 50.4, its lowest level in 17 months, signaling a broad slowdown in overall business activity.

Action Forex

21.02.2025

Sunset Market Commentary - Action Forex

The European February composite PMI released today matched January’s 50.2 reading. That’s suggestive of near negligible output growth. Services was still the main driver but expanded at a slower pace (50.7 from 51.3). The 23-month long downturn in manufacturing eased slightly (47.3 from 46.6). France was to blame for the marginally weaker-than-expected outcome with a marked reduction in (services) business activity.

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Economy

USD/CHF Mid-Day Outlook - Action Forex

Canada: Retail Sales Jump in December, With Real Activity Reporting Its Strongest Month Since Mid-2022 - Action Forex

US PMI services slumps into contraction, growth outlook dims - Action Forex

Sunset Market Commentary - Action Forex

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