Action Insight Daily Report 10-31-18

Dollar Regains Control as Stocks and Yield Rebound, Facing Key Levels Against Euro, Sterling and Franc

Action Insight Daily Report 10-31-18 Dollar Regains Control as Stocks and Yield Rebound, Facing Key Levels Against Euro, Sterling and Franc Dollar index jumped overnight and breached 96.98 key resistance, with the help from rebound in stocks and treasury yields. But strength of the greenback mainly centered against Sterling, Swiss Franc and Yen. It's holding in range against Euro, Canadian and Australian for the moment. As for today, Sterling is recovering broadly, mainly because it's digesting this week's sharp losses. Australian Dollar and Yen are the weakest for now instead. DOW staged a strong 431.72 pts, or 1.77% rebound overnight. S&P 500 and NASDAQ also closed up 1.57% and 1.58% respectively. All three indices are staying in lower-low, lower-high pattern for the near term. But oversold condition could limit downside for a while. 10 year yield closed up 0.23 at 3.110. 30-year yield closed up 0.027 at 3.356. Both are held in near term consolidation. But 30-year yield displayed more resilience. In Asia, at the time of writing, Nikkei is up 2%, Singapore Strait Times up 0.66%, China Shanghai SSE is up 1.07%, Hong Kong HSI is up 0.91%. Japan 10 year JGB yield is up 0.0024 at 0.124. Markets sentiments seem to be back to normal. Technically, with Dollar's rebound, focus will now be on 1.1335 temporary low in EUR?USD and break will put focus on 1.1300 key support level. At the same time, GBP/USD might also challenge 1.2661 key support. USD/CHF could challenge 1.0067 key resistance. We'll see if Dollar could power through these key levels, or be rejected from there. Full Report Here Gold selloff accelerates, corrective rise from 1160.36 likely completed BoJ stands pat, lowers inflation forecasts once again Australia CPI slowed to 1.9% yoy in Q3, AUD/USD dips briefly New Zealand ANZ business confidence rose to -37.1, next RBNZ move... BoC Poloz: Interest rate hike to continue to neutral at 2.5-3.5% Today's top mover: GBP/AUD again, building up medium term bearish reversal Quick Comments Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol Populist Sentiment Still Evolving – Brazil and Germany Markets Responded Positively Italy Credit Rating – Further Downgrades are Yet to Come Investors Starting to Change Their Mind on Fed Hike Path after... Central Bank Views | China Watch | Oil N' Gold | Special Topics GBP/USD Daily Outlook Daily Pivots: (S1) 1.2666; (P) 1.2739; (R1) 1.2783; More... GBP/USD's decline is still in progress and intraday bias remains on the downside for 1.2661 low. Decisive break there will l resume larger down trend from 1.4376. Next target is 61.8% projection of 1.4376 to 1.2661 from 1.3297 at 1.2237. On the upside, above 1.2777 minor resistance will turn intraday bias neutral first. But for now, near term outlook will remain cautiously bearish as long as 1.2921 support turned resistance holds. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings EUR/JPY Remains In Downtrend Below 129.00 Dollar At 16 Month High After Stock Market Rebound Eurozone Inflation to Inch Higher in October but Doubts Persist about Outlook Trump Blames Stocks Selloff on Democrats Rise in Popularity EUR/USD Nears 1.13 Again on Dollar Strength, Deteriorating Eurozone Economy Fundamental Analysis | Technical Analysis In-depth Reports Populist Sentiment Still Evolving - Brazil and Germany Markets Responded Positively Italy Credit Rating - Further Downgrades are Yet to Come The Midterm Elections and Our Economic Outlook Democrats Might Regain Control of House, And Then? US Election Monitor #4: Trump Proposes New Tax Cuts But Unlikely to Change Momentum So Close to Election Day US Election Monitor #3: Standstill as US Criticises China Trade Policy Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 21:45 NZD Building Permits M/M Sep -1.50% 7.80% 6.80% 23:50 JPY Industrial Production M/M Sep P -1.10% -0.20% 0.20% 0:00 NZD ANZ Business Confidence Oct -37.1 -38.3 0:01 GBP GfK Consumer Confidence Oct -10 -10 -9 0:01 GBP BRC Shop Price Index Y/Y Oct -0.20% 0.20% 0:30 AUD CPI Q/Q Q3 0.40% 0.50% 0.40% 0:30 AUD CPI Y/Y Q3 1.90% 1.90% 2.10% 0:30 AUD CPI RBA Trimmed Mean Q/Q Q3 0.40% 0.40% 0.50% 0.40% 0:30 AUD CPI RBA Trimmed Mean Y/Y Q3 1.80% 1.90% 1.90% 1.80% 0:30 AUD CPI RBA Weighted Median Q/Q Q3 0.30% 0.40% 0.50% 0.40% 0:30 AUD CPI RBA Weighted Median Y/Y Q3 1.70% 1.90% 1.90% 1.70% 1:00 CNY Manufacturing PMI Oct 50.2 50.6 50.8 1:00 CNY Non-manufacturing PMI Oct 53.9 54.9 54.9 3:08 JPY BOJ Rate Decision -0.10% -0.10% -0.10% 5:00 JPY Consumer Confidence Index Oct 43 43.5 43.4 5:00 JPY Housing Starts Y/Y Sep -1.50% -0.50% 1.60% 10:00 EUR Eurozone Unemployment Rate Sep 8.10% 8.10% 10:00 EUR Eurozone CPI Core Y/Y Oct A 1.00% 0.90% 10:00 EUR Eurozone CPI Estimate Y/Y Oct 2.20% 2.10% 12:15 USD ADP Employment Change Oct 190K 230K 12:30 CAD Industrial Product Price M/M Sep -0.50% 12:30 CAD Raw Materials Price Index M/M Sep -1.50% -4.60% 12:30 CAD GDP M/M Aug 0.20% 12:30 CAD GDP Y/Y Aug 2.40% 12:30 USD Employment Cost Index Q3 0.80% 0.60% 13:45 USD Chicago PMI Oct 60.5 60.4 14:30 USD Crude Oil Inventories 6.3M

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