Action Insight Mid-Day Report 10-30-18

Yen Extends Fall as Calm Markets Shrug US-China Trade War Threats

Action Insight Mid-Day Report 10-30-18 Yen Extends Fall as Calm Markets Shrug US-China Trade War Threats Yen trades broadly lower today as stock markets stabilized in both Asian and Europe. Meanwhile, Sterling, and Euro are following as the weakest. There is no sign of breakout of any kind in Brexit negotiation. Economic data out of Eurozone were also disappointing and point to further slow down. Commodity currencies, on the other hand, are generally higher, as led by Australian Dollar. The greenback is mixed for the moment. It was lifted briefly yesterday by news that Trump is going to impose new round of tariffs on China should the summit with President Xi Jinping fails. But there was no follow through buying. Technically, USD/JPY's breach of 112.88 minor resistance is seen as an indication of near term reversal. USD/CHF and GBP/USD have just resumed recent moves. GBP/AUD's decline also accelerates today and breaks 1.8014 key support. One of the focuses in US session is 1.5984 support in EUR/AUD. Decisive break there will be an early indication of medium term trend reversal. In other markets, at the time of writing, FTSE is up 0.36%, DAX is flat, CAC is up 0.03%. German 10 year yield is up 0.0054 at 0.386. Italian 10 year yield is up 0.090 at 3.428. German-Italian spread is back above 300. Earlier today in Asia, Nikkei closed up 1.45% at 21457.29. Singapore Strait Times closed down -0.51% at 2966.45. Hong Kong HSI closed down -0.91% at 24585.53. But China Shanghai SSE rose 1.02% to 2568.05 Full Report Here Into US session: Euro soft on weak GDP, Sterling and Yen... Eurozone GDP growth halved to 0.2% qoq, confidence deteriorated Italy GDP stalled in Q3, 0.0% versus prior 0.2% Swiss KOF dropped to 100.1, economy to grow with average rates... France GDP growth accelerated to 0.4% in Q3, household consumption recovered Japan unemployment rate dropped to 2.3%, BoJ meeting starts DOW suffered bearish U-turn on new threat of Trump's China tariffs,... UK Hammond: It's double dividend if Brexit negotiation turns out right German Merkel confirms to end party leadership 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 USD/JPY Mid-Day Outlook Daily Pivots: (S1) 111.92; (P) 112.24; (R1) 112.70; More.. USD/JPY's rebound from 111.37 extends today. Breach of 112.88 resistance argues that corrective fall from 114.54 has completed earlier than expected, on bullish convergence condition in 4 hour MACD. Intraday bias is turned back to the upside for retesting 114.54.73 key resistance zone. On the downside, break of 112.19 minor support will turn bias back to the downside and will likely extend the fall from 114.54. IN that case, next target is 38.2% retracement of 104.62 to 114.54 at 110.75. As such fall is seen as part of medium term correction, we'll look for bottoming signal above 109.76 key support. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings U.S Dollar Has Earned Its Stripes China Under Pressure Markets Volatile Ahead Of Wall Street Open EURUSD Outlook: Bears Hold In Extended Consolidation And Look For Fresh Signal From Economic Data USD Firming On US-Sino Relationships Markets Bounce As Trump Hints At 'Great Deal', Eurozone GPD And German Inflation Coming Up GBPUSD Stalls Around 2-Month Lows, Bearish But Oversold Stock Markets Going Nuts 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 23:30 JPY Jobless Rate Sep 2.30% 2.40% 2.40% 0:30 AUD Building Approvals M/M Sep 3.30% 3.90% -9.40% -8.10% 6:30 EUR French GDP Q/Q Q3 A 0.40% 0.40% 0.20% 8:00 CHF KOF Leading Indicator Oct 100.1 100.8 102.2 8:55 EUR German Unemployment Change Oct -11K -12K -23K 8:55 EUR German Unemployment Claims Rate Oct 5.10% 5.10% 5.10% 9:00 EUR Italian GDP Q/Q Q3 P 0.00% 0.20% 0.20% 10:00 EUR Eurozone Business Climate Indicator Oct 1.01 1.15 1.21 10:00 EUR Eurozone Economic Confidence Oct 109.8 110 110.9 10:00 EUR Eurozone Industrial Confidence Oct 3 3.9 4.7 10:00 EUR Eurozone Services Confidence Oct 13.6 14 14.6 14.7 10:00 EUR Eurozone Consumer Confidence Oct F -2.7 -2.7 -2.7 10:00 EUR Eurozone GDP Q/Q Q3 A 0.20% 0.40% 0.40% 10:00 EUR Eurozone GDP Y/Y Q3 A 1.70% 1.90% 2.10% 2.20% 13:00 EUR German CPI M/M Oct P 0.10% 0.40% 13:00 EUR German CPI Y/Y Oct P 2.40% 2.30% 13:00 USD S&P/Case-Shiller Composite-20 Y/Y Aug 5.80% 5.90% 14:00 USD Consumer Confidence Index Oct 135 138.4

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