Action Insight Daily Report 11-30-18

Dollar Recovers after FOMC Minutes, But Overall Markets in Consolidative Mode

Action Insight Mid-Day Report 11-29-18 Dollar Recovers after FOMC Minutes, But Overall Markets in Consolidative Mode Dollar is trying to recover again today, with rather weak momentum so far. FOMC minutes released overnight didn't prompt renewed selling in the greenback. Instead, traders are turning cautious ahead of the highly anticipated meeting between Trump and China Xi in Argentina. For now, Yen is the second strongest one for today, following Kiwi. Swiss Franc is the weakest one today with Australian Dollar. Euro and Sterling are mixed. Technically, the forex markets are generally in consolidative mode. EUR/USD is in range of 1.1267/1472. USD/CHF is in range of 0.9908/1.0006. GBP/USD is in range of 1.2725/2927. Even the strong AUD/USD couldn't get ride of 0.7314 resistance cleanly. EUR/AUD breached 1.5519 support yesterday but there was no follow through selling. GBP/JPY is bounded in range of 144.02/145.99. EUR/GBP is also held in range below 0.8939 resistance. In other markets, major US indices closed slightly lower overnight DOW was down -0.11%, S&P 500 down -0.22% and NASDAQ down -0.25%. Treasury yield also closed slightly lower with 10-year yield down -0.009 at 3.035. Asian indices are mildly higher but trading is subdued. Nikkei is up 0.39% at the time of writing. Singapore Strati Times up 0.53%. Hong Kong HSI and China SSE are up 0.69% and 0.23% respectively. Full Report Here Japan industrial production rose 2.9%, strongest since Jan 2015 UK PM May focused on getting parliament vote on Brexit, not... Dollar mixed after FOMC minutes, no more follow through selling Today's top mover: CHF/JPY, safe haven of different nature Trump tries to sound hardline ahead of meeting with Xi Quick Comments Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol FOMC Minutes Signals Rate Hike "Fairly Soon", Policy Outlook Masked by...   Fed Chair Powell's U-Turn on Interest Rates?   OPEC+: To Cut or Not to Cut?   Central Bank Views | China Watch | Oil N' Gold | Special Topics EUR/USD Daily Outlook Daily Pivots: (S1) 1.1361; (P) 1.1381; (R1) 1.1415; More..... EUR/USD is still bounded in range of 1.1267/1472 and intraday bias remains neutral first. On the upside, decisive break of 1.1472 resistance will complete a head and shoulder bottom pattern (ls: 1.1302; h: 1.1215; rs: 1.1267). That will indicate near term reversal and bring stronger rise back to 1.1814 resistance. On the downside, below 1.1267 will turn bias back to the downside for 1.1215 low. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings FOMC to Press on; the Australian Investment Outlook Brightens Northern Exposure: FOMC to Press on with Hikes, Cautiously FOMC Minutes – Flexible is the New Gradual USD/JPY Could Correct Lower In Short Term Lingering Uncertainties Loonie Turns To Canadian Q3 GDP To Halt Slide Fundamental Analysis | Technical Analysis In-depth Reports Whither Bitcoin? A Review of Past Cycles for the World's Oldest Cryptocurrency Fed Chair Powell's U-Turn on Interest Rates? OPEC+: To Cut or Not to Cut? Brexit Update – The Remaining 1%, The Most Challenging Will Goldilocks Inflation Stay in 2019? China Weekly Letter: All Eyes on the Xi-Trump Meeting Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 21:45 NZD Building Permits M/M Oct 1.50% -1.50% -1.30% 23:30 JPY Jobless Rate Oct 2.40% 2.30% 2.30% 23:30 JPY Tokyo CPI Core Y/Y Nov 1.00% 1.00% 1.00% 23:50 JPY Industrial Production M/M OCt P 2.90% 1.20% -0.40% 0:01 GBP GfK Consumer Confidence Nov -13 -11 -10 0:30 AUD Private Sector Credit M/M Oct 0.40% 0.40% 0.40% 1:00 CNY Manufacturing PMI Nov 50 50.2 50.2 1:00 CNY Non-manufacturing PMI Nov 53.4 53.8 53.9 5:00 JPY Consumer Confidence Index Nov 43.3 43 5:00 JPY Housing Starts Y/Y Oct 0.20% -1.50% 8:00 CHF KOF Leading Indicator Nov 99.8 100.1 10:00 EUR Eurozone Unemployment Rate Oct 8.00% 8.10% 10:00 EUR Eurozone CPI Estimate Y/Y Nov 2.10% 2.20% 10:00 EUR Eurozone CPI Core Y/Y Nov A 1.10% 1.10% 13:30 CAD GDP M/M Sep 0.10% 13:30 CAD Industrial Product Price M/M Oct 0.10% 13:30 CAD Raw Materials Price Index M/M Oct -0.90% 14:45 USD Chicago PMI Nov 58.5 58.4

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