Action Insight Daily Report 11-9-18

Dollar Strikes Back as Yields Jumped after FOMC, Yen Following

Action Insight Daily Report 11-9-18 Dollar Strikes Back as Yields Jumped after FOMC, Yen Following Dollar is making a come back as US treasury yield surged after FOMC rate decision and statement. The decision to stand pat was widely expected. One surprise was probably the lack of reference to the stock market crash in October. Fed policymakers appear to be not bothered by it at all. Five-year yield closed up 0.029 at 3.090. 10-year yield rose 0.021 to 3.234. 30-year yield, though, was just up 0.002 at 3.427. It should be noted that technically, five-year yield has breached near term resistance at 3.092. 10 year-year yield is close to 3.248 resistance with strong up side momentum. Medium term up trends in yields are very likely ready to resume and that would give Dollar more upside momentum. Yen is also trading generally higher today thanks to risk aversion in Asia. At the time of writing, Nikkei is down -0.86%, Hong Kong HSI down -2.26%, China Shanghai SSE down -1.11% and Singapore Strait Times down -0.72%. Stocks in the US were soft with DOW closed up 0.04% only. S&P 500 and NASDAQ closed down -0.25% and -0.53% respectively. Commodity currencies are now the weakest ones for today. Technically, USD/JPY and USD/CAD have resumed recent rise by breaking 113.81 and 1.3170 resistance respectively. USD/CHF is on track to test 1.0094 resistance. EUR/USD's breach of 1.1353 minor support now put 1.1300 low back into focus. More upside is now mildly in favor in Dollar. Meanwhile, AUD/USD, EUR/JPY and GBP/JPY retreat just ahead of 0.7314, 130.20 and 149.70 resistance respectively We might see, at least, deeper pull back in these three pairs for today. Full Report Here US treasury yields jump after FOMC, Dollar lifted RBA paints better outlook, but still nowhere near rate hike Fed left federal funds rate unchanged at 2.00-2.25% as widely expected.... Today's top mover: AUD/JPY completed double bottom, medium term trend in... Italy PM Conte: European Commission has no ground to question our... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol Limited News from FOMC, December Rate Hike Hopes Unaltered   RBNZ Affirmed the Next Move Can be Up Or Down, Despite... RBA Turns More Upbeat Over GDP Growth, Keeps Rates Unchanged amidst... Central Bank Views | China Watch | Oil N' Gold | Special Topics USD/CAD Daily Outlook Daily Pivots: (S1) 1.3100; (P) 1.3141; (R1) 1.3196; More... USD/CAD's break of 1.3170 suggest that recent rebound from 1.2781 has resumed. Intraday bias is back on the upside for 1.3225 key near term resistance. Decisive break there will confirm completion of choppy fall from 1.3385 and target a retest on this high. For now, near term outlook will remain bullish as long as 1.3056 support holds, in case of retreat. But break of 1.3056 will indicate near term reversal and turn focus back to 1.2781 low. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings USD/JPY Could Continue Higher Towards 114.50 The Fed Affect Italy's Costly Budget Ordeal: Fiscal Imprudence Non Grata Fed Stays on the December Rate Hike Path FOMC Review: No change to the Fed's hiking plans Fed Holds Rates Steady; December Hike Still Looks Very Likely FOMC Recap: 43 Days to Change 24 Words Fed Leaves Funds Rate Steady, Widespread Strength Means All Systems Go for a Hike in December UK Preliminary GDP Due as Brexit Talks Pick Up Momentum Fundamental Analysis | Technical Analysis In-depth Reports US Midterm Elections – Split Congress Paves the Way for Slower, but More Sustainable, Growth Outlook US Midterm Election Results as Expected - Limited Impact on Canadian Outlook The Midterm Elections and Our Economic Outlook: An Update US Mid-Term Elections: Divided Congress Means No Changes To Economic Policy RBA Turns More Upbeat Over GDP Growth, Keeps Rates Unchanged amidst Low Inflation Special Report: U.S. Sanctions Has No Dramatic Impact On Iran's Oil Production US-China Trade: 60% Chance of Ceasefire at Xi-Trump Meeting Populist Sentiment Still Evolving - Brazil and Germany Markets Responded Positively Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 23:50 JPY Japan Money Stock M2+CD Y/Y Oct 2.70% 2.80% 2.80% 0:30 AUD RBA Monetary Policy Statement 0:30 AUD Home Loans M/M Sep -1.00% -1.10% -2.10% -2.20% 1:30 CNY CPI Y/Y Oct 2.50% 2.50% 2.50% 1:30 CNY PPI Y/Y Oct 3.30% 3.40% 3.60% 9:30 GBP Visible Trade Balance (GBP) Sep -11.4B -11.2B 9:30 GBP Industrial Production M/M Sep 0.10% 0.20% 9:30 GBP Industrial Production Y/Y Sep 0.50% 1.30% 9:30 GBP Manufacturing Production M/M Sep 0.10% -0.20% 9:30 GBP Manufacturing Production Y/Y Sep 0.40% 1.30% 9:30 GBP Construction Output M/M Sep 0.20% -0.70% 9:30 GBP GDP M/M Sep 0.10% 0.00% 9:30 GBP GDP Q/Q Q3 P 0.60% 0.40% 9:30 GBP Index of Services 3M/3M Sep 0.50% 0.50% 13:30 USD PPI M/M Oct 0.20% 0.20% 13:30 USD PPI Y/Y Oct 2.70% 2.60% 13:30 USD PPI Core M/M Oct 0.20% 0.20% 13:30 USD PPI Core Y/Y Oct 2.50% 2.50% 15:00 USD Wholesale Inventories M/M (SEP F) 0.30% 0.30% 15:00 USD U. of Mich. Sentiment Nov P 98 98.6

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