Action Insight Mid-Day Report 11-2-18

Dollar Trying to Recovery as NFP Beat Expectations, Euro Strong as German-Italian Spread Narrows

Action Insight Mid-Day Report 11-2-18 Dollar Trying to Recovery as NFP Beat Expectations, Euro Strong as German-Italian Spread Narrows After being pressured for most of the day, Dollar is trying to recover in early US session after better than expected job data. Though, momentum remains weak so far, and the greenback is trading mixed only. On the other hand, there is little change in Yen's fortune, which remains the weakest one on return of global risk appetite. Canadian Dollar is the second weakest after employment data missed expectations. Swiss Franc and Euro are the strongest ones today as they're paring losses against Australian and New Zealand Dollar. Also, Euro is lifted as German-Italian yield spread narrows. Global risk appetite is boosted by the positive developments in US-China trade war after the phone call between Trump and Xi. In addition to nice words, both sides are working towards a the meeting of the two presidents as sideline of G20 summit in Argentina on Nov 30 – Dec 1. Ahead of that, it's also reported that Trump asked his key cabinet secretaries to draw up a potential agreement to sign during the meeting, as cease-fire in escalating trade war. Multiple agencies are believed to be involved in drafting the plan. At the time of writing, US futures point to another day of strong rebound. Major European indices are trading in black, with FTSE up 0.75%, DAX up 1.56%, CAC up 1.34%. German 10 year yield is up 0.0253 at 0.427. Italian 10 year yield is down -0.054 at 3.326. Spread continues to narrow. Earlier in Asia, Nikkei closed up 2.56%, Hong Kong HSI rose 4.21%, China Shanghai SSE gained 2.70%, Singapore Strait Times added 1.81. Full Report Here US NFP rose 250k, unemployment at 3.7%, average hourly earnings rose... Into US session: AUD strongest, USD and JPY weakest ahead of... UK construction PMI rose to 53.2, but underlying data paints less... Eurozone PMI manufacturing finalized at 52.0, risks shifting to the downside Trump preparing draft ceasefire trade deal with China, HSI gained 4.21%,... Chinese Yuan rebounds strongly on US-China trade talk progress EU floats compromised Irish backstop solution for Brexit Japan PM Abe: Won't proceed with sales tax hike if there's... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol Hawkish Carney Signals Overheating Economy Could Accelerate BOE Rate Hikes Brexit: No News is Bad News Populist Sentiment Still Evolving – Brazil and Germany Markets Responded Positively Central Bank Views | China Watch | Oil N' Gold | Special Topics USD/CAD Mid-Day Outlook Daily Pivots: (S1) 1.3047; (P) 1.3109; (R1) 1.3149; More... Despite breaching 1.3068 minor support to 1.3048, USD/CAD quickly recovered. Intraday bias stays neutral first. On the upside, break of 1.3170 will reaffirm the bullish case and target 1.3225 key near term resistance. Break will confirm completion of choppy fall from 1.3385 and target a retest on this high. Though, break of 1.3048 will turn focus to 1.2969 support. Firm break there will indicate completion of whole rebound from 1.2781. In that case, whole fall from 1.3385 might extend through 1.2781 support before completion. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Welcome Mild Response to US Jobs Data Dollar Holds Up Versus Yen Ahead Of NFP Job Report Why Oil Prices Are Plunging Despite U.S. Sanctions On Iran's Energy Sector NZDJPY Challenges 3-Month Highs, Short-Term Outlook Still Neutral GER 30 Index Bullish In Short-Term At 11-Day High, Remains Bearish In Medium Term GBPJPY Climbs Even Higher, Remains Well Above Moving Averages Return Of Risk Appetite May Not Be Bad News For Gold Financial Markets And EM's Rally On Trump Trade Breakthrough Hopes AUDUSD Outlook: Aussie Extends Strong Recovery Rally On Optimism Of US/China Deal And Generates Signals Of Major Reversal Fundamental Analysis | Technical Analysis In-depth Reports Bank Of England Review: Hiking Cycle Continues But Depends On Brexit Deal Hawkish Carney Signals Overheating Economy Could Accelerate BOE Rate Hikes The Natural Unemployment Rate and Fed Policy Brexit: No News is Bad News Populist Sentiment Still Evolving - Brazil and Germany Markets Responded Positively 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 Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 23:50 JPY Monetary Base Y/Y Oct 5.90% 6.20% 5.90% 00:30 AUD PPI Q/Q Q3 0.80% 0.20% 0.30% 00:30 AUD PPI Y/Y Q3 2.10% 1.50% 00:30 AUD Retail Sales M/M Sep 0.20% 0.30% 0.30% 08:15 CHF Retail Sales Real Y/Y Sep -2.70% -0.30% 0.40% 08:45 EUR Italy Manufacturing PMI Oct 49.2 49.7 50 08:50 EUR France Manufacturing PMI Oct F 51.2 51.2 51.2 08:55 EUR Germany Manufacturing PMI Oct F 52.2 52.3 52.3 09:00 EUR Eurozone Manufacturing PMI Oct F 52 52.1 52.1 09:30 GBP UK Construction PMI Oct 53.2 52 52.1 12:30 CAD Net Change in Employment Oct 11.2K 25.0K 63.3K 12:30 CAD Unemployment Rate Oct 5.80% 5.90% 5.90% 12:30 CAD International Merchandise Trade (CAD) Sep -0.4B 0.2B 0.5B -0.6B 12:30 USD Change in Non-farm Payrolls Oct 250K 200K 134K 118K 12:30 USD Unemployment Rate Oct 3.70% 3.70% 3.70% 12:30 USD Average Hourly Earnings M/M Oct 0.20% 0.20% 0.30% 12:30 USD Trade Balance Sep -54.0B -53.4B -53.2B -53.3B 14:00 USD Factory Orders Sep 0.30% 2.30%

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