Action Insight Mid-Day Report 11-9-18

Dollar Firmer Up Again after Strong PPI, But More is Need to Prove Underlying Strength

Action Insight Mid-Day Report 11-9-18 Dollar Firmer Up Again after Strong PPI, But More is Need to Prove Underlying Strength Dollar turns a bit firmer again in early US session after stronger than expected PPI readings. For now it's on of the strongest one today, along with Yen and Swiss Franc. But still, more technical breakthrough is needed in the greenback to prove its underlying bullishness. USD/JPY and USD/CAD took the lead yesterday, and surged through 113.81 and 1.3170 resistance respectively. On the other hand, at this point, USD/CHF is still held below 1.0094 resistance and EUR/USD is kept well above 1.1300 low. Sterling is the weakest one on disappointing September GDP and Brexit impasse. In other markets, major European indices are trading in red at the time of writing. FTSE is down -0.66%, DAX is down -0.23% and CAC is down -0.53%. German 10 year yield is down -0.0307 at 0.429. Italian 10 year yield is up 0.034 at 3.435. That is, spread is back above 300. Earlier today, Hong Kong HSI led Asian indices lower, closed down -2.39%. Nikkei dropped -1.05%, China Shanghai SSE down -1.39% and Singapore Strait Times dropped -0.49%. Released from the US, headline PPI rose 0.6% mom, 2.9% yoy in October, above expectation of 0.2% mom, 2.7% yoy. PPI core rose 0.5% mom, 2.6% yoy, above expectation of 0.2% mom, 2.5% yoy. Full Report Here European update: Dollar struggles to extend gain, Sterling weakest after GDP Italy Tria to keep the main pillars of budget, EU Dombrovskis... UK Hammond: Q3 GDP proof of the economy's underlying strength UK Q3 GDP growth fastest since 2016, but September weakness clouds RBA paints better outlook, but still nowhere near rate hike 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 EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.1329; (P) 1.1388; (R1) 1.1423; More.... Intraday bias in EUR/USD remains on the downside for 1.1300 low. Decisive break there will resume down trend from 1.2555 to 1.1186 fibonacci level next. On the upside, break of 1.1499 will resume the rebound from 1.1302 to 1.1621 resistance instead. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Japan 225 Index Retreats from 2½-Week High; Bearish Signal by Stochastics in Very Short Term Pound Drops Momentarily Below 1.30 on Brexit Woes; Oil Set for Fifth Weekly Loss GBP/USD Rally Stalls Along with UK Economic Hrowth US 30 Index Bounces Sharply, Re-Approaches Rrecord Highs The Fed Is Not For Turning, Yet AUD/USD Bullish Continuation After A Pullback Fed Commitment To Higher Rates Supports Greenback, Be Careful Of GBP Profit-Taking 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% 00:30 AUD RBA Monetary Policy Statement 00:30 AUD Home Loans M/M Sep -1.00% -1.10% -2.10% -2.20% 01:30 CNY CPI Y/Y Oct 2.50% 2.50% 2.50% 01:30 CNY PPI Y/Y Oct 3.30% 3.40% 3.60% 09:30 GBP Visible Trade Balance (GBP) Sep -9.7B -11.4B -11.2B 09:30 GBP Industrial Production M/M Sep 0.00% 0.10% 0.20% 09:30 GBP Industrial Production Y/Y Sep 0.00% 0.50% 1.30% 1.00% 09:30 GBP Manufacturing Production M/M Sep 0.20% 0.10% -0.20% 09:30 GBP Manufacturing Production Y/Y Sep 0.50% 0.40% 1.30% 09:30 GBP Construction Output M/M Sep 1.70% 0.20% -0.70% -0.30% 09:30 GBP GDP M/M Sep 0.00% 0.10% 0.00% 09:30 GBP GDP Q/Q Q3 P 0.60% 0.60% 0.40% 09:30 GBP Index of Services 3M/3M Sep 0.40% 0.50% 0.50% 13:30 USD PPI M/M Oct 0.60% 0.20% 0.20% 13:30 USD PPI Y/Y Oct 2.90% 2.70% 2.60% 13:30 USD PPI Core M/M Oct 0.50% 0.20% 0.20% 13:30 USD PPI Core Y/Y Oct 2.60% 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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