Action Insight Mid-Day Report 12-3-18

Sentiments Supported by Trade Truce, But Sterling Down on Renewed Brexit Worries

Action Insight Mid-Day Report 12-3-18 Sentiments Supported by Trade Truce, But Sterling Down on Renewed Brexit Worries The global financial markets are blessed by strong risk appetite today, as US and China agreed on 90 days ceasefire on trade war. US stock futures point to sharply higher open, following strengthen and European and Asian markets. Australian Dollar, being a close trade partner of both the US and China, and a risk sensitive currency, is the strongest one. Canadian Dollar follows with help from rebound in oil price. Meanwhile, Sterling is the weakest one for today on renewed selloff over Brexit vote worry. For now, it's likely that the Brexit bill will be voted down by the Parliament on December 11. Yen is the second weakest while Dollar is mixed. In other markets, major European indices are all trading with gains at the time of writing. FTSE is up 1.69%, DAXC is up 2.21% and CAC is up 1.00%. German 10 year yield is up 0.004 at 0.321. Italian 10 year yield is down -0.0495 at 3.164. German-Italian spread continues to narrow away from 300. There is no concrete result in the budget talk between Italy and EU yet. But just like what European Commission Vice President Valdis Dombrovskis said, "it is positive that the tone of discussion has changed". Earlier in Asia, Nikkei closed up 1.00% at 22574.76. China Shanghai SSE rose 2.57% to 2654.8. Hong Kong HSI rose 2.55% to 27182.04. Singapore Strait Times rose 2.34% to 3190.62. Technically, AUD/USD's rise and EUR/AUD's fall are both in progress. GBP/USD's break of 1.2725 minor support suggests decline resumption for 1.2661 low. 144.02 in GBP/JPY and 0.8939 resistance in EUR/GBP will be watched to see if selloff in pound widens. USD/CAD's break of 1.3187 support today is a strong sign of near term bearish reversal after rejection by 1.3385 resistance. Full Report Here Fed Clarida: It's a symmetric inflation objective around 2% European update: AUD stays strong, Sterling tumbles on Brexit worries UK PMI manufacturing rose to 53.1, lacklustre picture of manufacturing sector Eurozone PMI manufacturing finalized at 51.8, big four at the bottom Trump said China will reduce and remove auto tariffs AUD shrugs weak manufacturing, building and profits data Japan PMI manufacturing finalized at 52.2, momentum tilting towards a slowdown China Caixin PMI manufacturing rose to 50.2, domestic demand improved, overseas... US-China trade war ceasefire for 90 days, China to work on... Quick Comments Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol CFTC Commitments of Traders – Bets for Higher Euro Fell Sharply...   CFTC Commitments of Traders – Bets Trimmed on Oil and Petroleum,...   A Look at Market Pricing on Fed Rate Path after Powell's...   Central Bank Views | China Watch | Oil N' Gold | Special Topics GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.2721; (P) 1.2766; (R1) 1.2796; More... GBP/USD's break of 1.2725 suggests recent fall is resuming. Intraday bias is turned back to the upside for 1.2661 low. Decisive break there will resume larger down trend from 1.4376. On the upside, above 1.2824 minor resistance will turn intraday bias to the upside for rebound. After all, price actions from 1.2661 are viewed as a consolidation pattern. Even in case of strong rebound, upside should be limited by 1.3316 fibonacci level to bring down trend resumption eventually. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings GOLD: Outlook Remains Higher With Eyes On 1,235 Area Qatar To Withdraw From OPEC, Oil Surged About 5 Percent Global Markets Surge On Trade Truce Hopes, Qatar Leaving OPEC Not Particularly Impacting Oil Price Truce – All Is Good, Oil Rallies 5%, Dollar Down And Yields Higher GBPAUD Opens With Negative Gap And Reaches 11-Month Trough The Demand For Risky Assets Has Risen Sharply Thanks To China And The U.S. Markets Soaring On US/China Truce Qatar Leaves OPEC, Can Oil Price Still Rally? Gold Advances To Fresh 1-Month High, Indicators Signal More Gains Fundamental Analysis | Technical Analysis In-depth Reports Getting Technical: Managing the Fed Funds Rate Northern Exposure: FOMC to Press on with Hikes, Cautiously FOMC Minutes Signals Rate Hike "Fairly Soon", Policy Outlook Masked by Tariff and Debts Fed Chair Powell's U-Turn on Interest Rates? Whither Bitcoin? A Review of Past Cycles for the World's Oldest Cryptocurrency OPEC+: To Cut or Not to Cut? Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 21:30 AUD AiG Performance of Manufacturing Index Nov 51.3 58.3 21:45 NZD Terms of Trade Index Q/Q Q3 -0.30% 0.10% 0.60% 0.40% 23:50 JPY Capital Spending Q3 4.50% 8.60% 12.80% 0:00 AUD TD Securities Inflation M/M Nov 0.00% 0.10% 0:30 AUD Company Operating Profit Q/Q Q3 1.90% 2.90% 2.00% 2.40% 0:30 AUD Building Approvals M/M Oct -1.50% -1.40% 3.30% 5.50% 0:30 JPY PMI Manufacturing Nov F 52.2 51.8 51.8 1:45 CNY Caixin PMI Manufacturing Nov 52.6 50.1 50.1 8:15 CHF Retail Sales Real Y/Y Oct 0.80% -0.70% -2.70% 8:30 CHF PMI Manufacturing Nov 57.7 56.3 57.4 8:45 EUR Italy Manufacturing PMI Nov 48.6 48.9 49.2 8:50 EUR France Manufacturing PMI Nov F 50.8 50.7 50.7 8:55 EUR Germany Manufacturing PMI Nov F 51.8 51.6 51.6 9:00 EUR Eurozone Manufacturing PMI Nov F 51.8 51.5 51.5 9:30 GBP PMI Manufacturing Nov 53.1 52 51.1 14:30 CAD Manufacturing PMI Nov 53.9 15:00 USD Construction Spending M/M Oct 0.40% 0.00% 14:45 USD Manufacturing PMI Nov F 55.4 55.4 15:00 USD ISM Manufacturing Nov 57.5 57.7 15:00 USD ISM Prices Paid Nov 70.5 71.6 15:00 USD ISM Employment Nov 56.8

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