Action Insight Mid-Day Report 1-25-19

Yen, Dollar and Swiss Franc Suffer as Markets in Full Risk-On Mode

Action Insight Mid-Day Report 1-25-19 Yen, Dollar and Swiss Franc Suffer as Markets in Full Risk-On Mode Yen traders broadly lower today as risk appetite extends from Asia markets to Europe and then US. Dollar is following as the second weakest and then Swiss Franc. Meanwhile, New Zealand, Australian and Canadian Dollars are the strongest one. The development is pretty normal on a "risk-on" day. Sterling turns mixed as Brexit optimism rally lost momentum as the pound is pressing key resistance against Dollar and Euro. Euro also turned mixed as impact from yesterday's ECB meeting fades. Technically, GBP/USD and EUR/GBP will be key focus today, and probably early next week too. GBP/USD is pressing 1.3174, which is close to 1.3149 fibonacci level. EUR/GBP is pressing 0.8620 key support too. For now, we'd still expect the Pound to pull back from the current level but we'll see. Another development to note is the turn in Dollar. Most notably, AUD/USD seems to have completed the pull back from 0.7235 earlier than expected. USD/CAD's recovery from 1.3180 might have completed yesterday too. Meanwhile, EUR/USD is having an eye on 1.1341 resistance and break will indicate short term bottoming. In other markets, US futures point to another day of strong rally. In Europe, FTSE is currently up 0.21%, DAX is up 1.58%, CAC is up 1.03%. German 10 year yield is up 0.0158 at 0.2101, back above 0.2 handle. Earlier in Asia, Nikkei rose 0.97%. Hong Kong HSI rose 1.65%. China Shanghai SSE rose 0.39%. Singapore Strait Times rose 0.36%. Japan 10-year JGB yield dropped -0.0106 to 0.00%. Full Report Here Into US session: Yen stays weakest on strong risk appetite China to send vice ministerial delegation to US for trade talks... Northern Ireland DUP: Trap of the Irish backstop is the problem German Ifo Business Climate dropped to 99.1, lowest since Feb 2016 UK Hammond repeats usual warning on no-deal Brexit ECB Villeroy: We remain committed to low interest rates Into European session: Yen weakest as Asian stocks surge, Sterling strong... Trump requesting down payment for border wall, and preparing declaration of... Sterling jumps on rumor that DUP offer conditional support to May's... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol US Oil Inventory Increased Across the Board as Fear on Global... ECB Turns Dovish amid Heightened Global Uncertainties Chinese Economy Shows Signs of Stabilization in Late 2018. More Challenge... Central Bank Views | China Watch | Oil N' Gold | Special Topics EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.1266; (P) 1.1330; (R1) 1.1371; More..... EUR/USD recovers strongly after making a temporary low at 1.1289. Intraday bias is turned neutral first. With 1.1394 minor resistance intact, further decline is still in favor. Break of 1.1289 will target 1.1215 low. Break will resume larger down trend from 1.2555. On the upside, break of 1.1394 resistance will argue that the corrective pattern from 1.1215 is extending with another rise. And, intraday bias will be turned to the upside for 1.1569 and above. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Equities Jump on Strong US Earnings British Pound In Light Rise As May Gains Conditional Support Market Looks For Conviction On Direction GBPJPY Retreats From 7-Week High, Holds In Upward Sloping Channel Stocks Higher As Weekly Losses Pared EURGBP Turns Slightly Higher After Reaching 20-Month Trough Euro Crumbles After ECB, Brexit Hopes Lift Pound USDCAD Rally Takes A Break, Looks Neutral In Short-Term Fundamental Analysis | Technical Analysis In-depth Reports Is The Eurozone Economy Close To Recession? Brexit and Forex Markets: The Good, the Bad and the Ugly BOJ Cut CPI Forecasts, But Is it Realistic to Expect Tax Hike will Help Inflation? Chinese Economy Shows Signs of Stabilization in Late 2018. More Challenge Ahead PM May's Brexit Deal Rejected. What Next? Brexit Monitor: The Waiting Game – Brexit Edition Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 23:30 JPY Tokyo CPI Core Y/Y Jan 1.10% 0.90% 0.90% 9:00 EUR German IFO Business Climate Jan 99.1 100.6 101 9:00 EUR German IFO Expectations Jan 94.2 97 97.3 9:00 EUR German IFO Current Assessment Jan 104.3 104.2 104.7 104.9 9:30 GBP BBA Loans for House Purchase Dec 38.8K 39.0K 39.4K 39.2K 11:00 GBP CBI Reported Sales Jan 0 2 -13

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