Action Insight Mid-Day Report 2-11-19

Dollar Surges Against Yen and Swiss as US-China Trade Talks Resume

Action Insight Mid-Day Report 2-11-19 Dollar Surges Against Yen and Swiss as US-China Trade Talks Resume Yen and Swiss Franc are trading broadly lower today thanks to rebound in global equities. Fresh selling is seen on news that White House senior counselor Kellyanne Conway said Trump may still meet Chinese President Xi Jinping in the near future. And she said that it looks like US and China are getting closer to deal. Dollar also rides on the news and jumps broadly in early US session. Meanwhile, Sterling is generally weak after poor GDP data, which showed deep contraction in December. But loss in the pound is so far limited. Lower-level US-China trade talks started today in Beijing. Later on Thursday and Friday, high level talks will be carried out involving USTR Robert Lighthizer, Treasury Secretary Steven Mnuchin, and Chines Vice Premier Liu He. There has to be some breakthroughs in the areas of on intellectual property theft, forced technology transfer, State owned enterprises, and enforcement of agreement in order to have a deal in the near futures. Technically, USD/CHF's rally resumed by taking out 1.0028 and is on track to retest 1.0128 high. USD/JPY also broke out of tight range, through 110.16, to resume recent rebound. EUR/USD edges lower today and is eyeing 1.1289 support. Break there will bring retest of 1.1215 low next. AUD/USD weakens today, thanks to Dollar's strength mainly, and it main challenge 0.7060 temporary low later in the session. In European markets, currently, FTSE is up 0.77%. DAX is up 1.02%. CAC is up 1.09%. German 10-year yield is up 0.0241 at 0.114. Earlier in Asia, Hong Kong HSI rose 0.71%. China Shanghai SSE was back from holiday and rose 1.36%. Singapore Strait Times rose 0.13%. Japan was on holiday today. Full Report Here Into US session: Yen & Swiss weakest as stocks rebound, Sterling... UK Fox: Brexit is not the only reason for slowdown UK PM May to update parliament on Brexit on Tuesday Bank of France: GDP to growth 0.4% in Q1 ECB de Guindos: Wage growth increasingly broad-based, inflation to rise over... UK GDP contracted -0.4% in Dec, Q4 growth slowed to 0.2% Asian update: Yen mildly lower as Chinese stocks rise after holiday White House Mulvaney: Absolutely cannot rule out another government shutdown after... UK and Swiss signed agreement to protect GBP 32B trade relationship... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol Sanction on Venezuelan Exports Poses Little Impact on Oil Prices RBNZ Preview – Turning More Dovish while Affirming Next Move Can... Dollar Emerged as Strongest in a Bad Batch on Global Slowdown... Central Bank Views | China Watch | Oil N' Gold | Special Topics USD/CHF Mid-Day Outlook Daily Pivots: (S1) 0.9989; (P) 1.0009; (R1) 1.0023; More.... USD/CHF's rise from 0.9716 resumed quickly after brief consolidation. Intraday bias is back on the upside for 1.0128 key resistance. Decisive break there will resume larger up trend from 0.9186. On the upside, below 0.9988 minor support will turn intraday bias neutral again. But any retreat should be contained by 0.9908 support to bring rise resumption. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings US 500 Stock Index Finds Resistance at 200-SMA, Hovers Around 61.8% Fibonacci Gold Reverses Down But Remains Above 1300 King Dollar EURGBP Stance Neutral In Short And Medium Term USD Remains Stable, Worries Linger On US-China Trade Talks, Brexit Negotiations And Ethereum Defends Its Support Dollar Extends Winning Streak, Franc Suffers Mini 'Flash Crash' Dollar's Next Move Depends On Trump's Trade Progress And Border Wall Funding Concession EURUSD Rebounds On Short-Term Uptrend Line, Stochastic Oversold Fundamental Analysis | Technical Analysis In-depth Reports Euro Recovery Turns Sour Again as Recession Risks Grow; Will ECB Come to Rescue? BOE Downgrades Growth and Inflation Forecasts, Expects Fewer Tightening Despite Retaining Forward Guidance Bank Of England Review: Sitting, Waiting, Wishing For Brexit Clarification RBA Shifts to a More Balanced View RBA Review - Policy Rate to Stay Low for Some Time as Risks to Growth and Inflation Skewed to Downside RBA: Reserve Bank Lowers Growth and Inflation Forecasts But Remains Confident Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 7:30 CHF CPI M/M Jan -0.30% -0.30% -0.30% 7:30 CHF CPI Y/Y Jan 0.60% 0.60% 0.70% 9:30 GBP GDP M/M Dec -0.40% 0.00% 0.20% 9:30 GBP GDP Q/Q Q4 P 0.20% 0.30% 0.60% 9:30 GBP GDP Y/Y Q4 P 1.30% 1.40% 1.50% 9:30 GBP Total Business Investment Q/Q Q4 P -1.40% -1.00% -1.10% 9:30 GBP Index of Services 3M/3M Dec 0.40% 0.40% 0.30% 0.40% 9:30 GBP Visible Trade Balance (GBP) Dec -12.1B -12.0B -12.0B -12.4B 9:30 GBP Industrial Production M/M Dec -0.50% 0.10% -0.40% -0.30% 9:30 GBP Industrial Production Y/Y Dec -0.90% -0.50% -1.50% -1.30% 9:30 GBP Manufacturing Production M/M Dec -0.70% 0.20% -0.30% -0.10% 9:30 GBP Manufacturing Production Y/Y Dec -2.10% -1.10% -1.10% -1.20% 9:30 GBP Construction Output M/M Dec -2.80% 0.10% 0.60%

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