Action Insight Mid-Day Report 2-4-19

Yen Sold Off Broadly, Dollar Extends Recovery But Still Held Below Resistance Elsewhere

Action Insight Mid-Day Report 2-4-19 Yen Sold Off Broadly, Dollar Extends Recovery But Still Held Below Resistance Elsewhere While Dollar is extending it's broad based recovery today, it's Yen's weakness that's worth more of a mention. There is no clear follow through in global stock rally today. Yet Yen is under broad based pressure and it's overtaking Aussie as the weakest one in early US session. Aussie, though, remains pressured as markets brace for tomorrow's RBA meeting and statement. There is no chance for RBA to move interest rate. But the accompanying statement could provide a dovish twist via information on the revised economic projections. Technically, USD/JPY breaks 110.00 resistance and it's resuming the rebound from 104.69. EUR/JPY is also heading to 126 handle as equivalent rebound extends. For now, Dollar is held below near term resistance against Euro, Sterling, Swiss Franc, Aussie and Canadian. Thus, there is no confirmation on bottoming of the greenback yet. Rally in USD/JPY is more due to Yen's own weakness. In European markets, currently, FTSE is up 0.18%. DAX is down -0.27%. CAC is down -0.59%. German 10-year yield is up 0.0055 at 0.173. Earlier in Asia, Nikkei rose 0.46%. Hong Kong HSI rose 0.21%. China started lunar new year holiday already. Singapore Strati Times dropped -0.13%. Japan 10-year JGB yield rose 0.008 to -0.012, staying negative. Full Report Here Into US session: Dollar strongest as recovery continues, Euro shrugs weak... ECB Nowotny: No perspective of a Eurozone recession UK PMI construction dropped to 50.6, growth shifted down a gear Eurozone Sentix investor confidence: Growth forces weakening dangerously quickly and strongly Into European session: Dollar paring recent losses, Aussie tumbles on housing... China Caixin PMI dropped to 50.9, hard to turn around without... UK PM May, armed with fresh mandate, to go back to... Fed Kashkari: Let's not tap the brakes prematurely Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol BOE Preview – Downgrade on Economic Outlook as Brexit Remains Uncertain Dollar Down But Not Out after Fed, Oil Lifted Canadian, Iron... Brexit Update : Less Clarity, More Confusion after Another Vote Central Bank Views | China Watch | Oil N' Gold | Special Topics USD/JPY Mid-Day Outlook Daily Pivots: (S1) 108.95; (P) 109.27; (R1) 109.81; More... USD/JPY's break of 110.00 resistance suggests resumption of rebound from 104.69. Intraday bias is turned back to the upside for 61.8% retracement of 114.54 to 104.69 at 110.77. For now, we'd still expect strong resistance from there to limit upside. On the downside, break of 108.49 support will now confirm completion of the rebound and bring retest of 104.69 low. However, sustained trading above 110.77 will dampen our bearish view and target a test on 114.54 resistance instead. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings CADJPY Surpasses Downtrend Line; Unlocks 7-Week High U.S. Dollar Falls Expect To Be Limited Gold Retreats From 8-Month High, Slips Below 20-SMA EU: Weak Growth, Accelerating Inflation Euro Could Lose Its Upward Trend Europe Flat As Asia Goes Into Holiday Mode Dollar Steady Despite Healthy US Data, RBA In Focus EURUSD Signals Neutral In Short And Medium-Term WTI Crude Oil Futures Turn Bias To More Bullish, Reach 2-Month High Fundamental Analysis | Technical Analysis In-depth Reports US-China: A Deal In Sight – Look Out For Xi-Trump Meeting's Fed Balance Sheet Shrinking Inches Closer Towards Ending FOMC Review - Fed Calls for Patience on Further Rate Hike Canada Filling China-U.S. Trade War Gaps? Don't Count On It Is The Eurozone Economy Close To Recession? Chinese Economy Shows Signs of Stabilization in Late 2018. More Challenge Ahead Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 1:45 CNY Caixin China PMI Services Jan 53.6 53.3 53.9 21:45 NZD Building Permits M/M Dec 5.10% -2.00% -1.90% 23:50 JPY Monetary Base Y/Y Jan 4.70% 4.60% 4.80% 0:00 AUD TD Securities Inflation M/M Jan -0.10% 0.40% 0:30 AUD Building Approvals M/M Dec -8.40% 2.10% -9.10% -9.80% 9:30 EUR Eurozone Sentix Investor Confidence Feb -3.7 -1.1 -1.5 9:30 GBP Construction PMI Jan 50.6 52.6 52.8 10:00 EUR Eurozone PPI M/M Dec -0.80% -0.60% -0.30% 10:00 EUR Eurozone PPI Y/Y Dec 3.00% 3.30% 4.00% 15:00 USD Factory Orders Dec 0.30% -2.10%

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