Action Insight Mid-Day Report 4-29-19

Dollar Mildly Higher after Strong Personal Spending, Upside Capped by Cooling Core Inflation

Action Insight Mid-Day Report 4-29-19 Dollar Mildly Higher after Strong Personal Spending, Upside Capped by Cooling Core Inflation Dollar strengthens mildly in early US session as supported by strong personal spending growth in March. Though, upside is capped by steadily cooling core inflation. For now, today's set of data is not decisive enough to trigger a breakout in the greenback yet. Dollar would likely engage in more consolidative trading, awaiting FOMC, ISM indices and NFP later in the day. Staying in the currency markets, Australian and New Zealand Dollars are the strongest one for today so far. Both are just digesting some of recent losses. There is little chance of bullish reversal yet as inflation data from both countries pointed to rate cuts down the road. Yen is the weakest one for today, followed by Swiss Franc as risk sentiments are steady globally, while German 10-year yield recovers. In Europe, currently, FTSE is up 0.23%. DAX is flat. CAC is up 0.05%. German 10-year yield is up 0.0265 at 0.008, turned positive. Earlier in Asia, Hong Kong HSI rose 0.97%. China Shanghai SSE dropped -0.77%. Singapore Strait Times rose 1.49%. Japan started 10-day holiday today. Full Report Here Strong US personal spending supports Dollar, core inflation cools steadily Eurozone economic sentiment dropped to 104.0, decreased in most major countries WTI oil in near term consolidation below 66.49, 57.15 fib level... US Mnuchin said trade talks with China in final laps; Verbal... Canadian beef export to Japan tripled under CPTPP, Trump still discussing... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol CFTC Commitments of Traders – Net Long Positions Rallied as Crude... CFTC Commitments of Traders – Traders Turned Risk- off in Both... Worsening Inflation, Dovish Central Banks and Falling Treasury Yields Central Bank Views | China Watch | Oil N' Gold | Special Topics USD/CHF Mid-Day Outlook Daily Pivots: (S1) 1.0176; (P) 1.0206; (R1) 1.0229; More... USD/CHF recovers mildly in early US session but stays below 1.0237 temporary top. Intraday bias remains neutral and more consolidation could be seen. In case of another retreat, downside should be contained by 1.0130 minor support to bring rise resumption. Prior break of 1.0128 resistance confirmed resumption of up trend from 0.9186. On the upside, above 1.0237 will target 100% projection of 0.9716 to 1.0124 from 0.9879 at 1.0287, and then 1.0342 key resistance. However, break of 1.0130 will indicate short term topping and bring deeper retreat first. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Australian Dollar Steady, Chinese Manufacturing PMI Next Gold – Pivotal Week as Bulls Fight On S&P 500 New Record High Ahead Of Alphabet And Apple Results Wary Of Long EURUSD Calls FTSE Lacks Direction Data-Rich Week On The Markets Will Challenge The Main Trends Of The Year A Massive Week For Currencies, Stocks And Bonds US Corporate Earnings To Drive Global Stock Markets Amid Thin Liquidity In Asia Stocks Hesitating To Move Higher | Gold May See Another Strong Bearish Signal USD Steadies Ahead Of Fed's Interest Rate Decision Case for RBA Rate Cut Strengthens But We Still Favour August Over May for the First Move Spanish Election Monitor: Europe's Centre-Left Stages A Comeback Fundamental Analysis | Technical Analysis In-depth Reports Spanish Election Monitor: Europe's Centre-Left Stages A Comeback Case for RBA Rate Cut Strengthens But We Still Favour August Over May for the First Move Australian Q1 Inflation - CPI Flat In The Quarter Highlighting Very Little Inflationary Pressure Are Sanctions On Iranian Oil Purchases A 'Big Deal'? Green Shoots Or Rogue Weeds? Don't Expect a Big Jolt to Growth if Trade Tensions Ease Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 08:00 EUR Eurozone M3 Money Supply Y/Y Mar 4.50% 4.20% 4.30% 09:00 EUR Eurozone Business Climate Indicator Apr 0.42 0.49 0.53 0.54 09:00 EUR Eurozone Economic Confidence Apr 104 105 105.5 105.6 09:00 EUR Eurozone Industrial Confidence Apr -4.1 -2 -1.7 -1.6 09:00 EUR Eurozone Services Confidence Apr 11.5 11.5 11.3 11.5 09:00 EUR Eurozone Consumer Confidence Apr F -7.9 -7.9 -7.9 -7.2 12:30 USD Personal Spending Feb 0.10% 0.20% 0.10% 12:30 USD PCE Deflator M/M Feb 0.10% 0.00% -0.10% 12:30 USD PCE Deflator Y/Y Feb 1.50% 1.20% 1.40% 12:30 USD PCE Core M/M Feb 0.10% 0.10% 0.10% 12:30 USD PCE Core Y/Y Feb 1.70% 1.70% 1.80% 12:30 USD Personal Income Mar 0.10% 0.40% 0.20% 12:30 USD Personal Spending Mar 0.90% 0.70% 0.10% 12:30 USD PCE Deflator M/M Mar 0.20% 0.10% 12:30 USD PCE Deflator Y/Y Mar 1.50% 1.50% 12:30 USD PCE Core M/M Mar 0.00% 0.10% 12:30 USD PCE Core Y/Y Mar 1.60% 1.70% 1.70%

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