Action Insight Daily Report 5-1-19

Dollar Generally Lower as Markets Await Fed Powell's Comments on Inflation and Interest Rates

Action Insight Daily Report 5-1-19 Dollar Generally Lower as Markets Await Fed Powell's Comments on Inflation and Interest Rates Dollar trades broadly lower in thin holiday market as trades await FOMC rate decision. There is no expectation of a change in interest rate nor Fed's patient stance. But Fed chair Jerome Powell's comments on inflation could make or break recent rally in the greenback. For now, Dollar it's considered just in consolidation against Euro, Swissy and Aussie. Even USD/JPY couldn't confirm near term reversal yet. Staying in the currency markets, New Zealand Dollar is indeed the weakest one, after weak employment data. Yen follows and second and then Dollar. Swiss Franc, on the other hand, is the strongest one for today so far, followed by Sterling and then Euro. Technically, GBP/USD's break of 1.3019 minor resistance yesterday revived near term bullishness. Further rise might be seen back to retest 1.3381 high. The fortune of EUR/USD could be tied to EUR/GBP which appears to have reversed ahead of 0.8722 resistance. Deeper decline in EUR/GBP towards 0.8747 support could keep EUR/USD steady while lifting GBP/USD. Full Report Here Dollar to listen to Powell's comments on growth in inflation, some... Australia AiG PMI improved to 54.8, but employment and wage indices... New Zealand employment dropped -0.2% qoq in Q1, NZD dips China to open up banking and insurance sectors as new round... BoC Poloz: Couple of negative developments caused detour of the economy's... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol BOE Preview: Looking Through Strong First Quarter, with Focus on Softer... FOMC Preview -Fed to Reiterate Patience Rhetoric Despite Strong First Quarter... Worsening Inflation, Dovish Central Banks and Falling Treasury Yields Central Bank Views | China Watch | Oil N' Gold | Special Topics USD/CAD Daily Outlook Daily Pivots: (S1) 1.3354; (P) 1.3417; (R1) 1.3454; More... USD/CAD's fall from 1.3521 is deeper than expected and break of 1.3399 minor support raises the chance of near term reversal. Intraday bias is turned back to the downside for 1.3274 support first. Break will indicate that choppy rebound from 1.3068 has completed at 1.3521. Near term outlook will be turned bearish for retesting 1.3068 support. On the upside, though, above 1.3439 minor resistance will revive near term bullishness and turn bias back to the upside for 1.3521. Break of 1.3521 will extend the rise from 1.3068 to retest 1.3664 high. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings GBP/USD Outlook: Brexit Optimism Keeps Bulls Fully In Play Ahead Of Key Data NZ Labour Market Review: Waiting On Wage Growth EUR/USD And USD/CHF: US Dollar Correcting Gains Gold Price Approaching Resistance, Fed Decision Next FOMC Preview: IOER Cut Possible, But Neutral Outlook Likely For Another Month WTI: Crude Oil Set to Resume Slide? Fed Meets as Rate-Cut Bets Mount Fundamental Analysis | Technical Analysis In-depth Reports "Tarrified" Part III: European Union The Next Target of U.S. Tariffs 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 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 22:30 AUD AiG Performance of Manufacturing Index Apr 54.8 51 22:45 NZD Employment Change Q/Q Q1 -0.20% 0.50% 0.10% 22:45 NZD Unemployment Rate Q1 4.20% 4.20% 4.30% 22:45 NZD Labor Cost Private Sector Q/Q Q1 0.30% 0.50% 0.50% 23:01 GBP BRC Shop Price Index Y/Y Apr 0.40% 0.90% 8:30 GBP Mortgage Approvals Mar 64K 64K 8:30 GBP Money Supply M4 M/M Mar 0.30% 0.30% 8:30 GBP PMI Manufacturing Apr 53.1 55.1 12:15 USD ADP Employment Change Apr 181K 129K 13:30 CAD Manufacturing PMI Apr 50.5 13:45 USD Manufacturing PMI Apr F 52.4 52.4 14:00 USD ISM Manufacturing Apr 55 55.3 14:00 USD ISM Prices Paid Apr 55.7 54.3 14:00 USD ISM Employment Apr 57.5 14:00 USD Construction Spending M/M Mar 0.10% 1.00% 14:30 USD Crude Oil Inventories 5.5M 18:00 USD FOMC Rate Decision (Lower Bound) 2.25% 2.25% 18:00 USD FOMC Rate Decision (Upper Bound) 2.50% 2.50%

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