Action Insight Mid-Day Report 5-10-19

Canadian Dollar Surges on Strong Job Data, Markets Shrug New Tariffs

Action Insight Mid-Day Report 5-10-19 Canadian Dollar Surges on Strong Job Data, Markets Shrug New Tariffs A new round of US tariffs on Chinese imports took effect today and market reactions are rather muted. Trump stepped up his hard-line rhetorics and tweeted he's in no rush to make a trade deal. Yet investors shrug off such comments. Sterling also paid little attention to UK GDP and production data. Instead, Canadian Dollar steals the show with strong April job data. For now, Canadian Dollar is the strongest one for today, followed by Swiss Franc and then Kiwi. Dollar is the worst performing one followed by Yen. However, for the week, Yen remains the strongest one, followed by Swiss Franc on risk aversion. Sterling is the weakest on Brexit impasse, followed by Kiwi and then Aussie. In Europe, currently, FTSE is up 0.26%. DAX is up 0.71%. CAC is up 0.39%. German 10-year yield is up 0.008 at -0.039, staying negative. Earlier in Asia, Nikkei dropped -0.27%. Hong Kong HSI rose 0.84%. China Shanghai SSE rose 0.31%. Singapore Strait Times rose 0.12%. Japan 10-year JGB yield rose 0.0019 to -0.044. Full Report Here US CPI rose to 2.0%, core CPU rose to 2.1% in... Canada added 106.5k jobs, unemployment rate dropped to 5.7% Into US session: Markets shrug new tariffs, await US CPI and... Trump will use China tariffs to buy US farm products, building... UK Hammond hails Q1 GDP growth in all major sectors UK GDP grew 0.5% qoq in Q1, but March contracted -0.1%... ECB Praet: World norm challenged by power politics It’s formal, new US tariffs on China take effect RBA SoMP: Slight downgrade of inflation, no imminent need to cut... BoJ opinions: Clarification on forward guidance strengthens confidence in powerful easing RBNZ Bascand: Economy growing below potential, needs to be pumped up Chinese VP Liu wrapped first day of negotiation with a smile... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol Expecting Limited Price Impact of Trump’s Sanctions on Iran Metal Sector Decline in Chinese Exports Signals Global Demand Slowdown. Renewed Trade War... RBNZ Cut Policy Rate to 1.5%, Resuming Rate Cut for the... Central Bank Views | China Watch | Oil N' Gold | Special Topics USD/CAD Mid-Day Outlook Daily Pivots: (S1) 1.3456; (P) 1.3480; (R1) 1.3502; More... USD/CAD dives sharply as fall from 1.3505 accelerates. Still, outlook is unchanged that price actions from 1.3521 are seen as a corrective pattern. While break of 1.3376 minor support cannot be ruled out, downside should be contained above 1.3274 support to bring rise resumption. On the upside, firm break of 1.3521 will resume the whole rise from 1.3068 to retest 1.3664 high. However, decisive break of 1.3274 support will indicate completion of 1.3068 and turn outlook bearish. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings US 100 Index Corrects Lower, but Broader Picture Still Positive Canada Employment Surges Higher Again in April US Inflation Back at 2% Despite Headwinds from Strong US Dollar Talks Continue as Tariff Increase Sets Soft Deadline USD/CAD: Trade War, US Inflation and Canadian Jobs Markets Stabilise As Trump Raises Tariffs GBPAUD Slips, Could Struggle Until Bullish Cross Confirmed Markets Offer Uncharacteristic Response To Higher US Tariffs On $200b Worth Of Chinese Goods US Raises Tariffs, But Traders Still Think It’s Posturing Fundamental Analysis | Technical Analysis In-depth Reports Specter of Trade War Returns to Haunt Markets Expecting Limited Price Impact of Trump's Sanctions on Iran Metal Sector Decline in Chinese Exports Signals Global Demand Slowdown. Renewed Trade War Forces PBOC to Ease Further RBNZ: One And Done, Or More To Come? RBA Holds Rates Steady in Line with Westpac's Forecast "Tarrified" Part III: European Union The Next Target of U.S. Tariffs Oil Price Outlook: Hitting the Sweet Spot Don't Expect a Big Jolt to Growth if Trade Tensions Ease Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 23:30 JPY Overall Household Spending Y/Y Mar 2.10% 1.60% 1.70% 23:30 JPY Labor Cash Earnings Y/Y Mar -1.90% -0.50% -0.80% -0.70% 23:50 JPY BOJ Summary of Opinions 01:30 AUD RBA Statement on Monetary Policy May 06:00 EUR German Trade Balance (EUR) Mar 20.0B 19.4B 18.7B 08:30 GBP GDP M/M Mar -0.10% 0.00% 0.20% 08:30 GBP GDP Q/Q Q1 P 0.50% 0.50% 0.20% 08:30 GBP Total Business Investment Q/Q Q1 P 0.50% -0.70% -0.90% 08:30 GBP Industrial Production M/M Mar 0.70% 0.10% 0.60% 08:30 GBP Industrial Production Y/Y Mar 1.30% 0.40% 0.10% 0.40% 08:30 GBP Manufacturing Production M/M Mar 0.90% 0.00% 0.90% 1.00% 08:30 GBP Manufacturing Production Y/Y Mar 2.60% 1.10% 0.60% 1.20% 08:30 GBP Construction Output M/M Mar -1.90% -0.90% 0.40% 08:30 GBP Visible Trade Balance (GBP) Mar -13.65B -13.7B -14.1B 08:30 GBP Index of Services 3M/3M Mar 0.30% 0.40% 0.40% 12:30 CAD Building Permits M/M Mar 2.10% 2.30% -5.70% -5.10% 12:30 CAD Net Change in Employment Apr 106.5K 15.0K -7.2K 12:30 CAD Unemployment Rate Apr 5.70% 5.80% 5.80% 12:30 USD CPI M/M Apr 0.30% 0.40% 0.40% 12:30 USD CPI Y/Y Apr 2.00% 2.10% 1.90% 12:30 USD CPI Core M/M Apr 0.10% 0.20% 0.10% 12:30 USD CPI Core Y/Y Apr 2.10% 2.10% 2.00%

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