Action Insight Mid-Day Report 5-30-19

USD/JPY Extends Recovery on Solid US Data, Trade Spats Shrugged

Action Insight Mid-Day Report 5-30-19 USD/JPY Extends Recovery on Solid US Data, Trade Spats Shrugged Dollar trades generally higher today as risk markets stabilized, partly helped by recovery in treasury yields too. Economic data from US generally matched expectations. Markets also shrugged off repeated comments from US and China regarding trade war. Though, at the time of writing, Canadian Dollar is the strongest one, lifted by rebound in oil price. Yen is the weakest one as stocks are recovering.. Technically,current developments suggests that USD/JPY's consolidation from 109.02 low is in its third leg and further rise is in favor. That might help lift EUR/JPY higher today. Meanwhile, GBP/USD continues to gyrate towards 1.2605 support. EUR/GBP also refuses to retreat deeper below 0.8805 temporary top. The Pound is vulnerable to around of selloff. And that could limit any recovery attempt in GBP/JPY. It's a bit early to call for a breakout. But EUR/USD is edging lower towards 1.1107 support and this level will be watched. In other markets, US stocks open generally higher, with DOW trading up 65 pts at the time of writing. 10-year yield is also up 0.037 at 2.273. We'll see if the recovery could sustain for the whole session. In Europe, FTSE is currently up 0.56%. DAX is up 0.59%. CAC is up 0.56%. German 10-year yield is up 0.014 at -0.161. Earlier in Asia, Nikkei dropped -0.29%. Hong Kong HSI dropped -0.44%. China Shanghai SSE dropped -0.31% to 2905.81, holding on to 2900 handle. Singapore Strait Times dropped -0.64%. Japan 10-year JGB yield rose 0.0114 to -0.081. Full Report Here Trump: Americans paying very little of tariffs, China is subsidizing US trade deficit widened slightly to USD 72.1B, both exports and... US initial jobless claims rose 3k to 215k US Q1 GDP growth revised down to 3.1%, price index rose... Into US session: Canadian higher on oil rebound, Yen softer in... BoE Ramsden: Most financial stability risks from no-deal Brexit mitigated China open to sell rare earths to other countries, halted US... Australia building approvals dropped -4.7% mom, capital expenditure dropped -1.7% China: US Provoking trade dispute is naked economic terrorism, economic homicide,... BoJ Sakurai: Shouldn't recklessly seek to hit price target with additional... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol Market Not Convinced by BOC's Intentionally Neutral Tone   How Does Brexit Proceed? After Results of European Parliament Election Showing... Treasury Yield in Free Fall, But the Worst in the Markets... Central Bank Views | China Watch | Oil N' Gold | Special Topics USD/JPY Mid-Day Outlook Daily Pivots: (S1) 109.26; (P) 109.48; (R1) 109.81; More... USD/JPY's recovery from 109.15 extends higher today and further rise might be seen. But it's seen as in consolidation pattern from 109.02. Thus, upside should be limited by 110.67 resistance to bring fall resumption eventually. On the downside, break of 109.02 will resume the fall from 112.40 and target 61.8% retracement of 104.69 to 112.40 at 107.63 next. Nevertheless, firm break of 110.67 will argue that fall from 112.40 could be completed and turn focus back to this resistance. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings EURCAD Forms Symmetrical Triangle; Neutral in Short Term US: First Quarter Growth Largely Unchanged, But Inflation Softer than Expected USDTRY Tumbles Below 38.2% Fibonacci and 50-SMA Gold Looking Soft But Could Still be a Bullish Case Gold Drops as Stocks Selling Pause for Breath Economic Terrorism Has Equities And Bond Yields Under Pressure GBPJPY Creates Bullish Doji Near 4 ½-Month Lows US Dollar Index Approaches 2-Year High Again, Positive Profile In Long Term Trade War Shifts Into Next Gear, Gold & Oil Dollar Roars Higher, Wall Street Stabilizes, For Now NZDUSD Hovers In Ichimoku Cloud Posting Narrow Range In Near Term Clock Is Ticking On EUR/USD 1.10, Alarm Clock Already Buzzing For Further Oil Declines Fundamental Analysis | Technical Analysis In-depth Reports ECB Research: Walking a Tightrope 1990's Reloaded? Clues On The Fed's Path To "Insurance Cuts" How Does Brexit Proceed? After Results of European Parliament Election Showing Divided Britons US: Do Deficits Still Matter? Let The EU 'Game Of Thrones' Begin RBA to Cut the Cash Rate to 0.75% by November; AUD to USD0.66 by End 2019 US-China Trade War Intensifies as China Retaliates US-China Trade: Back in the Tit-for-Tat Spiral Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 22:45 NZD Building Permits M/M Apr -7.90% -6.90% -7.40% 01:30 AUD Private Capital Expenditure Q1 -1.70% 0.50% 2.00% 1.30% 01:30 AUD Building Approvals M/M Apr -4.70% 0.00% -15.50% -13.40% 12:30 CAD Current Account Balance (CAD) Q1 -17.35B -17.9B -15.5B -16.6B 12:30 USD GDP Annualized Q/Q Q1 S 3.10% 3.10% 3.20% 12:30 USD GDP Price Index Q1 S 0.80% 0.90% 0.90% 12:30 USD Initial Jobless Claims (MAY 25) 215K 214k 211k 212K 12:30 USD Advance Goods Trade Balance Apr -72.1B -72.0B -71.4B -71.9B 12:30 USD Wholesale Inventories M/M Apr P 0.70% 0.10% -0.10% 14:00 USD Pending Home Sales M/M Apr -1.50% 0.50% 3.80% 3.90% 14:30 USD Natural Gas Storage 98B 100B 15:00 USD Crude Oil Inventories -0.9M 4.7M

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