Action Insight Daily Report 7-1-19

Dollar and Stocks Surge on as Fear of Trade War Escalation Eased

Action Insight Daily Report 7-1-19 Dollar and Stocks Surge on as Fear of Trade War Escalation Eased Dollar and stocks are give a strong boost after Trump-Xi meeting in Japan delivered what the markets expected. For now, the greenback is trading as the strongest ones while traders are revisiting the chance of Fed cut in July. Canadian Dollar is steadily firm, partly helped by rally resumption in oil price, as WTI breaches 60 handle. Swiss France and Yen are broadly pressured but Euro and Australian Dollar are not far behind. In short, Trump an Xi agreed to stop further escalations in tariffs for the time being. Trump agreed to loosen up the ban on Chinese tech giant Huawei while China agreed to buy large amount of American farm products. Additionally, Trump surprised the world by being the first sitting US president to visit the Demilitarized Zone between the two Koreas and met North Korean leader Kim Jong-un, for restarting nuclear talks. Technically, while Dollar is strong today, it has yet to take out key near term resistance levels against others. More is needed to confirm bottoming and bullish reversal in the greenback. 1.1317 minor support in EUR/USD, 1.2642 support in GBP/USD, 0.9854 resistance in USD/CHF and 108.80 resistance in USD/JPY need to be taken out firmly, better together, to confirm Dollar strength. In other markets, Nikkei closed up 2.14%. China Shanghai SSE is up 1.97%. Singapore Strait Times is up 1.38%. Hong Kong is on holiday. Japan 10-year JGB yield is up 0.0175 at -0.144. Full Report Here Australia AiG PMI manufacturing dropped to 49.4, lowest since Aug 2016 China Caixin PMI manufacturing dropped to 49.4, second lowest since Jun... Japan Tankan large manufacturing index dropped to near three year low China Daily: US-China remain widely apart even on the conceptual level Trump claims winning, Kudlow talks down loosening of Huawei ban Stocks jump on US-China trade talks, USD/CHF & USD/JPY rebounds not... G20 pledged to realize free, fair, non-discriminatory, transparent, predictable and stable... Trump-Xi meeting: No new tariffs, China to buy US farm products,... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol CFTC Commitments of Traders -NET LENGTH for USD Fell on Heightened... CFTC Commitments of Traders – Bets for Higher Precious Metal Prices... Focus Turn to US Data after Trump & Xi Delivered at... Central Bank Views | China Watch | Oil N' Gold | Special Topics USD/JPY Daily Outlook Daily Pivots: (S1) 107.68; (P) 107.81; (R1) 108.06; More... USD/JPY rebounds strongly today but stays below 108.80 resistance. Intraday bias remains neutral first. Considering bullish convergence condition in 4 hour MACD, firm break of 108.80 will confirm short term bottoming at 106.78. In this case, stronger rise should be seen back to 110.67 resistance. On the other hand, rejection by 108.80, followed by break of 107.56 will retain near term bearishness. Intraday bias will be turned back to the downside for 106.78 support instead. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings FX Brief: PMI Data Off To A Weak Start In July RBA Preview: AUD/USD Holds Above 70c Ahead Of Expected Rate Cut GBP/USD And EUR/GBP: British Pound Could Gain Traction EUR/USD Correcting Gains, Dips Remain Supported US-China Talks Back On Track And Oil Gets OPEC+ Boost US-China Trade: Ceasefire a Reality But No Quick Fixes to Reach a Deal US ISM Manufacturing PMI to Extend Slowdown But Eyes on G20 Summit Fundamental Analysis | Technical Analysis In-depth Reports US-China Trade: Ceasefire a Reality But No Quick Fixes to Reach a Deal Mid-Year FX Recap: Loonie Tops as "Neutral is the New Hawkish" HKD's HIBOR Soars, But With Limited Upside RBA to Cut in July Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 22:30 AUD AiG Performance of Manufacturing Index Jun 49.4 52.7 23:50 JPY Tankan Large Manufacturing Index Q2 7 9 12 23:50 JPY Tankan Large Manufacturers Outlook Q2 7 6 8 23:50 JPY Tankan Large Non-Manufacturing Index Q2 23 20 21 23:50 JPY Tankan Large Non-Manufacturing Outlook Q2 17 19 20 23:50 JPY Tankan Small Manufacturing Index Q2 -1 2 6 23:50 JPY Tankan Small Manufacturing Outlook Q2 -5 -2 -2 23:50 JPY Tankan Small Non-Manufacturing Index Q2 10 10 12 23:50 JPY Tankan Small Non-Manufacturing Outlook Q2 3 6 5 23:50 JPY Tankan Large All Industry Capex Q2 7.40% 8.10% 1.20% 0:30 JPY PMI Manufacturing Jun F 49.3 49.5 1:00 AUD TD Securities Inflation M/M Jun 0.00% 0.00% 1:45 CNY Caixin PMI Manufacturing Jun 49.4 50.1 50.2 5:00 JPY Consumer Confidence Index Jun 38.7 39.2 39.4 6:30 CHF Retail Sales Real Y/Y May -0.70% 7:30 CHF PMI Manufacturing Jun 49 48.6 7:45 EUR Italy Manufacturing PMI Jun 48.7 49.7 7:50 EUR France Manufacturing PMI Jun F 52 52 7:55 EUR Germany Manufacturing PMI Jun F 45.4 45.4 7:55 EUR German Unemployment Change (000's) Jun 0.0k 60.0k 7:55 EUR German Unemployment Claims Rate Jun 5.00% 5.00% 8:00 EUR Eurozone Manufacturing PMI Jun F 47.8 47.8 8:00 EUR Eurozone M3 Money Supply Y/Y May 4.60% 4.70% 8:30 GBP Mortgage Approvals May 65.5k 66.3k 8:30 GBP Money Supply M4 M/M May 0.90% 8:30 GBP PMI Manufacturing Jun 49.5 49.4 9:00 EUR Eurozone Unemployment Rate May 7.60% 7.60% 13:45 USD Manufacturing PMI Jun F 50.1 50.1 14:00 USD ISM Manufacturing Jun 51 52.1 14:00 USD ISM Prices Paid Jun 53 53.2 14:00 USD ISM Employment Jun 53.7 14:00 USD Construction Spending M/M May 0.10% 0.00%

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