Action Insight Mid-Day Report 6-21-19

Euro Jumps as Eurozone PMIs Show Tentative Signs of Turnaround

Action Insight Mid-Day Report 6-21-19 Euro Jumps as Eurozone PMIs Show Tentative Signs of Turnaround Euro rises broadly today as PMI data showed no further deterioration in sentiments in Eurozone. Underlying growth momentum remained weak, but there were more tentative signs of improvement in Germany and France. Swiss Franc remains firm on Middle East Tension. It's reported that Trump has given Iran a warning that attack was imminent, even though he emphasized he's against war. Dollar is also recovering after this week's dovish Fed selloff. On the other hand, New Zealand Dollar and Sterling are the weakest ones for today so far, followed by Aussie. Canadian Dollar shows little reactions to retail sales miss. Technically, 1.1347 resistance in EUR/USD is now a focus before weekly close. Break will add to the case of medium term bottoming and target 1.1448 resistance next. EUR/JPY appears to have defended 120.78 support. Break of 121.92 minor resistance will extend the consolidation from 120.78 with another rise to 123.18 resistance. EUR/GBP's strong rebound also suggests solid support from 0.8871 minor support. This affirms near term underlying momentum for 0.9101 key resistance. In Europe, currently, FTSE is up 0.04%. DAX is down -0.05%. CAC is down -0.05%. German 10-year yield is up 0.0255 at -0.291, back above -0.3. Earlier in Asia, Nikkei dropped -0.95%. Hong Kong HSI dropped -0.27%. China Shanghai SSE rose 0.50% to 3001.98, back above 3000 handle. Singapore Strait Times rose 0.21%. Japan 10-year JGB yield dropped -0.0038 to -0.169. Full Report Here Canada retail sales rose 0.1%, ex-auto sales rose 0.1% Fed Clarida: Case for more monetary accommodation increased Eurozone PMIs: Overall growth remains subdued, pace restricted by uncertainty and... German PMIs: Weak, but tentative signs that the worst has passed France PMIs show accelerated expansion, points to 0.3% GDP growth in... BoE Carney: Gatt 24 only applies if you have a withdrawal... Japan CPI core slowed to 0.7%, core-core slowed to 0.5% Japan PMI Manufacturing dropped to 49.5, further loss of momentum Australia PMIs improved, green shoots emerging Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol FOMC Review – Divided Fed Signals Rate Cut This Year Still... US Crude Oil Inventory Fell For First Time in Three Weeks RBA Minutes Indicate More Rate Cuts In Coming Months Central Bank Views | China Watch | Oil N' Gold | Special Topics EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.1239; (P) 1.1278; (R1) 1.1329; More...... EUR/USD's rebound from 1.1181 extends higher today and intraday bias remains mildly on the upside for 1.1347 resistance first. Break there will add to the case of medium term bottoming and target 1.1660 key fibonacci level next. On the downside, below 1.1270 minor support will turn intraday bias back to the downside for 1.1181 support instead. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Gold Bugs Are Back, Can It Last? All Eyes On G20 Summit For Trade Progress, RBNZ Meets AUDUSD Capped Below 200-SMA European Update – PMIs Provide A Late Boost Perfect Storm Of Ingredients For Chinese Yuan Rally Could Be Just Beginning, Offshore Yuan Can Still Strengthen By A Further 5% EUR/USD: PMI Improvement Enough To Reduce Need Of Immediate ECB Rate Cut? Global Stocks Turbocharged By Stimulus Hopes, Gold Blasts Past $1400 Stocks Soar To New Records After Fed, Oil Gains USDCHF Falls The Most In Three Years, Looks Oversold Fundamental Analysis | Technical Analysis In-depth Reports FOMC Review - Divided Fed Signals Rate Cut This Year Still Likely Fed Ready To Pull The Trigger FOMC Signals Rate Cuts Ahead FOMC Review: Fed As Dovish It Could Be Without Cutting Rates Already Making Substantial Changes To Our ECB Views New ECB Call - Rate Cut and Restart of QE China - Trade War Puts Recovery at Risk Japan - Increasingly Dependent on Global Recovery by the Day Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 23:00 AUD CBA PMI Manufacturing Jun P 51.7 51 23:00 AUD CBA PMI Services Jun P 53.3 51.5 23:30 JPY National CPI Core Y/Y May 0.80% 0.70% 0.90% 00:30 JPY PMI Manufacturing Jun P 49.5 50 49.8 07:15 EUR France Manufacturing PMI Jun P 52 50.9 50.6 07:15 EUR France Services PMI Jun P 53.1 51.6 51.5 07:30 EUR Germany Manufacturing PMI Jun P 45.4 44.6 44.3 07:30 EUR Germany Services PMI Jun P 55.6 55.3 55.4 08:00 EUR Eurozone Manufacturing PMI Jun P 47.8 48 47.7 08:00 EUR Eurozone Services PMI Jun P 53.4 53 52.9 08:30 GBP Public Sector Net Borrowing (GBP) May 4.5B 3.3B 5.0B 6.2B 12:30 CAD Retail Sales M/M Apr 0.10% 0.20% 1.10% 1.30% 12:30 CAD Retail Sales Ex Auto M/M Apr 0.10% 0.40% 1.70% 1.80% 13:45 USD US Manufacturing PMI Jun P 50.5 50.5 13:45 USD US Services PMI Jun P 51 50.9 14:00 USD Existing Home Sales May 5.29M 5.19M

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