Action Insight Mid-Day Report 6-27-19

Markets Going Nowhere ahead of G20, US & China Exchange Words ahead of Trump-Xi Meeting

Action Insight Mid-Day Report 6-27-19 Markets Going Nowhere ahead of G20, US & China Exchange Words ahead of Trump-Xi Meeting The financial markets are generally in consolidative mode, awaiting the start of the two-day G20 summit in Osaka, Japan tomorrow. For traders, main focus will be on face-to-face meeting of Trump and Chinese President Xi Jinping. Hopes are high for some form of agreement to stop further escalations in trade war. Words from both sides this week were not kind though. Trump threatened to do very substantial additional tariffs if talks break down again. China is insisting on its own principle and urged US to correct wrong practices. In the forex markets, Yen is trading as the weakest one so far, followed by Euro. German CPI accelerated to 1.6% in June but that provides little help to the common currency. Dollar is not far away with Swiss Franc neither. On the other hand, Sterling is the strongest one for today but it's going nowhere for now. Kiwi and Aussie are the next strongest. In Europe, currently, FTSE is down -0.20%. DAX is up 0.26%. CAC is down -0.12%. German 10-year yield is down -0.013 at -0.313. Earlier in Asia, Nikkei rose 1.19%. Hong Kong HSI rose 1.42%. China Shanghai SSE rose 0.69%. Singapore Strait Times rose 0.83%. Japan 10-year JGB yield rose 0.0056 to -0.14. Full Report Here US initial jobless claims rose 10k to 227k, Q1 GDP finalized... China insists on core concerns in US trade talks Eurozone economic sentiment dropped to 103.3, largest decline in industrial confidence... New Zealand ANZ business confidence dropped to -38.1 BoJ Wakatabe: Monetary policy won't be normalized until economy and prices... Trump-Xi meeting confirmed at 0230GMT on Sat Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol Huge Decline in US Inventory Lifted Crude Oil Price Hong Kong as Bargaining Chip in US-China Trade Talk? HKD's HIBOR Soars, But With Limited Upside Central Bank Views | China Watch | Oil N' Gold | Special Topics GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.2664; (P) 1.2664; (R1) 1.2709; More.... GBP/USD recovers mildly after drawing support from 4 hour 55 EMA. Intraday bias remains neutral and outlook is unchanged. With 1.2642 minor support intact, corrective rebound from 1.2506 could still extend higher. But upside should be limited by 38.2% retracement of 1.3381 to 1.2506 at 1.2840. On the downside, break of 1.2642 minor support will turn intraday bias back to retest 1.2506 low. However, sustained break of 1.2840 will bring stronger rise to 61.8% retracement at 1.3047 next. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings USDCNH Strictly Capped Below Moving Averages Gold – Holding Above $1,400 Xi wants Huawei Ban Lifted, EU Throws Iran A Bone European Update – G20 Continues To Dominate Eurozone Flash Inflation To Test Euro's Rally Ahead Of G20 Summit GBPAUD Records Red Sessions In Trading Range Hopes On Trade Truce As G-20 Leaders Gathers Confusion Lingers Over Direction Of Trade Talks As G20 Showdown Approaches USDCAD Looks For A Rebound After Hitting 4 ½-Month Lows Risk Appetite Creeps Higher Ahead Of G20 Talks, Dollar Advances NZDUSD Pulls Back Near 2-Month High, Remains In Sideways Channel Fundamental Analysis | Technical Analysis In-depth Reports G20 Meeting: Trade Ceasefire Or More Hardball? Trade Tensions Turning Up on US Factory Floor Hong Kong as Bargaining Chip in US-China Trade Talk? HKD's HIBOR Soars, But With Limited Upside Review Of The RBNZ's June OCR Review: Hinting Strongly RBA to Cut in July Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 23:50 JPY Retail Trade Y/Y May 1.20% 1.20% 0.50% 0.40% 01:00 NZD ANZ Business Confidence Jun -38.1 -32 09:00 EUR Eurozone Business Climate Indicator Jun 0.17 0.28 0.3 09:00 EUR Eurozone Economic Confidence Jun 103.3 104.7 105.1 105.2 09:00 EUR Eurozone Industrial Confidence Jun -5.6 -3 -2.9 09:00 EUR Eurozone Services Confidence Jun 11 12.4 12.2 12.1 09:00 EUR Eurozone Consumer Confidence Jun F -7.2 -7.2 -7.2 -6.5 12:00 EUR German CPI M/M Jun P 0.30% 0.20% 0.20% 12:00 EUR German CPI Y/Y Jun P 1.60% 1.40% 1.40% 12:30 USD GDP Annualized Q1 T 3.10% 3.10% 3.10% 12:30 USD GDP Price Index Q1 T 0.90% 0.80% 0.80% 12:30 USD Initial Jobless Claims (JUN 22) 227K 220K 216K 217K 14:00 USD Pending Home Sales M/M May 1.00% -1.50% 14:30 USD Natural Gas Storage 115B

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