Action Insight Mid-Day Report 6-28-19

Dollar Mildly Lower in Quiet Markets, G20 Eyed

Action Insight Mid-Day Report 6-28-19 Dollar Mildly Lower in Quiet Markets, G20 Eyed Dollar trades broadly lower in relatively quiet markets today. Trading is rather subdued firstly due to quarter end effect. More importantly, traders are awaiting the highly anticipated Trump-Xi meeting. It's cautiously optimistic that some form of agreement would be made to avert further tariff escalations. But this is far from being certain. Staying in the currency markets, Australian Dollar is the second weakest for today, then Yen. Sterling is the strongest, followed by Swiss Franc and Euro. Over the week, Yen is the weakest one, followed by Sterling, and then Dollar. Commodity currencies are broadly higher, led by New Zealand Dollar. In Europe, FTSE is up 0.27%. DAX is up 0.53%. CAC is up 0.40%. German 10-year yield is down -0.001 at -0.319. Earlier in Asia, Nikkei dropped -0.29%. Hong Kong HSI dropped -0.28%. China Shanghai SSE dropped -0.60%. Singapore Strait Times dropped -0.21%. Japan 10-year JGB yield dropped -0.213 to -0.163. Full Report Here Canada GDP rose 0.3% in April, above expectation of 0.2% US personal income rose 0.5%, spending rose 0.4%, core PCE unchanged... Trump denies six-month reprieve on new China tariffs Eurozone CPI unchanged at 1.2%, but core CPI jumped to 1.1% Japan & US agreed to speed up trade negotiation, but no... UK Q1 GDP finalized at 0.5%, services the largest contributor Swiss KOF dropped to 93.6, downward tendency flattening out BoJ: All policy measures should be considered if baseline scenario changes 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) 1.2647; (P) 1.2686; (R1) 1.2710; More.... GBP/USD recovers mildly but stays below 1.2783 resistance. Intraday bias remains neutral first. 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 Canada: Energy Sector Drives Solid April GDP Report  US: Personal Spending Growth Holds Steady in May FX Brief: G20 Dominates Investor Focus Upside Risk to BoC's Q2 GDP Call High Noon for Trump and Xi on Trade? Cliff Notes: It Was The Week Before G20, and All Was Quiet Stocks, Oil And Gold Steady As G20 Starts, Bitcoin Bounces Back Markets In Wait And See Mode GBPCAD Posts 20-Month Low, Looks For A Rebound In Short-Term Anticipation Over Trump-Xi Meeting Keeps Markets On Tenterhooks Bitcoin Selling At A Discount Dollar Drifts Lower As G20 Outcome Anxiously Awaited, Inflation Data Eyed GBPJPY Likely Waiting For A Trend Reversal Trump Thinks China Wants A Deal EURNZD Drops Aggressively This Week, Records 3-Week Low 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 23:01 GBP GfK Consumer Confidence Jun -13 -11 -10 23:30 JPY Unemployment Rate May 2.40% 2.40% 2.40% 23:30 JPY Tokyo CPI Core Y/Y Jun 0.90% 1.00% 1.10% 23:50 JPY BoJ Summary of Opinions 23:50 JPY Industrial Production M/M May P 2.30% 0.70% 0.60% 01:30 AUD Private Sector Credit M/M May 0.20% 0.20% 0.20% 05:00 JPY Housing Starts Y/Y May -8.70% -4.20% -5.70% 06:00 EUR German Import Price Index M/M May -0.10% -0.20% 0.30% 07:00 CHF KOF Leading Indicator Jun 93.6 94.9 94.4 93.8 08:30 GBP GDP Q/Q Q1 F 0.50% 0.50% 0.50% 08:30 GBP Current Account Balance (GBP) Q1 -30.0B -32.0B -23.7B 09:00 EUR Eurozone CPI Estimate Y/Y Jun 1.20% 1.20% 1.20% 09:00 EUR Eurozone CPI Core Y/Y Jun A 1.10% 0.90% 0.80% 12:30 CAD GDP M/M Apr 0.30% 0.20% 0.50% 12:30 CAD Industrial Product Price M/M May 0.10% 0.00% 0.80% 12:30 CAD Raw Materials Price Index M/M May -2.30% -3.00% 5.60% 5.70% 12:30 USD Personal Income May 0.50% 0.30% 0.50% 12:30 USD Personal Spending May 0.40% 0.50% 0.30% 0.60% 12:30 USD PCE Deflator M/M May 0.20% 0.20% 0.30% 12:30 USD PCE Deflator Y/Y May 1.50% 1.50% 1.50% 1.60% 12:30 USD PCE Core M/M May 0.20% 0.20% 0.20% 12:30 USD PCE Core Y/Y May 1.60% 1.60% 1.60% 13:45 USD Chicago PMI Jun 54 54.2 14:00 USD U. of Mich. Sentiment Jun F 97.9 97.9 14:30 CAD BoC Business Outlook Survey

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