Action Insight Weekly Report 6-16-19

Dollar Rebounded Strongly as Focus Turns to FOMC Meeting

Action Insight Weekly Report 6-16-19 Dollar Rebounded Strongly as Focus Turns to FOMC Meeting Dollar ended as the strongest one last week as economic data from the US affirmed that Fed is in no rush to deliver the "insurance" rate cut this month, that is, on June 19. Yen was the second strongest as US and German treasury yields stays pressured. Canadian Dollar was the third strongest, lifted by mainly by expectations that BoC is not nearing a rate cut. On the other hand, New Zealand and Australian Dollars were the weakest ones as poor data affirmed the path of monetary easing. Poor data from China also revealed ongoing downward pressure in the economy. Dollar and Yen look set to resume recent rally after Friday's strong surge. Technically, EUR/USD and EUR/JPY should have completed recent recovery from 1.1107 and 120.78. Retests of these two lows should be seen soon. Similarly, GBP/USD should be heading back to 1.2259 support. GBP/JPY has indeed breached equivalent support at 136.55 already, indicating fall resumption. AUD/USD also breached 0.6864 support on Friday, suggesting falling resumption. AUD/JPY took the lead and broke 74.96 support on Thursday already and extended decline to close near to weekly low. Full Report Here Central Bank Views | China Watch | Oil N' Gold | Special Topics AUD/USD Weekly Outlook AUD/USD's decline last week suggested that corrective recovery from 0.6864 has completed 0.7022, after rejection by 55 day EMA. Late breach of 0.6864 support argues that fall from 0.7295 is resuming. Initial bias stays on the downside this week. Sustained trading below 0.6864 will pave the way to 0.6722 low. On the upside, break of 0.6918 will delay the bearish case and turn intraday bias neutral first. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Weekly Economic and Financial Commentary: Inflation Continues to Come in Below Expectations The Weekly Bottom Line: A High Bar for Rate Cuts in Canada Dollar Rallies Ahead of FOMC Meeting; Markets Await Fed Signal for July Cut Week Ahead: Fed to Prepare Markets for July Rate Cut China Weekly Letter – Xi-Trump Meeting Crucial for Next Stage in Trade War Forward Guidance: Next Week's Main Attraction is Fed's Rate Announcement Week Ahead – Markets Seek Rate Cut Signals from Fed; BoE and BoJ Meet too; Euro Eyes Flash PMIs Weekly Focus – Will Fed Heed the Easing Calls? Cliff Notes: Conditions for Australian Business and Consumers Remain Challenging Middle East Tension Rises as US Blames Iran Fundamental Analysis | Technical Analysis In-depth Reports SNB Maintained Pledge to Intervene FX Market if SNF Too Strong. Question is How to React if Fed and ECB Ease Further Australian Dollar: Recent Stability to Give Way, AUD to Fall to 66¢ in 2020 China's Economic Data Prove Economy Slowing Down. PBOC Could Follow FOMC in Cutting Interest Rate Closer Look at China's Trade Data Reveals that Trade War is Eating Into Economy Fed: Dovish Policy Signal To Pave The Way For An Upcoming Insurance Cut 1990's Reloaded? Clues On The Fed's Path To "Insurance Cuts"

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