Action Insight Daily Report 7-16-19

UK Employment, German ZEW and US Retail Sales Watched

Action Insight Daily Report 7-16-19 UK Employment, German ZEW and US Retail Sales Watched New Zealand Dollar strengthens broadly today after CPI picked up in Q2. On the other hand, Australian Dollar trades slightly softer after RBA minutes affirmed easing bias. Euro and Dollar strengthen mildly in Asian session. But both will face tests from economic data, including US retail sales and German ZEW. Sterling is also mixed as markets await UK job data. Technically, despite rally attempt this week, AUD/USD and AUD/JPY are both limited below near term resistance at 0.7047 and 76.28 respectively. Buying momentum in Aussie is not too apparent for now. EUR/GBP will be a focus today with Germany and UK data featured. A range breakout is likely. Break of 0.9010 temporary top will resume EUR/GBP's recent rise but we'd expect strong resistance from 0.9101 to limit upside. Meanwhile, break of 0.8954 minor support will indicate near term reversal. In Asia, currently, Nikkei is down -0.64%. Hong Kong HSI is up 0.22%. China Shanghai SSE is down -0.29%. Singapore Strait Times is up 0.15%. Japan 10-year JGB yield is down -0.0048 at -0.119. Overnight, DOW rose 0.10%. S&P 500 rose 0.02%. NASDAQ rose 0.17%. 10-year yield dropped -0.014 to 2.092. Full Report Here New Zealand CPI rose 0.6% qoq, NZD/USD extending rebound RBA minutes indicate easing bias, but wait-and-see first US Mnuchin: Debt ceiling deal soon, another call with China this... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol Chinese Economy Weakest in Almost Three Decades. Growth Could Fall Below... CFTC Commitments of Traders – Traders Resumed Bets on Higher USD... Dollar Reversed, Stocks Made New Records on as Fed Cut Expectations... Central Bank Views | China Watch | Oil N' Gold | Special Topics EUR/GBP Daily Outlook Daily Pivots: (S1) 0.8969; (P) 0.8985; (R1) 0.9011; More... EUR/GBP is staying in range below 0.9010 temporary top and intraday bias remains neutral. With 0.8954 minor support intact, another rise cannot be ruled out yet. But considering loss of upside momentum, we'd look for topping signal as it approaches 0.9101 key resistance. On the downside, break of 0.8954 support will indicate short term topping. In this case, deeper pull back could be seen to 55 day EMA (now at 0.8868) first. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Daily Forex Technical Trend Bias/Key Levels NZ CPI Rises As Expected | NZD/CHF On Cusp Of A Breakout FX Brief: Tight Ranges Ahead Of European And US Data EUR/USD Bullish Momentum With Break Above 1.1280 NZ CPI Review, Q2 2019 – No Surprises RBA Board Minutes Signal a Pause in the Easing Cycle GBP/USD Recovery Approaching Key Juncture Fundamental Analysis | Technical Analysis In-depth Reports Chinese Economy Weakest in Almost Three Decades. Growth Could Fall Below 6% by Year-End. China's Strong Trade Surplus Driven by Contraction in Imports. Strong Inflation Unlikely Restrains Further Easing As Central Banks Move to Cut Rates Again, How Much Lower Can They Go? July a Done Deal for FOMC, with Risks Front of Mind Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 22:45 NZD CPI Q/Q Q2 0.60% 0.60% 0.10% 22:45 NZD CPI Y/Y Q2 1.70% 1.70% 1.50% 1:30 AUD RBA Minutes Jul 8:30 GBP Claimant Count Rate Jun 3.10% 8:30 GBP Jobless Claims Change Jun 18.9K 23.2k 8:30 GBP Average Weekly Earnings 3M/Y May 3.10% 3.10% 8:30 GBP Weekly Earnings ex Bonus 3M/Y May 3.50% 3.40% 8:30 GBP ILO Unemployment Rate 3Mths May 3.80% 3.80% 9:00 EUR Eurozone Trade Balance (EUR) May 16.4B 15.3B 9:00 EUR German ZEW Economic Sentiment Jul -22 -21.1 9:00 EUR German ZEW Current Situation Jul 5 7.8 9:00 EUR Eurozone ZEW Economic Sentiment Jul -20.9 -20.2 12:30 CAD International Securities Transactions (CAD) May -12.80B 12:30 USD Import Price Index M/M Jun -0.70% -0.30% 12:30 USD Retail Sales Advance M/M Jun 0.10% 0.50% 12:30 USD Retail Sales Ex Auto M/M Jun 0.10% 0.50% 13:15 USD Industrial Production M/M Jun 0.10% 0.40% 13:15 USD Capacity Utilization Jun 78.10% 78.10% 14:00 USD NAHB Housing Market Index Jul 64 64 14:00 USD Business Inventories May 0.40% 0.50%

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