Action Insight Mid-Day Report 7-12-19

Euro Turns Soft, Ignoring Strong Industrial Production and Rebound in German Yield

Action Insight Mid-Day Report 7-12-19 Euro Turns Soft, Ignoring Strong Industrial Production and Rebound in German Yield While Dollar remains the worst performing one for the week, Euro is overtaking as the weakest one for today. Selloff in crosses, in particular in EUR/CHF, is dragging down the common currency. Much stronger than expected industrial production data was ignored. Instead, it's clear that ECB is on track for more monetary stimulus, and could probably deliver even ahead of Fed. Staying in the currency markets, Dollar is so far the weakest one for today, followed by New Zealand Dollar. Swiss Franc and Yen are the strongest ones, also ignoring resilience in stock markets and rebound in treasury yields. Canadian Dollar is the third strongest for now. In Europe, currently, FTSE is up 0.10%. DAX is up 0.07%. CAC is up 0.44%. German 10-year yield is up 0.061 at -0.203, it hit record low at -0.407 just earlier this month. Earlier in Asia, Nikkei rose 0.20%. Hong Kong HSI rose 0.14%. China Shanghai SSE rose 0.44%. Singapore Strait Times rose 0.21%. Japan 10-year JGB yield rose 0.0259 to -0.114. Full Report Here US PPI slowed to 1.7% yoy, core PPI unchanged 2.3% yoy WH Navarro: Trade negotiation with China in a quiet period, be... ECB Visco : Will asset hot to adjust policy instruments in the... China trade surplus widened to USD 51B, both imports and exports... Eurozone industrial production rose 0.9% mom in May, above expectation New Zealand BusinessNZ PMI rose to 51.3, but employment worsened Fed Brainard: Softer path of monetary policy called for, on risk... Fed Bostic: Storm clouds not generating a storm yet Fed Williams: Expectation of Fed cut contributing to consumer and business... Trump blasts Bitcoin and Libra, hails Dollar Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol Another Week of Withdrawal Sent Crude Oil Inventory to April's Level Dovish FOMC Minutes Heighten the Case for July Rate Cut BOC Left Rate Unchanged at 1.75%. Cautious about Trade But Overall... Central Bank Views | China Watch | Oil N' Gold | Special Topics EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.1238; (P) 1.1262; (R1) 1.1279; More... Intraday bias in EUR/USD is turned neutral with 4 hour MACD crossed below signal line. A temporary top is formed at 1.1285. On the upside, above 1.1285 will extend the rebound from 1.1193 to 1.1412 resistance. Break will resume the whole choppy rise from 1.1107. On the downside, break of 1.1193 will turn bias back to the downside to retest 1.1107 low instead. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Gold Loses Steam, after Rallying Out of Long-Term Trading Range US Open – All Eyes on Earnings US 30 Index Flies at New All-Time Highs FX Brief: EUR Struggles Despite Industrial Production Surprise Powell, Earnings, Bitcoin, Oil, Gold GBPAUD Breaks Out Of Sideways Move, Giving The Reins To Sellers AUD/USD Faces Key Test As Focus Returns To China Dollar See-Saws On Data, Euro Edges Up Despite ECB Stimulus Hint GBPJPY Bearish Action Slows, Trend Reversal Awaited Risk Sentiment Still Sensitive To US-China Trade Tensions USDCAD Plummets To 8½-Month Low, Negative Bias Remains Fundamental Analysis | Technical Analysis In-depth Reports July a Done Deal for FOMC, with Risks Front of Mind Dovish FOMC Minutes Heighten the Case for July Rate Cut Q3 Outlook: Investing in a Late-Cycle Economy Australian Dollar: Iron Ore and Rates Remain Key Now and for the Outlook What Christine Lagarde As ECB President Means For the Euro ECB Research: Lagarde To Take 'One Of The Most Difficult' Jobs Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 22:30 NZD BusinessNZ Manufacturing PMI Jun 51.3 50.2 50.4 04:30 JPY Industrial Production M/M May F 2.20% 2.30% 2.30% 07:00 CNY Trade Balance (CNY) Jun 345B 276B 276B 07:00 CNY Imports Y/Y (CNY) Jun -0.40% 4.50% -2.50% 07:00 CNY Exports Y/Y (CNY) Jun 6.10% 7.70% 7.70% 07:00 CNY Trade Balance (USD) Jun 51.0B 45.2B 41.7B 07:00 CNY Imports Y/Y (USD) Jun -7.30% -4.60% -8.50% 07:00 CNY Exports Y/Y (USD) Jun -1.30% -0.60% 1.10% 09:00 EUR Eurozone Industrial Production M/M May 0.90% 0.20% -0.50% -0.40% 12:30 USD PPI M/M Jun 0.10% 0.10% 0.10% 12:30 USD PPI Y/Y Jun 1.70% 1.60% 1.80% 12:30 USD PPI Core M/M Jun 0.30% 0.20% 0.20% 12:30 USD PPI Core Y/Y Jun 2.30% 2.10% 2.30%

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