Action Insight Mid-Day Report 7-15-19

Dollar Shrugs Solid Manufacturing Data, Sterling Leads Euro Lower

Action Insight Mid-Day Report 7-15-19 Dollar Shrugs Solid Manufacturing Data, Sterling Leads Euro Lower Commodity currencies remain the strongest ones for today with help from mild risk appetite. Dollar is trying to recover on stronger than expected manufacturing data, but no follow through buying is seen yet. The greenback will need more positive data release to offset recent selling pressure. On the other hand, Sterling is leading Euro lower today. In particular, the Pound looks rather vulnerable ahead of important economic data this week, including employment, CPI and retail sales. Technically, EUR/GBP bounces off 0.8954 minor support today. Thus, there is no indicate of near term reversal yet. Recent rise might extend through 0.9010 temporary top. But we'd continue to expect strong resistance from 0.9101 to limit upside. With selloff in the Pound, GBP/JPY is heading back to 135.07 temporary low and break will resume recent decline. AUD/USD is still eying 0.7047 resistance to confirm rally resumption. In Europe, currently, FTSE is up 0.44%. DAX is up 0.48%. CAC is up 0.17%. German 10-year yield is down -0.0316 at -0.242. Earlier in Asia, Hong Kong HSI rose 0.29%. China Shanghai SSE rose 0.40%. Singapore Strait Times dropped -0.28%. Japan was on holiday. Full Report Here US Empires State Manufacturing index rose 12.9 pts to 4.3 Trump said China's slowest growth in 27 yrs was because of... Global business activity expectations dropped decade low, marked deterioration in US Germany Economy Ministry expects weak basic economic trend for Q2 China Q2 GDP slowed to 27-year low, but June data beat... 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 GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.2536; (P) 1.2558; (R1) 1.2596; More.... GBP/USD fails to sustain above 4 hour 55 EMA and dips mildly. But downside is held well above 1.2439 temporary low. Intraday bias remains neutral first. In case of another recovery, upside should be limited below 1.2783 resistance to bring fall resumption. On the downside, break of 1.2439 would resume the decline from 1.3381 to retest 1.2391 low. Firm break there will resume larger down trend. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings GBPNZD Continues Bearish Trend; Accelerates on Break of Swing Low European Update – Investors Unconvinced by Data FX Brief: Stronger Chinese Data Raises Risk Appetite Bitcoin – $10,000 Coming Under Pressure Perspective on Asia: China GDP and Investment Update June Quarter 2019 Mixed Start As Europe Erases Gains US Retail Sales In Focus As Fed Ponders Next Move Why Is Gold Price Still Strong? JP225 Index Finds Support On Uptrend Line And 50-Day SMA, Sideways Move In Near Term Stocks Aim For New Records As Chinese Data Lift Sentiment EURUSD Makes Higher Low But Uptrend Not Confirmed Yet EURAUD Declines Sharply, Touching 38.2% Fibonacci 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 23:01 GBP Rightmove House Prices M/M Jul -0.20% 0.30% 02:00 CNY GDP Y/Y Q2 6.20% 6.20% 6.40% 02:00 CNY Fixed Assets Ex Rural YTD Y/Y Jun 5.80% 5.60% 5.60% 02:00 CNY Industrial Production Y/Y Jun 6.30% 5.20% 5.00% 02:00 CNY Retail Sales Y/Y Jun 9.80% 8.50% 8.60% 02:00 CNY Surveyed Jobless Rate Jun 5.10% 5.00% 06:30 CHF Producer & Import Prices M/M Jun -0.50% 0.00% 0.00% 06:30 CHF Producer & Import Prices Y/Y Jun -1.40% -0.90% -0.80% 12:30 USD Empire State Manufacturing Jul 4.3 2 -8.6

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