Action Insight Mid-Day Report 7-17-19

Dollar Maintains Gain as Focus Turns to CPI from UK, EZ and Canada

Action Insight Mid-Day Report 7-17-19 Markets Mixed as Inflation Data Provide No Guidance The forex markets are generally locked in tight range today. Canadian Dollar is supported by largely expected consumer inflation data. While Loonie is the second strongest for today so far, USD/CAD is stuck in familiar range. The markets are indeed rather mixed, as seen in New Zealand Dollar being the strongest and Australian being weakest. Euro is mixed after upward revision in June's CPI reading. Sterling continues to shrug off economic data, but stays pressured on no-deal Brexit fear. Technically, GBP/USD breached 1.2391 low but recovered quickly sustained break will confirm medium term down trend resumption. 0.6983 minor support in AUD/USD will be watched and break will confirm rejection by 0.7047 resistance. USD/CAD could finally breakout from range of 1.3018/3143 with today's oil inventory data. In other markets, DOW opens nearly flat while 10-year yield is down -0.0114 at 2.093. In Europe, FTSE is down -0.18%. DAX is down -0.18%. CAC is down -0.17%. German 10-year yield is down -0.042 at -0.289, staying comfortably above -0.3 handle. Earlier in Asia, Nikkei dropped -0.31%. Hong Kong HSI dropped -0.09%. China Shanghai SSE dropped -0.20%. Singapore Strait Times rose 0.14%. Japan 10-year JGB yield dropped -0.0052 to -0.125. Full Report Here Canada CPI slowed to 2.0%, manufacturing sales rose 1.6% ECB Coeure: Determined to act in case of adverse contingencies BoJ Kuroda: Economy growing moderately despite some weakness in exports and... UK Barclay: No-deal Brexit underpriced, House won't approve current deal Eurozone CPI finalized at 1.3%, revised up, core CPI at 1.1% UK CPI unchanged at 2.0%, core CPI rose to 1.8% Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol RBA's July Minutes – Cutting Rate to Weaken Aussie and Lower... Chinese Economy Weakest in Almost Three Decades. Growth Could Fall Below... Dollar Reversed, Stocks Made New Records on as Fed Cut Expectations... Central Bank Views | China Watch | Oil N' Gold | Special Topics USD/CHF Mid-Day Outlook Daily Pivots: (S1) 0.9845; (P) 0.9870; (R1) 0.9903; More... USD/CHF is staying in range of 0.9817/9951 and intraday bias remains neutral first. On the downside, below 0.9817 will resume the decline from 0.9951 to retest 0.9695 low first. On the upside, above 0.9951 will extend the rebound from 0.9695. In that case, upside should be limited by 61.8% retracement of 1.0237 to 0.9695 at 1.0030. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings On-Target Inflation Buys Time for BoC Canadian Manufacturing Sector Looks Okay…for Now GBPAUD Continues Sell-off Near 6-Month Bottom US Open – Earnings Season Picks Up, Oil Remains Vulnerable, Gold Steadies, And Bitcoin Breaks Dollar's Data-Fuelled Rebound Could Run Out Of Steam Australian Jobs Growth To Pull Back In June, RBA Likely To Show Patience US Dollar Index Surpasses 50-Day SMA, Suggesting More Gains EURJPY Descends Into A Symmetrical Triangle, Nears Lower Boundary Caution Makes A Comeback As Trump Reminds Global Investors Of Tariff Risks Libra's Scrutiny Pushed Bitcoin Price Lower, How Low Will It Go? AUDUSD Prints Bearish Doji And Shifts Lower Sterling Stumbles As No-Deal Brexit Fears Strike Back 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 00:30 AUD Westpac Leading Index M/M Jun -0.08% -0.10% 08:30 GBP CPI M/M Jun 0.00% 0.00% 0.30% 08:30 GBP CPI Y/Y Jun 2.00% 2.00% 2.00% 08:30 GBP Core CPI Y/Y Jun 1.80% 1.80% 1.70% 08:30 GBP RPI M/M Jun 0.10% 0.10% 0.30% 08:30 GBP RPI Y/Y Jun 2.90% 2.90% 3.00% 08:30 GBP PPI Input M/M Jun -1.40% -0.50% 0.00% 08:30 GBP PPI Input Y/Y Jun -0.30% 0.30% 1.30% 1.40% 08:30 GBP PPI Output M/M Jun -0.10% 0.10% 0.30% 08:30 GBP PPI Output Y/Y Jun 1.60% 1.70% 1.80% 1.90% 08:30 GBP PPI Output Core M/M Jun 0.10% 0.10% 0.10% 08:30 GBP PPI Output Core Y/Y Jun 1.70% 1.70% 2.00% 08:30 GBP House Price Index Y/Y May 1.20% 1.30% 1.40% 1.50% 09:00 EUR Eurozone CPI M/M Jun 0.20% 0.10% 0.10% 09:00 EUR Eurozone CPI Y/Y Jun F 1.30% 1.20% 1.20% 09:00 EUR Eurozone CPI Core Y/Y Jun F 1.10% 1.10% 1.10% 0.80% 12:30 CAD CPI M/M Jun -0.20% -0.30% 0.40% 12:30 CAD CPI Y/Y Jun 2.00% 2.00% 2.40% 12:30 CAD CPI Core - Common Y/Y Jun 1.80% 1.80% 1.80% 12:30 CAD CPI Core - Median Y/Y Jun 2.20% 2.10% 2.10% 2.20% 12:30 CAD CPI Core - Trim Y/Y Jun 2.10% 2.20% 2.30% 12:30 CAD Manufacturing Sales M/M May 1.60% 2.00% -0.60% -0.40% 12:30 USD Housing Starts Jun 1.25M 1.26M 1.27M 12:30 USD Building Permits Jun 1.22M 1.30M 1.29M 1.30M 14:30 USD Crude Oil Inventories -3.6M -9.5M 18:00 USD Federal Reserve Beige Book

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