Action Insight Mid-Day Report 7-19-19

Canadian Dollar Dives on Retail Sales Miss, Euro Also Weak

Action Insight Mid-Day Report 7-19-19 Canadian Dollar Dives on Retail Sales Miss, Euro Also Weak Canadian Dollar drops sharply in early US session after big disappointment from retail sales data. The Loonie is currently trading as the weakest one for today. Euro is following as the second weakest as markets increases bet on ECB rate cut. Money markets are pricing in around 60% of a -10bps ECB cut next week. On the other hand, Dollar is the strongest one for today, but it's mainly paring some of yesterday's sharp fall. Expectation of Fed cut would cap Dollar's rebound. Technically, EUR/USD is a major focus in US session. It's staying in range of 1.1193/1285 but could have a breakout before weekly close. Similarly, USD/CAD could also breakout from range of 1.3016/3143. EUR/GBP will be another focus and break of 0.8954 minor support will be an early sign of near term bearish reversal. In Europe, currently, FTSE is up 0.02%. DAX is up 0.09%. CAC is up 0.14%. German 10-year yield is down -0.0115 at -0.318. Earlier in Asia, Nikkei rose 2.00%. Hong Kong HSI rose 1.07%. China Shanghai SSE rose 0.79%. Singapore Strait Times rose 0.50%. Japan 10-year JGB yield dropped -0.0012 to -0.136. Full Report Here Canada retail sales dropped -0.1%, ex-auto sales dropped -0.3% Chance of no-deal Brexit jumped to highest since Oct 2017 Gold resumed up trend, targeting 1568/86 next Japan CPI core slowed to 0.6%, lowest since July 2017 Fed Clarida: Don't wait until data turns decisively before cutting rates Bet on 50bps Fed cut surged after New York Fed Williams'... Fed Bullard: Trump moved trade uncertainty to front burner and thus... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol US Crude Oil Inventory Fell, While Fuel Stockpile Gained RBA's July Minutes – Cutting Rate to Weaken Aussie and Lower... Chinese Economy Weakest in Almost Three Decades. Growth Could Fall Below... Central Bank Views | China Watch | Oil N' Gold | Special Topics USD/CAD Mid-Day Outlook Daily Pivots: (S1) 1.3003; (P) 1.3050; (R1) 1.3073; More.... USD/CAD rebounds notably today but stays below 1.3143 resistance. Intraday bias remains neutral for the moment. With 1.3143 intact, further decline is mildly in favor. Sustained trading below 1.3052/68 cluster support should confirm medium term reversal. Deeper decline should then be seen to 1.2781 support next. Nevertheless, break of 1.3143 resistance will confirm short term bottoming and bring stronger rebound. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Gold Drops After Flying To More Than 2-Year High USD/JPY Hits Resistance After Fed Walked Back Williams' Dovish Comments European Update – Fed, USD, Gold, Oil, Bitcoin GBPCAD Tumbles From Congested Areas, Buyers Try To Gain Some Control USDTRY Pulls Back From 4-Month Low, Bearish In Short Term ECB Edges Closer To More Stimulus, US Reports Q2 GDP, UK To Get New PM SNB And Market Are At Collision Course Cautious Fed Remarks Take The Wheels Off Dollar GBPJPY Shows Signs Of Fading Descending Move, Indicators Increase USDCAD Death Cross Points To More Bearish Breakouts 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 23:30 JPY National CPI Core Y/Y Jun 0.60% 0.60% 0.80% 04:30 JPY All Industry Activity Index M/M May 0.30% 0.30% 0.90% 0.80% 06:00 EUR German PPI M/M Jun -0.405 -0.10% -0.10% 06:00 EUR German PPI Y/Y Jun 1.20% 1.50% 1.90% 08:00 EUR Eurozone Current Account (EUR) May 29.7B 21.2B 20.9B 22.4B 08:30 GBP Public Sector Net Borrowing (GBP) Jun 6.5B 3.4B 4.5B 3.8B 12:30 CAD Retail Sales M/M May -0.10% 0.30% 0.10% 0.20% 12:30 CAD Retail Sales Ex Auto M/M May -0.30% 0.40% 0.10% 0.00% 14:00 USD U. of Mich. Sentiment Jul P 98.6 98.2

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