Action Insight Mid-Day Report 7-25-19

Euro Rebounds after Initial Selloff, ECB Opens Door to Rate Cut But Seems Not Urgent

Action Insight Mid-Day Report 7-25-19 Euro Rebounds after Initial Selloff, ECB Opens Door to Rate Cut But Seems Not Urgent After initial selloff, Euro quickly rebounds as ECB Mario Draghi's press conference is not as dovish as the statement suggests. September ECB decision could be live, depending on upcoming economic projections. For now, Euro is the strongest one for today, followed by Sterling. Dollar is the third strongest, supported by strong durable goods data. New Zealand and Australian Dollar are the weakest. Technically, EUR/USD breached 1.1107 low to 1.1101 but rebounds strongly. A short term bottom is likely formed and stronger rise would be seen back to 1.1193/1282 resistance zone. USD/JPY finally breaks 108.37 resistance, which suggests resumption of rebound from 106.78. But that's more due to weakness in Yen, as reaction to ECB and US data, rather than strength of Dollar. In other markets, DOW open lower and is trading down -100 pts. 10-year yield is up 0.04 at 2.09. In Europe, FTSE is down -0.49%. DAX is down -1.73%. CAC is down -0.99%. German 10-year yield is up 0.024 at -0.350, after diving to new record low at -0.418. Earlier in Asia, Nikkei rose 0.22%. Hong Kong HSI rose 0.25%. China Shanghai SSE rose 0.48%. Singapore Strait Times rose 0.38%. Japan 10-year yield dropped -0.0041 to -0.15. Full Report Here ECB Draghi not dovish enough, EUR/USD rebounds after defending 1.1107 support ECB President Mario Draghi's press conference live stream US durable goods rose 2.0%, ex-transport orders rose 1.2% US initial jobless claims dropped to 206k, better expectation ECB stands pat, indicates possibility of lower rates, stands ready to... German Ifo dropped to 95.7, economy is navigating troubled waters China MOFCOM: Some Chinese firms willing to continue to buy US... RBA Lowe: Prepared to provide additional easing, extended period of low... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol US Crude Oil Inventory Slumped Last Week Brexit Update – New PM, Old Challenge ECB Preview – Expecting Change in Forward Guidance and Hints on... Central Bank Views | China Watch | Oil N' Gold | Special Topics EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.1125; (P) 1.1141; (R1) 1.1154; More... After dipping to 1.1101, EUR/USD drew support from 1.1107 low and recovered. With break of 1.1158 minor resistance, intraday bias is turned neutral first. Stronger recovery could be seen. But for now, break of 1.1282 resistance is needed to confirm completion of fall from 1.1412. Otherwise, another decline will remain mildly in favor. Though, firm break of 1.1282 will bring stronger rise to 1.1412 resistance. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings CADJPY Loses Ground Below Descending Line FX Brief: ECB Hints of Rate Cuts and QE Undermines EUR and Underpins DAX ECB Queues Up Cut and QE, Earnings Impress, Oil, Gold and Bitcoin All Rising FTSE Just About Higher On Mixed Earnings News NZDUSD Continues Selling Interest, Next Support At Uptrend Line Silver Aggressively Rallied Upwards, Takes A Breather Near Highs GER30 Index Keeps Growing In Overbought Area Euro Skids Lower Ahead Of ECB, Pound Lifted By Johnson Spending Pledge Fundamental Analysis | Technical Analysis In-depth Reports Brexit Update - New PM, Old Challenge RBA to Cut Cash Rate to 0.75% in October & to 0.50% in February A Flashlight for the FOMC Blackout Period Slow Growth, Low Inflation: What's the ECB to Do? Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 23:50 JPY Corporate Service Price Y/Y Jun 0.70% 0.80% 0.80% 0.90% 08:00 EUR German IFO Business Climate Jul 95.7 97 97.4 97.5 08:00 EUR German IFO Expectations Jul 92.2 94 94.2 94 08:00 EUR German IFO Current Assessment Jul 99.4 100.4 100.8 101.1 10:00 GBP CBI Reported Sales Jul -16 -8 -42 11:45 EUR ECB Rate Decision 0.00% 0.00% 0.00% 11:45 EUR ECB Marginal Lending Facility 0.25% 0.25% 0.25% 11:45 EUR ECB Deposit Facility Rate -0.40% -0.40% -0.40% 12:30 EUR ECB Press Conference 12:30 USD Wholesale Inventories M/M Jun P 0.20% 0.40% 0.40% 12:30 USD Durable Goods Orders Jun P 2.00% 0.70% -1.30% -2.30% 12:30 USD Durables Ex Transportation Jun P 1.20% 0.20% 0.40% 0.40% 12:30 USD Advance Goods Trade Balance (USD) Jun -74.2B -72.4B -74.5B 12:30 USD Initial Jobless Claims (JUL 20) 206K 220K 216K 14:30 USD Natural Gas Storage 40B 62B

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