Action Insight Mid-Day Report 7-4-19

German 10-Yr Yield Hits Record Low on ECB Easing Expectations

Action Insight Mid-Day Report 7-4-19 German 10-Yr Yield Hits Record Low on ECB Easing Expectations Trading in the currency markets are relatively subdued today as US is on holiday. Major volatility is seen in the bond markets, as German 10-year yield hits another record low. Expectations on ECB easing continues to intensify, with an official explicitly calling for action now. Swiss Franc is currently the strongest one, followed by Yen and then Canadian Dollar. On the other hand, New Zealand Dollar and Australian Dollar are the weakest. But the picture at weekly close could be changed drastically with non-farm payroll report tomorrow. Technically, USD/CAD will be a major focus as it seems to be finally breaking 1.3052/68 cluster support zone. Sustained break will carry medium term bearish implications. EUR/CAD has taken out 2018 low of 1.4759 support earlier this week. It would now be targeting 1.4253 projection level in medium term. In Europe, currently, FTSE is up 0.02%. DAX is up 0.13%. CAC is up 0.06%. German 10-year yield is down -0.0139 at -0.396. Earlier in Asia, Nikkei rose 0.30%. Hong Kong HSI dropped -0.21%. China Shanghai SSE dropped -0.33%. Singapore Strait Times rose 0.13%. Japan 10-year JGB yield rose 0.0023 to -0.155. Full Report Here German 10-yr yield breaks ECB's -0.4% deposit rate, Rehn calls for... China: US must lift all punitive tariffs for a trade deal... Eurozone retail sales dropped -0.3% mom, well below expectation Australia retail sales rose 0.1%, missed expectations, AUD/JPY steady WH Kudlow: Won't lift tariffs during trade talks with China Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol US Crude Oil Inventory Continued To Drop Slump in Crude Oil Price after OEPC+ Announcement Signals More Cuts... RBA Lowers Policy Rate to Fresh Record Low of 1% Central Bank Views | China Watch | Oil N' Gold | Special Topics USD/CAD Mid-Day Outlook Daily Pivots: (S1) 1.3038; (P) 1.3079; (R1) 1.3100; More... USD/CAD drops to as low as 1.3037 so far today. Sustained trading below 1.3052/68 cluster support zone will carry larger bearish implications. Deeper fall should be seen to 1.2673 fibonacci level next. Nevertheless, rebound from current level, with break of 1.3145 minor resistance, will indicate short term bottoming and bring rebound back to 1.3239 support turned resistance. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings USDZAR Reverses Lower as Bears Retake the Reins NZDUSD Trades Within Sideways Channel; SMAs Post Bearish Cross AUDJPY Continues to Consolidate in a Narrow Range BTCUSD Cools After Rally, Cautiously Negative In Very Short Term Big Dollar Awaits NFP Data And Trump Currency Tweets Can AUD/USD Break Its Downward line? US 500 Stock Index Records New All-Time Highs Close To 3,000 US Stocks Sail Into Uncharted Waters, Loonie Shines The Worse, The Better: Hope For The Central Bank Stimulus Is Fuelling Market Growth The US NFP Data And What To Expect USDJPY Continues Selling Interest In Short Term Fundamental Analysis | Technical Analysis In-depth Reports ECB Research: Lagarde To Take 'One Of The Most Difficult' Jobs RBA Delivers July Rate Cut Slump in Crude Oil Price after OEPC+ Announcement Signals More Cuts Needed to Correct Imbalance As the OPEC Meeting Concludes, What's Next for Oil? Countries that Profit from the Trade War with China US-China Trade: Ceasefire a Reality But No Quick Fixes to Reach a Deal Mid-Year FX Recap: Loonie Tops as "Neutral is the New Hawkish" HKD's HIBOR Soars, But With Limited Upside Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 1:30 AUD Retail Sales M/M May 0.10% 0.20% -0.10% 6:30 CHF CPI M/M Jun 0.00% -0.10% 0.30% 6:30 CHF CPI Y/Y Jun 0.60% 0.50% 0.60% 9:00 EUR Eurozone Retail Sales M/M May -0.30% 0.40% -0.40% -0.10%

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