Action Insight Daily Report 8-14-19

Sentiments Lifted by Delay of Some US Tariffs on China, But Markets Stay Cautious

Action Insight Daily Report 8-14-19 Sentiments Lifted by Delay of Some US Tariffs on China, But Markets Stay Cautious Market sentiments staged a strong rebound overnight after US Trade Representative announced to delay tariffs on some Chinese imports. However, there seems to be no committed follow through buying/selling yet. DOW hit as high as 26426.97 but closed at 26279.91, up just 1.44%. It's also technically limited below 55 day EMA at 26500. Asian markets opened generally higher but none of the major indices are up more than 1% . Big miss in Chinese data is also capping return of risk appetite. In the currency markets, Yen was sold off sharply overnight but quickly recovers today. USD/JPY, EUR/JPY and GBP/JPY are all limited below near term resistance at 107.09, 119.87 and 130.06 respectively. Thus, there is no confirmation of short term bottoming yet. Also, AUD/USD is held below 0.6822 minor resistance. USD/CAD is held above 1.3177 minor support. These development argues that trade remain generally cautious. In Asia, Nikkei is up 0.88%. Hong Kong HSI is up 0.54%. China Shanghai SSE is up 0.78%. Singapore Strait Times is up 0.23%. Japan 10-year JGB yield is up 0.010 at -0.224. Overnight, DOW rose 1.44%. S&P 500 rose 1.50%. NASDAQ rose 1.95%. 10-yer yield rose 0.041 to 1.680. Full Report Here China industrial production slowed to 4.8%, lowest in 17 year, other... Australia wage price index rose 3.6% qoq, on the back of... Australia Westpac Consumer Confidence rose 3.6%, superficially a surprise Yen recovers after limited loss as markets digest delay of US... Stock surges, yen dives as US delay some new tariffs on... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol Political Turmoil In Italy Signals Further Widening Yield Spread CFTC Commitments of Traders – JPY Drifted to NET LENGTH for... CFTC Commitments of Traders – Net Length on Energy Futures Trimmed... Central Bank Views | China Watch | Oil N' Gold | Special Topics USD/JPY Daily Outlook Daily Pivots: (S1) 105.55; (P) 106.26; (R1) 107.46; More... USD/JPY's rebound, while strong, is limited below 107.09 minor resistance so far. Initial bias remains neutral for the moment. As long as 107.09 holds, further decline is still in favor. Break of 105.04 will resume larger decline from 112.40 to 104.69 low. Break will target 100% projection of 112.40 to 106.78 from 109.31 at 103.69. On the upside, though, break of 107.09 resistance will indicate short term bottoming. In this case, stronger rebound would be seen back to 55 day EMA (now at 107.94). Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings EUR/USD Could Decline While USD/JPY Is Climbing Gold Price Hits New 6-Year High, Rally Seems Unstoppable Has Gold Moved Too Far, Too Fast? Market Brief: Trump's Tariff Time-Out Triggers Triumph For Risk Assets Reprieve: Roughly 60% of New Tariffs Delayed US Relaxes Latest Tariff Threat Sterling Rates Show 'No-Deal' Complacency Remains Fundamental Analysis | Technical Analysis In-depth Reports Reprieve: Roughly 60% of New Tariffs Delayed Sterling Rates Show 'No-Deal' Complacency Remains Political Turmoil In Italy Signals Further Widening Yield Spread Down Under For Longer As the Trade War Fires Up, What's Next for Markets? US-China Trade: Three Trade War Scenarios – 'No Deal' Now Our Baseline Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 23:50 JPY Machine Orders M/M Jun 13.90% -1.00% -7.80% 00:30 AUD Westpac Consumer Confidence Aug 3.60% -4.10% 01:30 AUD Wage Price Index Q/Q Q2 0.60% 0.50% 0.50% 02:00 CNY Fixed Assets Ex Rural YTD Y/Y Jul 5.70% 5.90% 5.80% 02:00 CNY Industrial Production Y/Y Jul 4.80% 6.00% 6.30% 02:00 CNY Retail Sales Y/Y Jul 7.60% 8.60% 9.80% 02:00 CNY Surveyed Jobless Rate Jul 5.30% 5.10% 06:00 EUR German GDP Q/Q Q2 P -0.10% 0.40% 08:30 GBP CPI M/M Jul -0.10% 0.00% 08:30 GBP CPI Y/Y Jul 1.90% 2.00% 08:30 GBP Core CPI Y/Y Jul 1.80% 1.80% 08:30 GBP RPI M/M Jul 0.00% 0.10% 08:30 GBP RPI Y/Y Jul 2.80% 2.90% 08:30 GBP PPI Input M/M Jul 0.60% -1.40% 08:30 GBP PPI Input Y/Y Jul 0.30% -0.30% 08:30 GBP PPI Output M/M Jul 0.10% -0.10% 08:30 GBP PPI Output Y/Y Jul 1.70% 1.60% 08:30 GBP PPI Output Core M/M Jul 0.10% 0.10% 08:30 GBP PPI Output Core Y/Y Jul 1.70% 1.70% 08:30 GBP House Price Index Y/Y Jun 1.00% 1.20% 09:00 EUR Eurozone Industrial Production M/M Jun -1.40% 0.90% 09:00 EUR Eurozone Employment Q/Q Q2 P 0.30% 0.30% 09:00 EUR Eurozone GDP Q/Q Q2 P 0.20% 0.20% 12:30 USD Import Price Index M/M Jul -0.10% -0.90% 14:30 USD Crude Oil Inventories -2.5M 2.4M

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