Action Insight Mid-Day Report 8-16-19

Euro Selloff Continues as German 10-Year Yield Hits Another Record Low Below -0.7%

Action Insight Mid-Day Report 8-16-19 Euro Selloff Continues as German 10-Year Yield Hits Another Record Low Below -0.7% Selloff in Euro picks up momentum again today as Germany yields dive on ECB easing expectations. Swiss Franc is also pressured as SNB could sometime be forced to intervene. Yen is the third weakest, following rebound in stocks rather than falling yields. On the other hand, Sterling recovers broadly, with help from decline in EUR/GBP. Australian Dollar is second strongest, then Canadian. Technically, USD/CHF's break of 09797 minor resistance suggests short term bottoming at 0.9659. Further rebound would be seen to 0.9975 resistance. EUR/USD is on track to retest 1.1026 low. USD/CAD appears to have lost momentum ahead of 1.3345 temporary top and more consolidations are likely. While Sterling rebounds, GBP/USD's kept below 1.2209 resistance, GBP/JPY kept below 130.06 resistance. Both pairs remains bearish for the near term. In Europe, currently, FTSE is up 0.39%. DAX is up 0.74%. CAC is up 0.79%. German 10-year yield is up 0.022 at -0.690. Earlier in Asia, Nikkei rose 006%. Hong Kong HSI is up 0.94%. China Shanghai SSE rose 0.29%. Japan 10-year JGB yield rose 0.0017 to -0.236. Full Report Here German 10-year yield hit new record below -0.7 on ECB expectations South Korea, Japan and China to meet next week on trade... New Zealand BusinessNZ PMI dropped to 48.2, lowest since 2012 RBNZ Orr: We look ahead – not behind Fed Kashkari leaning towards more stimulus at Sep FOMC meeting Fed Bullard rejects inter-meeting emergency rate cut WTO Goods Trade Barometer dropped to 95.7, all components below trend ECB Rehn: Weakening outlook justifies significant and impactful stimulus in Sep Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol Loonie Could Weaken Further as Crude Oil Price Remains Volatile and... Chinese Data Surprised to Downside in July. Tariff Delay Won't Help... Political Turmoil In Italy Signals Further Widening Yield Spread Central Bank Views | China Watch | Oil N' Gold | Special Topics EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.1081; (P) 1.1120; (R1) 1.1147; More... EUR/USD's fall from 1.1249 is still in progress. Intraday bias remains on the downside for 1.1206 low. Decisive break there will extend the downtrend from 1.2555. On the downside, above 1.1130 minor resistance will turn intraday bias back to the upside to extend the corrective. But in that case, we'd expect strong resistance from 1.1282 to limit upside. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Can Markets Maintain Bounce Into The Close? Silver Meets 2018 Peaks, Bias Neutral-To-Bearish ECB's Rehn And Jackson Hole, Oil Optimism Likely To Ease GBPJPY Favors Positive Scenario In Short-Term Turbulent Week & Volatility Index Markets Steadier But Recession Fears Persist, Strong US Data Lifts Dollar USDCAD Bulls Still In Play, Need To Crawl Above 1.3340 Fear Boosted Retail Sales In The UK And The US Fundamental Analysis | Technical Analysis In-depth Reports Loonie Could Weaken Further as Crude Oil Price Remains Volatile and Disappointing Data Raised Rate Cut Hopes The Yield Curve: Is Recession Coming? Chinese Data Surprised to Downside in July. Tariff Delay Won't Help Arrest Slowdown 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 US-China Trade: Three Trade War Scenarios – 'No Deal' Now Our Baseline Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 22:30 NZD BusinessNZ Manufacturing PMI Jul 48.2 51.3 51.1 09:00 EUR Eurozone Trade Balance (EUR) Jun 17.9B 18.7B 20.2B 12:30 CAD International Securities Transactions (CAD) Jun -3.98B 6.55B 10.20B 10.28B 12:30 USD Housing Starts Jul 1.19M 1.26M 1.25M 1.24M 12:30 USD Building Permits Jul 1.34M 1.27M 1.23M 14:00 USD U. of Mich. Sentiment Aug P 97.2 98.4

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