Action Insight Mid-Day Report 8-30-19

Canadian Dollar Higher on Solid GDP, Dollar Shrugs PCE Inflation

Action Insight Mid-Day Report 8-30-19 Canadian Dollar Higher on Solid GDP, Dollar Shrugs PCE Inflation Markets turned a bit mixed as month end approaches. European stocks are generally higher while DOW up over 100pts at open. Meanwhile, treasury yields are steady tough, with German 10-year yield slightly lower, but US 10-year yield is recovering. In the currency markets, Canadian Dollar is notably stronger after solid GDP report. But Yen seems to be even stronger. On the hand, Swiss Franc and Euro are the weaker ones but there is no follow through selling. Dollar is mixed after PCE inflation show no surprise. Technically, 1.1026 in EUR/USD will be a major focus for the near term. Decisive break will resume larger down trend from 1.2555. The anticipated selloff in Sterling hasn't happened so far. It looks like GBP/USD, EUR/GBP and GBP/JPY will engage in sideway trading further. USD/JPY dips ahead of 106.73 minor resistance, maintaining near term bearishness. In other markets, currently, DOW is up 0.53%. In Europe, FTSE is up 0.67%. DAX is up 1.19%. CAC is up 0.86%. German 10-year yield is down -0.0091 at -0.703. Earlier in Asia, Nikkei rose 1.19%. Hong Kong HSI rose 0.08%. China Shanghai SSE dropped -0.16%. Singapore Strait Times rose 0.80%. Japan 10-year JGB yield rose 0.0066 to -0.277. Full Report Here US personal income rose 0.1%, spending rose 0.6% Canada GDP grew 0.2% in June, 0.9% in Q2 Eurozone CPI unchanged at 1.0% yoy, unemployment rate unchanged at 7.5% Swiss KOF unchanged at 97, More favorable signals from foreign demand Australia building approvals dropped -9.7%, activity taking another leg down UK GfK consumer confidence dropped to -14, reduced confidence affecting views... Japan industrial production rose 1.3%, but retail sales dropped -2.0% Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol BOC Prepares for Insurance Rate Cut US Crude Oil Shows Double- Digit Decline China Cuts Banks' Lending Rates as Trade War Escalates Central Bank Views | China Watch | Oil N' Gold | Special Topics USD/CAD Mid-Day Outlook Daily Pivots: (S1) 1.3270; (P) 1.3294; (R1) 1.3316; More... USD/CAD dips notably in early US session but stays in range of 1.3177/3345. Intraday bias remains neutral for more consolidations. As long as 1.3177 minor support holds, further rally is expected. On the upside, break of 1.3345 will resume the rebound from 1.3016 to 1.3564/3664 resistance zone. Nevertheless, break of 1.3177 will turn bias back to the downside for 1.3016 instead. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Canada: Temporary Trade Strength Sends GDP Growth Higher in Second Quarter, Masking Weak Details  Canada GDP Up But Details Mixed Cliff Notes: Concerns Over Investment AUDJPY Consolidates Near 10-Year Lows China PMI: Preview Watch New Export Orders & Employment Sub Components US Open – Markets Enter Wait-And-See Mode, Oil And Gold Weaken Ahead Of Holiday Weekend USDCAD Trapped By SMAs Near 50.0% Fibonacci, 1.3345 Resistance Endures USDCHF Bulls Could Become Energized Above Ichimoku Cloud The Week Ahead: Central Bank Meetings And NFP Fundamental Analysis | Technical Analysis In-depth Reports China Cuts Banks' Lending Rates as Trade War Escalates Italy: Salvini May Have Thrown a Boomerang Can Monetary and Fiscal Stimulus Save the Global Economy from Trump's Trade War? Trade War, Not Protests, is Key Reason For Slowdown. USDHKD Peg Not at Risk RBA: 50bps in Cuts Look Assured But Global Factors May Require More Stimulus Will German Fiscal Stimulus Be Too Little, Too Late? Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 22:45 NZD Building Permits M/M Jul -1.30% -3.90% -4.00% 23:01 GBP GfK Consumer Confidence Aug -14 -11 -11 23:30 JPY Tokyo CPI Core Y/Y Aug 0.70% 0.80% 0.90% 23:30 JPY Jobless Rate Jul 2.20% 2.30% 2.30% 23:50 JPY Retail Trade Y/Y Jul -2.00% -0.60% 0.50% 23:50 JPY Industrial Production M/M Jul P 1.30% 0.30% -3.30% 01:30 AUD Building Approvals M/M Jul -9.70% 0.00% -1.20% -0.80% 01:30 AUD Private Sector Credit M/M Jul 0.20% 0.20% 0.10% 05:00 JPY Housing Starts Y/Y Jul -4.10% -5.40% 0.30% 06:00 EUR German Retail Sales M/M Jul -2.20% -1.40% 3.50% 07:00 CHF KOF Leading Indicator Aug 97 95.2 97.1 97 08:30 GBP Mortgage Approvals Jul 67K 66K 66K 08:30 GBP Money Supply M4 M/M Jul 0.70% 0.20% 0.10% 0.00% 09:00 EUR Eurozone Unemployment Rate Jul 7.50% 7.50% 7.50% 09:00 EUR Eurozone CPI Estimate Y/Y Aug 1.00% 1.00% 1.00% 09:00 EUR Eurozone CPI Core Y/Y Aug A 0.90% 1.00% 0.90% 12:30 CAD GDP M/M Jun 0.20% 0.10% 0.20% 12:30 CAD Industrial Product Price M/M Jul -0.30% 0.40% -1.40% 12:30 CAD Raw Materials Price Index M/M Jul 1.20% 1.50% -5.90% -6.10% 12:30 USD Personal Income Jul 0.10% 0.30% 0.40% 0.50% 12:30 USD Personal Spending Jul 0.60% 0.50% 0.30% 12:30 USD PCE Deflator M/M Jul 0.20% 0.20% 0.10% 12:30 USD PCE Deflator Y/Y Jul 1.40% 1.40% 1.40% 1.30% 12:30 USD PCE Core M/M Jul 0.20% 0.20% 0.20% 12:30 USD PCE Core Y/Y Jul 1.60% 1.60% 1.60% 13:45 USD Chicago PMI Aug 47.9 44.4 14:00 USD U. of Mich. Sentiment Aug F 92.3 92.1

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