Action Insight Daily Report 9-5-19

Sentiments Lifted as US-China Trade Talk Will Resume Next Month, Yen Weakens

Action Insight Daily Report 9-5-19 Sentiments Lifted as US-China Trade Talk Will Resume Next Month, Yen Weakens Asian markets are generally lifted by confirmation that US-China trade talk is going to resume next month. Commodity currencies gain most as led by Australian Dollar. Swiss Franc and Yen are pressured in risk seeking environment naturally. But Sterling also turns softer on overnight condition. It's getting much more likely that no-deal Brexit could be averted on October 31. Yet, the UK parliament is still unclear on what it truly wants regarding Brexit. Dollar is mixed as focus will turn to services and job data. Technically, USD/CAD and USD/CHF could have completed recent rebound at 1.3382 and 0.9929 respectively. More downside is now mildly in favor for both pairs. AUD/USD is pressing 0.6822 resistance and break will extend the rebound from 0.6677. But there is no confirmation of weakness in Dollar against Euro, Yen and even Sterling. Talking about Yen, despite today's rebound, EUR/JPY is held below 117.91 resistance, GBP/JPY by 130.89 resistance, USD/JPY by 106.73 resistance. More is needed to confirm selling momentum in Yen. In Asia, Nikkei rose 2.12%. Hong Kong HSI is down -0.62%. China Shanghai SSE is up 1.25%. Singapore Strait Times is up 0.38%. Japan 10-year JGB yield is up 0.0148 at -0.269. Overnight, DOW rose 0.91%. S&P 500 rose 1.08%. NASDAQ rose 1.30%. 10-year yield dropped -0.007 to 1.459. Full Report Here US and China agreed to continue trade negotiations in October Sterling extends rebound as Johnson's defeat at Commons Fed Beige Book: Effect of tariffs not to be felt for... Fed Kaplan: Probably too late to wait to see weakness in... Fed Williams is carefully monitoring a nuance picture, ready to act... CAD rebounds after BoC stands pat, cautious but no dovish turn Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol BOC Sounds Less Dovish than Expected, as Housing Market and Wage... Brexit Update – MPs Move to Pass a Bill to Reject... RBA Left Rate Unchanged, More Flexible on Future Policy Decision Central Bank Views | China Watch | Oil N' Gold | Special Topics AUD/USD Daily Outlook Daily Pivots: (S1) 0.6768; (P) 0.6784; (R1) 0.6814; More... AUD/USD rebounds further today and is pressing 0.6822 resistance. Break will resume rebound from 0.6677. Intraday bias will be turned back to the upside for 0.6910 support turned resistance. Though, rejection by 0.6822 resistance will maintain near term bearishness. Break of 0.6677 will extend larger down trend to 100% projections of 0.7295 to 0.6831 from 0.7082 at 0.6618. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Brexit Monitor: Snap Election Unavoidable But Choice Of Election Day Is Important Fed Beige Book Confirms Weak Manufacturing Amid Escalating Trade Tensions     Gold Price Remains Well Supported For More Gains A Stronger Yuan Could See USD/SGD Drop China And U.S. To Hold Trade Talks In October-China AUDCAD Capped by 0.9050 and 23.6% Fibo in a Sideways Move Bank of Canada Holds, an October Cut Still in Play    Fundamental Analysis | Technical Analysis In-depth Reports BOC Sounds Less Dovish than Expected, as Housing Market and Wage Growth Improve Brexit Monitor: Snap Election Unavoidable But Choice Of Election Day Is Important RBA Left Rate Unchanged, More Flexible on Future Policy Decision RBA Board Leaves Rates on Hold; Slightly More Downbeat; October the Likely Next Step Japan's Consumption Tax Hike Unlikely to Help Inflation Much Can Monetary and Fiscal Stimulus Save the Global Economy from Trump's Trade War? Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 1:30 AUD Trade Balance (AUD) Jul 7.27B 7.20B 8.04B 7.98B 5:45 CHF GDP Q/Q Q2 0.30% 0.20% 0.60% 0.40% 6:00 EUR German Factory Orders M/M Jul -2.70% -1.10% 2.50% 2.7 % 11:30 USD Challenger Job Cuts Y/Y Aug 43.20% 12:15 USD ADP Employment Change Aug 140k 156k 12:30 USD Nonfarm Productivity Q2 F 2.20% 2.30% 12:30 USD Unit Labor Costs Q2 F 2.50% 2.40% 12:30 USD Initial Jobless Claims (AUG 31) 215K 215K 13:45 USD Services PMI Aug F 51 50.9 14:00 USD Factory Orders Jul 0.80% 0.60% 14:00 USD ISM Non-Manufacturing/Services Composite Aug 54 53.7 14:30 USD Natural Gas Storage 60B 15:00 USD Crude Oil Inventories -10.0M

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