Action Insight Mid-Day Report 9-23-19

Euro Plummets as Poor PMIs Point to More ECB Stimulus

Action Insight Mid-Day Report 9-23-19 Euro Plummets as Poor PMIs Point to More ECB Stimulus Euro is sold off broadly today after shocking poor Eurozone and German PMIs. As Markit put, that data could put pressure on ECB to add to its recent stimulus package. Sterling is somewhat dragged down by Euro and is following as the second weakest. On the hand, Yen is the stronger one as lifted by selloff in European stocks too. New Zealand and Australian Dollars are also strong. Meanwhile, Dollar is mixed for now, awaiting fresh inspiration. China's trade delegation announced an abrupt cancellation of US farm visit late last Friday. Bloomberg reported today that such cancellation was done as US request. The news eased worries that last week's deputy level trade meeting ended with a negative turn. Yet still, based on what US President Donald Trump said, he's after a "complete" deal with China, rather than an interim deal with some agricultural purchases. Technically, EUR/USD is still staying in range above 1.0926 despite today's focus. Outlook remains bearish but the pairs need to take out 1.0926 low to confirm down trend resumption. USD/JPY's break of 107.45 minor support is an early sign of completion of rebound from 104.45. Break of 106.68 will confirm this bearish case and target retest of 104.45. EUR/JPY and GBP/JPY will look at equivalent support at 117.55 and 132.17. Break will target 115.68 and 126.54 respectively. In Europe, FTSE is down -0.36%. DAX is down -1.05%. CAC is down -0.99%. German 10-year yield is down -0.052 at -0.57. Earlier in Asia, Japan was on holiday. Hong Kong HSI dropped -0.81%. China Shanghai SSE dropped -0.98%. Singapore Strait Times dropped -0.52%. Full Report Here Eurozone PMI manufacturing dropped to 45.6, downturn spreading to services too Germany PMI manufacturing dropped to 41.4, simply awful France PMI: Fears of negative spill over effects from manufacturing to... Australia PMI manufacturing dropped to 49.4, but services rebounded notably Asian stocks lower on US-China trade worries, HSI heading back to... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol Yen Jumps as Trade Optimism Waned Suddenly after China Canceled Farm... BOE Stays Put But Warns of the Market Volatility in Case... SNB Raises Exemption Threshold for Negative Rate; CHF Rises on No... Central Bank Views | China Watch | Oil N' Gold | Special Topics EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.0988; (P) 1.1028; (R1) 1.1060; More... EUR/USD drops notably today but stays above 1.0926 low so far. Intraday bias remains neutral and more consolidations could still be seen. In case of another recovery, upside should be limited by 1.1164 resistance. On the downside, sustained break of 1.0926 will resume lager down trend from 1.2555 for 1.0813 fibonacci level next. However, decisive break of 1.1164 will be an early indication of larger reversal and target 1.1249 resistance. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Stocks: Investors Weigh German Recession Odds Against Central Bank Support WTI Oil Outlook: Oil Price Cracks Pivotal Supports On Fresh Optimism Over Saudi Production Recovery US Open – Trade, Disastrous EU Data, Repo, Oil, And Gold RBNZ Likely To Hold Rates In September But Signal Cuts Later In The Year GER30 Index Supported By Ichimoku Cloud After Bearish Breakout Pound Drops On Irish Brexit Doubts Gold Retains Ascending Channel, Looks Neutral In Short-Term EURUSD Maintains Bearish Bias, Moves Lower Beneath Trendline Euro Reels After Dismal PMIs, But Don't Panic Yet Next Move In Trade Wars And Middle East Tensions Are Key To Investors' Decision Making Equity Markets Show Signs Of Fatigue Fundamental Analysis | Technical Analysis In-depth Reports Fed Cuts Rates 25 Bps. Is Further Easing On The Way? FOMC Cut Rate by -25 bps. Third Cut Still Possible Despite Sounding Less Dovish Moody's and Fitch's Downgrade Hong Kong on Concerns about Closer Link with China A US-Iran War Would Trigger A Global Recession RBA Minutes Repeat Key Themes - Case for an October Cut Still Intact Oil 'Supply Shock' in Context Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 23:00 AUD Manufacturing PMI Sep P 49.4 50.9 50.9 23:00 AUD Services PMI Sep P 52.5 45.3 49.1 07:15 EUR French Manufacturing PMI Sep 50.3 51.2 51.1 07:15 EUR French Services PMI Sep 51.6 53.2 53.4 07:30 EUR German Manufacturing PMI Sep 41.4 44.6 43.5 07:30 EUR German Services PMI Sep 52.5 54.3 54.8 08:00 EUR Manufacturing PMI Sep 45.6 47.3 47 08:00 EUR Services PMI Sep 52 53.3 53.5 10:00 EUR German Buba Monthly Report 12:30 CAD Wholesale Sales M/M Jul 1.70% 0.30% 0.60% 0.70% 13:45 USD Manufacturing PMI Sep P 50.3 50.3 13:45 USD Services PMI Sep 51.5 50.7

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