Action Insight Daily Report 10-28-19

Dollar Mildly Higher ahead of FOMC and Lots of Data

Action Insight Daily Report 10-28-19 Dollar Mildly Higher ahead of FOMC and Lots of Data Dollar trades mildly higher in quiet trading today so far, but Euro is a bit stronger. On the other hand, Sterling and Canadian Dollar are the relatively weaker ones. All these four currencies have something to look at this week, which might trigger strong moves. In particular, the greenback could be lifted if Fed indicates that this week's rate cut is the last in the current mid-cycle adjustment. Dollar will also face tests of GDP, PCE, NFP and ISM too. Sterling and Euro will look into Brexit developments. The Loonie will look into BoC and GDP. Technically, there is no confirmation in Dollar strength yet. 1.1062 minor support in EUR/USD and 0.6810 minor support in AUD/USD need to be taken out to confirm bottoming in Dollar. Also, USD/JPY needs to take out 108.93 temporary top to confirm rise resumption. USD/CAD is the trickier one as it's now close to 1.3016 key support but there is no sign of sustainable rebound yet. In Asia, Nikkei closed up 0.30%. Hong Kong HSI is up 0.88%. China Shanghai SSE is up 0.65%. Japan 10-year JGB yield is up 0.0126 at -0.133. Full Report Here Former BoJ Shirakawa saw Japanification of policy in the world EU leaders circulating text of three months Brexit extension Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol BOC Preview – Policy Rate will Stay Unchanged. But for How... CFTC Commitments of Traders – Net LENGTH for CAD futures has... CFTC Commitments of Traders – Bets for Higher Oil Prices Increased... Central Bank Views | China Watch | Oil N' Gold | Special Topics AUD/USD Daily Outlook Daily Pivots: (S1) 0.6808; (P) 0.6822; (R1) 0.6835; More... Intraday bias in AUD/USD remains neutral with focus on 0.6810 resistance turned support. Firm break there should confirm completion of corrective rise from 0.6670. Intraday bias will be turned back to the downside for 0.6723 first. Break will bring retest of 0.6677 low. In any case, outlook will stay bearish as long as 0.6894 resistance holds and larger down trend is expected to resume sooner or later. However, firm break of 0.6894 will dampen our bearish view and turn focus back to 0.7082 key resistance. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings GBP/USD And EUR/GBP: British Pound In Corrective Decrease EUR/USD In Corrective Decrease, 1.1050 Holds Key Asia Morning: Strong Start Expected Amid Heavy Data Week Don't Cry For Me Argentina Weekly Economic and Financial Commentary: When The Upside Is Down, Scale Back Expectations The Weekly Bottom Line: Liberals Return to Ottawa with a Minority Parliament Forward Guidance: Central Bank Divergence Continues France's 'Non' Dials Up Sterling Pressure USD/CAD Lower Ahead of BOC and FOMC Next Week Week Ahead – Brexit, Fed, BoC, BoJ and Earnings Week ahead – Fed to Cut Rates, Will BoJ Follow? US Payrolls on the Menu Too OIL MARKET WEEK AHEAD: Pre-OPEC Whispers Intensify China Weekly Letter – China Climbs Further in World Bank 'Doing Business' Index Weekly Focus: Another Fed Cut Amid Packed Economic Calendar Fundamental Analysis | Technical Analysis In-depth Reports Options for Effective QE Strategy for the RBA ECB Review - Outgoing Draghi Defended the Need to Easing Package China Watch - PBOC Paused Rate Reduction in October. RRR Cut Still Likely as Growth Continues to Slow October Flashlight for the FOMC Blackout Period QE or Not QE? That Is Not the Question US-China Trade: 'Phase 1' Trade-Deal Not a Game-Changer for the Global Economy Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 23:50 JPY Corporate Service Price Index Y/Y Sep 0.50% 0.50% 0.60% 0.50% 7:00 EUR Germany Import Price Index M/M Sep 0.10% -0.60% 9:00 EUR Eurozone M3 Money Supply Y/Y Sep 5.70% 5.70% 11:00 GBP CBI Realized Sales M/M Oct -25% -16% 12:30 USD Wholesale Inventories Aug P 0.30% 0.20% 12:30 USD Goods Trade Balance (USD) Sep -73.5B -72.8B

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