Action Insight Mid-Day Report 10-24-19

Euro Shrugs ECB Meeting, Dollar Ignores Weak Durable Orders

Action Insight Mid-Day Report 10-24-19 Euro Shrugs ECB Meeting, Dollar Ignores Weak Durable Orders The forex markets remain generally steady in early US session. ECB rate decision triggered little reactions as widely expected. Also, markets was also indifferent to poor PMIs from Eurozone. Meanwhile, weak durable goods orders report from US was shrugged off. And positive news regarding US-China trade deal was ignored. The only exception is that Canadian dollar is riding on rebound in oil price and strengthens mildly. Technically, USD/CAD is set to taken on 1.3016 key support level. Decisive break there will be a strong sign of medium term bearish reversal. Both AUD/USD and EUR/AUD reflect some weakness in Australian Dollar, which might persist for a while. USD/JPY, EUR/JPY and GBP/JPY are staying in tight range. There is prospect of upside breakouts should S&P 500 head toward record high. In Europe, FTSE is up 0.92%. DAX is up 0.54%. CAC is up 0.37%. German 10-year yield is up 0.0204 at -0.370. Earlier in Asia, Nikkei rose 0.55%. Hong Kong HSI rose 0.87%. China Shanghai SSE dropped -0.02%. Singapore Strait Times rose 0.78%. Japan 10-year JGB yield dropped -0.0083 to -0.146. Full Report Here ECB Draghi's press conference live stream US durable goods orders dropped -1.1%, ex-transport orders dropped -0.3% US initial jobless claims dropped to 212k, below expectation of 216k Navarro: US-China trade deal ph 1 adopts the entire IP chapter... ECB keeps policy unchanged, full statement Eurozone PMI composite at 50.2, points to just 0.1% growth in... German PMI manufacturing improved slightly from 10-year low, increasing strains on... France PMI composite rose to 52.6, manufacturing still lags Japan PMI manufacturing dropped to 48.5, lowest since June 2016 Australia PMI composite dropped to 50.7, subdued start of Q4 Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol US Oil Inventory Stabilized after Weeks of Stockbuilds China Watch – PBOC Paused Rate Reduction in October. RRR Cut... ECB Preview – President Draghi's Last Speech to Remain Dovish as... Central Bank Views | China Watch | Oil N' Gold | Special Topics EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.1111; (P) 1.1126; (R1) 1.1145; More... EUR/USD is staying in consolidation from 1.1179 and intraday bias remains neutral first. Another retreat could be seen. But downside should be contained by 1.1602 support to bring another rally. On the upside, break of 1.1179 will resume the rally from 1.0879 to 1.1412 key resistance next. However, break of 1.1062 will turn focus back to 1.0879 low instead. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings ECB Preview: Mario Draghi's Last Policy Decision US Open – Earnings, Draghi, CBRT, Oil, Gold, Bitcoin European Open – Brexit, ECB, RBS, Gold, Oil The Spotlight Falls On ECB's Interest Rate Decision… Special Report: How To Play The ECB Meeting? Daily Forex Technical Strategy EUR/GBP Looks For A Rebound But Nearby Resistance Seems Strong EUR/USD Outlook: Weak PMI Data Pressured Euro Ahead Of ECB SP500 Approaches Record Highs As Traders Closely Monitor European Developments Fundamental Analysis | Technical Analysis In-depth Reports 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 22:00 AUD CBA Manufacturing PMI Oct P 50.1 49 50.3 22:00 AUD CBA Services PMI Oct P 50.8 52.2 52.4 00:30 JPY Jibun Bank Manufacturing PMI Oct P 48.5 49.2 48.9 08:15 EUR France Manufacturing PMI Oct P 50.5 50.3 50.1 08:15 EUR France Services PMI Oct P 52.9 51.8 51.1 08:30 EUR Germany Manufacturing PMI Oct P 41.9 42 41.7 08:30 EUR Germany Services PMI Oct P 51.2 51.7 51.4 08:30 GBP BBA Mortgage Approvals Sep 42.310K 42.576K 42.527K 08:30 EUR Eurozone Manufacturing PMI Oct P 45.7 46 45.7 08:30 EUR Eurozone Services PMI Oct P 51.8 51.9 51.6 11:45 EUR ECB Interest Rate Decision 0.00% 0.00% 0.00% 11:45 EUR ECB Deposit Rate Decision -0.50% -0.50% -0.50% 12:30 EUR ECB Press Conference 12:30 USD Initial Jobless Claims (Oct 18) 212K 216K 214K 218K 12:30 USD Durable Goods Orders Sep -1.10% -0.50% 0.20% 0.30% 12:30 USD Durable Goods Orders ex Transportation Sep -0.30% -0.20% 0.50% 0.30% 13:45 USD Manufacturing PMI Oct P 50.5 51.1 13:45 USD Services PMI Oct P 51 50.9 14:00 USD New Home Sales Sep 710K 713K 14:30 USD Natural Gas Storage 87B 104B

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