Action Insight Mid-Day Report 10-30-19

Dollar Mixed after Strong GDP, But Weak ADP Jobs

Action Insight Daily Report 10-30-19 Dollar Mixed after Strong GDP, But Weak ADP Jobs Dollar continues to trade mixed in early US session. Negative effect of ADP job data is more than offset by stronger than expected Q3 GDP growth. The greenback will now look into FOMC rate decision for guidance. The key is whether Fed will signal the end of mid-cycle adjustment after today's rate cut. Before that, Canadian Dollar will look into BoC rate decision due within an hour. For the week so far, Yen is the weakest one, followed by Canadian and then New Zealand Dollar. Australian Dollar is the strongest, followed by Sterling. Technically, though, AUD/USD is staying below 0.6894 resistance and near term outlook remains bearish. AUD/JPY breached 74.82 resistance to 74.84 but cannot sustain above there yet. We're not totally convinced by Aussie's strength for now. In Europe, currently, FTSe is up 0.03%. DAX is down -0.23%. CAC is up 0.23%. German 10-year yield is down -0.014 at -0.363. Earlier in Asia, Nikkei dropped -0.57%. Hong Kong HSI dropped -0.44%. China Shanghai SSE dropped -0.50%. Singapore Strait Times rose 0.34%. Japan 10-year yield dropped -0.0098 to -0.119. Full Report Here US GDP grew 1.9% annualized in Q3, above expectation of 1.6% US ADP jobs grew 125k, slowdown most pronounced at manufacturers and... Eurozone economic sentiment dropped to 100.8, missed expectations Swiss KOF rose ot 94.7, but stays below long term average France GDP grew 0.3% in Q3, household consumption accelerated BoC expected to stand pat, Fed expected to cut Australia CPI slowed to 0.5% qoq in Q3, inflation remains subdued US-China trade deal might not be ready for APEC, farm purchase... NIESR expects no economic boost from Johnson's new Brexit deal UK to hold election on Dec 13, Brexit uncertainty remains Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol Brexit Update – Early Elections to be Held in 5 Weeks FOMC Preview – Third Rate Cut on Table. Will Fed... BOC Preview – Policy Rate will Stay Unchanged. But for How... Central Bank Views | China Watch | Oil N' Gold | Special Topics USD/JPY Mid-Day Outlook Daily Pivots: (S1) 108.74; (P) 108.90; (R1) 109.06; More... No change in USD/JPY's outlook, with 108.25 minor support intact, further rise is expected to 109.31 key resistance. Decisive break there will carry larger bullish implications next target will be 100% projection of 104.45 to 108.47 from 106.48 at 110.50. On the downside, however, break of 108.25 support will indicate short term topping and turn bias back to the downside for 106.48 support next. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings GBP/USD: As Brexit Pauses Focus Turns To FOMC And US Economy Heavy Calendar, GBP Rebound EUR/USD Outlook: Bulls Remain Underpinned By Daily Cloud But Unable To Resume, Awaiting Signals From US Data/Fed GBP/USD Could Trade Positive-To-Neutral In Short-Term Dollar Wait For Fed's Support Or Pressure Can An Election Solve Brexit Conundrum Brexit Monitor: Election Is An EU Referendum In Disguise – Difficult To Predict The Outcome From Polls Market Brief: Profit Taking In Equities Ahead Of Fed & Apple Earnings BOJ Preview: Expectations, Forward Returns And Some Charts! | USD/JPY, EUR/JPY, NZD/JPY Fundamental Analysis | Technical Analysis In-depth Reports Brexit Update - Early Elections to be Held in 5 Weeks Gaming Out U.K. Election Scenarios Modern Monetary Theory: A Primer Options for Effective QE Strategy for the RBA 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 Retail Trade Y/Y Sep 9.10% 6.90% 1.80% 00:01 GBP BRC Shop Price Index Y/Y Sep -0.40% -0.60% 00:30 AUD CPI Q/Q Q3 0.50% 0.50% 0.60% 00:30 AUD CPI Y/Y Q3 1.70% 1.70% 1.60% 00:30 AUD RBA Trimmed Mean CPI Q/Q Q3 0.40% 0.40% 0.40% 00:30 AUD RBA Trimmed Mean CPI Y/Y Q3 1.60% 1.60% 1.60% 06:30 EUR France GDP Q/Q Q3 P 0.30% 0.20% 0.30% 07:45 EUR France Consumer Spending M/M Sep -0.40% -0.70% 0.00% 08:00 CHF KOF Leading Indicator Oct 94.7 94.2 93.2 08:55 EUR Germany Unemployment Rate Oct 5.00% 5.00% 5.00% 08:55 EUR Germany Unemployment Change Oct 6K 0K -10K 10:00 EUR Economic Sentiment Indicator Oct 100.8 101.1 101.7 10:00 EUR Business Climate Oct -0.19 -0.21 -0.22 -0.23 10:00 EUR Industrial Confidence Oct -9.5 -8.9 -8.8 -8.9 10:00 EUR Services Sentiment Oct 9 9 9.5 10:00 EUR Consumer Confidence Oct -7.6 -7.6 -7.6 -6.5 12:15 USD ADP Employment Change Oct 125K 132K 135K 93K 12:30 USD GDP Annualized Q3 P 1.90% 1.60% 2.00% 12:30 USD GDP Price Index Q3 P 1.70% 1.90% 2.60% 13:00 EUR Germany CPI M/M Oct P 0.10% 0% 0% 13:00 EUR Germany CPI Y/Y Oct P 1.10% 1.00% 1.20% 14:00 CAD BoC Interest Rate Decision 1.75% 1.75% 14:30 USD Crude Oil Inventories 0.5M -1.7M 15:15 CAD BoC Press Conference 18:00 USD FOMC Rate Decision 1.75% 2.00% 18:30 USD FOMC Press Conference

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