Action Insight Mid-Day Report 11-1-19

Dollar Rebounds on NFP, But Upside Capped by Unemployment Rate and Wage Growth

Action Insight Mid-Day Report 11-1-19 Dollar Rebounds on NFP, But Upside Capped by Unemployment Rate and Wage Growth Dollar rebounds notably in early US session after stronger than expected non-farm payrolls report. But there is no clear follow through buying yet as wage growth missed. Also, at this point, New Zealand Dollar and Sterling are the strongest ones for today. Return of risk appetite sends Yen and Swiss Franc generally lower. US futures point to higher open and S&P 500 might extend recent record run. Technically, EUR/USD was rejected by 1.1179 resistance but stays above 1.1062 minor support. It's seen as staying in consolidation pattern there is no indication of bearish reversal yet. USD/CHF also recovers ahead of 0.9841 support. Further recovery will invalidate the case of head and shoulder top. In Europe, FTSE is up 0.53%. DAX is up 0.69%. CAC is up 0.60%. German 10-year yield is down -0.003 at -0.406. Earlier in Asia, Nikkei dropped -0.33%. Hong Kong HSI rose 0.72%. China Shanghai SSE rose 0.99%. Singapore Strait Times dropped -0.01%. Japan 10-year JGB yield dropped -0.0403 to -0.180. Full Report Here US NFP grew 128k, unemployment rate edged higher to 3.6% UK PMI manufacturing rose to 49.6, underlying picture darker than headline... A look at 10-year yield and USD/JPY ahead of NFP Japan PMI manufacturing finalized at 48.4, downside risks clearly excessive China Caixin PMI manufacturing rose to 51.7, both domestic and foreign... Australia AiG PMI dropped to 51.6, three of six sectors contact Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol Turning Dovish, BOC Discussed about Insurance Rate Cut for First Time... Fed Signals to Pause after a Third Rate Cut Brexit Update – Early Elections to be Held in 5 Weeks Central Bank Views | China Watch | Oil N' Gold | Special Topics EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.1130; (P) 1.1153; (R1) 1.1174; More... EUR/USD drops notably in early US session but stays above 1.1062 minor support. Intraday bias remains neutral first and another rise is still in favor. On the upside break of 1.1179 will resume the rebound from 1.0879 to 1.1412 key resistance. However, break of 1.1062 will argue that rebound from 1.0879 has completed. Intraday bias will be turned back to the downside for retesting 1.0879. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Stocks, Dollar Calm ahead of US Data USD/CAD's Rebound Looks Fragile Near Long-Term Trendline USD/JPY Outlook: Bears On Hold After Strong Acceleration On Thursday, Weak NFP Could Further Pressure The Greenback BTC/USD Can Be Turning To The Upside, However Safe Havens Gain Amidreports China Reluctant To Sign Long-Term Deal With US USD/JPY Bearish Reversal Aims At 107.50 After Pullback AUD/USD And NZD/USD Climbing Steadily Fundamental Analysis | Technical Analysis In-depth Reports Fed Signals to Pause after a Third Rate Cut FOMC Delivers Third Rate Cut In As Many Meetings FOMC Review Fed Is Playing The Waiting Game Bank of Canada Holds, But Is Increasingly Worried About Risks Turning Dovish, BOC Discussed about Insurance Rate Cut for First Time In October RBA on Hold in November; Growth and Inflation Forecasts for 2020 Unchanged Options for Effective QE Strategy for the RBA Brexit Update - Early Elections to be Held in 5 Weeks Brexit Monitor: Election Is An EU Referendum In Disguise – Difficult To Predict The Outcome From Polls Gaming Out U.K. Election Scenarios Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 21:30 AUD AiG Performance of Mfg Index Oct 51.6 54.7 23:30 JPY Unemployment Rate Sep 2.40% 2.20% 2.20% 00:30 AUD PPI Q/Q Q3 0.40% 0.30% 0.40% 00:30 AUD PPI Y/Y Q3 1.60% 1.80% 2.00% 00:30 JPY Manufacturing PMI Oct F 48.4 48.5 48.5 01:45 CNY Caixin Manufacturing PMI Oct 51.7 51 51.4 07:30 CHF Real Retail Sales Y/Y Sep 0.90% -0.70% -1.40% 07:30 CHF CPI M/M Oct -0.20% 0.00% -0.10% 07:30 CHF CPI Y/Y Oct -0.30% 0.00% 0.10% 08:30 CHF SVME - PMI Oct 49.4 45.8 44.6 09:30 GBP Manufacturing PMI Oct 49.6 48 48.3 12:30 USD Nonfarm Payrolls Oct 128K 105K 136K 180K 12:30 USD Unemployment Rate Oct 3.60% 3.60% 3.50% 12:30 USD Average Hourly Earnings M/M Oct 0.20% 0.30% 0.00% 13:30 CAD Manufacturing PMI Oct 51.3 51 13:45 USD Manufacturing PMI Oct 51.5 51.5 14:00 USD ISM Manufacturing PMI Oct 48.4 47.8 14:00 USD ISM Prices Paid Oct F 50.5 49.7 14:00 USD Construction Spending M/M Sep 0.30% 0.10%

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