Action Insight Mid-Day Report 11-26-19

Dollar Firm on Fed Comments, Capped by Trade Uncertainty

Action Insight Mid-Day Report 11-26-19 Dollar Firm on Fed Comments, Capped by Trade Uncertainty Dollar remains generally firm today but there is not follow through buying so far. Comments from Fed officials affirm that the mid-cycle adjustment in monetary policy has completed. But upside is capped by uncertainty over trade negotiations with China. Also, traders seem to be already in holiday mood ahead of Thanksgiving. Sterling also continues to flip-flop and could remain so ahead of December's UK election. For now, the Pound is the weakest one for today, followed by Canadian. Kiwi is the strongest, followed by Aussie. Technically, while Dollar is losing some momentum, further rise is still in favor. EUR/USD is targeting 1.0989 support, and break will target 1.0879 low. USD/CHF is still on tract to retest 1.0027 high. AUD/USD is should also extend recent fall to retest 0.6670 low. EUR/GBP recovers ahead of 0.8521 temporary low. Consolidation is set to extend for a while longer. In other markets, US stocks are set for flat open while 10-year yield is down -0.0137 at 1.743. In Europe, FTSE is up 0.05%. DAX is down -0.13%. CAC is up 0.01%. German 10-year yield is down -0.0220 at -0.367. Earlier in Asia, Nikkei rose 0.35%. Hong Kong HSI dropped -0.29%. China Shanghai SSE rose 0.03%. Singapore Strait Times dropped -0.40%. Japan 10-year JGB yield dropped -0.0107 to -0.097. Full Report Here US goods trade deficit narrowed to USD 66.5B, both imports and... Fed Kaplan: Mid-cycle adjustment is over for the time being RBA Lowe: Negative interest rates extraordinarily unlikely, point for QE won't... German Gfk consumer sentiment rose to 9.7, economic expectations jumped RBA Debelle: Strong employment not generating pick-up in wages growth US and China held top level trade calls on core issues Fed Powell: Monetary policy well positioned to support jobs and inflation US House within range with ratifying USMCA as Mexico steps up... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol PBOC to Ease Monetary Policy Further Despite Strong Inflation CFTC Commitments of Traders – NET SHORT in GBP Gained as... Trump and Xi, Trade Deal and Hong Kong Central Bank Views | China Watch | Oil N' Gold | Special Topics USD/CHF Mid-Day Outlook Daily Pivots: (S1) 0.9957; (P) 0.9971; (R1) 0.9983; More... Intraday bias in USD/CHF remains mildly on the upside with 0.9949 minor support intact. Consolidation from 1.0027 should have completed at 0.9869. Further rise should be seen to retest 1.0027 first. Break will resume whole rise from 0.9659 to 78.6% retracement of 1.0237 to 0.9659 at 1.0113. On the downside, however, break of 0.9949 minor support will turn bias to the downside to extend the consolidation with another falling leg. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings GBPUSD Continues to Consolidate; Bears Flirting with the 200-MA Quiet Thanksgiving Week For Wall Street Market Brief: Trade Fatigue GBP/USD Outlook: Near-Term Range is Narrowing in Expectations of UK Election Results AUD/USD Outlook: RBA Chief's Comments Lifted Aussie But Upticks Were So Far Short-Lived US Durable Goods, PCE Inflation And GDP Data Eyed As Dollar Jumps To 1½-Week High The USD Gets A Bullish Call… Risk Appetite Bolstered By Fresh Trade Optimism WTI Oil Futures Hold Onto Bullish Bias But Momentum Is Weakening Stocks Hit New Records, But Currencies Quiet Fundamental Analysis | Technical Analysis In-depth Reports PBOC to Ease Monetary Policy Further Despite Strong Inflation The 2020 Election and the Economy: Part I Scraping the Bottom RBA: Ideas for Unconventional Monetary Policy 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 21:45 NZD Retail Sales Q/Q Q3 1.60% 0.50% 0.20% 21:45 NZD Retail Sales ex Autos Q/Q Q3 1.80% 0.60% 0.30% 23:50 JPY Corporate Service Price Index Y/Y Oct 2.10% 1.80% 0.50% 07:00 EUR Germany Gfk Consumer Confidence Dec 9.7 9.7 9.6 09:30 GBP BBA Mortgage Approvals Oct 41.2K 43.1K 42.3K 13:30 USD Wholesale Inventories Oct P 0.20% 0.20% -0.40% 13:30 USD Goods Trade Balance (USD) Oct -66.5B -71.3B -70.4B -70.5B 14:00 USD S&P/CS Composite-20 HPI Y/Y Sep 2.10% 2.10% 2.00% 14:00 USD Housing Price Index M/M Sep 0.60% 0.50% 0.20% 15:00 USD Consumer Confidence 126.9 125.9 15:00 USD New Home Sales Oct 708K 701K

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