Action Insight Mid-Day Report 11-6-19

Dollar Pares Gain ahead of Resistance in Indecisive Markets

Action Insight Mid-Day Report 11-6-19 Dollar Pares Gain ahead of Resistance in Indecisive Markets The markets are relatively indecisive today. It seems that rally in stock markets have passed a near term climax, awaiting fresh developments in US-China trade negotations. Treasury yields also turn mildly lower after yesterday's rally. In the forex markets, Dollar struggles to ge through near term resistance against both Euro and Yen, and it's giving back some gains. Major pairs and crosses are generally stuck in yesterday's range for now. Technically, 1.1062 support in EUR/USD remains a focus for the rest of the week. Break should indicate completion of recent corrective rebound from 1.0879, and bring retest of this low. Ideally, this should be accompaneid by break of 0.9977 resistance, which should than bring retest of 1.0027. 0.8575 tempoary low in EUR/GBP is also worth a watch. Break will resume recent fall from 0.9324. In Europe, currently, FTSE is up 0.11%. DAX is up 0.28%. CAC is up 0.46%. German 10-year yield is down -0.0100 at -0.317. Earlier in Asia, Nikkei rose 0.22%. Hong Kong HSI rose 0.02%. China Shanghai SSE dropped -0.43%. Singapore Strait Times rose 0.43%. Japan 10-year JGB yield rose 0.0481 to -0.086. Full Report Here IMF downgrades Eurozone growth and inflation forecasts Eurozone retail sales rose 0.1%, led by automotive fuels Eurozone PMI Services finalized at 52.2, time needed for ECB policy... New Zealand unemployment rate rose to 4.2%, NZD/USD eyes 0.6333 support BoJ minutes noted increasing downside risks and discussed policy responses UK CBI: Optimism of SME manufacturers worst since Brexit referendum Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol PBOC Cut 1-Year Lending Rate for the First Time since 2016 BOE Preview – Maintaining Dovish Stance although No-Deal Brexit Less ... Fed, BoC and RBA Expectations Drove USD, CAD and AUD Central Bank Views | China Watch | Oil N' Gold | Special Topics USD/CHF Mid-Day Outlook Daily Pivots: (S1) 0.9889; (P) 0.9913; (R1) 0.9950; More... USD/CHF is staying in consolidation pattern from 1.0027 and intraday bias remains neutral. Further rise is expected as long as 0.9851 support holds. On the upside, break of 0.9970 will bring retest of 1.0027 resistance next. On the downside, though, break of 0.9851 will indicate completion of whole rise from 0.9659 and turn outlook bearish for retesting this low. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Gold On The Edge As Investors Weigh Conflicting Macro Factors Investors Taking A Breather USD Strengthens On Data And Trade Hopes… Special Report: The US-China Art Of War EUR/USD Outlook: Bears Consolidate Above Key Supports After Nearly 1% Two-Day Pullback G10, Asian Currencies See Contrasting Performances Against Dollar Market Brief: Profit Taking Ahead Of 'Phase One' Details Fundamental Analysis | Technical Analysis In-depth Reports PBOC Cut 1-Year Lending Rate for the First Time since 2016 RBA Left Cash Rate Unchanged at 0.75%, Maintained Dovish Bias as Members Struggle to Bring Jobless Rate Lower RBA Stays on Hold; Signals on Hold in December as Well 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 21:45 NZD Employment Change Q3 0.20% 0.30% 0.80% 0.60% 21:45 NZD Unemployment Rate Q3 4.20% 4.10% 3.90% 21:45 NZD Labour Cost Index Q/Q Q3 0.60% 0.60% 0.80% 23:50 JPY BoJ Minutes 07:00 EUR Germany Factory Orders M/M Sep 1.30% 0.10% -0.60% -0.40% 08:45 EUR Italy Services PMI Oct 52.2 51 51.4 08:50 EUR France Services PMI Oct 52.9 52.9 52.9 08:55 EUR Germany Services PMI Oct 51.6 51.2 51.2 09:00 EUR Eurozone Services PMI Oct 52.2 51.8 51.8 10:00 EUR Eurozone Retail Sales M/M Sep 0.10% 0.10% 0.30% 0.60% 10:00 EUR Retail Sales Y/Y Sep 3.10% 1.50% 2.10% 2.70% 13:30 USD Nonfarm Productivity Q3 P -0.30% 1.00% 2.30% 13:30 USD Unit Labor Costs Q3 P 3.60% 2.70% 2.60% 15:00 USD Crude Oil Inventories 1.9M 5.7M 15:00 CAD Ivey PMI Oct 49.3 48.7

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