Action Insight Daily Report 12-2-19

European Majors Lower ahead of Month End, USD/CHF Breaks Parity

Action Insight Daily Report 12-2-19 Yen Lower as Markets Cheer China Manufacturing Data Yen trades broadly lower while Australian and New Zealand Dollars strengthen in Asia. Stock markets are cheering better than expected manufacturing data from China. Nikkei leads the way higher but gains in Hong Kong and Shanghai are limited. Yen is also additionally pressured by extended rebound in JGB yields. More manufacturing data will be featured today, in particular US ISM manufacturing index, which could further shape risk sentiments for December. Technically, USD/JPY's rally resumed after brief consolidations and is on track to 110.50 projection level. GBP/JPY also stays firm as rise form 126.54 is targeting trend line resistance at 143.65. A question for the today is whether EUR/JPY would break 121.46 resistance to align the bullish outlook with other Yen crosses. Meanwhile, Dollar's rally attempt somewhat lost momentum, as seen in EUR/UAD and AUD/USD. Both pair would be watched to gauge underlying strength of the greenback. In Asia, Nikkei is currently up 1.11%. Hong Kong HSI is up 0.48%. China Shanghai SSE is up 0.35%. Singapore Strait Times is up 0.19%. Japan 10-year JGB yield is up 0.0214 at -0.060. Full Report Here New Zealand Treasury: GDP growth likely falls below budget forecasts China Caixin Manufacturing PMI rose to 51.8, but business confidence remained... Japan PMI manufacturing finalized 48.9, seventh month of contraction Australia AiG manufacturing index dropped to 48.1, lowest since 2016 Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol Sterling Jumped on Election and Brexit Hopes, US Stocks Hit Records... UK Election – Conservatives Majority May Lead to Smooth, but Hard,... PBOC to Ease Monetary Policy Further Despite Strong Inflation Central Bank Views | China Watch | Oil N' Gold | Special Topics USD/JPY Daily Outlook Daily Pivots: (S1) 109.38; (P) 109.53; (R1) 109.65; More.. USD/JPY's rally resumed after brief consolidations and intraday bias is back on the upside. Current rise from 104.45 is in progress for 100% projection of 104.45 to 108.47 from 106.48 at 110.50. Break will target long term channel resistance at 111.78 next. On the downside, below 109.33 minor support will turn intraday bias neutral and bring consolidations first. In this case, downside of retreat should be contained above 108.27 support to bring rise resumption. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings EUR/USD At Risk Of Further Declines Asia Morning: It's Just Another Cyber Monday Forex Forecast and Cryptocurrencies Forecast Week Ahead: OPEC, NFP and Manufacturing PMIs The Weekly Bottom Line: Something To Be Thankful For BoC's 2019 Holdout Will be Cemented Next Week Market Awaits China Retaliation on Trade Australian Q3 GDP, A Preview Week Ahead – US Jobs Report Could Further Bolster Dollar; RBA and BoC Meetings Eyed Cliff Notes: A Call for Complementary Monetary and Fiscal Expansion Weekly Economic and Financial Commentary: Fundamentals Continue to Support Festive Holiday Spending Weekly Focus: Signs the Worst is Over for Global Manufacturing Fundamental Analysis | Technical Analysis In-depth Reports UK Election - Conservatives Majority May Lead to Smooth, but Hard, Brexit RBA to Cut the Cash Rate to 0.25% by June 2020; QE to Follow 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 Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 21:30 AUD AiG Performance of Mfg Index Nov 48.1 51.6 21:45 NZD Terms of Trade Index Q3 1.90% 1.10% 1.60% 1.40% 23:50 JPY Capital Spending Q3 7.10% 5.10% 1.90% 00:00 AUD TD Securities Inflation M/M Nov 0.00% 0.10% 00:30 AUD Building Permits M/M Oct -8.10% -1.00% 7.60% 7.20% 00:30 AUD Company Gross Operating Profits Q/Q Q3 -0.80% 1.00% 4.50% 4.80% 00:30 JPY Jibun Bank Manufacturing PMI Nov F 48.9 48.6 48.6 01:45 CNY Caixin Manufacturing PMI Nov 51.8 51.4 51.7 05:30 AUD RBA Commodity Index SDR Y/Y Nov -4.20% 07:30 CHF Real Retail Sales Y/Y Oct 0.80% 0.90% 08:30 CHF SVME PMI Nov 48.8 49.4 08:45 EUR Italy Manufacturing PMI Nov 47.5 47.7 08:50 EUR France Manufacturing PMI Nov F 51.6 51.6 08:55 EUR Germany Manufacturing PMI Nov F 43.8 43.8 09:00 EUR Eurozone Manufacturing PMI Nov F 46.6 46.6 09:30 GBP Manufacturing PMI Nov F 48.3 48.3 14:30 CAD Manufacturing PMI Nov 51.2 14:45 USD Manufacturing PMI Nov F 52.2 52.2 15:00 USD ISM Manufacturing PMI Nov 49.4 48.3 15:00 USD ISM Prices Paid Nov 47 45.5 15:00 USD Construction Spending M/M Oct 0.30% 0.50%

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