Action Insight Mid-Day Report 12-10-19

Markets Staying in Risk Off Mode Despite News of US-China Tariffs Delay

Action Insight Mid-Day Report 12-10-19 Markets Staying in Risk Off Mode Despite News of US-China Tariffs Delay Global stock markets are generally under pressure today. There is some lift from a WSJ report that US and China are laying the ground work for a delay in December 15 tranche of tariffs But the recovery in sentiment is so far limited. In the currency markets, Australian and New Zealand Dollars are so far the weakest one, together with Japanese Yen. Sterling and Swiss Franc are the strongest one. Overall picture could have a big change if more news regarding US-China trade negotiations surface. Technically, AUD/USD's break of 0.6813 minor support argues that rebound from 0.6754 has completed at 0.6862. Deeper fall is now in favor to retest 0.6754 support first. The development put EUR/AUD's focus back to 1.6323 resistance. Break there will resume the rebound from 1.5976. That would also add to sign of Aussie weakness. EUR/CHF's fall from 1.0921 suggests resumption of fall from 1.1027 to 1.0863 support. USD/CHF is now pressing 0.9855 temporary low. Break will put 0.9841 key near term support in focus. In Europe, FTSE is down -0.53%. DAX is down -0.63%. CAC is down -0.13%. Germany 10-year yield is up 0.005 at -0.300. Earlier in Asia, Nikkei dropped -0.09%. Hong Kong HSI dropped -0.22%. China Shanghai SSE rose 0.10%. Singapore Strait Times dropped -0.53%. Japan 10-year JGB yield dropped -0.0159 to -0.021. Full Report Here US Ross: USMCA within millimeters of completion NIESR: UK GDP on track to grow 0.1% in Q4, 1.3%... German ZEW jumped to 10.7, but economy still fragile UK GDP shows no growth in October, dragged by manufacturing and... Australia business conditions stabilized at low levels, ongoing GDP weakness continues US Agriculture Secretary doesn't see new tariffs on China take effect USMCA details to be pinned down on Tuesday in Mexico City Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol China's CPI Soared to +4.5%; Exports Contracted More than Expected Fed to Leave Policy Rate Unchanged in December, and Likely for... Trade War, Election, Fed and ECB in a Week of Guaranteed... Central Bank Views | China Watch | Oil N' Gold | Special Topics AUD/USD Mid-Day Report Daily Pivots: (S1) 0.6817; (P) 0.6829; (R1) 0.6838; More... AUD/USD's break of 0.6813 minor support suggests that rebound from 0.6754 has completed at 0.6862. Intraday bias is turned back to the downside for 0.6754 first. Break will resume the decline form 0.6929 to retest 0.6670 low. On the upside, above 0.6862 will turn bias back to the upside for 0.6929 resistance instead. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Fed Begins 2-day Meeting, ZEW Rebounds, NFIB Impresses, Oil Rally Capped, Gold Rises, Bitcoin Weaker on Matic Market Brief: Risk Off ahead of a Busy Week Gold Remains Neutral As Negative Sentiment Takes A Breather All About Tariff… And The Fed GBP/USD ABC Pattern Indicates Bullish Targets At 1.3250-1.33 Markets Prepare For US Tariffs At The End Of The Week… Currencies Take A Breather Ahead Of Risk Events, Stocks Retreat EURUSD Rally Above 1.1100 Likely To Resume Bullish Appetite Fundamental Analysis | Technical Analysis In-depth Reports U.K. Election Preview—The Beginning of the End? UK Election - Conservatives Majority May Lead to Smooth, but Hard, Brexit December Flashlight for the FOMC Blackout Period OPEC+ Agrees to Deepen Output Cut by 500K bpd. Compliance Remains the Key Scraping the Bottom Punting Our ECB Rate Cut Call The 2020 Election and the Economy: Part II The 2020 Election and the Economy: Part I PBOC to Ease Monetary Policy Further Despite Strong Inflation RBA: Ideas for Unconventional Monetary Policy Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 23:50 JPY Money Supply M2+CD Y/Y Nov 2.80% 2.50% 2.50% 2.40% 00:30 AUD House Price Index Q/Q Q3 2.40% 0.50% -0.70% 00:30 AUD NAB Business Confidence Nov 0 2 00:30 AUD NAB Business Conditions Nov 4 3 01:30 CNY CPI Y/Y Nov 4.50% 4.50% 3.80% 01:30 CNY PPI Y/Y Nov -1.40% -1.50% -1.60% 06:00 JPY Machine Tool Orders Y/Y Nov P -37.90% -37.40% 07:45 EUR France Industrial Output M/M Oct 0.40% 0.20% 0.30% 09:00 EUR Italy Industrial Output M/M Oct -0.30% -0.40% 09:30 GBP GDP M/M Oct 0.00% 0.10% -0.10% 09:30 GBP Index of Services 3M/3M Oct 0.20% 0.50% 0.40% 09:30 GBP Industrial Production M/M Oct 0.10% 0.20% -0.30% 09:30 GBP Industrial Production Y/Y Oct -1.30% -1.20% -1.40% 09:30 GBP Manufacturing Production M/M Oct 0.20% 0.00% -0.40% 09:30 GBP Manufacturing Production Y/Y Oct -1.20% -1.50% -1.80% 09:30 GBP Goods Trade Balance (GBP) Oct -14.5B -11.5B -12.5B -11.5B 10:00 EUR Germany ZEW Economic Sentiment Dec 10.7 1.1 -2.1 10:00 EUR Germany ZEW Current Situation Dec -19.9 -22 -24.7 10:00 EUR Eurozone ZEW Economic Sentiment Dec 11.2 2.2 -1 11:00 USD NFIB Business Optimism Index Nov 104.7 102.8 102.4 12:20 GBP NIESR GDP Estimate Nov 0.00% 0.10% 0.00% 13:30 USD Nonfarm Productivity Q3 -0.20% -0.20% -0.30% 13:30 USD Unit Labor Costs Q3 2.50% 3.50% 3.60%

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