Action Insight Mid-Day Report 12-11-19

Dollar Shrugs Higher Than Expected CPI, Awaits FOMC

Action Insight Mid-Day Report 12-11-19 Dollar Shrugs Higher Than Expected CPI, Awaits FOMC Dollar shrugs off slightly better than expected consumer inflation data and weakens mildly in early US session. But loss is limited as focus turns to FOMC rate decision, statement and new economic projections. At this point, European majors are generally weak as markets also look forward to tomorrow's UK elections. Latest YouGov polls suggested that a hung parliament cannot be ruled out, even though Conservative majority remains the base case. Meanwhile, Australian and New Zealand Dollar strengthen broadly, reversing some of this week's losses. Trades might be jumping the gun in trading tariff delay. But nothing is confirmed until some named official from the US could confirm it. Technically, AUD/USD's strong rebound today should have invalidated the near term bearish case. And rise from 0.6754 should still be in progress. Break of 0.6862 resistance will pave the way back to 0.6929 resistance. EUR/AUD was also rejected below 1.6323 resistance and focus is back on 1.6148 support. GBP/USD, EUR/GBP and GBP/JPY are staying consolidations, while would likely extend further first. In Europe, currently, FTSE is down -0.05%. DAX is up 0.52%. CAC is up 0.06%. German 10-year yield is down -0.019 at -0.311. Earlier in Asia, Nikkei dropped -0.08%. Hong Kong HSI rose 0.79%. China Shanghai SSE rose 0.24%. Singapore Strait Times rose 0.32%. Japan 10-year JGB yield rose 0.0181 to -0.004. Full Report Here US CPI accelerated to 2.1%, core CPI unchanged at 2.3% BoJ Kuroda: Global economy relatively bright next year Fed to stand pat, focuses on economic projections, some previews Overhauled USMCA signed after getting House Democrats backing US Navarro: No indication of delay on tariffs on China YouGov MRP predicts smaller Conservative majority, cannot rule out hung parliament 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 EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.1073; (P) 1.1086; (R1) 1.1108; More... Intraday bias in EUR/USD stays neutral and range trading continues inside 1.0981/1116. On the upside, above 1.1116 will resume the rise from 1.0981 to 1.1179 resistance. That will also revive the case that correction from 1.1179 has completed and rise from 1.0879 is ready to resume. On the downside, break of 1.0981 will resume the decline from 1.1179 for retesting 1.0879 low instead. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings US CPI Growth Trends Steady in November Powell's Easiest Fed Meeting, Impeachment-lite, Aramco's Strong Debut, Oil, Gold GBP And Election Fever As Polls Tighten, Can Boris Johnson Still Secure A Majority And Has Pound Rally Run Its Course? Fed Meets, New 'Dot Plot' Could Lift Dollar EURJPY Maintains A Neutral Stance Despite Slight Appreciation In Price The Business End Of The Week Is Upon Us 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 23:30 AUD Westpac Consumer Confidence Dec -1.90% 4.50% 23:50 JPY PPI Y/Y Nov 0.10% 0.00% -0.40% 23:50 JPY BSI Large Manufacturing Index Q/Q Q4 -7.8 0.2 -0.2 13:30 USD CPI M/M Nov 0.30% 0.20% 0.40% 13:30 USD CPI Y/Y Nov 2.10% 2.00% 1.80% 13:30 USD CPI Core M/M Nov 0.20% 0.20% 0.20% 13:30 USD CPI Core Y/Y Nov 2.30% 2.30% 2.30% 13:30 CAD Capacity Utilization Q3 81.70% 82.10% 83.30% 15:30 USD Crude Oil Inventories -2.9M -4.9M 19:00 USD FOMC Rate Decision 1.75% 1.75% 19:00 USD FOMC Economic Projections 19:30 USD FOMC Press Conference

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