Action Insight Mid-Day Report 12-12-19

Euro Firm after ECB, Dollar Slightly Lower after Poor Jobless Claims

Action Insight Mid-Day Report 12-12-19 Euro Firm after ECB, Dollar Slightly Lower after Poor Jobless Claims Both Euro and Swiss Franc are generally firm today after ECB and SNB rate decisions, as not much reactions are being triggered. Though, as for today, Australian Dollar is the strongest one so far. Sterling, on the other hand, pares back some of recent gains as traders lighten up position, awaiting UK election results. Dollar is a touch weaker after poor job data but loss is limited. US President Donald Trump is set to have a high-stake meeting with trade advisers to decide whether to go ahead with December 15 tranche of tariffs on China. The decision would likely sharp Dollar's next move. Technically, EUR/USD and AUD/USD are on track to test recent resistance at 1.1179 and 0.6929 respectively. 1.3158 support in USD/CAD would be a level to watch to gauge further weakness in the greenback. As for Sterling, 1.3012 resistance turned support in GBP/USD, 141.50 resistance turned support in GBP/JPY, and 55 day EMA (0.8621) in EUR/GBP are the levels to watch. As long as these level holds, more upside would remain in favor in the Pound even in case of volatility. In Europe, currently, FTSE is up 0.38%. DAX is down -0.13%. CAC is down -0.14%. German 10-year yield is up 0.014 at -0.306. Earlier in Asia, Nikkei rose 0.14%. Hong Kong HSI rose 1.31%. China Shanghai SSE dropped -0.30%. Singapore Strait Times rose 0.69%. Japan 10-year JGB yield dropped -0.014 to -0.017. Full Report Here ECB Lagarde noted signs on stabilization and mild increase in underlying... US initial jobless claims surged to 253, highest since Sep 2017 ECB keeps main refinancing rate at 0.00%, maintains forward guidance Ifo: No ground to fear an economy-wide recession in Germany Eurozone industrial production dropped -0.5%, led by capital goods SNB left policy rate at -0.75%, downgrades inflation forecasts slightly BoJ Amamiya: Global risks warrant most attention, domestic demand to decelerate... Trump to hold high-stake meeting to decide on China tariffs on... Fed chair Jerome Powell's press conference live stream Fed stands pat, projections no move in 2020 and a hike... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol SNB Maintains World's Lowest Policy Rate Fed Set a Neutral Tone and Signaled that Rate will Stay... China's CPI Soared to +4.5%; Exports Contracted More than Expected Central Bank Views | China Watch | Oil N' Gold | Special Topics EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.1084; (P) 1.1115; (R1) 1.1159; More... Intraday bias in EUR/USD remains on the upside for the moment. Further rise should be seen to retest 1.1179 resistance first. Decisive break there will confirm resumption of whole rally from 1.0879. Next target will be 100% projection of 1.0879 to 1.1179 from 1.0981 at 1.1281. On the downside, below 1.1097 minor support will delay the bullish case and turn bias neutral first. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Zero Sum World? Implications of U.S. Trade Outcomes on Canada UK 100 Index Retests Ascending Trendline, Elliot Wave Pattern Looks In Progress XAU/USD Outlook: Gold Remains Firm After Fed, Focus Turns Towards Tariffs Elections And Interest Rates: What Will Have A Decisive Impact On The Markets? NZDUSD Maintains Positive Outlook Despite Case In Rally Oil Gives Up Most Of Last Week's OPEC + Gains After EIA's Surprise Build USDJPY Trapped Under Resistance Trendline, Neutral In Short-Term Fed Caps off Eventful 2019 with Steady Rate Decision FOMC Review: Fed Signals It Is On Hold Throughout 2020 Three's a Charm. Fed Leaves Rates Unchanged after 75 bps in Consecutive Cuts Fundamental Analysis | Technical Analysis In-depth Reports Fed Set a Neutral Tone and Signaled that Rate will Stay Unchanged Throughout 2020 China's CPI Soared to +4.5%; Exports Contracted More than Expected U.K. Election Preview—The Beginning of the End? UK Election - Conservatives Majority May Lead to Smooth, but Hard, Brexit 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 Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 21:45 NZD Food Price Index M/M Nov -0.70% -0.30% 23:50 JPY Machinery Orders M/M Oct -6.00% 0.90% -2.90% 00:00 AUD Consumer Inflation Expectations Dec 4.00% 4.00% 00:01 GBP RICS Housing Price Balance Nov -12% -5% -5% -6% 00:30 AUD RBA Bulletin 06:45 CHF SECO Economic Forecasts 07:00 EUR Germany CPI M/M Nov F -0.80% -0.80% -0.80% 07:00 EUR Germany CPI Y/Y Nov F 1.10% 1.10% 1.10% 07:30 CHF Producer and Import Prices M/M Nov -0.40% 0.20% -0.20% 07:30 CHF Producer and Import Prices Y/Y Nov -2.50% -2.40% 08:30 CHF SNB Interest Rate Decision -0.75% -0.75% -0.75% 08:30 CHF SNB Press Conference 10:00 EUR Eurozone Industrial Production M/M Oct -0.50% -0.30% 0.10% 12:45 EUR ECB Interest Rate Decision 0.00% 0.00% 0.00% 13:30 EUR ECB Press Conference 13:30 USD PPI M/M Nov 0.00% 0.20% 0.40% 13:30 USD PPI Y/Y Nov 1.10% 1.20% 1.10% 13:30 USD PPI Core M/M Nov -0.20% 0.20% 0.30% 13:30 USD PPI Core Y/Y Nov 1.30% 1.60% 1.60% 13:30 USD Initial Jobless Claims (Dec 6) 252K 211K 203K 15:30 USD Natural Gas Storage -76B -19B

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