Action Insight Mid-Day Report 12-16-19

Investors Shrug Poor Eurozone and UK Data, Risk Appetite Continues

Action Insight Mid-Day Report 12-16-19 Investors Shrug Poor Eurozone and UK Data, Risk Appetite Continues Commodity currencies are general higher today, with the help from risk appetite in European markets, and US futures. Poor Eurozone and UK data are largely shrugged off by investors. Canadian Dollar is so far the strongest, additionally supported by mild strength in oil prices. On the other hand, Yen is the weakest one, followed by Dollar. Nevertheless, with the exception of some Loonie pairs, the forex markets are generally bounded inside Friday's range. Technically, USD/CAD is heading back to 1.3042 support. Decisive break there will add to the case of medium term bearish reversal. CAD/JPY is eyeing 3.55 resistance. Break will resume whole rise from 78.50, for 85.23 structural resistance next. While Dollar turns weaker today, EUR/USD, GBP/USD, AUD/USD and USD/CHF are all staying in consolidations. There is no clear sign of breakout yet and more sideway trading could be seen. In Europe, currently, FTSE is up 2.33%. DAX is up 0.76%. CAC is up 1.21%. German 10-year yield is down -0.0055 at -0.294. Earlier in Asia, Nikkei dropped -0.29%. Hong Kong HSI dropped -0.65%. China Shanghai SSE rose 0.56%. Singapore Strait Times dropped -0.25%. Japan 10-year JGB yield rose 0.0013 to -0.027. Full Report Here ECB de Guindos: Current environment characterized by weakening macroeconomic outlook and... US Empire State manufacturing rose to 3.5, six-month expectations jumped 10... UK PMI composite dropped to 48.5, 41-month low Eurozone PMI composite unchanged at 50.6, economy stuck in crawler gear Germany PMI manufacturing dropped to 43.4, continues to weigh heavily on... France PMI manufacturing dropped but services improved China industrial production rose 6.2%, fastest in five months Japan PMI composite unchanged at 49.8, services unable to offset industrial... Australia government downgrades growth, consumption and wages forecasts Australia CBA PMI composite dropped to 49.4, RBA's gentle turning point... USTR Lighthizer: China trade deal is the first step to integrate... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol CFTC Commitments of Traders – Net Short of GBP Declined Sharply... CFTC Commitments of Traders – Improved Risk Appetite Lifted Bets on... Dissatisfied With Tiny US-China Tariff Rollbacks, Risk Appetite Might Struggle to... Central Bank Views | China Watch | Oil N' Gold | Special Topics USD/CAD Mid-Day Outlook Daily Pivots: (S1) 1.3148; (P) 1.3176; (R1) 1.3202; More... USD/CAD falls to as low as 1.3115 so far and intraday bias remains on the downside. Current decline from 1.3327 should target 1.3042 key support. Decisive break there will carry larger bearish implication. On the upside, above 1.3204 minor resistance will turn bias back to the upside for 1.3327 resistance instead. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Oil Market Week Ahead: New Shipping Fuel Regulations to Hit Oil Markets from January 1 EU and US Stocks Rally Continues, German Huawei Ban, Pound Sinks on Factory Data, Oil and Gold Steady Market Brief: FTSE Roars Higher for Second Straight Session Gold Price Outlook: The Price In An Upside Correction Above The $1,465 Level EUR/USD Outlook: Friday's Strong Upside Rejection Adds To Warning Of Reversal Relief As US And China Finally Agree 'Phase One' Deal But Euphoria Already Fading EURUSD Plots Shooting Star Candle At Long Term Downtrend Line AUDJPY Still Cautiously Positive, But Rally Capped By 75.60 EURGBP Tests Base Of Long-Term Range, Bias Still Bearish Market Brief: Traders Seek Clarity Over Phase One Hype After Clarity On Trade And Brexit, Here's What To Look For Across The Week Ahead Fundamental Analysis | Technical Analysis In-depth Reports RBNZ: Update On The OCR – No Cut Over The First Half Of 2020 Australian Federal Budget Update: Budget Surplus Cut By $21.5bn Over Four Years – Softer Economic Outlook Hits Revenues A Phase One Trade Deal is Reached, What Does It Mean? Iron Ore Prices Back To The $90s ... Not For Too Long? The Election is Over, But Brexit is Not UK Election Review: Big Conservative Victory Means The End Of The Beginning Of Brexit The 2020 Election and the Economy: Part II Zero Sum World? Implications of U.S. Trade Outcomes on Canada Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 22:00 AUD CBA Manufacturing PMI Dec P 49.4 49.9 22:00 AUD CBA Services PMI Dec P 49.5 49.7 22:00 AUD CBA Composite PMI Dec P 49.4 49.7 00:01 GBP Rightmove House Price Index M/M Dec -0.90% -1.30% 00:30 JPY Jibun Bank Manufacturing PMI Dec P 48.8 48.4 48.9 02:00 CNY Retail Sales Y/Y Nov 8.00% 7.60% 7.20% 02:00 CNY Industrial Production Y/Y Nov 6.20% 5.00% 4.70% 02:00 CNY Fixed Asset Investment YTD Y/Y Nov 5.20% 5.20% 5.20% 04:30 JPY Tertiary Industry Index M/M Oct -4.60% -3.50% 1.80% 2.30% 08:15 EUR France Manufacturing PMI Dec P 50.3 51.4 51.7 08:15 EUR France Services PMI Dec P 52.4 51.8 52.2 08:30 EUR Germany Manufacturing PMI Dec P 43.4 44.5 44.1 08:30 EUR Germany Services PMI Dec P 52 52 51.7 09:00 EUR Eurozone Manufacturing PMI Dec P 45.9 47.1 46.9 09:00 EUR Eurozone Services PMI Dec P 52.4 52 51.9 09:30 GBP Manufacturing PMI Dec P 47.4 49.4 48.9 09:30 GBP Services PMI Dec P 49 49.6 49.3 13:30 USD Empire State Manufacturing Index Dec 3.5 4 2.9 13:30 CAD Foreign Securities Purchases (CAD) Oct 11.32B 5.12B 4.76B 14:45 USD Manufacturing PMI Dec P 52.4 52.6 14:45 USD Services PMI Dec P 51.4 51.6 15:00 USD NAHB Housing Market Index Dec 70 70

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