Action Insight Mid-Day Report 12-18-19

Canadian Dollar Supported by CPI and Oil Price, European Majors Weak

Action Insight Mid-Day Report 12-18-19 Canadian Dollar Supported by CPI and Oil Price, European Majors Weak Canadian Dollar is trading as the strongest one for today, as helped by resilience in oil price and solid consumer inflation data. Dollar is currently following closely as the second strongest. On the other hand, European majors are the weakest ones so far, including Swiss Franc. Though, while Sterling is leading the decline, it's pull back is starting to slow ahead of near term support against both Dollar and Yen. The Pound shows little reaction to CPI and is now awaiting tomorrow's BoE rate decision. Euro shrugs off better than expected Germany Ifo. Technically, 109.72 resistance in USD/JPY remains a focus. Break there will resume recent rebound from 104.45. USD/CAD's focus is now back on 1.3115 temporary low. break will resume the fall from 1.3327 to 1.3042 key support. Outlook is unchanged elsewhere. EUR/USD and AUD/USD are both staying in consolidations. We'd also continue to expect strong support in 1.3050 in GBP/USD and 142.47 in GBP/JPY to complete current retreats and bring rebound. In Europe, currently, FTSE is up 0.08%. DAX is down -0.31%. CAC is down -0.10%. German 10-yaer yield is up 0.025 at -0.266. Earlier in Asia, Nikkei dropped -0.55%. Hong Kong HSI rose 0.15%. China Shanghai SSE dropped -0.18%. Singapore Strait Times rose 0.2%. Japan 10-year JGB yield dropped -0.0019 to -0.015. Full Report Here Canada CPI jumped to 2.2% in Nov, ex-gasoline unchanged at 2.3% Coeure: ECB could communicate the range of inflation outcomes as target Eurozone CPI finalized at 1.0%, core CPI at 1.3% UK CPI unchanged at 1.5%, core CPI at 1.7% German Ifo rose to 96.3, more confident into new year Asian business sentiment swung from decade low to 18-month high Japan export contracted for 12-straight months Fed Rosengren and Kaplan thought rates should stay where they are Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol Trade Deal and Strong November Data will Not Derail PBOC's Easing... BOE Preview – Members might Set a Dovish Tone while Leaving... RBA Hinted Further Easing in 1Q20 Central Bank Views | China Watch | Oil N' Gold | Special Topics USD/CAD Mid-Day Outlook Daily Pivots: (S1) 1.3144; (P) 1.3164; (R1) 1.3183; More.... USD/CAD dips notably in early US session but stays above 1.3115 temporary low. Intraday bias remains neutral first. Further fall is expected as long as 1.3204 holds. Below 1.3115 will resume the decline from 1.3327 and 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 Canada: Inflation Rises to 2.2% in November as Past Energy Price Declines Fade NZD/JPY Hovers Above Key Support Ahead Of GDP Market Brief: Pound Extends Drop Despite CPI Beat Impeachment, GBP Sinks, IFO Shows Less Pessimism, Oil Falls on API Build, Gold Flutters Riksbank Set To Exit Negative Rates, But Will It Be Enough To Sustain Krona's Bullish Run? WTI Oil Outlook: Oil Price Eases But Key Supports Still Intact, Crude Inventories Report Eyed For Fresh Signals Oil Price Moved Into A Positive Zone Market Lull Favors JPY NZDUSD Softens Below 4 ½-Month High, Uptrend Still In Place Markets Begin To Tone Down Ahead Of Holiday Season, Sterling Extends Slide Fundamental Analysis | Technical Analysis In-depth Reports Trade Deal and Strong November Data will Not Derail PBOC's Easing Bias RBA Minutes Highlight Importance of February Meeting 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 21:45 NZD Current Account (NZD) Q3 -6.35B -6.32B -1.11B -1.04B 23:50 JPY Trade Balance (JPY) Nov -0.06T -0.06T -0.03T -0.05T 00:30 AUD Westpac Leading Index M/M Nov -0.09% -0.08% -0.15% 07:00 EUR Germany PPI M/M Nov 0.00% 0.10% -0.20% 07:00 EUR Germany PPI Y/Y Nov -0.70% -1.10% -0.60% 09:00 EUR Germany IFO - Business Climate Dec 96.3 95.5 95 09:00 EUR Germany IFO - Current Assessment Dec 98.8 98.1 97.9 09:00 EUR Germany IFO - Expectations Dec 93.8 93.1 92.1 09:30 GBP DCLG House Price Index Y/Y Oct 0.70% 1.60% 1.30% 09:30 GBP CPI M/M Nov 0.20% 0.20% -0.20% 09:30 GBP CPI Y/Y Nov 1.50% 1.50% 1.50% 09:30 GBP Core CPI Y/Y Nov 1.70% 1.70% 1.70% 09:30 GBP RPI M/M Nov 0.20% 0.10% -0.20% 09:30 GBP RPI Y/Y Nov 2.20% 2.10% 2.10% 09:30 GBP PPI - Input M/M Nov -0.30% -1.20% -1.30% -1.10% 09:30 GBP PPI - Input Y/Y Nov -2.70% -4.90% -5.10% -5.00% 09:30 GBP PPI - Output M/M Nov -0.20% 0.00% -0.10% 09:30 GBP PPI - Output Y/Y Nov 0.50% 0.90% 0.80% 09:30 GBP PPI - Core Output M/M Nov -0.10% 0.10% -0.10% 09:30 GBP PPI - Core Output Y/Y Nov 1.10% 1.50% 1.30% 10:00 EUR Eurozone CPI Y/Y Nov F 1.00% 1.00% 1.00% 10:00 EUR Eurozone CPI - Core Y/Y Nov F 1.30% 1.30% 1.30% 13:30 CAD CPI M/M Nov -0.10% -0.10% 0.30% 13:30 CAD CPI Y/Y Nov 2.20% 2.20% 1.90% 13:30 CAD CPI Common Y/Y Nov 1.90% 1.90% 1.90% 13:30 CAD CPI Media Y/Y Nov 2.40% 2.20% 2.20% 13:30 CAD CPI Trimmed Y/Y Nov 2.20% 2.20% 2.10% 16:00 USD Crude Oil Inventories -1.5M 0.8M

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