Action Insight Mid-Day Report 12-2-19

Dollar Tumbles after Trump Restore Steel Tariffs on Brazil and Argentina

Action Insight Mid-Day Report 12-2-19 Dollar Tumbles after Trump Restore Steel Tariffs on Brazil and Argentina Market sentiments are generally weighed down by renewed trade concerns after US President Donald Trump's decision to restore steel and aluminum tariffs on Brazil and Argentina. Additionally, China formally started some form of retaliation against US on its support on Hong Kong's democracy movement. Dollar is trading broadly lower except versus Canadian. Meanwhile, Swiss Franc appears to be strengthening, after Australian and New Zealand Dollar. Technically, USD/CAD's decline today suggests rejection by 1.0027 key near term resistance. Deeper fall could be seen back towards 0.9868 support as range trading extends. USD/JPY and EUR/JPY retreats mildly but there is no sign of bearish reversal yet. 0.6795 minor resistance in AUD/USD will now be a focus in US session. Break will at least bring stronger rebound towards 0.6834 resistance. That could be a prelude to more Dollar pull back elsewhere. In Europe, currently, FTSE is down -0.20%. DAX is down -0.44%. CAC is down -0.55%. German 10-year yield is up 0.0705 at -0.287. Earlier in Asia, Nikkei rose 1.01%. Hong Kong HSI rose 0.37%. China Shanghai SSE rose 0.02%. Singapore Strait Times dropped -0.19%. Japan 10-year JGB yield rose 0.0404 to -0.041. Full Report Here Trump restores steel tariffs on Brazil and Argentina, urges Fed to... China announced retaliations against US on HKHRDA UK PMI manufacturing finalized at 48.9, signs of a two-speed economy... Eurozone PMI Manufacturing finalized at 46.9, still a major drag on... New Zealand Treasury: GDP growth likely falls below budget forecasts China Caixin Manufacturing PMI rose to 51.8, but business confidence remained... Japan PMI manufacturing finalized 48.9, seventh month of contraction Australia AiG manufacturing index dropped to 48.1, lowest since 2016 Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol Strong Manufacturing PMI Sent Hope of Stabilization in Chinese Economy Sterling Jumped on Election and Brexit Hopes, US Stocks Hit Records... UK Election – Conservatives Majority May Lead to Smooth, but Hard,... Central Bank Views | China Watch | Oil N' Gold | Special Topics USD/CHF Mid-Day Outlook Daily Pivots: (S1) 0.9980; (P) 1.0002; (R1) 1.0023; More... USD/CHF's sharp decline and break of 0.9980 minor support suggests rejection by 1.0027 resistance. Consolidation from is possibly starting another down leg. Intraday bias is turned back to the upside for 0.9868 support, and possibly below. On the upside, though, decisive break of 1.0027 will confirm resumption of larger rally from 0.9659. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings GBPAUD Hits Fresh 3 ½-Year High; May Flatten in Short-Term PMI Surprise Not Enough To Support CNY Gold Price Outlook: The Price Is Likely To Accelerate Towards $1,480 The Aussie Prepares For RBA's Interest Rate Yen Skids On Upbeat China Data Even As Trade Deal Faces Delay Gold In Neutral Mode Within Tentative Descending Channel EURUSD Capped By 40-Day SMA, Bearish Cross May Restart Descent AUD/USD Outlook: Recovery Rally Sparked By Upbeat Chinese Data Tests Daily Cloud Events To Keep An Eye On For The Week Ahead Risk-On Start To The Week On Firmer China PMI Reads Fundamental Analysis | Technical Analysis In-depth Reports UK Election - Conservatives Majority May Lead to Smooth, but Hard, Brexit RBA to Cut the Cash Rate to 0.25% by June 2020; QE to Follow PBOC to Ease Monetary Policy Further Despite Strong Inflation The 2020 Election and the Economy: Part I Scraping the Bottom RBA: Ideas for Unconventional Monetary Policy Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 21:30 AUD AiG Performance of Mfg Index Nov 48.1 51.6 21:45 NZD Terms of Trade Index Q3 1.90% 1.10% 1.60% 1.40% 23:50 JPY Capital Spending Q3 7.10% 5.10% 1.90% 0:00 AUD TD Securities Inflation M/M Nov 0.00% 0.10% 0:30 AUD Building Permits M/M Oct -8.10% -1.00% 7.60% 7.20% 0:30 AUD Company Gross Operating Profits Q/Q Q3 -0.80% 1.00% 4.50% 4.80% 0:30 JPY Jibun Bank Manufacturing PMI Nov F 48.9 48.6 48.6 1:45 CNY Caixin Manufacturing PMI Nov 51.8 51.4 51.7 5:30 AUD RBA Commodity Index SDR Y/Y Nov -5.00% -4.20% -1.00% 7:30 CHF Real Retail Sales Y/Y Oct 0.70% 0.80% 0.90% 8:30 CHF SVME PMI Nov 48.8 48.8 49.4 8:45 EUR Italy Manufacturing PMI Nov 47.6 47.5 47.7 8:50 EUR France Manufacturing PMI Nov F 51.7 51.6 51.6 8:55 EUR Germany Manufacturing PMI Nov F 44.1 43.8 43.8 9:00 EUR Eurozone Manufacturing PMI Nov F 46.9 46.6 46.6 9:30 GBP Manufacturing PMI Nov F 48.9 48.3 48.3 14:30 CAD Manufacturing PMI Nov 51.2 14:45 USD Manufacturing PMI Nov F 52.2 52.2 15:00 USD ISM Manufacturing PMI Nov 49.4 48.3 15:00 USD ISM Prices Paid Nov 47 45.5 15:00 USD Construction Spending M/M Oct 0.30% 0.50%

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