Action Insight Mid-Day Report 12-20-19

Canadian Dollar Tumbles after Poor Retail Sales, Sterling Pares Losses

Action Insight Daily Report 12-20-19 Canadian Dollar Tumbles after Poor Retail Sales, Sterling Pares Losses Canadian Dollar drops sharply in early US session after much weaker than expected retail sales data. Euro and Swiss Franc are also under some selling pressure. On the other hand, Sterling is paring some losses ahead of weekly close while Australian Dollar is generally firm. Over the week, Swiss Franc remains the strongest one for now, followed by Aussie. Sterling is the weakest, followed by Euro. Technically, immediate focus is now on 1.3185 minor resistance in USD/CAD. Break will suggest that the choppy fall from 1.3327 has completed and turn bias back to the upside. EUR/AUD could have a take on 1.6063 support soon. Break will turn focus back to 1.5976, or even further to 1.5894. In Europe, currently, FTSE is up 0.08%. DAX is up 0.57%. CAC is up 0.61%. German 10-year yield is up -0.0011 at -0.235. Earlier in Asia, Nikkei dropped -0.20%. Hong Kong HSI rose 0.25%. China Shanghai SSE dropped -0.40%. Singapore Strait Times rose 0.15%. Japan 10-year JGB yield rose 0.0173 to 0.012, turned positive. Full Report Here US Q3 GDP growth finalized at 2.1%, core PCE at 2.1% Canada retail sales dropped -1.2%, ex-auto sales dropped -0.5% Former BoE Deputy Governor Bailey named to replace Carney UK Q3 GDP finalized at 0.4%, upward revisions to all three... German Gfk consumer confidence dropped to -0.1, economic expectations tumbled UK Gfk consumer confidence rose to -11, robust increase in economic... Japan national CPI core ticked up to 0.5% Japan cabinet approved record budget for next fiscal year Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol BOE Left Policy Rate Unchanged. Neutral Tone Maintained Trade Deal and Strong November Data will Not Derail PBOC's Easing... RBA Hinted Further Easing in 1Q20 Central Bank Views | China Watch | Oil N' Gold | Special Topics USD/CAD Mid-Day Outlook Daily Pivots: (S1) 1.3109; (P) 1.3123; (R1) 1.3139; More.... A temporary low is formed at 1.3102 in USD/CAD and intraday bias is turned neutral first. On the upside, considering bullish convergence condition in 4 hour MACD, break of 1.3185 resistance will indicate short term bottoming. Fall from 1.3327 could have completed. Intraday bias will be turned back to the upside for 1.3327 resistance. on the downside, break of 1.3102 will target 1.3042 key support next. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Canadian Retail sales start the fourth quarter on a surprisingly weak note  Canadian Retail Sales Down 1.2% in October GBP/USD To Test $1.30 On US GDP? Market Brief: Parliament Set to Finally Pass Brexit Deal USDCHF Breaks Lower As Bears Take The Wheel The Moment Of Truth In The UK Pound Stumbles, Franc And Yen Up As Johnson Aims For Hard Brexit USDCAD Preserves A Bearish Tone, Trapped In A Range EURJPY Bulls Become Cautious As Pair Eyes 121.00 For More Downside Risk Appetite Buoyed By Trade Optimism, US GDP In Focus 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 23:30 JPY National CPI Core Y/Y Nov 0.50% 0.50% 0.40% 00:01 GBP GfK Consumer Confidence Dec -11 -14 -14 07:00 EUR Germany Gfk Consumer Confidence Jan 9.6 9.7 9.7 07:45 EUR France Consumer Spending M/M Nov 0.10% 0.30% 0.20% 09:00 EUR Current Account (EUR) Oct 32.4B 23.6B 28.2B 09:30 GBP GDP Q/Q Q3 F 0.40% 0.30% 0.30% 09:30 GBP Current Account (GBP) Q3 -15.9B -15.5B -25.2B -24.2B 09:30 GBP Public Sector Net Borrowing (GBP) Nov 4.9B 5.2B 10.5B 12:00 GBP BoE Quarterly Bulletin Q4 13:30 CAD New Housing Price Index M/M Oct -0.10% 0.00% 0.20% 13:30 CAD Retail Sales M/M Oct -1.20% 0.10% -0.10% 13:30 CAD Retail Sales ex Autos M/M Oct -0.50% 0.20% 0.20% 13:30 USD GDP Annualized Q3 F 2.10% 2.10% 2.10% 13:30 USD GDP Price Index Q3 F 1.80% 1.70% 1.70% 15:00 USD Personal Income M/M Nov 0.30% 0.00% 15:00 USD Personal Spending M/M Nov 0.40% 0.30% 15:00 USD PCE Price Index M/M Nov 0.10% 0.20% 15:00 USD PCE Price Index Y/Y Nov 1.30% 1.30% 15:00 USD Core PCE Price Index M/M Nov 0.10% 0.10% 15:00 USD Core PCE Price Index Y/Y Nov 1.60% 1.60% 15:00 USD Michigan Consumer Sentiment Index Dec F 99.2 99.2 15:00 EUR Eurozone Consumer Confidence Dec P -7 -7

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