Action Insight Mid-Day Report 12-5-19

Canadian Dollar Jumps Again on BoC Lane's Comments, Sterling Also Firm

Action Insight Mid-Day Report 12-5-19 Canadian Dollar Jumps Again on BoC Lane's Comments, Sterling Also Firm Canadian Dollar surges broadly again today as a top BoC official's comment further dismiss the chance of rate cut. Sterling is following as the second strongest on election and Brexit optimism. On the other hand Australia Dollar is the weakest on as weighed down by poor retail sales data, followed by New Zealand dollar. US Dollar is mixed for now, having little reaction to better than expected jobless claims. After a string of weak data in ISMs and ADP, the greenback will look into tomorrow's NFP report for the next move. Meanwhile, risk markets somewhat stabilized, awaiting the next development in US-China trade talks. Technically, EUR/USD's rally is somewhat capped by selloff in EUR/GBP. But for now, with 1.1066 minor support intact, EUR/USD is still in favor to rise further to 1.1179 resistance. USD/CHF and USD/JPY's selloff halted ahead of key near term support at 0.9841 and 108.27 respectively. Some consolidations are likely before weekly close. In Europe, currently, FTSE is down -0.27%. DAX is down -0.07%. CAC is up 0.70%. German 10-year yield is up 0.022 at -0.290, back above -0.3 handle. Earlier in Asia, Nikkei rose 0.71%. Hong Kong HSI rose 0.59%. China Shanghai SSE rose 0.74%. Singapore Strait Times rose 0.46%. Japan 10-year JGB yield dropped -0.0056 to -0.039. Full Report Here US initial jobless claims dropped to 203k, trade deficit narrowed to... BoC Lane: No reason to move in step with Fed, hinting... Eurozone retail sales dropped -0.6% in Oct, worse than expectations Eurozone GDP grew 0.2% qoq in Q3, employment rose 0.1% qoq China insists on tariff rollbacks as condition for US trade deal BoJ Harada: Raising interest rates would just throw us back Australia retail sales stagnate in Oct, trade surplus shrank Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol BOC Unexpectedly Turned More Upbeat in December US Crude Oil Inventory Dropped by Almost 5M barrel, Sending Price... RBA Left Cash Rate Unchanged but Hinted To Ease Further Central Bank Views | China Watch | Oil N' Gold | Special Topics USD/CAD Mid-Day Outlook Daily Pivots: (S1) 1.3162; (P) 1.3230; (R1) 1.3268; More... Intraday bias in USD/CAD remains on the downside at this point. As noted before, rise from 1.3042 should have completed at 1.3327. Deeper fall would be seen back to 1.3042 low. Decisive break there will carry larger bearish implications. On the upside, above 1.3202 minor resistance will turn intraday bias neutral first. But recovery should be limited below 1.3327 and bring another fall. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings WTI Oil Futures Retest 58.60 Resistance EUR/USD Outlook: Positive Tone Above Daily Cloud But Risk Of Bull-Trap Exists USDJPY's Positive Picture Takes A Breather Markets Climb On Hopes Trump Is Just Posturing, Pound Soars GBPJPY Bulls Likely To Keep Control, Descending Trendline In Focus GBP Broke Through Important Levels, What's Next? Markets Keep Dancing On Trade Headlines Fundamental Analysis | Technical Analysis In-depth Reports December Flashlight for the FOMC Blackout Period Punting Our ECB Rate Cut Call RBA Holds the Cash Rate Steady; Emphasises Scope to Ease Further UK Election - Conservatives Majority May Lead to Smooth, but Hard, Brexit 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 00:30 AUD Retail Sales M/M Oct 0.00% 0.30% 0.20% 00:30 AUD Trade Balance (AUD) Oct 4.50B 6.50B 7.18B 6.49B 07:00 EUR Germany Factory Orders M/M Oct -0.40% 0.40% 1.30% 1.50% 10:00 EUR Eurozone GDP Q/Q Q3 0.20% 0.20% 0.20% 10:00 EUR Eurozone Employment Change Q/Q Q3 F 0.10% 0.10% 0.10% 10:00 EUR Eurozone Retail Sales M/M Oct -0.60% -0.40% 0.10% 12:30 USD Challenger Job Cuts Y/Y Nov -16.00% -33.50% 13:30 CAD International Merchandise Trade (CAD) Oct -1.1B -1.4B -1.0B -1.2B 13:30 USD Trade Balance (USD) Oct -47.2B -48.7B -52.5B -51.1B 13:30 USD Initial Jobless Claims (Nov 29) 203K 215K 213K 15:00 USD Factory Orders M/M Oct 0.30% -0.60% 15:00 CAD Ivey PMI Nov 49.3 48.2 15:30 USD Natural Gas Storage -22B -28B

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