Action Insight Mid-Day Report 12-6-19

Dollar Jumps on Strong Job Growth, Loonie Pressured after Employment Data

Action Insight Mid-Day Report 12-6-19 Dollar Jumps on Strong Job Growth, Loonie Pressured after Employment Data Dollar rebounds broadly in early US session after positive surprise in job data. However, upside is relatively limited at the time of writing, capped by disappointing wage growth. For now the greenback remains the weakest one for the week. Canadian Dollar's fortune reversed after much worse than expected employment data. It's not the worst performing one for today, and second worst for the week. Technically, despite the strong rebound in the greenback, there are a few near term levels to take out. Those include 1.1066 minor support in EUR/USD, 0.6813 minor support in AUD/USD. 0.9926, minor resistance in USD/CHF, 109.20 minor resistance in USD/JPY. At least, these levels should be taken out firmly to indicate bottoming in Dollar in general. In Europe, currently, FTSE is up 1.03%. DAX is up 0.49%. CAC is up 0.77%. German 10-year yield is up 0.0080 at -0.284. Earlier in Asia, Nikkei rose 0.23%. Hong Kong HSI rose 1.07%. China Shanghai SSE rose 0.43%. Singapore Strait Times rose 0.65%.Japan 10-year JGB yield rose 0.022 to -0.017. Full Report Here Canada employment dropped -71.2k, unemployment rate surged to 5.9% US non-farm payrolls rose 266k, unemployment rate dropped to 3.5% Dollar index's medium term outlook depends on non-farm payrolls today Japan household spending dropped -5.1%, due to sales tax hike Australia AiG construction dropped to 40, 15th straight month of contraction Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol OPEC+ Agrees to Deepen Output Cut by 500K bpd. Compliance Remains... BOC Unexpectedly Turned More Upbeat in December 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) 1.3159; (P) 1.3181; (R1) 1.3203; More... USD/CAD rebounds strongly in early US session, and dampens the original bearish view. However, it's staying well below 1.3327 resistance. Intraday bias is turned neutral first. On the upside, break of 1.3327 will resume the rise form 1.3042 and target 1.3382 key structural resistance next. on the downside, through, break of 1.3158 will extend the fall from 1.3327 to retest 1.3042 low. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Strong Rebound in US Job Growth Market Brief: NFP and OPEC+ Eyed as German Growth Fears Return NZDCHF Approaches 200-MA as Positive Picture Improves US Open – Markets Await US Jobs Report, Tariff Decision, OPEC's Cut Deal, Gold And Bitcoin Decline AUD/USD Outlook: Aussie Stands At The Front Foot Ahead Of US Data But Still Holding Within The Triangle Oil Prices Stable Ahead Of OPEC+, US Labor Data Markets Steady Ahead Of NFP, OPEC Agree To Deeper Cuts USDCAD Sellers Retake Control In A Range Bound Market 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 21:30 AUD AiG Performance of Construction Index Nov 40 43.9 23:30 JPY Labor Cash Earnings Y/Y Oct 0.50% 0.20% 0.50% 0.30% 23:30 JPY Overall Household Spending Y/Y Oct -5.10% -3.00% 9.50% 05:00 JPY Leading Economic Index Oct P 91.8 92 91.9 07:00 EUR Germany Industrial Production M/M Oct -1.70% 0.20% -0.60% 07:45 EUR France Trade Balance (EUR) Oct -4.7B -4.8B -5.6B -5.4B 08:00 CHF Foreign Currency Reserves (CHF) Nov 783B 779B 09:00 EUR Italy Retail Sales M/M Oct -0.20% 0.50% 0.70% 13:30 USD Nonfarm Payrolls Nov 266K 183K 128K 156K 13:30 USD Unemployment Rate Nov 3.50% 3.60% 3.60% 13:30 USD Average Hourly Earnings M/M Nov 0.20% 0.30% 0.20% 0.40% 13:30 CAD Net Change in Employment Nov -71.2K 10.0K -1.8K 13:30 CAD Unemployment Rate Nov 5.90% 5.50% 5.50% 15:00 USD Michigan Consumer Sentiment Index Dec P 97 96.8 15:00 USD Wholesale Inventories Oct 0.20% 0.20%

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