Action Insight Mid-Day Report 1-24-20

Euro and Sterling Dip after PMIs, Dollar and Canadian Firmer

Action Insight Mid-Day Report 1-24-20 Euro and Sterling Dip after PMIs, Dollar and Canadian Firmer European majors are generally weaker today. Stronger than expected UK PMIs add to the case for BoE to stand pat next week. But the Pound shrugs off the data. Euro also receive no particular support from PMIs, which signals that the economy failed to pick up momentum for recovery. Dollar and Canadian are currently the strongest ones for today. Over the week, Euro and Canadian are the weakest as both suffered selloffs after respective central bank meetings Sterling is the strongest, followed by Yen. Technically, GBP/USD lost momentum after spiking higher to 1.3174. Intraday bias is turned neutral but another rise is in favor 1.3034 minor support holds. However, break of 1.3034 will turn focus back to 1.2905/54 support zone. GBP/JPY might also have a take on 142.80 minor support. Break will bring deeper fall to 140.83 support. In Europe, FTSE is up 1.65%. DAX is up 1.50%. CAC is up 1.17%. German 10-year yield is down -0.0004 at -0.305. Earlier in Asia, Nikkei rose 0.13%. Hong Kong HSI rose 0.15%. Singapore Strait Times rose 0.17%. China was on holiday already. Japan 10-year JGB yield rose 0.0053 to -0.019. Full Report Here Canada retail sales rose 0.9%, but largely from motor sales UK PMI composite rose to 16-month high, kills off prospect of... Eurozone PMI composite unchanged at 50.9, failed again to pick-up momentum German PMI manufacturing rose to 45.2, storm clouds starting to clear France PMI composite dropped to 51.5, but private sector stays in... Japan PMI composite rose to 51.1, domestic-led economic recovery Japan CPI core accelerated to 0.7%, BoJ minutes show concerns on... Australia PMI composite dropped to record low 48.6, softness spilled over... New Zealand CPI rose 0.5% qoq on transport costs, NZD recovers... Coronavirus an emergency in China, but not international health emergency yet Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol US Crude Oil Inventory Dropped Modestly. Petroleum Stockpiles Gained BOC Turned Dovish Again, Opening Door For Rate Cut Dollar Could Be Staging Bullish Reversal as Trade Tensions Eased Central Bank Views | China Watch | Oil N' Gold | Special Topics GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.3100; (P) 1.3125; (R1) 1.3154; More... Intraday bias in GBP/USD is turned neutral with a temporary top formed at 1.3174. Further rise is mildly in favor as long as 1.3034 minor support hods. Above 1.3174 will target 1.3284 resistance. Break will pave the way to retest 1.3514 high. On the downside, below 1.3034 minor support will turn bias to the downside for retesting 38.2% retracement of 1.1958 to 1.3514 at 1.2920. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings GBPCHF Looks Undecided after its Pullback Off the December 2019 High Coronavirus Ruins Lunar New Year EURNZD In A Slippery Slope, Bears Look At 5-Month Low ECB's Interest Rate Decision Weakens The EUR… Euro Slips After ECB, Stocks Stage Another Comeback EUR/USD Outlook: Euro Holds In Red After Dovish ECB But Bears May Pause For Consolidation EURJPY Sell-Off Finds Support At Trendline, Golden Cross Favors Uptrend USDCAD Holds Bearish Below Trendline Despite Positive Indication Markets Attempt To Find Surer Footing Amid Coronavirus Concerns Fundamental Analysis | Technical Analysis In-depth Reports January Flashlight for FOMC Blackout Period Canadian Trade Worries Easing, But Domestic Headwinds Remain US-China Phase I Trade Deal Signed, Execution & Phase II Negotiations the Next Focus Can China Actually Buy US$50bn Of US Energy Products? After an Impressive New-Year Rally, What Does 2020 Hold for Gold? FX Year Ahead 2020: Turnaround or Same Old Blues? Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 21:45 NZD CPI Q/Q Q4 0.50% 0.40% 0.70% 21:45 NZD CPI Y/Y Q4 1.90% 2.20% 1.50% 22:00 AUD CBA Manufacturing PMI Jan P 49.1 49.2 22:00 AUD CBA Services PMI Jan P 48.9 49.8 23:30 JPY National CPI Core Y/Y Dec 0.70% 0.70% 0.50% 00:30 JPY Manufacturing PMI Jan P 49.3 48.7 48.4 08:15 EUR France Manufacturing PMI Jan P 51 50.5 50.4 08:15 EUR France Services PMI Jan P 51.7 52.1 52.4 08:30 EUR Germany Manufacturing PMI Jan P 45.2 44.6 43.7 08:30 EUR Germany Services PMI Jan P 54.2 54 52.9 09:00 EUR Eurozone Manufacturing PMI Jan P 47.8 46.9 46.3 09:00 EUR Eurozone Services PMI Jan P 52.2 53 52.8 09:30 GBP Manufacturing PMI Jan P 49.8 48.8 47.5 09:30 GBP Services PMI Jan P 52.9 51.1 50 13:30 CAD Retail Sales M/M Nov 0.90% 0.60% -1.20% -1.10% 13:30 CAD Retail Sales ex Autos M/M Nov 0.20% 0.50% -0.50% -0.40% 14:45 USD Manufacturing PMI Jan P 52.3 52.4 14:45 USD Services PMI Jan P 53.1 52.8

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