Tools for Traders Top Movers | Heat Map | Pivot Point | Pivot Meters | Action Bias | Volatility Charts Action Insight Mid-Day Report: Widening Trade Deficit and Higher Jobless Claims Not Deterring Dollar Rebound Global stock markets rebounded impressively today as traders looked past the first chapter of US-China trade war. Nikkei closed up 1.53% at 21645.42 earlier today. European indices are all trading up at the time of writing, with DAX gaining 2.44% being most impressive. CAC is up 2.07% while FTSE is up 1.68%. After the massive 700ps come back yesterday, DOW futures point to higher open and could have triple digit gain at open. In the currency markets, Dollar is trading broadly higher for the day, followed by Kiwi. Swiss Franc is also trying to stage a come back after yesterday's selloff. Worst than expected trade and job data is having no impact on the greenback. EUR/USD has indeed breached 1.2238 support, suggesting that it's probably ready to head back to 1.22 handle. Sterling is trading as the weakest one today, after PMI services miss. In particular, GBP/USD breaches 1.4008 and is now having 1.3982 key near term support in radar. China Announced Tariff on US Soybean Exports. What Next? Announcement of soybean tariff came earlier than we, as well as the majority of market participants, had anticipated. What else can China do after this weapon has already been used? Some suggest that China can shift from tariff to financial markets, e,g.: to deliberately depreciate renminibi and reduce purchase of US government bonds. Action Insight | Market Overview | Central Bank Views | China Watch | Special Topics | Oil N' Gold | Live Comments Technical Outlook GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.4029; (P) 1.4062; (R1) 1.4112; More.... GBP/USD drops to as low as 1.3999 today and breaches 1.4008 temporary low. Focus is now on 1.3982 support. Decisive break there will indicate completion of the rise from 1.3711. In that case, intraday bias will be turned back to the downside for retesting 1.3711. Nonetheless, strong rebound from 1.3982, followed by break of 1.4096 minor resistance will turn bias to the upside for 1.4243. Break will resume the rally from 1.3711 for 1.4345 high first. Suggested Readings Two Scenarios for the US-China Trade Conflict Dollar Looks To Jobs Data & Fed Chair Powell's Speech For Direction Canadian Employment Report Due With Possibility For A NAFTA Deal Soon Dollar Extends Recovery On Easing Trade Fears, European Stocks Advance NZDUSD Remains Below 3-Week High, Next Level To Watch 38.2% Fibonacci Of 0.7260 WTI Crude Oil Prices Finely Balanced US Futures Build On Wednesday's Impressive Bounce Forex Analysis: EURGBP And AUDJPY Currency Traders Unshaken By Equity Volatility USDJPY Moves Higher After Touching Return Line Of Falling Channel Economic Data
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