Action Insight Daily Report 5-3-18

Action Insight Daily Report 5-3-18 Dollar Retreats after FOMC; US, Eurozone and UK Data Awaited Dollar trades generally lower in Asian session as it has turned into correction mode. While slightly more hawkish than expected, the FOMC statement released overnight provided little inspiration to the markets. Major US equity indices ended in red, with DOW dropped -0.72%, S&P 500 down -0.72% and NASDAQ lost -0.42%. 10 year yield also closed slightly lower by -0.012 to 2.964. In the currency markets, Dollar is staying as the strongest one for the week, followed by Canadian Dollar and Japanese Yen. The markets will looks into today's data from US, Eurozone and UK for more guidance. Full Report Here   Mnuchin arrives in Beijing as China warns to stand up to... Australian Dollar lifted by large trade surplus and surge in building... DOW and 10 year yield still heading down after FOMC USD in corrective mode after uninspiring FOMC statement Quick Comments Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol US Crude Oil Inventory Increased Much More Than Expected FOMC More Hawkish on Inflation, June Rate Hike a Done Deal Brexit Uncertainty Remains Key Determinant of BOE's Rate Hike Path Central Bank Views | China Watch | Oil N' Gold | Special Topics EUR/USD Daily Outlook Daily Pivots: (S1) 1.1914; (P) 1.1973 (R1) 1.2008; More.... EUR/USD dipped further to as low as 1.1937 but started to lose downside momentum on oversold condition in 4 hour RSI. For the moment, intraday bias stays on the downside with 1.2031 minor resistance intact. Next target is 200% projection of 1.2475 to 1.2214 from 1.2413 at 1.1891. Break will target 261.8% projection at 1.1730. On the upside, though, break of 1.2031 will indicate short term bottoming and bring lengthier consolidation before staging another fall. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Amid Rising Inflation, The Fed Remains on Course Fed Keeping Things Gradual with Steady Decision and Balanced Statement Fed Stands Pat But Appears Ready to Hike More Given its Newfound Comfort with Inflation Gold Price Moved In Bearish Zone Below $1,320? Emerging Worries DAX Breaks out as EUR/USD Extends Decline Eurozone Flash CPI to Lack Momentum in April Could UK Services PMI Resurrect Hopes for May Rate Hike? Eurozone GDP Moderates in Q1, While Inflation Remains Low Fundamental Analysis | Technical Analysis In-depth Reports FOMC More Hawkish on Inflation, June Rate Hike a Done Deal Amid Rising Inflation, The Fed Remains on Course Eurozone GDP Moderates in Q1, While Inflation Remains Low SNB Unlikely to Act Despite Recent EURCHF Strength Brexit Uncertainty Remains Key Determinant of BOE's Rate Hike Path How is US Yield's Breach of 3% Related to Recent Crude Oil Rally? Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 1:30 AUD Trade Balance Mar 1.53B 0.68B 0.83B 1.35B 1:30 AUD Building Approvals M/M Mar 2.60% 1.00% -6.20% -4.20% 8:30 GBP Services PMI Apr 53.5 51.7 9:00 EUR Eurozone PPI M/M Mar 0.10% 0.10% 9:00 EUR Eurozone PPI Y/Y Mar 2.10% 1.60% 9:00 EUR Eurozone CPI Estimate Y/Y Apr 1.30% 1.30% 9:00 EUR Eurozone CPI Core Y/Y Apr A 0.90% 1.00% 9:00 EUR European Commission Economic Forecasts 11:30 USD Challenger Job Cuts Y/Y Apr 39.40% 12:30 CAD International Merchandise Trade (CAD) Mar -2.0B -2.7B 12:30 USD Nonfarm Productivity Q1 P 1.00% 0.00% 12:30 USD Unit Labor Costs Q1 P 3.00% 2.50% 12:30 USD Initial Jobless Claims (APR 28) 225K 209K 12:30 USD Trade Balance Mar -55.6B -57.6B 13:45 USD US Services PMI Apr F 54.4 54.4 14:00 USD ISM Non-Manufacturing/Services Composite Apr 58.1 58.8 14:00 USD Factory Orders Mar 1.40% 1.20% 14:30 USD Natural Gas Storage -18B

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