Action Insight Mid-Day Report 5-2-18

Action Insight Mid-Day Report 5-2-18 Euro and Sterling Recovered on Economic Data, Dollar Patiently Awaits FOMC Dollar is trading slightly lower today as markets digest recent against ahead of FOMC rate decision and statement. Slightly better than expected ADP employment is shrugged of by the markets. Euro survived the test of GDP data and recovers mildly. Sterling also gets some support from better than expected UK construction PMI. While there is expectations for Fed will comment of recent economic data, the markets might eventually leave with empty hands. And traders could need to sit through a quiet session. Full Report Here   EC President Juncker repeated: We refuse to negotiate with the US... US ADP private sector employment rose 204k , little sign of... Heading into US session, a look at USD, EUR & GBP Eurozone unemployment rate unchanged at 8.5%, lowest since December 2008 Eurozone GDP growth slowed to 0.4% qoq in Q1, met expectation,... GBP recovers as UK PMI construction rose to 5 month high,... Eurozone PMI manufacturing revised up to 56.2, overall pace of expansion... German PMI manufacturing finalzied at 58.1, 9-month low but alarm bells... France PMI manufacturing revised up to 53.8, growth rate broadly unchanged... Italy PMI manufacturing dropped to 53.5, growth took another tumble Dollar index showed impulsive power Quick Comments Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol RBA More Upbeat on Growth, Likely on Hold for 2018 FOMC Preview: Focuses on Inflation and Shrugs Off Temporary Disruption on... Brexit Uncertainty Remains Key Determinant of BOE's Rate Hike Path Central Bank Views | China Watch | Oil N' Gold | Special Topics GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.3544; (P) 1.3658; (R1) 1.3729; More... Touching of 1.3665 minor resistance suggests temporary bottoming at 1.3579. Intraday bias in GBP/USD is turned neutral first. Some consolidations could be seen. But even in case of strong rebound, upside should be limited by 4 hour 55 EMA (now at 1.3817) to bring fall resumption. Below 1.3579 will extend the decline from 1.4376 to 1.3448 fibonacci level next. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings WTI Crude Oil Futures Remain Under Pressure; Creates Narrow Range in Near Term GBPUSD retreats after slipping below uptrend line EU Stocks Buoyant as Trade War Concerns and Euro Ease Dollar Steady ahead of FOMC while Gold Inches Up Dollar Treads Water Ahead Of FOMC Rate Decision, European Stocks Up USD Pares Gains Ahead Of Fed Decision Forex Analysis: GBPAUD And NZDUSD Trump May Face Subpoena| Eurozone GDP And Fed Statement | Trade War And Brexit Talk AUDUSD Shifts Long-Term Positive Structure To Negative, Hits 11-Month Low EURJPY Runs Above 38.2% Fibonacci Mark After Creating Bearish Correction In Near Term Fundamental Analysis | Technical Analysis In-depth Reports FOMC Preview: Focuses on Inflation and Shrugs Off Temporary Disruption on... Brexit Uncertainty Remains Key Determinant of BOE's Rate Hike Path SNB Unlikely to Act Despite Recent EURCHF Strength ECB: Wondering Rather than Worrying How is US Yield's Breach of 3% Related to Recent Crude Oil Rally? As 10-Year US Yields Break above 3%, is the Dollar Turning a Corner? Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 22:45 NZD Unemployment Rate Q1 4.40% 4.50% 4.50% 22:45 NZD Employment Change Q/Q Q1 0.60% 0.60% 0.50% 0.40% 23:01 GBP BRC Shop Price Index Y/Y Apr -1.00% -1.00% 23:50 JPY Monetary Base Y/Y Apr 7.80% 9.20% 9.10% 01:45 CNY Caixin PMI Manufacturing Apr 52.5 50.9 51 05:00 JPY Consumer Confidence Apr 43.6 44.5 44.3 05:45 CHF SECO Consumer Confidence Apr 2 4 5 07:15 CHF Retail Sales Real Y/Y Mar -1.80% 0.30% -0.20% 07:30 CHF PMI Manufacturing Apr 63.6 59.8 60.3 07:45 EUR Italy Manufacturing PMI Apr 53.5 54.5 55.1 07:50 EUR France Manufacturing PMI Apr F 53.8 53.4 53.4 07:55 EUR Germany Manufacturing PMI Apr F 58.1 58.1 58.1 08:00 EUR Eurozone Manufacturing PMI Apr F 56.2 56 56 08:30 GBP Construction PMI Apr 52.5 50.5 47 09:00 EUR Eurozone Unemployment Rate Mar 8.50% 8.50% 8.50% 09:00 EUR Eurozone GDP Q/Q Q1 A 0.60% 0.40% 0.60% 09:00 EUR Italian GDP Q/Q Q1 P 0.30% 0.30% 0.30% 12:15 USD ADP Employment Change Apr 204K 200K 241K 228K 14:30 USD Crude Oil Inventories 1.0M 2.2M 18:00 USD FOMC Rate Decision 1.75% 1.75%

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