Euro Lower as Traders Prepare for ECB, Dollar Shrugs Trump's Tweets
Action Insight Mid-Day Report 9-11-19

Euro Lower as Traders Prepare for ECB, Dollar Shrugs Trump's Tweets

Euro weakens broadly today, in relatively quiet markets, as traders are probably adjusting their positions ahead of tomorrow's ECB rate decision. A new package of stimulus is widely expected. Yet, opinions on the exact composition of the package is divided. Meanwhile, steady market sentiments is keeping Yen and Swiss Franc soft. On the other hand, Dollar, Australian and Canadian are the stronger ones. US President Donald Trump continues his attack on Fed. But markets are really rather used to the erratic tweets, and shrug them off.

Technically, EUR/USD's dip today now puts focus back to 1.0926 low. Break will resume medium term down trend. EUR/AUD is also on track to retest 1.5894 support. For now, as long as 117.73 minor support in EUR/JPY holds, further rebound is still in favor. But break will turn focus back to 115.86 low. While Euro turns weak, EUR/GBP is still holding on to 0.8891 key cluster support. We'd still favor strong support from there to bring rebound.

In other markets, US opens nearly flat. FTSE is up 0.95%. DAX is up 0.74%. CAC is up 0.27%. German 10-year yield is down -0.0017 at -0.549, but stays well above -0.6 handle. Earlier in Asia, Nikkei rose 0.96%. Hong Kong HSI rose 1.78%. China Shanghai SSE dropped -0.41%. Singapore Strait Times rose 1.55%. Japan 10-year JGB yield rose 0.0184 to -0.206.

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EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.1029; (P) 1.1045; (R1) 1.1058; More...

EUR/USD drops notably today after failing to sustain above 4 hour 55 EMA. But it's staying above 1.0926 and intraday bias remains neutral first. In case, correction from 1.0926 extends, upside should be limited below 1.1164 resistance to bring down trend resumption. On the downside, break of 1.0926 will resume lager down trend from 1.2555 for 1.0813 fibonacci level next.

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EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD

EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY

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Economic Calendar
GMT Ccy Events Actual Forecast Previous Revised
23:50 JPY BSI Large Manufacturing Q/Q Q3 -0.2 -7.1 -10.4
23:50 JPY BSI Large All Industry Q/Q Q3 1.1 -1 -3.7
00:30 AUD Westpac Consumer Confidence Sep -1.70% 3.60%
12:30 USD PPI Final Demand M/M Aug 0.10% 0.10% 0.20%
12:30 USD PPI Final Demand Y/Y Aug 1.80% 1.70% 1.70%
12:30 USD PPI Core M/M Aug 0.30% 0.20% -0.10%
12:30 USD PPI Core Y/Y Aug 2.30% 2.20% 2.10%
14:00 USD Wholesale Inventories M/M Jul F 0.20% 0.20%
14:30 USD Crude Oil Inventories -2.7M -4.8M