Dollar Rises Broadly on Retail Sales and Industrial Production
Action Insight Mid-Day Report 6-14-19

Dollar Rises Broadly on Retail Sales and Industrial Production

Dollar jumps broadly in early US session after solid gain in retail sales in May, with upward revision in April figures. Yen is following as the second strongest on risk aversion, followed by Canadian Dollar. Geopolitical tensions heightened after US blame Iran for attacks on oil tankers yesterday. New Zealand Dollar is currently the weakest one, as pressured by poor manufacturing PMI. Australian Dollar is the second weakest, followed by Sterling.

Technically, EUR/USD's break of 1.1251 minor support suggests that recovery from 1.1107 has completed. And more decline could be seen back to retest 1.1107 low. This follows the break of 122.10 support in EUR/JPY earlier today, which indicates completion of recovery from1 20.78. Focus is now firstly on 136.55 support in GBP/JPY for indicating decline resumption. Nevertheless, USD/JPY looks safe for now with today's recovery.

In Europe, FTSE is currently down -0.43%. DAX is down -0.54%. CAC is down -0.26%. German 10-year yield is down -0.005 at -0.244. Earlier in Asia, Nikkei rose 0.40%. Hong Kong HSI dropped -0.65%. China Shanghai SSE dropped -0.99%. Singapore Strait Times rose 0.06%. Japan 10-year JGB yield dropped -0.0154 to -0.125.

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EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.1259; (P) 1.1282; (R1) 1.1299; More......

EUR/USD's break of 1.1251 minor support indicates completion of rebound from 1.1107 at 1.1347. Intraday bias is turned to the downside for retesting 1.1107 first. But decisive break there is needed to confirm resumption of larger down trend from 1.2555. Otherwise, more consolidation from 1.1107 might still extend further. On the upside, above 1.1289 minor resistance will turn intraday bias neutral first.

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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
22:30 NZD BusinessNZ Manufacturing PMI May 50.2 53 52.7
04:30 JPY Industrial Production M/M Apr F 0.60% 0.60% 0.60%
07:00 CNY Fixed Assets Ex Rural YTD Y/Y May 5.60% 6.10% 6.10%
07:00 CNY Industrial Production Y/Y May 5.00% 5.40% 5.40%
07:00 CNY Retail Sales Y/Y May 8.60% 8.00% 7.20%
07:00 CNY Surveyed Jobless Rate May 5.00% 5.00%
12:30 USD Retail Sales Advance M/M May 0.50% 0.70% -0.20% 0.30%
12:30 USD Retail Sales Ex Auto M/M May 0.50% 0.40% 0.10% 0.50%
13:15 USD Industrial Production M/M May 0.40% 0.20% -0.50% -0.40%
13:15 USD Capacity Utilization May 78.10% 78.00% 77.90%
14:00 USD U. of Mich. Sentiment Jun P 98 100
14:00 USD Business Inventories Apr 0.40% 0.00%
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