Dollar Staying Pressured, Looking Non-Farm Payrolls for Savior
Action Insight Daily Report 12-6-19

Dollar Staying Pressured, Looking Non-Farm Payrolls for Savior

Dollar remains the weakest one for the week as markets head towards weekly close. The greenback was weighed down by a string of weaker than expected economic data. Additionally, as December 15 natural deadline looms, it's still uncertain whether US and China could complete the phase one trade deal to avert next round of tariffs. The greenback will need some very solid job data from non-farm payrolls to reverse this week's decline.

Staying in the currency markets, Euro and Yen are currently among the weakest for the week. Canadian Dollar staged a strong rebound as BoC comments lowered the chance of rate cut. But the Loonie is still trading lower for the week against all but Dollar. On the other hand, Sterling and New Zealand Dollars are the strongest ones, followed by Swiss Franc.

In Asia, Nikkei closed up 0.23%. Hong Kong HSI is up 0.98%. China Shanghai SSE is up 0.43%. Singapore Strait Times is up 0.23%. Japan 10-year JGB yield is up 0.0274 at -0.012, very close to 0%. Overnight, DO rose 0.10%. S&P 500 rose 0.15%. NASDAQ rose 0.05%. 10-year yield rose 0.016 to 1.797, failed to regain 1.8 handle.

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EUR/USD Daily Outlook

Daily Pivots: (S1) 1.1085; (P) 1.1097; (R1) 1.1115; More...

Outlook in EUR/USD remains unchanged at this point. With 1.1066 minor support intact, further rise is still in favor. Corrective decline form 1.1179 could have completed at 1.0981. Rise from there would target a test on 1.1179 first. Break will resume whole rally form 1.0879. However, break of 1.1066 will turn bias back to the downside for 1.0981 instead.

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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
21:30 AUD AiG Performance of Construction Index Nov 40 43.9
23:30 JPY Labor Cash Earnings Y/Y Oct 0.50% 0.20% 0.50% 0.30%
23:30 JPY Overall Household Spending Y/Y Oct -5.10% -3.00% 9.50%
5:00 JPY Leading Economic Index Oct P 91.8 92 91.9
7:00 EUR Germany Industrial Production M/M Oct 0.20% -0.60%
7:45 EUR France Trade Balance (EUR) Oct -4.8B -5.6B
8:00 CHF Foreign Currency Reserves (CHF) Nov 779B
9:00 EUR Italy Retail Sales M/M Oct 0.50% 0.70%
13:30 USD Nonfarm Payrolls Nov 183K 128K
13:30 USD Unemployment Rate Nov 3.60% 3.60%
13:30 USD Average Hourly Earnings M/M Nov 0.30% 0.20%
13:30 CAD Net Change in Employment Nov 10.0K -1.8K
13:30 CAD Unemployment Rate Nov 5.50% 5.50%
15:00 USD Michigan Consumer Sentiment Index Dec P 97 96.8
15:00 USD Wholesale Inventories Oct 0.20% 0.20%