Action Insight Mid-Day Report 7-22-15

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Action Insight Market Overview	Markets Snapshot
Mid-Day Report: Sterling Higher on BoE Minutes Sterling is mildly higher today and pared back much of this week's loss on more hawkish than expected BoE minutes. The minutes for the July meeting unveiled that policymakers voted unanimously (9-0) to keep the Bank rate unchanged at 0.5% and the asset purchase program at 375B pound. Yet, the minutes also showed that debate over rate hike had intensified. The members talked about the Greek crisis and indicated that the uncertainty arisen from which was a 'very material factor' in the policy decision. It was noted that absent that uncertainty, the decision between holding Bank rate at its current level versus a small increase was becoming more finely balanced'. The minutes, in addition to Governor Mark Carney’s comments that rate hike is around the corner of this year, sent British pound to the highest level in 7.5 years. Full Report Here...
Featured Technical Report
GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.5527; (P) 1.5558; (R1) 1.5589; More... GBP/USD recovers today but stays below 1.5674 and intraday bias remains neutral first. Another rise is in favor as long as 1.5450 minor support holds. Above 1.5674 will target 1.5929 resistance and break will extend the larger rise to 61.8% retracement of 1.7190 to 1.4565 at 1.6187. On the downside, below 1.5450 minor support will turn focus back to 1.5169 support instead. Read more... EURUSD Technical Outlook USDJPY Technical Outlook GBPUSD Technical Outlook USDCHF Technical Outlook USDCAD Technical Outlook AUDUSD Technical Outlook EURJPY Technical Outlook EURGBP Technical Outlook EURCHF Technical Outlook GBPJPY Technical Outlook

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GMT Ccy Events Actual Consensus Previous Revised 00:30 AUD Westpac Leading Index M/M Jun 0.00% -0.10% 01:30 AUD CPI Q/Q Q2 0.70% 0.80% 0.20% 01:30 AUD CPI Y/Y Q2 1.50% 1.70% 1.30% 01:30 AUD CPI Trimmed Mean Q/Q Q2 0.60% 0.60% 0.60% 0.70% 01:30 AUD CPI Trimmed Mean Y/Y Q2 2.20% 2.10% 2.30% 01:30 AUD CPI Weighted Median Q/Q Q2 0.50% 0.60% 0.60% 0.80% 01:30 AUD CPI Weighted Median Y/Y Q2 2.40% 2.30% 2.40% 2.50% 04:30 JPY All Industry Activity Index M/M May -0.50% -0.60% 0.10% 08:30 GBP Bank of England Minutes 08:30 GBP MPC Official Bank Rate Votes 0--0--9 0--0--9 0--0--9 08:30 GBP MPC Asset Purchase Facility Votes 0--0--9 0--0--9 0--0--9 13:00 USD House Price Index M/M May 0.40% 0.40% 0.30% 14:00 USD Existing Home Sales Jun 5.40M 5.35M 14:30 USD Crude Oil Inventories -1.7M -4.3M
Suggested Readings
Fundamental Highlights More MPC Members Tilt Towards A Hike Brazil's Inflation Eyed, RBNZ To Cut Rate European Shares Into Negative Territory, GBP Higher Amid Hawkish Comments Dollar Falls Prey To Profit Taking Technical Highlights EUR/USD Bears in Control again; Lower Low Awaited FTSE Down on Commodity Market Rout, Arm AUDUSD May Test 0.7500 Before Turning Down

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