Action Insight Daily Report 11-14-18

Sterling Firm, But Uncommitted, as Markets Await UK Cabinet Meeting on Brexit Agreement

Action Insight Daily Report 11-14-18 Sterling Firm, But Uncommitted, as Markets Await UK Cabinet Meeting on Brexit Agreement Sterling rebounds solidly today and there is new wave of buying coming in at early part of US session. Positive news regrading Brexit negotiation is the key driver of the Pound. It's reported that the Brexit agreement is now closer than ever. And, there are only a small number of issues that. Further than that, the texts regarding Irish backstop are even reported to be ready. Prime Minister Theresa May has told her Cabinet to get ready to sign the agreement tomorrow, or by latest Thursday. While these are unconfirmed news from unnamed sources, Sterling traders don't care how real they are and jump in. New Zealand and Australian Dollar follow as the second and third strongest. They're clearly lifted by optimism that US and China are moving in the right direction to solve trade conflicts. Chinese Vice Premier Liu He would travel to the US shortly, to work with Treasury Secretary Steven Mnuchin on preparing the summit between Trump and Xi at the G20 summit on November 30. And it's believed that certain set of things would be agreed to avert further escalation of the tariff war. On the other hand, Yen is trading as the weakest one, followed by Dollar, as market sentiments stabilized, and lifted. Technically, EUR/GBP's break of 0.8690 now confirms resumption of recent fall from 0.9098. GBP/JPY's strong rebound also put focus back to 149.70 resistance. GBP/USD might recover further but there is no sign of breaking 1.3174 resistance yet. Dollar has clearly lost some momentum and would consolidate for a while first. Full Report Here Japan GDP contracted -0.3% qoq, exports contracted at fastest pace in... Italy defies EU demand, kept deficit target and growth forecasts unchanged... EU Malmstrom: If US auto tariffs were to happen, that would... UK and EU agreed Brexit texts, May to hold Cabinet meeting... Today's top mover: GBP surges on Brexit hope, CAD dives as... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol China's October Data Encourage More Easing From Government   Upbeat Chinese Trade Data Masked Impact of Trade War   Dollar and Yen Building Up Bullish Turnaround, Canadian Down on Oil... Central Bank Views | China Watch | Oil N' Gold | Special Topics GBP/USD Daily Outlook Daily Pivots: (S1) 1.2857; (P) 1.2952; (R1) 1.3063; More... GBP/USD's rebound from 1.2825 extends further but stays below 1.3174 resistance. Intraday bias remains neutral and outlook is unchanged. Price actions from 1.2661 are viewed as a consolidation pattern, that could be extending. In case of stronger rise, strong resistance should be seen at 1.3316 fibonacci level to limit upside to bring down trend resumption eventually. On the downside, below 1.2825 will resume the fall from 1.3174 to 1.2661/92 key support zone. Decisive break there will resume larger down trend from 1.4376. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Brexit Monitor: The Real Test Is The Vote In The House Of Commons Gold Price Slides Below Key Support, US CPI Next EUR/USD: 1.1300 Is The 'Line In The Sand' This Week Pound Surges On Reports EU And UK Have Agreed On Brexit Text There's Significant Risk Ahead More Euro Underperformance in Store by Year-End? Fundamental Analysis | Technical Analysis In-depth Reports Brexit Monitor: The Real Test Is The Vote In The House Of Commons More Euro Underperformance in Store by Year-End? China's October Data Encourage More Easing From Government US-China Trade: 60% Chance of Ceasefire at Xi-Trump Meeting Upbeat Chinese Trade Data Masked Impact of Trade War Italy's Costly Budget Ordeal: Fiscal Imprudence Non Grata Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 23:30 AUD Westpac Consumer Confidence Nov 2.80% 1.00% 23:50 JPY GDP Q/Q Q3 P -0.30% -0.30% 0.70% 23:50 JPY GDP Deflator Y/Y Q3 P -0.30% -0.20% 0.10% 0.00% 0:30 AUD Wage Price Index Q/Q Q3 0.60% 0.60% 0.60% 0.50% 2:00 CNY Retail Sales Y/Y Oct 8.60% 9.20% 9.20% 2:00 CNY Industrial Production Y/Y Oct 5.90% 5.80% 5.80% 2:00 CNY Fixed Assets Ex Rural YTD Y/Y Oct 5.70% 5.50% 5.40% 4:30 JPY Tertiary Industry Index M/M Sep -1.10% -0.40% 0.50% 0.40% 4:30 JPY Industrial Production M/M Sep F -0.40% -1.10% -1.10% 7:00 EUR German GDP Q/Q Q3 P -0.30% 0.50% 9:30 GBP CPI M/M Oct 0.20% 0.10% 9:30 GBP CPI Y/Y Oct 2.50% 2.40% 9:30 GBP Core CPI Y/Y Oct 2.00% 1.90% 9:30 GBP RPI M/M Oct 0.20% 0.00% 9:30 GBP RPI Y/Y Oct 3.40% 3.30% 9:30 GBP PPI Input M/M Oct 0.60% 1.30% 9:30 GBP PPI Input Y/Y Oct 9.60% 10.30% 9:30 GBP PPI Output M/M Oct 0.20% 0.40% 9:30 GBP PPI Output Y/Y Oct 3.10% 3.10% 9:30 GBP PPI Output Core M/M Oct 0.20% 0.10% 9:30 GBP PPI Output Core Y/Y Oct 2.40% 2.40% 9:30 GBP House Price Index Y/Y Sep 3.30% 3.20% 10:00 EUR Eurozone Industrial Production M/M Sep -0.40% 1.00% 10:00 EUR Eurozone GDP Q/Q Q3 P 0.20% 0.20% 13:30 USD CPI M/M Oct 0.20% 0.10% 13:30 USD CPI Y/Y Oct 2.50% 2.30% 13:30 USD CPI Core M/M Oct 0.20% 0.10% 13:30 USD CPI Core Y/Y Oct 2.20% 2.20%

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