Action Insight Mid-Day Report 11-6-18

Sterling Rally Continues Even Though UK PM May Achieved Nothing on Brexit at the Cabinet Meeting

Action Insight Mid-Day Report 11-6-18 Sterling Rally Continues Even Though UK PM May Achieved Nothing on Brexit at the Cabinet Meeting Sterling remains rather resilient despite more Brexit negative news today. There seems to be no progress on negotiation at all and there is little hope for a November EU summit. Nonetheless, the Pound defies gravity and is trading as the second strongest one today. Australian Dollar is the strongest as supported by upbeat RBA statement released earlier today. On the hand other, Canadian Dollar and Dollar are the weakest ones. The greenback is notably softer as markets await the result of US mid-term elections. Stock markets are also mixed. At the time of writing, FTSE is down -1.06%, possibly mainly due to Sterling's rally. DAX is down -0.42% and CAC is down -0.52%. German 10 year yield is up 0.001 at 0.430. Italian 10 year yield is up 0.080 at 3.403. German-Italian spread is marginally below 300. Earlier in Asia, Nikkei closed up 1.14% at 22147.75. Hong Kong HSI closed up 0.72% at 26120.96. But China Shanghai SSE dropped -0.23% at 2659.36. Technically, USD/JPY breached 113.38 resistance earlier today but traders refused to commit so far. Similarly, EUR?GBP also breached 0.8722 support but recovered quickly. These are some signs of hesitation. Though, the Dollar appears to weaken against Euro and Swiss Franc in early US session. And the development suggests that Dollar is now in another leg down as correction extends. Full Report Here No progress on Brexit mechanism after UK May's Cabinet meeting European Update: Sterling volatile on Brexit jitters, but still firm Sterling dips as DUP Donaldson said they're heading for no-deal Brexit Eurozone PMI composite finalized at 53.1, notable slowdown in Italy European businesses increasingly desensitized to China Xi Jinping's constant repetition of... Chinese VP Wang: Ready to work for trade solution with US Eurozone finance minister rejected Italy budget, new or revised DBP a... RBA kept cash rate at 1.5%, raised growth forecast, full statement Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol RBA Turns More Upbeat Over GDP Growth, Keeps Rates Unchanged amidst... FOMC Preview – Affirming a Strong Economic Case for December Rate... Trade War Overshadows Fundmentals in the US, Election to Join the... Central Bank Views | China Watch | Oil N' Gold | Special Topics GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.2985; (P) 1.3021; (R1) 1.3077; More... No change in GBP/USD's outlook as the rebound from 1.2692 is in progress. Intraday bias stays on the upside for 1.3257/3297 resistance zone. Such rally is seen as the third leg of consolidation pattern from 1.2661. Hence, we'd expect strong resistance from 1.3316 fibonacci level to limit upside to bring down trend resumption eventually. On the downside, below 1.2951 minor support will turn bias back to the downside for 1.2692 instead. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings How Will Gold React to Mid-Term Elections? Dollar Finds Resistance at 1-Month Highs vs Yen; US Midterm Elections Awaited U.S. Reimposes Iran Sanctions, Tehran Decries 'Bullying' Investors Seek Clarity From U.S Elections U.S. Mid-Term Election Carnage Playbook Kiwi Looks To New Zealand Jobs Data To Sustain Upside Momentum And For RBNZ Clues WTI Crude Oil Futures Hover Above 7-Month Low, Bearish Outlook In Place Fundamental Analysis | Technical Analysis In-depth Reports How the US Midterm Elections Could Impact the Dollar and Equities The Midterm Elections and Our Economic Outlook Democrats Might Regain Control of House, And Then? Special Report: U.S. Sanctions Has No Dramatic Impact On Iran's Oil Production US-China Trade: 60% Chance of Ceasefire at Xi-Trump Meeting Populist Sentiment Still Evolving - Brazil and Germany Markets Responded Positively Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 23:30 JPY Overall Household Spending Y/Y Sep -1.60% 1.60% 2.80% 00:01 GBP BRC Retail Sales Monitor Y/Y Oct 0.10% 0.60% -0.20% 03:30 AUD RBA Rate Decision 1.50% 1.50% 1.50% 07:00 EUR German Factory Orders M/M Sep 0.30% -0.40% 2.00% 2.50% 08:45 EUR Italy Services PMI Oct 49.2 52.1 53.3 08:50 EUR France Services PMI Oct F 55.3 55.6 55.6 08:55 EUR Germany Services PMI Oct F 54.7 53.6 53.6 09:00 EUR Eurozone Services PMI Oct F 53.7 53.3 53.3 10:00 EUR Eurozone PPI M/M Sep 0.50% 0.30% 0.30% 0.40% 10:00 EUR Eurozone PPI Y/Y Sep 4.50% 4.20% 4.20% 4.30% 13:30 CAD Building Permits M/M Sep 0.40% 0.30% 0.40%

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