Action Insight Mid-Day Report 3-12-19

Sterling Reverses as Brexit Turns Back into a Mess after Legal Setback

Action Insight Mid-Day Report 3-12-19 Sterling Reverses as Brexit Turns Back into a Mess after Legal Setback Sterling reverses and dives sharply as Brexit turns into a mess again. The new assurances UK Prime Minister Theresa May got from EU provided some nervous hope earlier today. But legal advice from Attorney General Geoffrey Cox killed the chance of getting the Brexit deal through the meaningful vote today. Basically, the updated deal just reduces risks of being tied in the Irish backstop forever. But such risk is not eliminated. Pound is now trading as the weakest one for today, despite strong January GDP data. Canadian Dollar follows as the second weakest. Dollar got not support from CPI inflation data, which slowed in February. The greenback is the third weakest. On the other hand, New Zealand Dollar is the weakest one, followed by Euro, and then Swiss Franc. In other markets, FTSE is currently up 0.19%. CAC is down -0.14%. DAX is down -0.19%. German 10-year bund yield is up 0.002 at 0.063. Earlier in Asia, Nikkei rose 1.79%. China Shanghai SSE rose 1.10%. Hong Kong HSI rose 1.46%. Singapore Strait Times rose 0.65%. Japan 10-year JGB yield rose 0.003 to -0.032. Just released, US headline CPI slowed to 1.5% yoy in February, down from 1.6% yoy and missed expectation of 1.6% yoy. Core CPI also slowed to 2.1% yoy, down from 2.2% yoy and missed expectation of 2.2%. yoy. Full Report Here US CPI slowed to 1.5% in Feb, core CPI dropped to... Attorney General Cox said risk of indefinite Irish backstop reduced, not... UK GDP grew 0.5% mom in Jan, productions beat expectations Irish PM Varadkar: The Brexit instrument agreed put assurances on a... BoJ Amamiya: No debate on exit until price target in sight Australia business conditions and confidence dropped, home loans contracted further EU Juncker: No third chance, no further interpretations or assurance, this... Sterling jumps as May got legally binding changes to Brexit deal Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol CFTC Commitments of Traders – Traders Increased Bet for Rising...   CFTC Commitments of Trades – Traders Trimmed Bets on USD amidst... Sentiments Turned Sour on Slowdown Worries, But No Panic Button Hit... Central Bank Views | China Watch | Oil N' Gold | Special Topics GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.3016; (P) 1.3094; (R1) 1.3227; More.... GBP/USD failed to break through 1.3350 resistance despite today's strong rebound. Intraday bias is turned neutral with subsequent steep retreat. On the upside, Break of 1.3350 will resume the rebound from 1.2391 low to 61.8% retracement of 1.4376 to 1.2391 at 1.3618 next. On the downside, again, sustained break of trend line support will argue that rebound from 1.2391 has completed earlier than expected at 1.3350. Deeper fall would then be seen to 1.2773 support for confirmation. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings WTI Oil Futures in Bullish Action But Confined to Narrow Range Brexit: Legally Binding Changes Enough To Pass Meaningful Vote? Brexit Optimism Spikes Sterling Dollar Playing Second Fiddle To Brexit New Brexit Vote: Second Referendum Or No-Deal Pound Rallies As New Brexit Deal Arises Pound May Re-Visit Referendum Era's Price Swing GBPUSD Quickly Erases Earlier Gains, Bullish In Short Term EURUSD Recovers Some Ground, Holds In Negative Sideways Channel Pound Extends Rally On Revised Brexit Deal But Parliament Backing Unclear Fundamental Analysis | Technical Analysis In-depth Reports ECB: When Doves Fly ECB Review: A Postcard from Japan As a Trade Deal Moves Closer, is China at Risk of Overstimulating its Economy? Window Closes On Further Bank Of Japan Policy Action Two Thine Own Inflation Target Be True? Fed Policy Review Part 1 Canadian 'Solo' Recession Risk: Rhetoric vs Reality Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 23:50 JPY BSI Large Manufacturing Q/Q Q1 -7.3 4.8 5.5 00:30 AUD NAB Business Conditions Feb 4 5 7 00:30 AUD NAB Business Confidence Feb 2 3 4 00:30 AUD Home Loans M/M Jan -2.60% -2.00% -8.20% 09:30 GBP GDP M/M Jan 0.50% 0.20% -0.40% 09:30 GBP Index of Services 3M/3M Jan 0.50% 0.50% 0.40% 09:30 GBP Visible Trade Balance (GBP) Jan -13.1B -12.11B -12.10B 09:30 GBP Industrial Production M/M Jan 0.60% 0.20% -0.50% 09:30 GBP Industrial Production Y/Y Jan -0.90% -1.30% -0.90% 09:30 GBP Manufacturing Production M/M Jan 0.80% 0.20% -0.70% 09:30 GBP Manufacturing Production Y/Y Jan -1.10% -1.90% -2.10% 09:30 GBP Construction Output M/M Jan 2.80% 0.80% -2.80% 12:30 USD CPI M/M Feb 0.20% 0.20% 0.00% 12:30 USD CPI Y/Y Feb 1.50% 1.60% 1.60% 12:30 USD CPI Core M/M Feb 0.10% 0.20% 0.20% 12:30 USD CPI Core Y/Y Feb 2.10% 2.20% 2.20%

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