Action Insight Weekly Report 7-20-19

Sterling Might Bottom While Euro Would Stay Pressured, Dollar Indecisive

Action Insight Weekly Report 7-20-19 Sterling Might Bottom While Euro Would Stay Pressured, Dollar Indecisive Sterling, Dollar and Euro were the major focuses last week as they took turn in suffering selloffs. The Pound was pressured by increasing worries over no-deal Brexit. While it ended the week as the weakest one, late recovery argues that the worst could be past for Sterling for the near term. Similarly, Dollar ignored solid economic data and declined on Fed cut expectations. But then, there was no follow through selling towards the end of the week. Late fall in Euro, on the other hand, suggested that more downside is in favor in the common currency for this week. In other markets, US stocks seemed to have topped out in near term with DOW, S&P 500 and NASDAQ pulling back from historical highs. FTSE and CAC stayed in familiar range while DAX gyrated slightly lower. Nikkei ended slightly lower after a roller coaster ride. Gold broke out of range to high as high 1452.94 but pulled back into range at close. WTI crude oil's pull back from 60.93 was deeper than expected and looks heading back to 50 handle. Full Report Here Central Bank Views | China Watch | Oil N' Gold | Special Topics EUR/GBP Weekly Outlook EUR/GBP edged higher to 0.9051 last week but retreated sharply since then. Initial bias remains neutral this week first. With 0.8954 minor support intact, further rise cannot be ruled out. But upside momentum is clearly diminishing as seen in 4 hour and daily MACD. Upside should be limited by 0.9101 key resistance to bring reversal. On the downside, break of 0.8954 support should confirm short term topping. In this case, deeper pull back could be seen to 55 day EMA (now at 0.8882) first. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Slow Growth, Low Inflation: What's the ECB to Do? Weekly Economic and Financial Commentary: Is a 50 Bps Cut Really in the Cards? The Weekly Bottom Line: Resilient Consumer Unlikely To Change Fed's Mind Dollar Mixed and Stocks Fall as Markets Brace for More Global Easing Week Ahead: UK's New PM, ECB and US GDP Weekly COT Report: USD Long Exposure Drops To A 3-Month Low What's Next for Sterling as Britain Flirts with a No-Deal Brexit? Forward Guidance: US GDP Won't Explain Fed's Dovishness Week ahead – ECB Edges Closer To More Stimulus, US Reports Q2 GDP, UK To Get New PM Fundamental Analysis | Technical Analysis In-depth Reports Slow Growth, Low Inflation: What's the ECB to Do? What's Next for Sterling as Britain Flirts with a No-Deal Brexit? Chinese Economy Weakest in Almost Three Decades. Growth Could Fall Below 6% by Year-End. China's Strong Trade Surplus Driven by Contraction in Imports. Strong Inflation Unlikely Restrains Further Easing

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