Action Insight Mid-Day Report 8-27-19

Sterling Jumps as UK Oppositions Seek Brexit Delay, Swiss Franc Weakens

Action Insight Mid-Day Report 8-27-19 Sterling Jumps as UK Oppositions Seek Brexit Delay, Swiss Franc Weakens Sterling rises broadly today as UK opposition lawmakers are moving to seek Brexit delay. Swiss Franc weakens broadly at the same time, partly due to the same reason. The forex markets are otherwise mixed, staying in tight range as consolidations continue. Yen is having a slight upper hand with Canadian Dollar. But the picture can easily change. Technically, GBP/USD resumes recent rebound from 1.2014 and further rise should be seen to 55 day EMA (now at 1.2372). EUR/GBP extends corrective fall from 0.9324. But it's now inside important near term support zone 0.8891/9051, which we expect strong support there. GBP/JPY is eyeing 130.69 minor resistance and break will extend recent corrective recovery from 126.54. In US, DOW opens higher again and is currently up 100 pts. In Europe, FTSE is up 0.05%. DAX is up 0.95%. CAC is up 0.72%. German 10-year yield is down -0.012 at -0.676. Earlier in Asia, Nikkei rose 0.96%. Hong Kong HSI dropped -0.06%. China Shanghai SSE rose 1.35%. Singapore Strait Times rose 0.07%. Japan 10-year JGB yield rose 0.0084 to -0.266. Full Report Here ECB de Guindos: Market expectations cannot replace policy judgement Sterling jumps as UK lawmakers agreed to seek Brexit delay by... German Q2 GDP finalized at -0.1% qoq, slowed by foreign trade Italy coalition talk on verge of failure EU Juncker and UK Johnson to hold call on Brexit today RBNZ Orr: Global investment on hold for political uncertainty in many,... ECB Kazimir: Credible policy action needs broad unity and agreement RBA Debelle: Exchange rate plays important role of external shock absorber Japan Aso to watch current market move with sense of urgency Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol China Cuts Banks' Lending Rates as Trade War Escalates CFTC Commitments of Traders – USD's Outlook Clouded by Trade War... CFTC Commitments of Traders – Crude Oil Price to Fall Again... Central Bank Views | China Watch | Oil N' Gold | Special Topics GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.2189; (P) 1.2237; (R1) 1.2267; More.... GBP/USD's corrective recovery from 1.2014 extends to as high as 1.2309 so far. Further rise is expected as long as 1.2208 minor support holds, to 55 day EMA (now at 1.2370) and above. But upside should be limited by 38.2% retracement of 1.3381 to 1.2014 at 1.2536. On the downside, break of 1.2208 minor support will turn bias back to the downside for 1.2014 and then 1.1946 low. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Copper Futures Stretch To New 2-Year Lows, Bears To Keep Pressure US Open – Oil, Iran, China, Germany, Gold, & Bitcoin Investors In A State Of Confusion GBPUSD Deflected By 23.6% Fibonacci For A Continued Bear Move Risk Sentiment Fragile Despite 'Calm' Trade Rhetoric USD Strengthens On Easing Of Trade Tensions German GDP Contracted | Trump May Be Misleading | Gold Up Nearly 20% YTD EURGBP Downside Correction Finds A Base On Ascending Trendline Fundamental Analysis | Technical Analysis In-depth Reports Can Monetary and Fiscal Stimulus Save the Global Economy from Trump's Trade War? Trade War, Not Protests, is Key Reason For Slowdown. USDHKD Peg Not at Risk RBA: 50bps in Cuts Look Assured But Global Factors May Require More Stimulus Will German Fiscal Stimulus Be Too Little, Too Late? Fed Minutes Highlight Lingering Downside Risks and Uncertainties Reserve Bank Board Highlights Global Risks for Policy ECB: Mitigating Side Effects – Gauging the Tiering Premium The Yield Curve: Is Recession Coming? Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 23:50 JPY Corporate Service Price Y/Y Jul 0.50% 0.60% 0.70% 06:00 EUR German GDP Q/Q Q2 F -0.10% -0.10% -0.10% 08:30 GBP BBA Mortgage Approvals Jul 43342 42854 42653 42775 13:00 USD House Price Index M/M Jun 0.20% 0.20% 0.10% 0.20% 13:00 USD S&P/Case-Shiller Composite-20 Y/Y Jun 2.10% 2.40% 2.40% 14:00 USD Consumer Confidence Index Aug 129 135.7

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