Action Insight Mid-Day Report 8-8-19

Sterling Under Pressure as Johnson Might Delay General Election after Brexit Date

Action Insight Mid-Day Report 8-8-19 Sterling Under Pressure as Johnson Might Delay General Election after Brexit Date Sterling is back under pressure again in early US session and is trading as the weakest for today. Prime Minister Boris Johnson urged MPs to keep the promise to people an deliver Brexit on October 31. At the same time Financial Times reported that Johnson, if loses a confidence vote in the parliament, would delay general election after Brexit date. Staying in the currency markets, Australian and New Zealand Dollar recover generally after Chinese data stabilizes market sentiments. Swiss Franc is following Sterling as second weakest, then Dollar. Technically, EUR/GBP's rally extends after brief consolidation and is on track to 0.9305 key resistance. GBP/USD and GBP/JPY will be the focus in US session. GBP/USD is eyeing 1.2079 again while GBP/JPY is heading back to 128.11 temporary low. Break of these level will solidify selling momentum in the Pound for further broad-based declines. In Europe, currently, FTSE is up 0.62%. DAX is up 0.88%. CAC is up 1.42%. German 10-year yield is up 0.0404 at -0.542. Earlier in Asia, Nikkei rose 0.37%. Hong Kong HSI rose 0.48%. China Shanghai SSE rose 0.93%. Singapore Strait Times dropped -0.49%. Japan 10-year JGB yield rose 0.005 to -0.191. Full Report Here US initial jobless claims dropped -8k to 209k ECB: Growth softens on weak global trade and prolonged uncertainties Bank of Franc MIBA suggests 0.3% GDP growth in Q3 China exports rose 3.3% in July, imports dropped -5.6%, better than... RBNZ Hawkesby: Next rate move depends on global environment Chance of no-deal Brexit jumped to 35% according latest Reuters poll Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol US Crude Oil Inventory Gained for First Time since Mid- June RBNZ Cut Policy Rate by -50 bps, Hinting Negative Interest Rate US’ Designation of China as Currency Manipulator Makes it Harder to... Central Bank Views | China Watch | Oil N' Gold | Special Topics GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.2112; (P) 1.2152; (R1) 1.2182; More... GBP/USD weakens in early US session but stays above 1.2079 temporary low. Intraday bias remains neutral first. In case of stronger recovery, upside should be limited by 1.2382 support turned resistance to bring fall resumption. On the downside, break of 1.2079 will target 1.1946 low. Break will target 100% projection of 1.4376 to 1.2391 from 1.3381 at 1.1396. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings USD/CAD Hits Key Resistance ahead of Canadian Jobs Data US Open – Market Conditions Steady after Chinese Trade Data, Italian Elections, Oil Stabilizes and Gold Drops EURGBP Could Soften In Short-Term Canadian Employment To Rebound In July, But Might Not Halt Loonie’s Slide Silence Is Bliss As Markets Pare Losses Oil Picks Up From 7 Month Low Yuan Fixing Game & Saudi Oil Cut The Major Focus China Export Rise Helps Markets Stabilize, Yen Holds Near Highs USDJPY Bears Blocked Around 105.50   Fundamental Analysis | Technical Analysis In-depth Reports US-China Trade: Three Trade War Scenarios – 'No Deal' Now Our Baseline RBNZ Cut Policy Rate by -50 bps, Hinting Negative Interest Rate US' Designation of China as Currency Manipulator Makes it Harder to Reach Trade Deal FX Strategy: USD/CNY Breaks 7 But Devaluation is Not On the Cards Brexit Monitor: There is Always a But Brexit Update - New PM, Old Challenge Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 23:01 GBP RICS House Price Balance Jul -9.00% -1.00% -1.00% 23:50 JPY Housing Loans Y/Y Q2 2.30% 2.40% 2.40% 23:50 JPY Current Account (JPY) Jun 1.94T 1.76T 1.31T 03:05 CNY Trade Balance (CNY) Jul 310.26b 309.51b 345.18b 03:05 CNY Imports Y/Y (CNY) Jul 0.40% -3.30% -0.40% 03:05 CNY Exports Y/Y (CNY) Jul 10.30% 10.60% 6.10% 03:05 CNY Trade Balance (USD) Jul $45.06b $44.23b $50.98b 03:05 CNY Imports (USD) Y/Y Jul -5.60% -8.80% -7.30% 03:05 CNY Exports (USD) Y/Y Jul 3.30% -0.20% -1.30% 08:00 EUR ECB Economic Bulletin 12:30 CAD New Housing Price Index M/M Jun -0.10% 0.00% -0.10% 12:30 USD Initial Jobless Claims (AUG 3) 209K 217K 215K 217K 14:00 USD Wholesale Inventories M/M (JUN F) 0.20% 0.20% 14:30 USD Natural Gas Storage 65B

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