Action Insight Daily Report 9-3-19

Sterling Selloff Continues on UK Politics, GBP/USD Breaks 1.2

Action Insight Daily Report 9-3-19 Sterling Selloff Continues on UK Politics, GBP/USD Breaks 1.2 Sterling's selloff continues today as UK is entering into two crucial days regarding Brexit, and general election cold be called. Euro also follows as the second weakest on ECB easing expectations. On the other hand, Dollar is the strongest one as markets are awaiting more news on US-China trade war, which seems not to be escalating further. Australian Dollar reversed earlier gains after RBA stands pat. Technically, GBP/USD's break of 1.2014 indicates decline resumption for 1.1946 (2016 low). We'd remain cautious on support from there to bring rebound. But sustained break will resume long term down trend too. 0.9157 minor resistance in EUR/GBP and 126.54 support GBP/JPY would be watched to confirm broad based selling in the Pound. In Asia, Nikkei is up 0.11%. Hong Kong HSI is down -0.21%. China Shanghai SSE is down -0.18%. Singapore Strait Times is up 0.12%. Japan 10-year JGB yield is down -0.0047 at -0.268. Full Report Here UK lawmakers to block no-deal Brexit, Johnson might call elections RBA stands pat, Aussie pares losses as there is no further... China launched WTO complaint against US tariffs Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol RBA Preview – Staying Put before Further Easing CFTC Commitments of Traders – Long Bets Increased for Safe Haven... CFTC Commitments of Traders – Bets for Higher Crude Oil Prices... Central Bank Views | China Watch | Oil N' Gold | Special Topics GBP/USD Daily Outlook Daily Pivots: (S1) 1.2009; (P) 1.2092; (R1) 1.2148; More.... GBP/USD's decline continues today and break of 1.2014 indicate larger decline resumption. Intraday bias stays on the downside for 1.1946 low. We'd be cautious on bottoming there. But decisive break will target 61.8% projection of 1.2783 to 1.2014 from 1.2309 at 1.1834. On the upside, break of 1.2309 resistance is needed to confirm short term bottoming. Otherwise, outlook will remain bearish in case of recovery. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Gold/Silver Ratio Squares Up To Key Support Why The DXY Break Is Different This Time GBP/USD Restarts Downtrend, 1.2000 Support At Risk Boris Johnson To Drain The Brexit Swamp Pound Gets Set For Bigger Drop Gold Correction Likely Fundamental Analysis | Technical Analysis In-depth Reports Japan's Consumption Tax Hike Unlikely to Help Inflation Much Brexit Monitor: More Complicated, Not Impossible, To Block No-Deal Brexit China Cuts Banks' Lending Rates as Trade War Escalates Italy: Salvini May Have Thrown a Boomerang 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 Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 23:01 GBP BRC Retail Sales Monitor Y/Y Aug -0.50% 0.10% 23:50 JPY Monetary Base Y/Y Aug 2.80% 2.90% 3.70% 1:30 AUD Current Account Balance (AUD) Q2 5.9B 1.5B -2.9B -1.1B 1:30 AUD Retail Sales M/M Jul -0.10% 0.20% 0.40% 4:30 AUD RBA Rate Decision 1.00% 1.00% 1.00% 6:30 CHF CPI M/M Aug -0.10% -0.50% 6:30 CHF CPI Y/Y Aug 0.30% 0.30% 8:30 GBP Construction PMI Aug 46.7 45.3 9:00 EUR Eurozone PPI M/M Jul 0.20% -0.60% 9:00 EUR Eurozone PPI Y/Y Jul 0.20% 0.70% 13:30 CAD RBC Manufacturing PMI Aug 50.2 13:45 USD Manufacturing PMI Aug F 50 49.9 14:00 USD ISM Manufacturing Aug 51.3 51.2 14:00 USD ISM Prices Paid Aug 47.6 45.1 14:00 USD ISM Employment Aug 51.7 14:00 USD Construction Spending M/M Jul 0.30% -1.30%

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