Action Insight Mid-Day Report 9-24-19

Sterling Surges of UK Supreme Court Ruling, Aussie Lifted by RBA Lowe

Action Insight Mid-Day Report 9-24-19 Sterling Surges of UK Supreme Court Ruling, Aussie Lifted by RBA Lowe Sterling rises broadly today as MPs are expected to back to work on blocking no-deal Brexit after Supreme Court ruling. Meanwhile, Australian Dollar is lifted by RBA Governor's refrain from signaling an imminent rate cut next week. New Zealand Dollar follows higher too. On the other hand, Yen and Dollar turn softer today. Euro is mixed, unmoved by slight improvement in German business confidence. Technically, Sterling's recovery, while notably, doesn't push it through this week's range against Dollar, Euro and Yen. Intraday bias in GBP/USD and GBP/JPY will stay neutral as long as 1.2582 and 135.74 temporary tops hold, respectively. Intraday bias in EUR/GBP also stays neutral as long as 0.8687 temporary low holds. Other major forex pairs and crosses are staying in consolidations in general. In Europe, FTSE is down -0.44%. DAX is flat. CAC is up 0.18%. German 10-year yield is up 0.002 at -0.576. Earlier in Asia, Nikkei rose 0.09%. Hong Kong HSI rose 0.22%. China Shanghai SSE rose 0.28%. Singapore Strait Times rose 0.39%. Japan 10-year JGB yield dropped -0.0209 to -0.239. Full Report Here Aussie recovers as RBA Lowe refrains from signaling imminent rate cut Bank of Spain slashes 2019 growth forecasts to 2% on weak... Sterling rebounds as UK Supreme Court rules Johnson's parliament suspension unlawful German Ifo recovered to 94.6, downturn taking a breather BoJ Kuroda: Need to be increasingly vigilant to global slowdown Japan PMI manufacturing dropped to 48.9, strong external headwinds Japan still aiming for a US trade deal by the end... US Mnuchin to meet Chinese Liu on trade in two weeks. Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol Yen Jumps as Trade Optimism Waned Suddenly after China Canceled Farm... BOE Stays Put But Warns of the Market Volatility in Case... SNB Raises Exemption Threshold for Negative Rate; CHF Rises on No... Central Bank Views | China Watch | Oil N' Gold | Special Topics GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.2401; (P) 1.2446; (R1) 1.2479; More.... GBP/USD drew support from 4 hour 55 EMA and recovered. But upside is limited below 1.2582 temporary top. Intraday bias remains neutral first. On the upside, break of 1.2582 and sustained break of 38.2% retracement of 1.3381 to 1.1958 at 1.2502 will pave the way to 61.8% retracement at 1.2837. However, break of 1.2283 will suggest that rebound from 1.1958 has completed. Intraday bias will be turned back to the downside or retesting 1.1958 low. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Supreme Court Rules Against Boris Pound Spikes As Supreme Court Rules PM's Proroguing Unlawful JP225 Index Bounces On 50% Fibonacci, Bias Has Yet To Shift Positive GBPUSD Fails To Conquer Swing High, Reverses Back Below 100-SMA RBNZ Interest Rate Decision Supreme Court's Ruling & Brexit Silver Reverses Up From 200-SMA, Bears Try To Stop The Gains EURGBP Bearish Bias Remains In Place After Touching 4-Month Lows Gold Spot The Bias Remains Bullish Fundamental Analysis | Technical Analysis In-depth Reports Fed Cuts Rates 25 Bps. Is Further Easing On The Way? FOMC Cut Rate by -25 bps. Third Cut Still Possible Despite Sounding Less Dovish Moody's and Fitch's Downgrade Hong Kong on Concerns about Closer Link with China A US-Iran War Would Trigger A Global Recession RBA Minutes Repeat Key Themes - Case for an October Cut Still Intact Oil 'Supply Shock' in Context Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 00:30 JPY Manufacturing PMI Sep 48.9 49.5 49.3 05:00 JPY Leading Index Jul 93.7 93.6 93.6 08:00 EUR German Ifo Business Climate Sep 94.6 94.5 94.3 08:00 EUR German Ifo Expectations Sep 90.8 91.9 91.3 08:00 EUR German Ifo Current Assessment Sep 98.5 97 97.3 08:30 GBP Public Sector Net Borrowing (GBP) Aug 5.8B 6.7B -2.0B 13:00 USD House Price Index M/M Jul 0.40% 0.30% 0.20% 13:00 USD S&P/CS HPI Composite - 20 Y/Y Jul 2.00% 2.20% 2.10% 2.20% 14:00 USD CB Consumer Confidence Sep 133.8 135.1

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