Action Insight Mid-Day Report 9-3-19

Sterling Stays Pressured on Brexit, Canadian Dollar Pressured Too

Action Insight Mid-Day Report 9-3-19 Sterling Stays Pressured on Brexit, Canadian Dollar Pressured Too Sterling and UK treasury are the major focuses today as all eyes are on Brexit again. UK Prime Minister Boris Johnson has indicated that he will call an election on October if the MP's bill to seize control of the Commons timetable to force Brexit delay is passed. The Pound initially dived as 10-year gilt yield hit record low at 0.341%. While Sterling then recovered, there is no sign of bottoming and further fall is expected. Though, staying in the currency markets, Canadian Dollar is the weakest one, followed by Sterling and then Euro. Australian Dollar is the strongest, followed by Yen and Swiss Franc. Technically, GBP/USD is trying to draw support from 1.1946 (2016 low) but in any case, break of 1.2309 resistance is needed to confirm bottoming. Otherwise, further fall is still expected to 1.1834 near term projection level. GBP/JPY is now pressing 126.54 support and break will confirm down trend resumption for 122.75 (2016 low). Such development will further affirm underlying weakness in the Pound. In other markets, currently, FTSE is down -0.24%. DAX is down -0.34%. CAC is down -0.49%. German 10-year JGB yield is down -0.014 at -0.714. Earlier in Asia, Nikkei rose 0.02%. Hong Kong HSI dropped -0.39%. China Shanghai SSE rose 0.21%. Singapore Strait Times rose 0.25%. Japan 10-year JGB yield dropped -0.0121 to -0.275. Full Report Here UK Johnson: Election have to conclude before Oct EU summit Italy 5-Star/PD coalition calls for flexibility on excessive rigidity of EU... Eurozone PPI rose 0.2% mom, 0.2% yoy in July UK Farage: Johnson is just reheating May's Brexit agreement UK PMI construction dropped to 45.0, sector braced for a protracted... UK Hammond: We will have the numbers UK lawmakers to block no-deal Brexit, Johnson might call elections RBA stands pat, Aussie pares losses as there is no further... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol RBA Left Rate Unchanged, More Flexible on Future Policy Decision 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 Mid-Day Outlook Daily Pivots: (S1) 1.2009; (P) 1.2092; (R1) 1.2148; More.... Intraday bias in GBP/USD remains on the downside for further decline. We'd remain cautious on bottoming at 1.1946 low. On the upside, above 1.2137 minor resistance will turn intraday bias neutral first. But break of 1.2309 resistance needed to confirm short term bottoming. Otherwise, outlook will remain bearish for further decline. On the downside, decisive break of 1.1946 will target 61.8% projection of 1.2783 to 1.2014 from 1.2309 at 1.1834. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings US Open – Trade Tariffs Begin, Brexit Drama, Oil Sinks On Demand Woes, Gold And Bitcoin Rise Cable Probes 1.20 Hurdle Amid Elevated Brexit Uncertainty Bank Of Canada Seen Holding Rates After Robust GDP Growth EURGBP Climbs Above 200-SMA, 100-SMA Applies The Brakes AUD/USD Outlook: Aussie Rises After Unchanged RBA, Mixed Data Sterling Crashes As UK's Johnson Tries To Thwart Bid To Stop No-Deal Brexit RBA Hold Rates, AUD Sticks To Its Lows Ahead Of GDP Pound Drops, As Political Crisis In The UK Deepens GBPUSD Bearish Signals Strengthen Within Descending Channel Fundamental Analysis | Technical Analysis In-depth Reports RBA Left Rate Unchanged, More Flexible on Future Policy Decision RBA Board Leaves Rates on Hold; Slightly More Downbeat; October the Likely Next Step Japan's Consumption Tax Hike Unlikely to Help Inflation Much China Cuts Banks' Lending Rates as Trade War Escalates 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 0.00% -0.10% -0.50% 6:30 CHF CPI Y/Y Aug 0.30% 0.30% 0.30% 8:30 GBP Construction PMI Aug 45 46.7 45.3 9:00 EUR Eurozone PPI M/M Jul 0.20% 0.20% -0.60% 9:00 EUR Eurozone PPI Y/Y Jul 0.20% 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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