Action Insight Daily Report 10-9-19

Sterling Stays Weak on Brexit, Investors Uneased by US-China Tensions

Action Insight Daily Report 10-9-19 Sterling Stays Weak on Brexit, Investors Uneased by US-China Tensions The forex markets are rather steady in tight range in Asian session today. Over the week, Sterling is the weakest as Prime Minister Boris Johnson's Brexit proposal appeared to be unwelcome by EU. And he's facing fresh rebellions from his cabinet. Investors are a bit uneasy as political tensions between US and China heat up ahead of this week's trade talks. US stock markets are broadly pressured overnight, carrying through to Asia. Though, there is no committed buying in Yen, nor Swiss Franc on risk aversion yet. Technically, near term bearishness in the Pound is building up as GBP/USD is heading towards 1.1958 support. GBP/JPY is also targeting 126.54 low. EUR/USD's recovery from 1.0879 appears to be completed at 1.1000 and further fall is likely to retest 1.0879. EUR/JPY is also a pair to watch as break of 117.07 would extend the fall from 120.01 to retest 115.86 low. Developments in EUR/USD and EUR/JPY could be indications on overall direction in Euro. In Asia, Nikkei dropped -0.61%. Hong Kong HSI is down -0.64%. China Shanghai SSE is up 0.21%. Singapore Strait Times is down -0.69%. Japan 10-year JGB is down -0.0072 to -0.208. Overnight, DOW dropped -1.19%. S&P 500 dropped -1.56%. NASDAQ dropped -1.67%. 10-year yield dropped -0.004 to -2.041. Full Report Here US-China political tensions heat up ahead of trade talks UK Johnson facing resignation warnings from ministers over no-deal Brexit Fed Powell: US economic expansion feels very sustainable Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol Brexit Update – Johnson's Deal Appears Unattractive to EU Members Taiwan's Economy Benefits from US-China Trade War Dollar Ended Lower on Recession Fear and Fed Cut Bets, Awaits... Central Bank Views | China Watch | Oil N' Gold | Special Topics GBP/JPY Daily Outlook Daily Pivots: (S1) 130.15; (P) 131.14; (R1) 131.83; More... Intraday bias in GBP/JPY remains on the downside at this point. Corrective rebound from 126.54 should have completed. Deeper fall should be seen to retest this low. On the upside, break of 132.24 minor resistance will turn intraday bias back to the upside for 135.74 resistance instead. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Australia: Consumer Sentiment Drops to Four Year Low Aussie Gains Despite Weak Confidence Data EUR/USD Could Decline While USD/JPY Likely To Gain Gold Price Holding Key Support Ahead Of FOMC Minutes Asia Morning: Early Departure Dims Trade Hopes One Day Out As Trade Talks Between US And China Diminish, Yuan Sells Off CAD/JPY Hit As Stocks And Crude Prices Drop Fundamental Analysis | Technical Analysis In-depth Reports Brexit Update - Johnson's Deal Appears Unattractive to EU Members Taiwan's Economy Benefits from US-China Trade War Concerns over Capital Outflow in Hong Kong Exaggerated US-China Trade: 60% Probability of Interim Deal Next Week Political Pressure, Trade Policy and Potential Market Effect What To Expect From Central Banks In The Next Global Downturn Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 0:30 AUD Westpac Consumer Confidence Oct -5.50% -1.70% 6:00 JPY Machine Tool Orders Y/Y Sep P -35.5% -37.10% -37.0% 14:00 USD JOLTS Job Openings Aug 7.35M 7.22M 14:00 USD Wholesale Inventories Aug F 0.40% 0.40% 14:30 USD Crude Oil Inventories 3.1M 18:00 USD FOMC Minutes

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