Action Insight Mid-Day Report 10-17-19

Sterling's Brexit Optimism Knocked Down by DUP Rejection, Dollar Drops on More Data Misses

Action Insight Mid-Day Report 10-17-19 Sterling's Brexit Optimism Knocked Down by DUP Rejection, Dollar Drops on More Data Misses Sterling is having a roller-coaster ride today. It's firstly boosted by news that EU and UK has finally agreed to a new Brexit deal. However, the Pound was then quickly knocked down as Northern Ireland's DUP expressed rejection to it. It seems Brexit drama is not going to end that easily. Sterling is indeed the weakest for today so far. Dollar follows as the second weakest after another string of weaker than expected data. On the other hand, Australian Dollar rides on better than expected job data and is trading as the strongest. Technically, at this point, further rise is expected in Sterling as long as 1.2655 minor support in GBP/USD, 137.51 minor support in GBP/JPY and 0.8716 minor resistance in EUR/GBP hold. EUR/USD's break of 1.1109 resistance is now taken as an early sign of medium term bullish reversal. Further rally is expected towards 1.1412 resistance. USD/CAD's decline from 1.3347 resumes by taking out 1.3171 and should target 1.3133 support next. AUD/USD resumes the rebound from 0.6677, but we'd still expect upside to be limited by 0.6894 resistance to bring larger down trend resumption. In other markets, currently DOW is up 0.15%. In Europe, FTSE is up 0.76%. DAX is up 0.31%. CAC is flat. German 10-year yield is down -0.0013 at -0.384. Earlier in Asia, Nikkei dropped -0.09%. Hong Kong HSI rose 0.69%. China Shanghai SSE dropped -0.05%. Singapore Strait Times dropped -0.27%. Japan 10-year JGB yield rose 0.0043 to -0.155. Full Report Here DUP said it won't support Johnson's new Brexit deal Philly Fed survey dropped to 5.6, price pressure moderated US initial jobless claims rose to 214k, above expectation of 212k China MOFCOM: Final goal of trade talks is to end trade... Sterling rises as Brexit deal finally clinched in Brussels Australia NAB business confidence dropped to -2, conditions improved to 1 Australia unemployment rate dropped to 5.2%, Aussie lifted mildly Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol Brexit Update – Hurdle is Still High in the Parliament Strong Inflation Could Affect PBOC's Policy to Stimulate Growth; Trade Data... RBA Minutes – Sending Dovish Message by Rebuking Arguments in Favor... Central Bank Views | China Watch | Oil N' Gold | Special Topics GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.2701; (P) 1.2786; (R1) 1.2913; More.... GBP/USD spiked higher to 1.2989 earlier today but quickly retreated. Nevertheless, as long as 1.2655 minor support holds, intraday bias remains on the upside. Current rise from 1.1958 should target 161.8% projection of 1.1958 to 1.2582 from 1.2195 at 1.3205 next. On the downside, below 1.2516 minor support will turn intraday bias neutral again. But retreat should be contained well above 1.2195 support for another rally. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Gold: What Does Brexit Deal Mean for the Metal? Brexit Deal Rally Seems Short-Lived, Earnings, Oil, Gold, Bitcoin Markets Rejoice! Brexit Deal Now Faces the Fire Brexit – It's A Deal! USD/JPY Keeps Positive Tone, Eyes 109.00-109.50 Pivot Area GBP/USD Outlook: Brexit Deal Has Been Reached But Story Still Needs To Be Completed GBP/USD Headed For 1.30 After UK, EU Reach Brexit Deal FX Market Wait, AUD Gains Support What's A Brexit Deal Worth? Dollar Pessimism Is Back Fundamental Analysis | Technical Analysis In-depth Reports Who Is Most Exposed to a Global Manufacturing Slowdown? QE or Not QE? That Is Not the Question Strong Inflation Could Affect PBOC's Policy to Stimulate Growth; Trade Data Suggests China Continues to Suffer from Trade War RBA Minutes Make Strong Case for Lower Rates but Timing Still Likely to be February for the Next Cut RBA Minutes - Sending Dovish Message by Rebuking Arguments in Favor of Keeping Rates Unchanged US-China Trade: 'Phase 1' Trade-Deal Not a Game-Changer for the Global Economy 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 00:30 AUD NAB Business Confidence Q/Q Q3 -2 6 5 00:30 AUD Employment Change Sep 14.7K 10.0K 34.7K 37.9K 00:30 AUD Unemployment Rate Sep 5.20% 5.30% 5.30% 06:00 CHF Trade Balance (CHF) Sep 4.02B 2.47B 1.59B 1.72B 08:30 GBP Retail Sales M/M Sep 0.00% 0.50% -0.20% -0.30% 08:30 GBP Retail Sales Y/Y Sep 3.10% 3.00% 2.70% 2.60% 08:30 GBP Retail Sales ex-Fuel M/M Sep 0.20% -0.30% -0.30% 08:30 GBP Retail Sales ex-Fuel Y/Y Sep 3.00% 2.60% 2.20% 12:30 USD Philadelphia Fed Manufacturing Survey Oct 5.6 7.1 12 12:30 USD Building Permits Sep 1.39M 1.34M 1.43M 12:30 USD Housing Starts Sep 1.26M 1.32M 1.36M 1.39M 12:30 USD Initial Jobless Claims (Oct 11) 214K 212K 210K 12:30 CAD Manufacturing Shipments M/M Aug 0.80% 0.00% -1.30% 12:30 CAD ADP Employment Change Sep 28.2K 56.5K 49.3K 109.9K 13:15 USD Industrial Production M/M Sep -0.40% -0.10% 0.60% 0.80% 13:15 USD Capacity Utilization Sep 77.50% 77.80% 77.90% 14:30 USD Natural Gas Storage 100B 98B 15:00 USD Crude Oil Inventories 2.7M 2.9M

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