Action Insight Mid-Day Report 10-18-19

Markets Shrug Poor China GDP, Aussie and Kiwi Firm

Action Insight Mid-Day Report 10-18-19 Sterling Consolidates ahead of Crucial Brexit Votes, Dollar Soft Sterling remains steady today as traders are all holding their bets ahead of tomorrow's crucial vote on the new Brexit withdrawal agreement. Canadian Dollar follows as second weakest as oil price recovery cannot gather momentum. On the other hand, New Zealand and Australian Dollars firm up mildly. Over the week, however, the Pound remains the strongest one. Swiss Franc and Euro follow as the second strongest. Yen and Dollar are the weakest as easing global uncertainties. Technically, Yen crosses are losing upside momentum as seen in 4 hour MACD in USD/JPY, EUR/JPY and GBP/JPY. Some consolidation would be seen and would likely extend into early next week. EUR/USD and AUD/USD are both extending recent rebound. EUR/USD is eyeing 1.1249 resistance next and break there will further affirm the case of medium term bullish reversal. For now, while AUD/USD could be seen but we'd still expect strong resistance from 0.6894 to limit upside. In Europe, currently, FTSE is down -0.13%. DAX is up 0.01%. CAC is down -0.51%. German 10-year yield is up 0.029 at -0.377. Earlier in Asia, Nikkei rose 0.18%. Hong Kong HSI dropped -0.48%. China Shanghai SSE dropped -1.32%. Singapore Strait Times dropped -0.38%. Japan 10-year JGB yield rose 0.0041 to -0.150. Full Report Here FT predicts Johnson's Brexit deal to be defeated by 318 to... China GDP growth slowed to 6% in Q3, worst since 1992 Japan CPI core slowed to 0.3%, lowest since Apr 2017 Fed Williams: Economy in pretty good place with very resilient consumers Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol Oil Inventory – Market Ignored Huge Jump in US Stockpile Brexit Update – Hurdle is Still High in the Parliament Strong Inflation Could Affect PBOC's Policy to Stimulate Growth; Trade Data... Central Bank Views | China Watch | Oil N' Gold | Special Topics USD/JPY Mid-Day Outlook Daily Pivots: (S1) 108.42; (P) 108.68; (R1) 108.90; More... Intraday bias in USD/JPY remains neutral for consolidation below 108.93 temporary top. Deep retreat could be seen to 4 hour 55 EMA (now at 108.22) and below. But downside should be contained well above 106.48 support to bring another rise. On the upside, above 108.93 will target 109.31 key resistance. Decisive break there will carry larger bullish implications next target will be 100% projection of 104.45 to 108.47 from 106.48 at 110.50. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Crude Up Despite Worst Chinese GDP Showing in 30 Years China GDP Falls to 6%, Turkey's Win, Brexit Vote Looms, Oil Rises, Gold Stuck in Range USD/CAD Testing Key Support at 1.3140 Ahead of Razor-Thin Canadian Election GBP Downward Bias AUD/USD Outlook: Aussie Extends Advance After RBA Governor Diminished Prospects For Rate Cut USD/CAD Tests Long-Term Support Trendline, Bias Remains Bearish US Futures Lower, Chinese GDP Data Begins Halloween Asian Stocks Mostly Lower After China's Economic Data Release Fundamental Analysis | Technical Analysis In-depth Reports As Lagarde Prepares to Take Over the Helm, Troubles Brew at the ECB; How Will Euro be Affected? QE or Not QE? That Is Not the Question Who Is Most Exposed to a Global Manufacturing Slowdown? Strong Inflation Could Affect PBOC's Policy to Stimulate Growth; Trade Data Suggests China Continues to Suffer from Trade War RBA Minutes - Sending Dovish Message by Rebuking Arguments in Favor of Keeping Rates Unchanged RBA Minutes Make Strong Case for Lower Rates but Timing Still Likely to be February for the Next Cut US-China Trade: 'Phase 1' Trade-Deal Not a Game-Changer for the Global Economy What To Expect From Central Banks In The Next Global Downturn Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 23:30 JPY National CPI Core Y/Y Sep 0.30% 0.30% 0.50% 2:00 CNY GDP Y/Y Q3 6.00% 6.10% 6.20% 2:00 CNY Retail Sales Y/Y Sep 7.80% 7.80% 7.50% 2:00 CNY Industrial Production Y/Y Sep 5.80% 5.00% 4.40% 2:00 CNY Fixed Asset Investment YTD Y/Y Sep 5.40% 5.40% 5.50% 8:00 EUR Current Account (EUR) Aug 27.0B 21.3B 20.5B

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