Action Insight Mid-Day Report 10-22-19

Sterling Softens ahead of Brexit Vote, Canadian Dollar Weighed Down by Retail Sales

Action Insight Mid-Day Report 10-22-19 Sterling Softens ahead of Brexit Vote, Canadian Dollar Weighed Down by Retail Sales Canadian Dollar turned mixed as the brief lift from election results faded. Instead, the Loonie is under mild selling pressure after poor retail sales data. Nevertheless, Sterling is the weakest one for today as traders turn cautious ahead of vote on Brexit and bill time table. Pull back in the Pound also drags down Euro and Swiss Franc. On the other hand, Yen is recovering notably following weakness in German and US treasury yields. Dollar and New Zealand Dollar trail. Technically, as noted earlier today, Dollar has been losing downside momentum as seen in EUR/USD, AUD/USD, GBP/USD and USD/CHF. Some levels will be watched to decide whether Dollar could confirm bottoming for sustainable rebound. The levels include 1.1062 minor support in EUR/USD, 1.2749 support in GBP/USD, 0.6810 in AUD/USD and 0.9904 resistance in USD/CHF. In other markets, US 10-year yield is down -0.0368 at 1.768. In Europe, currently, FTSE is up 0.70%. DAX is up 0.06%. CAC is down -0.05%. Earlier in Asia, Hong Kong HSI rose 0.23%. China Shanghai SSE rose 0.50%. Singapore Strait Times rose 0.69%. Japan was on holiday. Full Report Here Canada retail sales dropped -0.1%, ex-auto sales dropped -0.2% Tusk: EU to decide on Brexit extension in the coming days China said it won't decouple from the development of international industries UK Commons to hold second reading vote on Brexit bill CAD Edges higher as Trudeau's Liberal projected to win election with... Trump: China has started farm purchases, trade deal coming along very... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol ECB Preview – President Draghi's Last Speech to Remain Dovish as... CFTC Commitments of Traders – Traders Trimmed Bets on EUR and... Sterling Rally in Jeopardy after Johnson's Defeat, Dollar Selloff Exaggerated Central Bank Views | China Watch | Oil N' Gold | Special Topics GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.2885; (P) 1.2949; (R1) 1.3023; More.... A temporary top should be in place at 1.3012 in GBP/USD with today's retreat. Intraday bias is turned neutral for some consolidations first. Downside of retreat should be contained above 1.2582 resistance turned support to bring another rally. On the upside, above 1.3012 will extend the rise from 1.1958 to 161.8% projection of 1.1958 to 1.2582 from 1.2195 at 1.3205 next. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Pound Wobbles Ahead Of Brexit Vote AUD/USD Outlook: Bulls Face Strong Headwinds And See Risk Of Pullback US Open – Trudeau, Brexit, Trade, Earnings, Oil, Gold CAD Holding Its Gains, More Easing Form CBRT To Come Trade Hopes Lift Risk Mood, Brexit Drama Continues EUR/JPY Bulls Challenge Long-Term Descending Trendline GBPUSD Outlook: High Uncertainty Keeps Cable Directionless, The Second Parliament's Vote On Brexit In Focus US Futures Trade Higher | Gold Back In Green Maybe, Just Maybe… The Dollar Is Due A Bounce | DXY, CHF, NZD, AUD Market Brief: Trudeau Looks Set To Win With Minority Government Cautious Optimism Lifting Stocks Fundamental Analysis | Technical Analysis In-depth Reports October Flashlight for the FOMC Blackout Period RBA: Policy Debate Hinges Around Risks of Ultra Low Rates 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 Strong Inflation Could Affect PBOC's Policy to Stimulate Growth; Trade Data Suggests China Continues to Suffer from Trade War US-China Trade: 'Phase 1' Trade-Deal Not a Game-Changer for the Global Economy Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 08:30 GBP Public Sector Net Borrowing (GBP) Sep 8.7B 8.9B 5.8B 10:00 GBP CBI Industrial Order Expectations Oct -37 -23 -28 12:30 CAD Retail Sales M/M Aug -0.10% 0.40% 0.40% 0.60% 12:30 CAD Retail Sales ex Autos M/M Aug -0.20% -0.30% -0.10% 0.00% 14:00 USD Existing Home Sales Sep 5.45M 5.49M 14:30 CAD BoC Business Outlook Survey

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