Action Insight Mid-Day Report 10-3-19

Sterling Rebounds as Johnson's Brexit Plan Got Tories Backing

Action Insight Mid-Day Report 10-3-19 Sterling Rebounds as Johnson's Brexit Plan Got Tories Backing Sterling rebounds strongly as news emerged that UK Prime Minister Boris Johnson's new Brexit plan is well received by Conservatives. The news is more than enough to offset poor PMI data released earlier today. New Zealand and Australian Dollars are following as second strongest for today, paring some of this week's loses. Swiss Franc and Canadian are the weakest for now, followed by Dollar. Technically, GBP/USD's break of 1.2346 dampens our original bearish view and focus is back on 1.2582 resistance. EUR/GBP's recovery from 0.8786 could have completed earlier than expected too and focus is back on this low. Elsewhere, USD/CAD's rally is on track to 1.3382 resistance. Break will resume whole rise from 1.3016. In Europe, currently, FTSE is down -1.17%. DAX is down -2.76%. CAC is up 0.34%. German 10-year yield is down -0.036 at -0.581. Earlier in Asia, Nikkei dropped -2.01%. Hong Kong HSI rose 0.26%. Singapore Strait Times dropped -0.50%. Japan 10-year yield dropped -0.0234 to -0.19. Full Report Here UK Johnson's Brexit proposal well received by Tories US initial jobless claims rose to 219k, above expectations Fed Evans: The two rate cuts were just modest adjustment for... ECB officials warned of Japanese style vivious cycle of declining inflation... Eurozone retail sales rose 0.3% mom, matched expectations Eurozone PPI dropped -0.5% mom, -0.8% yoy, worse than expectation UK PMI services dropped to 49.5, vast service sector joined manufacturing... Eurozone PMI composite finalized at 50.1, GDP to rise 0.1% in... Funo: BoJ will reexamine economic and price trends at next meeting Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol Concerns over Capital Outflow in Hong Kong Exaggerated US Crude Oil Inventory Gained Last Week, In Contrast to API's... Brexit Update – Johnson's New Proposal Unlikely Resolves Irish Border Problem Central Bank Views | China Watch | Oil N' Gold | Special Topics GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.2243; (P) 1.2283; (R1) 1.2340; More.... GBP/USD's break of 1.2346 minor resistance dampens our original bearish view and suggests that pull back from 1.2582 has completed. Intraday bias is turned back to the upside. Break of 1.2582 will resume the rebound from 1.1958. On the downside, though, break of 1.2204 will turn bias back to the downside for 1.1946/58 key support zone next. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings GBP/USD: New Brexit Plan Brings Indecisive Pound Reaction Trade War Shifts To Atlantic US Open – US Stocks To Open Higher, Oil Lower, Gold Steady, Bitcoin Rises USD/JPY Bears Not In Charge Yet, Need To Breach 106.20 Swissie Sell-Off Settles The SNB's Business USD Weakens Further As Slowdown Worries Intensify EURGBP Coiling Up In A Bullish Configuration Ahead Of U.K Services PMI Weak Data And Tariffs Escalation Demands More ECB And Fed Easing Markets Stable After Ugly Midweek Sell-Off EUR/USD Bullish Pullback Challenging Key 1.10 Resistance Zone EUR/USD Bears To Fade Into Rallies Below 1.10? Fundamental Analysis | Technical Analysis In-depth Reports 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 ECB Snaps, Crackles, then Watches Rates Pop RBA: A Gentle Turn To More Rate Cuts RBA Lowers the Cash Rate by 25 Basis Points; Leaves Open Options for Even Lower Rates Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 22:30 AUD AiG Performance of Services Index Sep 51.5 51.4 01:30 AUD Trade Balance (AUD) Aug 5.93B 6.00B 7.27B 7.25B 07:45 EUR Italy Services PMI Sep 51.4 50.3 50.6 07:50 EUR France Services PMI Sep F 51.1 51.6 51.6 07:55 EUR Germany Services PMI Sep F 51.4 52.5 52.5 08:00 EUR Services PMI Sep 51.6 52 52 08:30 GBP Services PMI Sep 49.5 50.3 50.6 09:00 EUR PPI M/M Aug -0.50% -0.20% 0.20% 0.10% 09:00 EUR PPI Y/Y Aug -0.80% -0.40% 0.20% 0.10% 09:00 EUR Retail Sales M/M Aug 0.30% 0.30% -0.60% -0.50% 12:30 USD Challenger Job Cuts Y/Y Sep -24.80% 39.00% 12:30 USD Initial Jobless Claims (Sep 27) 219K 215K 213K 215K 13:45 USD Services PMI Sep F 50.9 50.9 14:00 USD ISM Non-Manufacturing PMI Sep 55.1 56.4 14:00 USD Factory Orders M/M Aug -0.50% 1.40% 14:30 USD Natural Gas Storage 86B 102B

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