Action Insight Mid-Day Report 10-7-19

Sterling Lower on Brexit Uncertainties, But Ignore Scottish Court Ruling

Action Insight Mid-Day Report 10-7-19 Sterling Lower on Brexit Uncertainties, But Ignore Scottish Court Ruling Sterling trades generally soft today as markets are awaiting Brexit developments. Scotland's Outer House of the Court of Session ruled against the request to force Prime Minister Boris Johnson to seek Brexit delay. But that was only because "government's clearly stated position before the court, there is no need for coercive orders against it or against the Prime Minister to be pronounced." So, reactions to the ruling are rather muted. For today, Pound is just the third weakest so far, following Australian and New Zealand Dollar. On the other hand, Euro and Swiss Franc are the strongest ones, together with Canadian Dollar. Technically, more downside is expected in Sterling against Yen and Euro, despite some loss of downside momentum. Selling in the Pound could accelerate if GBP/USD breaks through 1.2204 to resume the decline from 1.2382. AUD/USD lost more ground today and could be heading back to 0.6670 low. Similarly, EUR/AUD is also heading back to 1.6368 temporary top. In Europe, currently, FTSE is up 0.24%. DAX is up 0.12%. CAC is up 0.18%. German 10-year yield is up 0.003 at -0.582. Earlier in Asia, Nikkei dropped -0.16%. Singapore Strait Times rose 0.69%. Japan 10-year JGB yield dropped -0.0141 to -0.226. Full Report Here UK urges EU to match its compromises on Brexit BRC Like-for-Like Sales dropped -1.7% yoy, spectra of no-deal Brexit weighing... Eurozone Sentix dropped to -16.8, cold shower after central bank easings German factory orders dropped -0.6% mom, led by domestic orders Australia AiG construction dropped to 42.6, 13th months of contraction China said to have narrowed scope of discussions ahead of high... Fed George: Concern about low inflation seems unnecessary Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol CFTC Commitments of Traders – Net Length on JPY Increased on... CFTC Commitments of Traders -Bets on Lower Crude Price Soared Dollar Ended Lower on Recession Fear and Fed Cut Bets, Awaits... Central Bank Views | China Watch | Oil N' Gold | Special Topics GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.2288; (P) 1.2322; (R1) 1.2369; More.... GBP/USD is staying in consolidation in range of 1.2204/2413 and intraday bias remains neutral. On the downside, below 1.2204 will revive the case that rebound form 1.1958 has completed at 1.2582. Intraday bias will be turned back to the downside for retesting 1.1958. On the upside, above 1.2413 will bring stronger rebound to 1.2582 resistance instead. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings US Open – Trade Difficulties, Hong Kong, GM, Oil, Gold Market Brief: EU Stocks Recover After Weaker Open EUR/JPY Looks Set To Resume Potential Impulsive Down Move Trade Concerns, Brexit Keep Markets Under Pressure German Factory Orders, Recession Risk In Japan Gold May Adopt A Softer Tone In Short-Term GBP/USD Outlook: Directionless Mode Extends But Brexit Uncertainty Weighs On Pound USD Weakens Against JPY On Headlines About China US and China Return To The Negotiating Table German Factory Data Disappoints Brexit And Trade War Back In Focus Fundamental Analysis | Technical Analysis In-depth Reports Concerns over Capital Outflow in Hong Kong Exaggerated Low Probability of a Follow Up November RBA Move Despite Market Pricing of ~50% Chance 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 Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 21:30 AUD AiG Performance of Construction Index Sep 42.6 44.6 23:50 JPY JP Foreign Reserves Sep $1322.6B $1311.6B 05:00 JPY Leading Economic Index Aug P 91.7 91.8 93.7 06:00 EUR Germany Factory Orders M/M Aug -0.60% -0.40% -2.70% -2.10% 07:00 CHF Foreign Currency Reserves (CHF) Sep 777B 767B 07:30 GBP Halifax House Prices M/M Sep -0.40% 0.10% 0.30% 0.20% 08:30 EUR Sentix Investor Confidence Oct -16.8 -13 -11.1 10:40 GBP BRC Like-For-Like Retail Sales Y/Y Sep -1.70% -0.80% -0.50%

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