Action Insight Mid-Day Report 10-9-19

Consolidation Continues as Markets Await FOMC Minutes and Trade Talks

Action Insight Mid-Day Report 10-9-19 Consolidation Continues as Markets Await FOMC Minutes and Trade Talks Consolidative trading continues in the financial markets. US futures point to recovery despite uncertainties over US-China trade talks. Yet, markets are just paring some of yesterday's losses. The currency markets are also generally bounded inside yesterday's range. Dollar is slightly softer, awaiting FOMC minutes. Sterling had a rollercoaster ride on Brexit rumors. Commodity currencies are slightly higher but gains are limited. Technically, despite today's recovery, GBP/USD and GBP/JPY are both limited below 1.2413 and 132.24 resistance levels respectively. Further declines are still expected in both pairs. EUR/USD and EUR/JPY recover notably today and recent consolidations are set to extend further, before decline resumption. USD/CAD is staying in tight range and another rise through 1.3347 resistance is in favor, subject to today's oil inventories report. In Europe, currently, FTSE is up 0.69%. DAX is up 1.26%. CAC is up 0.80%. German 10-year yield is up 0.024 at -0.568. Earlier in Asia, Nikkei dropped -0.61%. Hong Kong HSI dropped -0.81%. China Shanghai SSE rose 0.39%. Singapore Strait Times dropped -0.67%. Japan 10-year JGB yield dropped -0.0043 to -0.205. Full Report Here China said to be open to partial trade deal excluding resolutions... FOMC minutes watched as markets price in over 80% chance of... EU Oettinger insists Irish backstop cannot be subject to time limit Sterling rebounds as EU said to offer UK vital Brexit consession US-China political tensions heat up ahead of trade talks UK Johnson facing resignation warnings from ministers over no-deal Brexit Fed Powell: US economic expansion feels very sustainable Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol Brexit Update – Johnson's Deal Appears Unattractive to EU Members Taiwan's Economy Benefits from US-China Trade War 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) 1.2175; (P) 1.2239; (R1) 1.2283; More.... No change in GBP/USD's outlook and intraday bias remains on the downside. Corrective rebound from 1.1958 should have completed at 1.2582. Fall from 1.2582 should extend lower to retest 1.1946/58 key support zone. On the upside, though, above 1.2413 will bring another rebound to 1.2582 resistance instead. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Can EUR/USD Finally Break 1.10 Hurdle? WTI Oil Futures May Retest The Bottom As Bearish Bias Holds Dollar Demand Increases As Sino-US And UK-EU Deal Prospects Fall Europe Update – Trade, Powell, Brexit, Gold, Oil Pound Volatile With Brexit Rumour Mill In Overdrive Markets Hesitant As Trade Talks, Policy Minutes Nearing Asian Stocks Lower As US-China Tensions Rscalate In Lead Up To Trade Talks Market Brief: Looking Vulnerable For Another Round Of Risk Off Fundamental Analysis | Technical Analysis In-depth Reports Brexit Update - Johnson's Deal Appears Unattractive to EU Members Taiwan's Economy Benefits from US-China Trade War Concerns over Capital Outflow in Hong Kong Exaggerated 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 Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 0:30 AUD Westpac Consumer Confidence Oct -5.50% -1.70% 6:00 JPY Machine Tool Orders Y/Y Sep P -35.50% -37.10% -37.00% 14:00 USD JOLTS Job Openings Aug 7.35M 7.22M 14:00 USD Wholesale Inventories Aug F 0.40% 0.40% 14:30 USD Crude Oil Inventories 3.1M 18:00 USD FOMC Minutes

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