Action Insight Daily Report 11-12-19

Sterling Maintains Gain after Strong Rally, New Zealand Dollar Dives on RBNZ Expectations

Action Insight Daily Report 11-12-19 Sterling Maintains Gain after Strong Rally, New Zealand Dollar Dives on RBNZ Expectations Sterling rises sharply overnight and stays firm in Asian session today. The Pound was lifted by improved chance for Conservative win in the upcoming election. Yet, there is no sign of a clear majority for pushing through the Brexit deal. Thus, upside of the Pound is so far limited. Currently, Australian Dollar is the strongest one for today as Asian markets recover. Euro is the third strongest. New Zealand Dollar is the weakest one as markets are firming up expectation for an RBNZ rate cut tomorrow. Yen is the second weakest. Technically, EUR/GBP's breach of 0.8575 suggests decline resumption. Current fall from 0.9324 should target 0.8472 key support zone. However, GBP/USD is staying in consolidation below 1.3012. GBP/JPY is also bounded in range below 141.50. These two pairs could extend recent sideway trading first. EUR/CHF's break of 1.0974 support suggests that recent consolidation from 1.0811 has completed. Deeper fall could be seen back to retest this low. In Asia, Nikkei closed up 0.81%. Hong Kong HSI is up 0.41%. China Shanghai SSE is down -0.04%. Singapore Strait Times is up 0.56%. Japan 10-year JGB yield is up 0.0436 to -0.021. Overnight, DOW rose 0.04%. S&P 500 dropped -0.20%. NASDAQ dropped -0.13%. 10-year yield rose 0.010 to 1.943. Full Report Here RBNZ inflation expectations dropped, solidifying case for another rate cut Australia NAB business confidence and conditions improved, but further stimulus still... Sterling holding on to Farage triggered gains, but GBP/CHF range bound Trump said to delay decision on EU auto tariffs by six... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol RBNZ Preview – Market Divided over Another Rate Cut Move This... China's CPI Soared to Highest Level in Almost 8 Years; Exports... CFTC Commitments of Traders – Traders Remained Bullish in Crude Oil... Central Bank Views | China Watch | Oil N' Gold | Special Topics EUR/GBP Daily Outlook Daily Pivots: (S1) 0.8554; (P) 0.8589; (R1) 0.8619; More... EUR/GBP's break of 0.8575 suggests resumption of fall form 0.9324. Intraday bias is back on the downside. Current decline should target 100% projection of 0.9324 to 0.8786 from 0.9019 at 0.8481, which is close to 0.8472 key support. On the upside, however, break of 0.8676 resistance will indicate short term bottoming and bring stronger rebound back to 0.8786/9019 resistance zone first. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Did Palladium Fly Too Close To The Sun? Market Brief: 'Disinflation' Expectations Weigh On NZD Ahead Of RBNZ A Potential Bullish Reversal In USDCNH Can Trigger A Further Down Move In Emerging Markets Equities Pound Jumps, China Inflation Surges We Change Our Call On The Fed And BoE RBNZ Preview: Further Fall in Inflation Expectations Prompts Us to Revert to Calling November OCR Cut Markets Trade Nervously In Asia RBNZ Expected To Cut Rates, Yet Their Degree Of Dovishness Is Key | NZD/USD, NZD/CAD GBP/USD Breaks Key Resistance But Can It Continue Higher? Stocks Drift Lower On Weak Volume, Bolivia's Impact, Oil And Gold Decline Do 10-Years Have What It Takes To Reach 2.00%? Gold Drops To Key Support Fundamental Analysis | Technical Analysis In-depth Reports China's CPI Soared to Highest Level in Almost 8 Years; Exports Improved on Tariff Exemption Brexit Update - Early Elections to be Held in 5 Weeks Brexit Monitor: Election Is An EU Referendum In Disguise – Difficult To Predict The Outcome From Polls Gaming Out U.K. Election Scenarios Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 23:50 JPY Money Supply M2+CD Y/Y Oct 2.50% 2.50% 2.40% 0:30 AUD NAB Business Confidence Oct 2 0 0:30 AUD NAB Business Conditions Oct 3 2 2:00 NZD RBNZ Inflation Expectations Q/Q Q4 1.80% 1.86% 6:00 JPY Machine Tool Orders Y/Y Oct P -37.40% -35.50% 9:30 GBP Claimant Count Change Oct 24.2K 21.1K 9:30 GBP ILO Unemployment Rate (3M) Sep 3.90% 3.90% 9:30 GBP Average Earnings Including Bonus 3M/Y Sep 3.80% 3.80% 9:30 GBP Average Earnings Excluding Bonus 3M/Y Sep 3.80% 3.80% 10:00 EUR Germany ZEW Economic Sentiment Nov -13.2 -22.8 10:00 EUR Germany ZEW Current Situation Nov -22 -25.3 10:00 EUR Eurozone ZEW Economic Sentiment Nov -11.5 -23.5 11:00 USD NFIB Business Optimism Index Oct 103.5 101.8

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