Action Insight Mid-Day Report 11-7-19

Sterling Dives as Two BoE Members Voted for Rate Cut, Yen Pressured by Trade Optimism

Action Insight Mid-Day Report 11-7-19 Sterling Dives as Two BoE Members Voted for Rate Cut, Yen Pressured by Trade Optimism Sterling drops broadly today after two BoE policy makers surprisingly voted for a rate cut, even though the central eventually stood pat. Following the Pound, Yen is the second weakest as risk appetite returns. Market sentiments were lifted after China said they agreed on phased rollback of tariffs with US for phase one trade agreement. Australian Dollar is currently the strongest one, followed by Canadian. Technically, while the Pound weakens today, GBP/USD, GBP/JPY and EUR/GBP are still considered in consolidation pattern. Selloff in GBP/USD and GBP/JPY should be contained above 1.2582 and 135.74 support respectively. EUR/GBP's rebound should also be limited below 0.8811. While USD/JPY and EUR/JPY rebounds, they're still bounded below 109.28 and 121.46 temporary tops. more consolidations could be seen before a breakout. In Europe, FTSE is currently up 0.44%. DAX is up 0.74%. CAC is up 0.23%. German 10-year yield is up 0.0578 at -0.274, back above -0.3 handle. Earlier in Asia, Nikkei rose 0.11%. Hong Kong HSI rose 0.57%. China Shanghai SSE closed flat. Singapore Strait Times rose 0.71%. Japan 10-year JGB yield closed flat at -0.086. Full Report Here US initial claims dropped to 211k, below expectation of 215k BoE Carney's press conference live stream BoE kept bank rate at 0.75%, Haskel and Saunders voted for... EU downgrades Eurozone growth forecast, protracted period of subdued growth and... ECB bulletin: Extra Eurozone exports stagnated, intra Eurozone trade weakened further China said to have agreed plan to reverse tariffs with US Australia trade surplus widened to AUD 7.18B, construction index improved slightly Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol US Crude Oil Inventory Extended Gains PBOC Cut 1-Year Lending Rate for the First Time since 2016 BOE Preview – Maintaining Dovish Stance although No-Deal Brexit Less ... Central Bank Views | China Watch | Oil N' Gold | Special Topics GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.2835; (P) 1.2866; (R1) 1.2888; More.... GBP/USD drops notably today but it's still seen as in consolidation from 1.3012. Intraday bias remains neutral for the moment. In case of further pull back, downside should be contained above 1.2582 resistance turned support to bring rise resumption. On the upside, break of 1.3012 will resume 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 USDJPY 200-Day SMA Just about Holds Bulls at Bay Market Brief: Dovish BoE Drags Pound Lower Yellow Metal Falls On Fresh Risk Demand Glimmer Of Hope From Germany, Lagging USD GBP/JPY In Consolidation Phase Near A Five-Month High EUR/USD Outlook: Fresh Risk Mode Puts Bears On Hold But Bias Remains Negative Are Aussie Banks Worth A Punt? Equity Rally Pauses As US-China Mini Trade Deal Hits Setback Fundamental Analysis | Technical Analysis In-depth Reports PBOC Cut 1-Year Lending Rate for the First Time since 2016 RBA Left Cash Rate Unchanged at 0.75%, Maintained Dovish Bias as Members Struggle to Bring Jobless Rate Lower RBA Stays on Hold; Signals on Hold in December as Well 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 21:30 AUD AiG Performance of Construction Index Oct 43.9 42.6 00:30 AUD Trade Balance (AUD) Sep 7.18B 5.10B 5.93B 6.62B 07:00 EUR Germany Industrial Production M/M Sep -0.60% -0.30% 0.30% 0.40% 08:00 CHF Foreign Currency Reserves (CHF) Oct 779B 777B 08:00 CNY Foreign Exchange Reserves M/M Oct $3.105T $3.089T $3.092T 09:00 EUR ECB Economic Bulletin 10:00 EUR EU Economic Forecasts 12:00 GBP BoE Interest Rate Decision 0.75% 0.75% 0.75% 12:00 GBP BoE Asset Purchase Facility 435B 435B 435B 12:00 GBP MPC Official Bank Rate Votes 0--2--7 0--0--9 0--0--9 12:00 GBP MPC Asset Purchase Facility Votes 0--0--9 0--0--9 0--0--9 12:00 GBP BoE Quarterly Inflation Report 13:30 USD Initial Jobless Claims (Nov 1) 211K 215K 219K 15:30 USD Natural Gas Storage 46B 89B

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