Action Insight Daily Report 12-9-19

Sterling Rises as Conservative Extends Lead ahead of Elections

Action Insight Daily Report 12-9-19 Sterling Rises as Conservative Extends Lead ahead of Elections Sterling strengthen broadly in relatively quiet markets today. Ahead of Thursday's election, Conservative's lead over Labour jumped back to 14pts according to a latest poll. Traders continue to be optimistic on a Conservative majority to finally rectify the EU withdrawal agreement for Brexit. While US stocks jumped sharply on Friday, Asian markets are muted as partly weighed by poor Chinese trade data. The progress of US-China trade agreement will be a major market mover this week. Technically, EUR/GBP's decline extends today and sustained trading below 0.8411 fibonacci level will pave the way to 0.8149 projection level. GBP/USD could resume recent rise after brief consolidations and would target 1.3381 resistance next. GBP/JPY is lagging behind and is staying below 143.24 temporary top. In Asia, Nikkei closed up 0.33%. Hong Kong HSI is down -0.09%. China Shanghai SSE is down -0.10%. Singapore Strait Times is down -0.11%. Japan 10-year JGB yield is up 0.0116 at -0.006, very very close to 0% now. Full Report Here China's export shrank for 4th straight month in Nov, trade surplus... Japan Q3 GDP revised up to 1.8% annualized on capital spending Survation: Conservative lead over Labour rose back to 14pts Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol CFTC Commitments of Traders – Commodity Currencies Gained Support while Safe-Haven... CFTC Commitments of Traders – Bets for Higher Crude Oil Price... Trade War, Election, Fed and ECB in a Week of Guaranteed... Central Bank Views | China Watch | Oil N' Gold | Special Topics EUR/GBP Daily Outlook Daily Pivots: (S1) 0.8398; (P) 0.8433; (R1) 0.8455; More... EUR/GBP's decline continues today and intraday bias stays on the downside. Sustained break of 0.8411 fibonacci level will target 161.8% projection of 0.9324 to 0.8786 from 0.9019 at 0.8149 next. On the upside, above 0.8467 minor resistance will turn intraday bias neutral first and bring consolidations, before staging another fall. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings RBA and Government Likely to Lower Growth Forecasts in Wake of GDP Report Risk Appetite Stalls After China Trade Data EUR/USD Stuck In Broad Range Below 1.1100 U.K. Election Preview—The Beginning of the End? The 2020 Election and the Economy: Part II ECB Preview: Time for a Strategic Review – Not Monetary Policy Messages Weekly Economic and Financial Commentary: Hiring Report Telling You Be of Good Cheer The Weekly Bottom Line: Jobs Data Versus Resilience Forward Guidance: Global Risks in Focus for Week Ahead Yen in Risk Off Mode while Stocks are Near All Time Highs Oil Market Week Ahead: Elections Galore! Week Ahead – The UK Election is Upon Us Week ahead – Fed and ECB Meetings to Serve as Appetizers for UK Election China Weekly Letter – Phase-One Deal Moves Closer as 15 Dec Deadline is Near Cliff notes: Australia's Economy Languishes Weekly Focus: Central Banks on Hold, But Plenty of Political Drama   Fundamental Analysis | Technical Analysis In-depth Reports U.K. Election Preview—The Beginning of the End? UK Election - Conservatives Majority May Lead to Smooth, but Hard, Brexit December Flashlight for the FOMC Blackout Period OPEC+ Agrees to Deepen Output Cut by 500K bpd. Compliance Remains the Key Scraping the Bottom Punting Our ECB Rate Cut Call The 2020 Election and the Economy: Part II The 2020 Election and the Economy: Part I PBOC to Ease Monetary Policy Further Despite Strong Inflation RBA: Ideas for Unconventional Monetary Policy Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 7:00 CNY Trade Balance (USD) Nov 38.7B 44.5B 42.8B 7:00 CNY Exports (USD) Y/Y Nov -1.10% 1.00% -0.90% 7:00 CNY Imports (USD) Y/Y Nov 0.30% -1.80% -6.40% 7:00 CNY Trade Balance (CNY) Nov 274B 300B 301B 7:00 CNY Exports (CNY) Y/Y Nov 1.30% 3.10% 2.10% 7:00 CNY Imports (CNY) Y/Y Nov 2.50% -0.90% -3.50% -3.30% 21:45 NZD Manufacturing Sales Q3 0.90% -0.80% -0.70% -0.50% 23:50 JPY Bank Lending Y/Y Nov 2.10% 1.90% 2.00% 23:50 JPY GDP Q/Q Q3 0.40% 0.20% 0.10% 23:50 JPY GDP Deflator Y/Y Q3 0.60% 0.60% 0.60% 23:50 JPY GDP Annualized Q3 1.80% 0.70% 0.20% 23:50 JPY Current Account (JPY) Oct 1.73T 1.74T 1.49T 6:45 CHF Unemployment Rate Nov 2.30% 2.30% 7:00 EUR Germany Trade Balance (EUR) Oct 19.0B 19.2B 9:30 EUR Eurozone Sentix Investor Confidence Dec -5.4 -4.5 13:15 CAD Housing Starts Nov 200K 202K 13:30 CAD Building Permits M/M Oct 3.50% -6.50%

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