Action Insight Mid-Day Report 12-17-19

Euro and Swiss Lifted by Pull Back in Sterling, Dollar Mixed

Action Insight Mid-Day Report 12-17-19 Euro and Swiss Lifted by Pull Back in Sterling, Dollar Mixed Sterling's pull back extends deeper today on renewed Brexit concern. Setting a hard deadline of December 2020 for trade negotiations UK and EU could create another Brexit cliff-edge. Meanwhile, Australian and New Zealand Dollars follow the Pound as next weakest, partly weighed down by risk aversion. On the other hand, Swiss Franc and Euro are currently the strongest, helped by rebound in respective Sterling crosses. Dollar is mixed for the moment, together with Yen. Technically, while the pull back in Pound is deep, key near term levels are intact for now. Those are, 1.3050 support in GBP/USD, 142.47 support in GBP/JPY and 0.8508 resistance in EUR/GBP. We'd still expect these levels to hold to bring another rise in Sterling sooner or later. Though, EUR/GBP is looking most vulnerable for now. USD/CHF breaches 0.9805 temporary low and could be resuming fall from 1.0023. In Europe, currently, FTSE is down -0.06%. DAX is down -0.67%. CAC is down -0.25%. German 10-year yield is down -0.012 at -0.283. Earlier in Asia, Nikkei rose 0.47%. Hong Kong HSI rose 1.22%. China Shanghai SSE rose 1.27%. Singapore Strait Times dropped -0.16%. Japan 10-year JGB yield rose 0.0142 to -0.013. Full Report Here US building permits rose to 1.482m, housing starts to 1.365m ECB Kazimir: No significant growth before completing monetary union EU Weyand: Failing to reach a trade agreement with UK by... UK unemployment rate unchanged at 3.8%, wages growth slowed RBA minutes suggest more easing on weak wages growth New Zealand ANZ business confidence rose to -13.2, commodity prices and... UK Johnson said to amend Brexit bill to prevent extending transition... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol BOE Preview – Members might Set a Dovish Tone while Leaving... RBA Hinted Further Easing in 1Q20 CFTC Commitments of Traders – Improved Risk Appetite Lifted Bets on... Central Bank Views | China Watch | Oil N' Gold | Special Topics USD/CHF Mid-Day Outlook Daily Pivots: (S1) 0.9815; (P) 0.9831; (R1) 0.9842; More... USD/CHF's breach of 0.9805 temporary low suggests resumption of fall from 1.0023. Intraday bias is turned back to the downside for retesting 0.9659 low. However, considering bullish convergence condition in 4 hour MACD, break of 0.9876 will indicate short term bottoming. In such case, intraday bias will be turned back to the upside for 55 day EMA (now at 0.9900) and above. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Market Brief: Sterling Pounded GBP/USD Drops to Key Support as Fears of Hard Brexit Returns Pound Drops On Johnson's Hard Post Brexit Line… Pound Slips As Hard Brexit Fears Resurface, Stocks Regain Momentum GBPUSD Remains Positive Despite Correction WTI Oil Futures Extend Upside Above 60 Level Christmas Gift Or Exquisitely Wrapped Lump Of Coal? Fundamental Analysis | Technical Analysis In-depth Reports RBNZ: Update On The OCR – No Cut Over The First Half Of 2020 Australian Federal Budget Update: Budget Surplus Cut By $21.5bn Over Four Years – Softer Economic Outlook Hits Revenues A Phase One Trade Deal is Reached, What Does It Mean? Iron Ore Prices Back To The $90s ... Not For Too Long? The Election is Over, But Brexit is Not UK Election Review: Big Conservative Victory Means The End Of The Beginning Of Brexit The 2020 Election and the Economy: Part II Zero Sum World? Implications of U.S. Trade Outcomes on Canada Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 20:00 NZD Westpac Consumer Survey Q4 109.9 103.1 00:00 NZD ANZ Business Confidence Dec -13.2 -26.4 00:30 AUD Home Loans Oct 0.60% 1.40% -3.00% 00:30 AUD RBA Meeting Minutes 09:30 GBP Claimant Count Change Nov 28.8K 20.2K 33.0K 26.4K 09:30 GBP Claimant Count Rate Nov 3.50% 3.40% 09:30 GBP ILO Unemployment Rate (3M) Oct 3.80% 3.90% 3.80% 09:30 GBP Average Earnings Including Bonus 3M/Y Oct 3.20% 3.40% 3.60% 3.70% 09:30 GBP Average Earnings Excluding Bonus 3M/Y Oct 3.50% 3.40% 3.60% 10:00 EUR Eurozone Trade Balance (EUR) Oct 24.5B 18.7B 18.3B 18.7B 11:00 GBP CBI Industrial Order Expectations Dec -28 -25 -26 13:30 USD Housing Starts Nov 1.365M 1.340M 1.314M 1.323M 13:30 USD Building Permits Nov 1.482M 1.410M 1.461M 13:30 CAD Manufacturing Shipments M/M Oct -0.70% 0.00% -0.20% 14:15 USD Industrial Production M/M Nov 0.80% -0.80% 14:15 USD Capacity Utilization Nov 77.20% 76.70%

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