Action Insight Mid-Day Report 1-14-20

Sterling Dives after Poor GDP, Yen Lower on Rising Yields

Action Insight Mid-Day Report 1-14-20 Sterling Dives after Poor GDP, Yen Lower on Rising Yields Sterling is sold off broadly today as poor GDP data added to the case of BoE rate cut. Recent comments from BoE officials already suggested that they're open to easing if data don't show improvement. The Pound will face more tests from CPI and retail sales later in the week. Yen is following as the second weakest as pressured by surging Germany and US yields. Meanwhile, Swiss Franc and Canadian Dollar the stronger ones so far. Dollar is mixed, awaiting US-China trade deal phase one, to be signed on Wednesday. Technically, GBP/USD extends fall from 1.3284 and should have a test on 1.2905 support. EUR/GBP will also have a take on 0.8591 resistance and break will resume rebound from 0.8276. USD/JPY's break of 109.72 resistance finally suggests resumption of rise from 104.45. Further rally should be seen to channel resistance (now at 111.53). In Europe, currently, FTSE is up 0.29%. DAX is down -0.12%. CAC is up 0.07%. German 10-year yield is up 0.060 at -0.176. Earlier in Asia, Japan was on holiday. Hong Kong HSI rose 1.11%. China Shanghai SSE rose 0.75%. Singapore Strait Times dropped -0.15%. Full Report Here BoE Vlieghe: Imminent and significant improvement in data need to justify... S&P affirms Australia's AAA rating despite bushfires Mnuchin: English version of US-China trade deal to be released at... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol CFTC Commitments of Traders – NET SHORT on Safe Haven Currencies... CFTC Commitments of Traders – NET LENGTH on Safe Haven Assets... Dollar Rally Jeopardized by Job Data, No Bullish Reversal Yet Central Bank Views | China Watch | Oil N' Gold | Special Topics GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.3011; (P) 1.3068; (R1) 1.3122; More.... GBP/USD's fall form 1.3284 extends to as low as 1.2961 so far. Intraday bias remains on the downside. Sustained break of 38.2% retracement of 1.1958 to 1.3514 at 1.2920 will target 61.8% retracement at 1.2552. On the upside, above 1.3097 minor resistance will turn bias back to the upside for 1.3284 resistance instead. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Market Brief: Double Whammy for Pound USDJPY Rallies Above Long-Term Resistance Trendline, 110 Level In Focus USD Starts To Recover After Friday's Employment Report… Stocks Rise Ahead Of Busy Week, Oil Steadies, Gold Slides, Yuan Rallies, Bitcoin Shines Risk-On: Attention Shifts To US-China Phase One Deal GBPCAD Loses Ground, Challenges Supportive Trendline Risk Assets Remain Well Bid Ahead Of Signing Of Trade Deal, Pound Slips On Rate Cut Speculation EURUSD Pushes For A Rebound But Bulls Waiting Above 1.1200 To Cut Or Not To Cut, That Is The Question Fundamental Analysis | Technical Analysis In-depth Reports Consumers Are Resilient Even in Challenging Times Gold Driven Higher by Iran Tensions, Falling Yields and Rising Inflation Expectations US Dollar May Lose Appeal this Year if Market Sentiment Improves and US Growth Slows FX Year Ahead 2020: Turnaround or Same Old Blues? Trade War Continues to Direct the Outlook of Chinese Yuan A Phase One Trade Deal is Reached, What Does It Mean? Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 0:00 AUD TD Securities Inflation M/M Dec 0.30% 0.00% 7:00 EUR Germany Wholesale Price Index M/M Dec 0.00% 0.20% -0.10% 9:00 EUR Italy Retail Sales M/M Nov -0.20% 0.30% -0.20% -0.30% 9:30 GBP GDP M/M Nov -0.30% 0.00% 0.00% 9:30 GBP Index of Services 3M/3M Nov 0.10% 0.20% 0.20% 9:30 GBP Industrial Production M/M Nov -1.20% -0.20% 0.10% 9:30 GBP Industrial Production Y/Y Nov -1.60% -1.40% -1.30% -0.60% 9:30 GBP Manufacturing Production M/M Nov -1.20% -0.20% 0.20% 9:30 GBP Manufacturing Production Y/Y Nov -2.00% -1.60% -1.20% -0.30% 9:30 GBP Goods Trade Balance (GBP) Nov -5.3B -11.8B -14.5B GBP NIESR GDP Estimate (3M) Dec 0.00%

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