Action Insight Daily Report 6-17-20

Sterling Turns Softer after CPI, Markets Range-bound Elsewhere

Action Insight Daily Report 6-17-20 Sterling Turns Softer after CPI, Markets Range-bound Elsewhere The forex markets are generally in range trading today, with mild weakness seen in Sterling after CPI release. Markets are staying in mild risk-on mode, with Australian Dollar and Canadian Dollar firmer. However, there is no one-sided risk trading as see in the divergence in Yen and Swiss Franc. Markets will look forward to Fed Chair Jerome Powell's testimony again today. But he's unlikely to provide any fresh inspirations. Technically, EUR/GBP is still engaging in range trading despite some volatility this week. With 0.8866 minor support intact, further rise is still in favor through 0.9054 at a later stage. GBP/JPY's recovery also quickly lost steam after breaching 136.04 minor resistance. Focus could quickly turn back to 133.50 temporary low and break will resume recent fall from 139.73. GBP/CHF's recovery also lost momentum after brief breach of 4 hour 55 EMA. Break of 1.1837 temporary low will extend the fall from 1.2259 to 1.1716 key near term support. Full Report Here UK CPI slowed to 0.5% in May, lowest since 2016 Asian business sentiment plunged to record low in Q2 RBNZ Orr confident with the plenty of tools Fed Clarida: Inflation at risk of falling below the range consistent... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol Downside Risks of Crude OIl Price Rising Despite Recent Optimism HKD Supported by Low US Yield and Seasonal Factors, Despite Huge... HKD Supported by Low US Yield and Seasonal Factors, Despite Huge... Central Bank Views | China Watch | Oil N' Gold | Special Topics GBP/JPY Daily Outlook Daily Pivots: (S1) 134.29; (P) 135.32; (R1) 135.92; More... GBP/JPY's recovery lost momentum after failing to sustain above 4 hour 55 EMA. Intraday bias is turned neutral first. On the upside, break of 136.34 minor resistance will extend the rebound from 133.50 to retest 139.73 high. On the downside, sustained break of 55 day EMA (now at 134.40) will argue that whole rebound from 123.94 has completed. Fall from 139.73 should then target 129.27 support to confirm this bearish case. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings NZDUSD Bears Need Trendline Breakout To Take Control Gold In The Process Of Head And Shoulders Pattern, Neutral Bias USDJPY Consolidates Below The Moving Averages EU Indices Slightly Up | TA Focus On Hugo Boss De-Risking Powell: 'A Full Recovery Is Unlikely' Beijing Blues Offsets Wall Street 'Roid Rage AUD/USD Shows Lower-Highs Pattern Crude Oil Price Eyeing Crucial Break Above $40 USD Bulls Come Out Of Hiding Bank of England to Ramp Up QE as UK GDP Collapses, Brexit Clock Ticking SNB Set to Disappoint Trigger-Happy Investors Fundamental Analysis | Technical Analysis In-depth Reports Downside Risks of Crude OIl Price Rising Despite Recent Optimism RBA Board Minutes for June Present No Surprises HKD Supported by Low US Yield and Seasonal Factors, Despite Huge Political Uncertainty Ahead Gold Rally: Worth to Hold Your Breath How the Stock Market Took Over the FX Market So How Is That Phase One US-China Trade Agreement Going? Gold will Regain Momentum after Correction, Supported by Low Yield and US-China Tensions Australia's Risks With Its Exports to China Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 22:45 NZD Current Account (NZD) Q1 1.56B 1.59B -2.66B -2.77B 23:50 JPY Trade Balance (JPY) May -0.60T -0.68T -1.00T -1.04T 1:00 AUD Westpac Leading Index M/M May 0.20% -1.50% 6:00 GBP CPI M/M May 0.00% 0.00% -0.20% 6:00 GBP CPI Y/Y May 0.50% 0.50% 0.80% 6:00 GBP Core CPI Y/Y May 1.20% 1.20% 1.40% 6:00 GBP RPI M/M May -0.10% 0.10% 0.00% 6:00 GBP RPI Y/Y May 1.00% 1.30% 1.50% 6:00 GBP PPI Input M/M May 0.30% -4.00% -5.10% -5.50% 6:00 GBP PPI Input Y/Y May -10.00% -8.70% -9.80% -10.20% 6:00 GBP PPI Output M/M May -0.30% -0.10% -0.70% -0.80% 6:00 GBP PPI Output Y/Y May -1.40% -0.90% -0.70% 6:00 GBP PPI Output Core M/M May 0.00% 0.10% -0.10% 0.00% 6:00 GBP PPI Output Core Y/Y May 0.60% 0.70% 0.60% 0.70% 9:00 EUR Eurozone CPI Y/Y May F 0.10% 0.10% 9:00 EUR Eurozone CPI Core Y/Y May F 0.90% 0.90% 12:30 USD Housing Starts May 1.10M 0.89M 12:30 USD Building Permits May 1.23M 1.07M 12:30 CAD CPI M/M May -0.70% 12:30 CAD CPI Y/Y May -0.20% 12:30 CAD CPI Common Y/Y May 1.60% 1.60% 12:30 CAD CPI Median Y/Y May 1.90% 2.00% 12:30 CAD CPI Trimed Y/Y May 1.70% 1.80% 14:30 USD Crude Oil Inventories 5.7M 16:00 USD Fed's Chair Powell testifies

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