Action Insight Mid-Day Report 6-18-20

Sterling Tumbles after BoE, Markets in Mild Risk-Off Mode

Action Insight Mid-Day Report 6-18-20 Sterling Tumbles after BoE, Markets in Mild Risk-Off Mode Sterling drops notably today after BoE announced to expand the asset purchase program as widely expected. Australian Dollar is currently following as second weakest, then New Zealand Dollar. Markets are in slight risk-off mode today, as European indices are trading in slight red. Yen and Dollar ride on the trade and strengthen broadly. Though, Swiss Franc is not following and it's trading mixed after SNB rate decision. Technically, GBP/USD's break of 1.2454 suggests resumption of fall from 1.2813. The development argues that rebound from 1.1409 might have completed and focus is turned to 1.2065 support. GBP/JPY's break of 133.50 also suggests resumption of fall form 139.73. Corrective rebound from 123.94 might be completed too and focus is back on 129.27 support. 0.9054 is EUR/GBP is now on focus. Break will resume the rebound from 0.8670. That would be a further confirmation of underlying weakness in the Pound. In Europe, currently, FTSE is down -0.84%. DAX is down -1.21%. CAC is down -1.39%. German 10-year yield is down -0.020 at -0.446. Earlier in Asia, Nikkei dropped -0.45%. Hong Kong HSI dropped -0.07%. China Shanghai SSE rose 0.12%. Singapore Strait Times dropped -0.15%. Japan 10-year JGB yield dropped -0.0059 to 0.015. Full Report Here Canada ADP employment rose 208.4k, early signs of a rebound Philly Fed manufacturing outlook turned positive to 27.5, future activity hit... US initial jobless claims dropped -58k to 1.5m BoE expanded asset purchase by GBP 100B, chief economist Haldane dissented SNB keeps rate at -0.75, inflation not to turn positive until... SNB: Economic and financial conditions for the banking sector deteriorated markedly Australia employment contracted -227.7k in May, unemployment rate jumped to 7.1% New Zealand GDP shrank -1.6% qoq in Q1, biggest impact to... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol SNB Intervened Aggressively to Weaken Franc and Pledged to Continue So Downside Risks of Crude OIl Price Rising Despite Recent Optimism HKD Supported by Low US Yield and Seasonal Factors, Despite Huge... Central Bank Views | China Watch | Oil N' Gold | Special Topics GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.2514; (P) 1.2551; (R1) 1.2592; More.... GBP/USD's break of 1.2454 suggests resumption of fall from 1.2813. Intraday bias is back on the downside. Sustained trading below 55 day EMA (now at 1.2473) will argue that whole rebound from 1.1409 has completed. Deeper fall would be seen to 1.2065 support for confirmation. On the upside, break of 1.2587 minor resistance will turn bias back to the upside instead. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings EURJPY Signals Downtrend Continuation Within Channel EURUSD Negative Signals Increase Downside Dangers EUR/USD outlook: Bears Pressure Again Key Fibo Support But Risk of Another Rejection Here Exists Ready And Waiting GBP/USD Trims Losses As BoE Opts For Safe Option WTI Oil Futures Support Bullish View Above 36.00 Dollar Firms, Stocks Slip As Spike In Virus Cases Begins To Cause Worry USDCHF Bears May Lose Their Nerve In Short-Term AUDUSD Cautiously Positive After Pullback Stalls Uptrend Will The Second Wave Of Covid-19 End The Current Rally? The Last Phase Of Bull Markets: Professionals Sell To Retail 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 GDP Q/Q Q1 -1.60% -1.00% 0.50% 01:30 AUD Employment Change May -227.7K -125.0K -594.3K -607.4K 01:30 AUD Unemployment Rate May 7.10% 7.00% 6.20% 6.40% 01:30 AUD RBA Bulletin 06:00 CHF Trade Balance (CHF) May 2.80B 3.95B 4.04B 3.99B 07:30 CHF SNB Interest Rate Decision -0.75% -0.75% -0.75% 08:00 EUR Italy Trade Balance (EUR) Apr -1.16B 4.88B 5.69B 5.68B 08:00 EUR ECB Monthly Bulletin 11:00 GBP BoE Interest Rate Decision 0.10% 0.10% 0.10% 11:00 GBP BoE Asset Purchase Facility 745B 745B 645B 11:00 GBP MPC Official Bank Rate Votes 0--0--9 0--0--9 0--0--9 11:00 GBP MPC Asset Purchase Facility Votes 8--0--1 0--9--0 2--0--7 12:30 CAD ADP Employment Change May 208.4K -226.7K 12:30 CAD Wholesale Sales M/M Apr -21.60% -10.60% -2.20% 12:30 CAD New Housing Price Index M/M May 0.10% 0.20% 0.00% 12:30 USD Initial Jobless Claims (Jun 12) 1508K 1300K 1542K 1566K 12:30 USD Philadelphia Fed Manufacturing Survey Jun 27.5 -22.7 -43.1 14:30 USD Natural Gas Storage 83B 93B

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