Action Insight Mid-Day Report 9-7-20

Pound Decline Accelerates on Brexit Risks, Yen and Dollar Firmer

Action Insight Mid-Day Report 9-7-20 Pound Decline Accelerates on Brexit Risks, Yen and Dollar Firmer Sterling's decline gathers some momentum on resurfacing no-deal Brexit risk. The Pound is currently followed by New Zealand Dollar as the second weakest. Canadian Dollar is the third worst performing so far, follow oil price lower. On the other hand, Yen and Dollar and trading firmer today, despite rebound in European stocks. Overall, though, trading is relatively subdued with US and Canada on holiday. Technically, GBP/CHF's break of 1.2034 resistance turned support suggests that choppy rebound from 1.1630 has completed at 1.2222, after rejection by 1.2259 resistance. Deeper decline is now in favor to 1.1849 support. Break will confirm that the range pattern from 1.2259 has started a falling leg to 1.1630 support. EUR/GBP's break of 0.8974 suggests completion of the corrective fall fro m0.9175, ahead of 0.8864 support. Further rise would be seen back to 0.9148/9175 resistance zone. 138.24 support in GBP/USD and 1.3053 support in GBP/USD would be watched to confirm more underlying Sterling weakness. In Europe, currently, FTSE is up 2.02%. DAX is up 1.67%. CAC is up 1.72%. Germany 10-year yield is down -0.0028 at -0.470. Earlier in Asia, Nikkei dropped -0.50%. Hong Kong HSI dropped -0.43%. China Shanghai SE dropped -1.87%. Singapore Strait Times rose 0.06%. Japan 10-year JGB yield rose 0.0031 to 0.042. Full Report Here EU warns WTO term is the way in event of no-deal... Eurozone Sentix investor confidence rose to -8, inflation risks on the... UK Johnson to set Oct 15 decline for deal with EU,... China exports rose 9.5% in Aug, but imports contracted -2.1% Australia AiG services dropped to 42.5, all sectors in contraction, employment... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol ECB Preview – Warning about Euro Strength with No Action Needed   Gold Pressured by Better Data, Stronger USD and Yields Dollar Down Trend, Stocks Up Trend Still Intact after Roller-Coaster Ride Central Bank Views | China Watch | Oil N' Gold | Special Topics EUR/GBP Mid-Day Outlook Daily Pivots: (S1) 0.8894; (P) 0.8923; (R1) 0.8946; More... EUR/GBP's rebound from 0.8866 extends higher today. Break of 0.8974 firstly indicates short term bottoming at 0.8866, ahead of 0.8864. More importantly, corrective decline from 0.9175 has possibly completed with three waves down to 0.8866. Rise from 0.8670 might be still in progress. Intraday bias is turned back to the upside for 0.9148/9175 resistance zone. Nevertheless, break of 0.8866 will resume the fall from 0.9175. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Pound Drops On Renewed Brexit Pessimism WTI Oil Outlook: Oil Extends Steep Fall Into Fourth Straight Day And Hits Two-Month Low Wall Street Tumble, Job Woes Put Dollar On Defensive US Dollar Holds Steady On Currency Markets Equity Markets Are Quiet In Asia Today AUDUSD Weakens Inside Ichimoku Cloud, Negative Bias In Near Term GBP/USD Outlook: Weekend News On Rising Chances Of No-Deal Brexit Increase Pressure On Pound Gold Sustains Bullish Tone Despite Crawling Sideways EURUSD Loses Steam After Spike To 29-Month Peak Above 1.20 EUR/USD Outlook: Double Failure At Key Fibo Supports Weakens Bears' Grip Fundamental Analysis | Technical Analysis In-depth Reports Gold Pressured by Better Data, Stronger USD and Yields Australia's Growth Outlook Improves US Elections: A Simple Guide and Market Implications What Happens to Interest Rates During an Election Year? Oil Market and Gas Price History by President Fed Monitor: Forward Guidance Linked To Inflation Outcomes And Faster QE Buying On The Cards The Forex Market and Presidential Terms How Quickly Will Japan's Economy Bounce Back? Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 22:30 AUD AiG Performance of Services Index Aug 42.5 44 3:15 CNY Trade Balance (USD) Aug 58.9B 49.8B 62.3B 3:15 CNY Exports (USD) Y/Y Aug 9.50% 7.10% 7.20% 3:15 CNY Imports (USD) Y/Y Aug -2.10% 0.10% -1.40% 3:15 CNY Trade Balance (CNY) Aug 417B 385B 442B 3:15 CNY Imports (CNY) Y/Y Aug -0.50% -0.70% 1.60% 3:15 CNY Exports (CNY) Y/Y Aug 11.60% 2.10% 10.40% 5:00 JPY Leading Economic Index Jul P 86.9 84.6 85 6:00 EUR Germany Industrial Production M/M Jul 1.20% 4.80% 8.90% 9.30% 7:00 CHF Foreign Currency Reserves (CHF) Aug 848B 846B 847B 8:30 EUR Eurozone Sentix Investor Confidence Sep -8.0 -10.8 -13.4

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