Action Insight Mid-Day Report 9-8-20

Risk Aversion Comes Back on Tech Rout, No-Deal Brexit

Action Insight Mid-Day Report 9-8-20 Risk Aversion Comes Back on Tech Rout, No-Deal Brexit Risk aversion is back in the markets today. On the one hand, US stocks are set to open sharply lower as they return from holiday. Tech rout is continuing with NASAQ futures down more than -3% at the time of writing. On the other hand, no-deal Brexit worries intensify as UK continues with its hard-line rhetorics. Sterling is overwhelmingly the worst performing one today, followed by Canadian Dollar and then Kiwi. Yen is the strongest one, followed by Dollar. Technically, EUR/GBP's rebound gathers more momentum is set to taken on 0.9148/75 resistance zone. GBP/CHF is on track to test 1.1849 support and break will pave the way back to 1.1630 low. GBP/USD breaches 1.3053 support, indicate that it's now at least correcting the rise from 1.2251. to 1.3482. 138.24 support in GBP/JPY is now a focus and break will target 131.68 support next. That will further affirm the Pound's broad based weakness. Another development to now is the steep fall in WTI crude oil. 38.58 support is taken out decisively. Fall from 43.50, as a correction to the rebound in the last few months, would target 34.36 support before finding a bottom. In Europe, currently, FTSE is down -0.67%. DAX is down -1.51%. CAC is down -1.99%. German 10-year yield is down -0.040 at -0.497, back pressing -0.5 handle. Earlier in Asia, Nikkei rose 0.80%. Hong Kong HSI rose 0.14%. China Shanghai SSE rose 0.72%. Singapore Strait Times dropped -0.26%. Japan 10-year JGB yield dropped -0.0035 to 0.038. Full Report Here UK ramping up no-deal Brexit preparations, GBP/CHF accelerates lower Eurozone Q2 GDP finalized at -11.8%, worst contraction in Spain Australia NAB business conditions dropped to -6, as employment deteriorated Japan Q2 GDP contraction finalized at -7.9% qoq, -28.1% annualized BoE Haldane a touch more optimistic than his MPC colleagues 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 GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.3115; (P) 1.3192; (R1) 1.3242; More.... GBP/USD's decline accelerates to as low as 1.3020 so far today. The break of 1.3053 support confirms short term topping at 1.3482. Intraday bias is back on the downside and deeper fall should be seen through 55 day EMA to 38.2% retracement of 1.1409 to 1.3482 at 1.2690. Reactions from there will decide whether it's a corrective decline or reversal. On the upside, above 1.3184 minor resistance will turn intraday bias neutral first. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings US Futures Under Pressure – Watch TSLA, ETSY, PCG, BA, AZN USD/JPY Outlook: The Pair Probes Again Through Key Fibo Barrier, Following Multiple Failures In Past Few Sessions Currency Markets Showing Range-Trade Equities Move Cautiously Higher Boris Batters British Pound WTI Futures Plunge To New 2-Month Low Pound Hammered As No-Deal Brexit Fears Return GBP/USD Outlook: Bears Extend Into Fifth Day As Fears Of No-Deal Brexit Scenario Rise EURJPY Withdraws From Fresh High, Bullish Bias Seems Undamaged GBPUSD Rejected From 8½-Month High, Next Level 1.30 EUR/USD Outlook: Bears Need Repeated Close Below 1.1816 Fibo Support To Sideline Existing Risk Of Stall Dollar's Recent Growth Is A Possible Bull Trap 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 23:01 GBP BRC Retail Sales Monitor Y/Y Aug 4.70% 4.30% 23:30 JPY Labor Cash Earnings Y/Y Jul -1.30% -1.60% -2.00% 23:30 JPY Household Spending Y/Y Jul -7.60% -3.70% -1.20% 23:50 JPY Bank Lending Y/Y Aug 6.70% 6.30% 6.30% 6.40% 23:50 JPY GDP Q/Q Q2 F -7.90% -8.10% -7.80% 23:50 JPY GDP Deflator Y/Y Q2 F 1.30% 1.50% 1.50% 23:50 JPY Current Account (JPY) Jul 0.96T 1.44T 1.05T 1:30 AUD NAB Business Confidence Aug -8 -14 1:30 AUD NAB Business Conditions Aug -6 0 5:00 JPY Eco Watchers Survey: Current Aug 43.9 41 41.1 6:00 EUR Germany Trade Balance (EUR) Jul 18.0B 14.9B 14.5B 6:45 EUR France Trade Balance (EUR) Jul -7.0B -7.0B -8.0B -8.1B 8:00 EUR Italy Retail Sales M/M Jul -2.20% 1.10% 12.10% 10.20% 9:00 EUR Eurozone GDP Q/Q Q2 F -11.80% -12.10% -12.10% 9:00 EUR Eurozone Employment Change Q/Q Q2 F -2.90% -2.80% -2.80% 10:00 USD NFIB Business Optimism Index Aug 100.2 98 98.8

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