Focuses Turn to UK GDP and Canada Jobs for Guidance
Action Insight Daily Report 9-10-21

Focuses Turn to UK GDP and Canada Jobs for Guidance

Overall, the forex markets are rather mixed as we're heading towards the weekend. Euro is staying weak in European crosses, but selling slowed against Dollar and Yen. Meanwhile, commodity currencies are trading mildly higher, but remain the worst performers for the week. Dollar turned weaker against Swiss Franc and Yen, but there is no range breakout yet. Focuses will turn to UK GDP and Canada job data, and we'll see if these data could trigger some sustainable moves.

Technically, we're keep an eye on some Sterling pairs for European session today. EUR/GBP's fall yesterday argues that rebound from 0.8448 has completed and that's a sign of underlying strength of the Pound. GBP/USD displayed some resilience in rebounding quickly after dipping to 1.3725. GBP/JPY is also holding above 151.32 minor support in sideway consolidation. Break of 1.3890 resistance in GBP/USD and 152.27 resistance will GBP/JPY will resume the near term rebound in both pairs. That could be accompanied by steep fall in EUR/GBP.

In Asia, at the time of writing, Nikkei is up 1.13%. Hong Kong HSI is up 1.47%. China Shanghai SSE is up 0.06%. Singapore Strait Times is up 0.66%. Japan 10-year JGB yield is up 0.0008 at 0.041. Overnight, DOW dropped -0.43%. S&P 500 dropped -0.46%. NASDAQ dropped -0.25%. 10-year yield dropped -0.035 to 1.299.

Full Report Here

Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol

ECB to Slow Asset Purchases via PEPP. Growth and Inflation Outlook Upgraded
BOC Stood Pat but Delivered Cautiously Optimistic Message
RBA Adopts Dovish Tapering as Delta Outbreak Expected to Hurt Growth in 3Q
Central Bank Views | China Watch | Oil N' Gold | Special Topics

GBP/JPY Daily Outlook

Daily Pivots: (S1) 151.47; (P) 151.82; (R1) 152.21; More...

GBP/JPY is staying in tight range below 152.27 temporary top and intraday bias remains neutral first. On the upside, break of 152.27 will resume the rise from 149.16 to 153.42 resistance first. Decisive break there will argue that whole corrective pattern from 156.05 has completed, and bring retest of this high. On the downside, however, break of 151.32 minor support will turn bias back to the downside for 149.16 support instead.

Full Report Here

EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD

EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY

Recommended Readings

Cliff Notes: An End to Asset Purchases in View

USD/JPY Could Slide If It Breaks 109.50

Bank of Canada Provides Guidance on the Future of the QE Program

GBP Bid On Bailey Comments: More To Come?

ECB Research – Saving the Battle for December

Fundamental Analysis | Technical Analysis
In-depth Reports
Bank of Canada Provides Guidance on the Future of the QE Program
ECB to Slow Asset Purchases via PEPP. Growth and Inflation Outlook Upgraded
ECB Research - Saving the Battle for December
What Does the German Election Mean for Markets?
BOC Stood Pat but Delivered Cautiously Optimistic Message
RBA Adopts Dovish Tapering as Delta Outbreak Expected to Hurt Growth in 3Q
Big Picture: Delta Delayed Recovery
Kiwi Gains Support from Hawkish RBNZ
Economic Calendar
GMT Ccy Events Actual Forecast Previous Revised
06:00 GBP GDP M/M Jul 0.50% 1.00%
06:00 GBP Index of Services 3M/3M Jul 4.70% 5.70%
06:00 GBP Goods Trade Balance (GBP) Jul -10.9B -12.0B
06:00 GBP Industrial Production Y/Y Jul 9.40% 8.30%
06:00 GBP Industrial Production M/M Jul 0.30% 0.70%
06:00 GBP Manufacturing Production M/M Jul 0.10% 0.20%
06:00 GBP Manufacturing Production Y/Y Jul 13.50% 13.90%
06:00 EUR Germany CPI M/M Aug F 0.00% 0.00%
06:00 EUR Germany CPI Y/Y Aug F 3.80% 3.90%
06:45 EUR France Industrial Output M/M Jul 0.40% 0.50%
08:00 EUR Italy Industrial Output M/M Jul 0.10% 1.00%
12:30 USD PPI M/M Aug 0.60% 1.00%
12:30 USD PPI Y/Y Aug 8.30% 7.80%
12:30 USD PPI Core M/M Aug 0.60% 1.00%
12:30 USD PPI Core Y/Y Aug 5.60% 6.20%
12:30 CAD Net Change in Employment Aug 94K
12:30 CAD Unemployment Rate Aug 7.40% 7.50%
12:30 CAD Capacity Utilization Q2 80.60% 81.70%
14:00 USD Wholesale Inventories Jul F 0.60% 0.60%
14:00 GBP NIESR GDP Estimate 3.90%