Action Insight Daily Report 8-31-20

Yen Softens as Nikkei Rebound, Busy Week Ahead

Action Insight Daily Report 8-31-20 Yen Softens as Nikkei Rebound, Busy Week Ahead Yen softens mildly in quiet Asian session, accompanied by the rebound in Nikkei, as markets digest Prime Minister Shinzo Abe's resignation. Dollar is also paring some of last week's steep losses. But overall, major pairs a crosses are bounded in very tight range. Economic data from Japan and China are ignored. New Zealand Dollar also pays little attention to lockdown easing. Focuses are on the busy calendar ahead, with RBA rate decision tomorrow as the first main event. Technically, 1.1965 resistance in EUR/USD, 0.9009 support in USD/CHF and 105.10 support in USD/JPY would be the focuses for now. They will determine whether Dollar could find some breathing space elsewhere, or the selloff would accelerate. Also, traders could turn to crosses with EUR/GBP extending the decline from 0.9175 towards 0.8864 support. EUR/AUD could also edge towards 1.6033 low. In Asia, Nikkei closed up 1.12%. Hong Kong HSI is up 0.18%. China Shanghai SSE is up 0.15%. Singapore Strait Times is up 0.05%. Japan 10-year JGB yield is down -0.0088 at 0.050. Full Report Here New Zealand ANZ business confidence dropped to -41.8, activity dropped to... China PMI manufacturing edged down to 51.0 in Aug Japan industrial production rose record 8.0% mom, still way off pre-pandemic... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol RBA Preview – Keeping Expansionary Policy Stance with Focus on 3-Year... CFTC Commitments of Traders – NET LENGTH in Crude Oil and... CFTC Commitments of Traders – More Downside on USD following Fed's... Central Bank Views | China Watch | Oil N' Gold | Special Topics USD/JPY Daily Outlook Daily Pivots: (S1) 104.72; (P) 105.83; (R1) 106.47; More... Intraday in USD/JPY remains neutral as it's still bounded in range of 105.10/107.05. Further decline is in favor as long as 107.05 resistance holds. Break of 105.10 will bring retest of 104.18 support first. Further break will resume whole decline from 111.71. On the upside, break of 107.05 will revive the case of near term reversal and bring stronger rally. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Technicals Indicate EUR/USD Eyeing Fresh Monthly High Weekly Economic and Financial Commentary: Q3 PCE Rebound in the Cards, Outlook More Uncertain The Weekly Bottom Line: Federal Reserve Flips the Script, Targets Average Inflation Forward Guidance: Early Sprint in Job Gains Likely to Fade as Recovery Wears On Week Ahead: NFP, Polls Gain Traction and European Covid Cases In Focus Week Ahead – Bring on the Jobs Report What the RBA Could Do Next to Control the Economic Squeeze? Week Ahead – US Jobs Report Eyed for Recovery Progress; Calm and Steady at the RBA What the FED's Policy Announcement Means for the RBA Weekly Focus – New Era for Fed or Simply More of the Same? Fundamental Analysis | Technical Analysis In-depth Reports What the FED's Policy Announcement Means for the RBA Powell Announced Dovish Shift to Fed's Monetary Policy, Targeting Averaging Inflation and shortfall of Maximum Employment Fiscal Stalemate to Lead to More Fed Stimulus and Further USD Weakness The Forex Market and Presidential Terms How Quickly Will Japan's Economy Bounce Back? PBOC's Restraint Monetary Policy will Continue to Support CNY vs USD. US-China Tensions as Major Downside Risk Gold Prices after the US Election The Future of the US Dollar After the 2020 Election Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 23:50 JPY Industrial Production M/M Jul P 8.00% 5.00% 1.90% 23:50 JPY Retail Trade Y/Y Jul -2.80% -1.70% -1.30% 1:00 CNY Manufacturing PMI Aug 51 51.1 51.1 1:00 CNY Non-Manufacturing PMI Aug 55.2 54 54.2 1:00 AUD TD Securities Inflation M/M Aug 0.10% 0.90% 1:00 NZD ANZ Business Confidence Aug -41.8 -42.4 1:30 AUD Private Sector Credit M/M Jul -0.10% 0.20% -0.20% 1:30 AUD Company Gross Operating Profits Q/Q Q2 15.00% -6.00% 1.10% 1.40% 5:00 JPY Housing Starts Y/Y Jul -11.40% -13.70% -12.80% 5:00 JPY Consumer Confidence Index Aug 29.3 29.4 29.5 6:30 CHF Real Retail Sales Y/Y Jul 0.90% 1.10% 12:00 EUR Germany CPI M/M Aug P -0.20% -0.50% 12:00 EUR Germany CPI Y/Y Aug P 0.20% -0.10% 12:30 CAD Industrial Product Price M/M Jul 0.50% 0.40% 12:30 CAD Raw Material Price Index Jul 6.90% 7.50%

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