Action Insight Mid-Day Report 8-31-20

Yen Softens Further on Yields, Euro to Test Resistance Levels

Action Insight Mid-Day Report 8-31-20 Yen Softens Further on Yields, Euro to Test Resistance Levels Yen is trading with an undertone today despite mixed risk markets. Treasury yield is a factor weighing on Yen again, with US 10-year yield staying firm around 0.73 handle. Germany 10-year is also back above -0.4% handle. US stocks open slightly lower, following mild weakness in Europe, but that's just a mild retreat. Euro and Canadian Dollar are the relatively stronger ones for now. Dollar is mixed as the recovery attempt is relatively short-lived. Aussie is also mixed, awaiting tomorrow's RBA guidance. Technically, EUR/USD is now close to 1.1965 resistance, break there will resume larger rise from 1.0635. We'll see if that would drag down the greenback elsewhere. But at this point, it looks like Euro buying is the main driving force with EUR/JPY also close to 126.75 resistance. EUR/GBP also recovers with eyes on 0.8974 minor resistance. In other markets, currently, DOW is down -150 pts. In Europe, FTSE is down -0.61%. DAX is down -0.24%. CAC is down -0.43%. German 10-year yield is up 0.019 at -0.390, back above -0.4 handle. Earlier in Asia, Nikkei rose 1.12%. Hong Kong HSI dropped -0.96%. China Shanghai SSE dropped -0.24%. Singapore Strait Times dropped -0.28%. Japan 10-year JGB yield dropped -0.0082 to 0.053. Full Report Here Fed Clarida: Symmetric inflation outcomes requires asymmetric monetary policy reaction function ECB Schnabel: No reason to adjust monetary policy with baseline scenario... Oil prices lifted by AbuDhabi supply cuts, but WTI still struggling... 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 EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.1837; (P) 1.1879; (R1) 1.1946; More..... EUR/USD is still staying below 1.1965 resistance despite today's rebound. Intraday bias remains neutral first. Further rise is in favor with 1.1711 support intact. Firm break of 1.1965 will resume larger rise from 1.0635. On the downside, though, break of 1.1711 support should confirm short term topping and turn bias back to the downside for correction. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings AUDUSD in Focus US 500 Index Logs New All-Time High; Bullish Bias Intact USD/CAD Dips as Powell Weighs on US Dollar US Futures Slightly up – Watch BRK/B, MSFT, WMT, BYND US Open – Wall Street Eyeing New Records Gold, Oil Gain Ground On Soft US Dollar USD/JPY Outlook: Friday's Massive Bearish Candle and Falling Thick Daily Cloud Weigh Heavily Dollar Recovery Ends Quickly USDJPY Bears Find Support After Japan's PM Resignation GBP/USD Outlook: Cable Is Consolidating Under New Multi-Month High Fed's Paradigm Shift Ripples Through Markets EUR/USD Outlook: Bulls Taking A Breather After Friday's Rally, 1.20 Barrier In Focus AUDUSD Pulls Back From 20-Month High After Bullish Rally EURUSD Although Paused, Conveys Robust Upside Risks Gold Capped By SMA But Retains Bullish Outlook China's Domestic Growth Continues Its Recovery Investors Continue To Build On Best August In 36 Years Rushing To Shares Is A Mistake During Financial Repressions 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% 01:00 CNY Manufacturing PMI Aug 51 51.1 51.1 01:00 CNY Non-Manufacturing PMI Aug 55.2 54 54.2 01:00 AUD TD Securities Inflation M/M Aug 0.10% 0.90% 01:00 NZD ANZ Business Confidence Aug -41.8 -42.4 01:30 AUD Private Sector Credit M/M Jul -0.10% 0.20% -0.20% 01:30 AUD Company Gross Operating Profits Q/Q Q2 15.00% -6.00% 1.10% 1.40% 05:00 JPY Housing Starts Y/Y Jul -11.40% -13.70% -12.80% 05:00 JPY Consumer Confidence Index Aug 29.3 29.4 29.5 06:30 CHF Real Retail Sales Y/Y Jul 4.10% 0.90% 1.10% 3.30% 12:00 EUR Germany CPI M/M Aug P -0.10% -0.20% -0.50% 12:00 EUR Germany CPI Y/Y Aug P 0.00% 0.20% -0.10% 12:30 CAD Industrial Product Price M/M Jul 0.70% 0.50% 0.40% 12:30 CAD Raw Material Price Index Jul 3.00% 6.90% 7.50%

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