Action Insight Daily Report 2-1-21

Sterling Firm as Markets Await BoE, Asian Stocks Up

Action Insight Daily Report 2-1-21 Sterling Firm as Markets Await BoE, Asian Stocks Up Asian markets open the week generally higher today, shrugging off the steep selloff in the US on Friday. Australian and New Zealand Dollar firm up mildly. But Sterling is so far the better one, as markets await BoE's affirmation on not using negative rates. Dollar, and Euro turn softer together with Swiss Franc. Gold trades mildly higher but struggles to breakout from near term range. WTI oil is also staying in sideway trading. Technically, we'd continue to pay attention to EUR/USD, which is bounded in range of 1.2052/2188. Breakout from there could give a strong indication on whether Dollar is heading to next. Yen's recovery is too weak to warrant bottoming. EUR/JPY could also have a take on 127.48 resistance, and break there would resume larger rally from 114.42. In Asia, currently, Nikkei is up 1.29%. Hong Kong HSI is up 1.91%. China Shanghai SSE is up 0.10%. Singapore Strait Times is down -0.05%. Japan 10-year JGB yield is up 0.0030 at 0.059, pretty firm. Full Report Here Japan PMI manufacturing finalized at 49.8, but short-term prospects turning a... China Caixin PMI manufacturing dropped to 51.5, dragged by subdued overseas... Australia AiG manufacturing rose to 55.3, 5 of 6 sectors reported... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol CFTC Commitments of Traders - US Dollar Rebounded but Sustainability is in Doubt CFTC Commitments of Traders - Silver Price Rallied on Safe-Haven Demand as Wall Street Slumped Markets Down after Roller-Coaster Rides, Dollar Upside Still Capped Central Bank Views | China Watch | Oil N' Gold | Special Topics GBP/USD Daily Outlook Daily Pivots: (S1) 1.3653; (P) 1.3702; (R1) 1.3748; More.... Intraday bias in GBP/USD remains neutral for the moment and some more consolidations could be seen. Further rise is expected with 1.3608 support intact. On the upside, break of 1.3758 will extend the whole up trend from 1.1409 to 61.8% projection of 1.1409 to 1.3482 from 1.2675 at 1.3956 next. On the downside, however, break of 1.3608 support will now suggest short term topping, on bearish divergence condition in 4 hour MACD. Intraday bias will be turned back to the downside for deeper pull back. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings EUR/USD Facing Resistance, GBP/USD Remains Elevated Forex Forecast and Cryptocurrencies Forecast CFTC Commitments of Traders – Silver Price Rallied on Safe-Haven Demand as Wall Street Slumped CFTC Commitments of Traders – US Dollar Rebounded but Sustainability is in Doubt Weekly Economic & Financial Commentary: Loss of Momentum Sets Up Weak Q1 The Weekly Bottom Line: Looking Back, Looking Forward Forward Guidance: January's Employment Report to Show a Double-Dip from Added Restrictions Week Ahead: BOE, RBA, Coronavirus and More "Short Squeezes"? Traders Still Pushing Silver Higher. Could it Really Be the Next GME? Week Ahead – Volatility Going Nowhere Week Ahead – NFP Bounce, Stimulus Progress Might Calm Markets; BoE and RBA Eyed Weekly Focus – Is the Manufacturing Cycle Peaking? We Have Raised Our Forecasts for AUD and Bond Rates   Fundamental Analysis | Technical Analysis In-depth Reports We Have Raised Our Forecasts for AUD and Bond Rates Dollar Remains Overvalued; Can America's Twin Deficits Still Sink It? Fed Indicated that QE Tapering is Premature and Bar to Adjust Policy is High Thoughts on the January 27 FOMC Meeting The Economic Outlook: What Could Possibly Go Wrong? Update To Westpac's RBNZ OCR Forecast – Enough Is Enough Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 21:30 AUD AiG Performance of Manufacturing Jan 55.3 52.1 0:00 AUD TD Securities Inflation M/M Jan 0.20% 0.50% 0:30 JPY Manufacturing PMI Jan F 49.8 49.8 49.7 1:45 CNY Caixin Manufacturing PMI Jan 51.5 52.7 53 7:00 EUR Germany Retail Sales M/M Dec -2.30% 1.90% 7:30 CHF Real Retail Sales Y/Y Dec 1.50% 1.70% 8:30 CHF SVME PMI Jan 56.5 58 8:45 EUR Italy Manufacturing PMI Jan 52.4 52.8 8:50 EUR France Manufacturing PMI Jan F 51.5 51.5 8:55 EUR Germany Manufacturing PMI Jan F 57 57 9:00 EUR Italy Unemployment Dec 9.00% 8.90% 9:00 EUR Eurozone Manufacturing PMI Jan F 54.7 54.7 9:30 GBP Mortgage Approvals Dec 100K 105K 9:30 GBP Manufacturing PMI Jan F 52.9 52.9 9:30 GBP M4 Money Supply M/M Dec 1.00% 0.80% 10:00 EUR Eurozone Unemployment Rate Dec 8.30% 8.30% 14:30 CAD Manufacturing PMI Jan 57.9 14:45 USD Manufacturing PMI Jan F 59.1 59.1 15:00 USD ISM Manufacturing PMI Jan 59.5 60.7 15:00 USD ISM Manufacturing Prices Paid Jan 72 77.6 15:00 USD ISM Manufacturing Employment Index Jan 51.5 15:00 USD ISM Manufacturing New Orders Index Jan 67.9 15:00 USD Construction Spending M/M Dec 0.70% 0.90%

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