Action Insight Mid-Day Report 8-31-21

Euro Rises on Inflation, ECB Talks, and German Yield

Action Insight Daily Report 8-31-21 Euro Rises on Inflation, ECB Talks, and German Yield Euro jumps notably today, as supported by highest inflation reading in a decade, and hawkish comments from an ECB official, as well as rise in German yields. Though, it's slightly outshone by Kiwi, Aussie and Swiss Franc for now. On the other hand, Dollar's selloff continues to pick up momentum and even dips against Yen. Canadian Dollar also stays weak, getting little support from GDP data that matched expectations. Technically, EUR/GBP's break of 0.8592 minor resistance suggests resumption of the rebound from 0.8448. That's affirming Euro's underlying strength. But as EUR/CHF appears to be rejected by 1.0839 resistance, Euro's rally is somewhat capped elsewhere. We'll keep on monitoring European crosses to gauge the potential of more upside acceleration in EUR/USD and EUR/JPY. In Europe, at the time of writing, FTSE is down -0.62%. DAX is down -0.37%. CAC is down -0.41%. Germany 10-year yield is up 0.0209 at -0.396, back above -0.4 handle. Earlier in Asia, Nikkei rose 1.08%. Hong Kong HSI rose 1.33%. China Shanghai SSE rose 0.45%. Singapore Strait Times dropped -1.52%. Japan 10-year JGB yield rose 0.0064 to 0.026. Full Report Here Canada GDP grew 0.7% mom in Jun, to contract -0.4% mom... ECB Holzmann will advise to slow down asset purchases in Q4,... Eurozone CPI jumped to 3.0% yoy in Aug, core CPI rose... France consumer spending dropped -2.2% mom in Jul, GDP rose 1.1%... Japan industrial production dropped -1.5% mom in Jul, but expected to... China PMI manufacturing dropped to 50.1, services tumbled to 47.5 New Zealand ANZ business confidence dropped to -14.2 on Delta lockdown Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol CFTC Commitments of Traders - Risk Currencies Got Dumped. Reversal Likely in Coming Week CFTC Commitments of Traders - Precious Metals Remained Firm while Crude Oil Rebounded after Sharp Fall Explaining JPY's Resilience Amidst Fed's Taper Talks Central Bank Views | China Watch | Oil N' Gold | Special Topics EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.1783; (P) 1.1797; (R1) 1.1810; More... Intraday bias in EUR/USD stays on the upside at this point. Rebound from 1.1663 short term bottom is on track to 1.1907 resistance. Decisive break there will indicate that fall from 1.2265, as well as the consolidation pattern from 1.2348, have completed. Near term outlook will be turned bullish for 1.2265/2348 resistance. On the downside, break of 1.1782 minor support will mix up the near term outlook and turn intraday bias neutral first. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings China PMIs Sink Asia Equities AUDUSD Aims To Hold Above 20-SMA, Short-Term Bias Bullish AUD/USD Elliott Wave Analysis – Finds Bottom Will The Powell Rally Rollover Into September? Fed Shockwaves Reverberate GBPUSD Picks Up Bullish Steam, Crucial Resistance Nearby EUR/USD Outlook: Fresh Bullish Acceleration Faces Headwinds From Thick Falling Daily Cloud The Dollar And US Treasury Yields Remain Downwardly Oriented Two Trades To Watch: EUR/USD, Gold Fundamental Analysis | Technical Analysis In-depth Reports Explaining JPY's Resilience Amidst Fed's Taper Talks Loonie's Outlook Remains Hinged on Crude Oil Price Team Australia to the Rescue PBOC Left Policy Rate Unchanged. Further Easing Inevitable as Economy Prone to Weaken in Second Half Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 22:45 NZD Building Permits M/M Jul 2.10% 3.80% 4.00% 23:30 JPY Unemployment Rate Jul 2.80% 2.90% 2.90% 23:50 JPY Industrial Production M/M Jul P -1.50% -2.50% 6.50% 01:00 CNY NBS Manufacturing PMI Aug 50.1 50.2 50.4 01:00 CNY Non-Manufacturing PMI Aug 47.5 52.8 53.3 01:00 NZD ANZ Business Confidence Aug -14.2 -3.8 01:30 AUD Current Account Balance (AUD) Q2 20.5B 21.0B 18.3B 18.9B 01:30 AUD Private Sector Credit M/M Jul 0.70% 0.50% 0.90% 01:30 AUD Building Permits M/M Jul -8.60% -5.00% -6.70% -5.50% 05:00 JPY Housing Starts Y/Y Jul 9.90% 4.80% 7.30% 05:00 JPY Consumer Confidence Index Aug 36.7 37.4 37.5 06:45 EUR France Consumer Spending M/M Jul -2.20% 0.70% 0.30% 06:45 EUR France GDP Q/Q Q2 1.10% 0.90% 0.90% 07:55 EUR Germany Unemployment Rate Aug 5.50% 5.60% 5.70% 5.60% 07:55 EUR Germany Unemployment Change Aug -53K -34K -91K -90K 08:30 GBP Mortgage Approvals Jul 75K 79K 81K 08:30 GBP M4 Money Supply M/M Jul 0.10% 0.60% 0.50% 0.60% 09:00 EUR Eurozone CPI Y/Y Aug P 3.00% 2.80% 2.20% 09:00 EUR Eurozone CPI Core Y/Y Aug P 1.60% 1.50% 0.70% 12:30 CAD GDP M/M Jun 0.70% 0.70% -0.30% 13:00 USD S&P/Case-Shiller Composite-20 HPI Y/Y Jun 17.50% 17.00% 13:00 USD Housing Price Index M/M Jun 2.10% 1.70% 13:45 USD Chicago PMI Aug 69.8 73.4 14:00 USD Consumer Confidence Aug 123.3 129.1

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