Action Insight Mid-Day Report 8-2-19

Yen and Franc Strong on Trade War, Dollar Mixed Despite Solid NFP

Action Insight Mid-Day Report 8-2-19 Yen and Franc Strong on Trade War, Dollar Mixed Despite Solid NFP Swiss Franc and Yen continue to trade as the strongest ones for today on risk aversion, as US-China trade war escalates. Global equity markets are under heavy selling pressure, with DOW futures down around -100 pts. German 10-year yield hits another record low at -0.499 and stays soft. Dollar is mixed for now, receiving little support from solid non-farm payroll report. Yen, commodity currencies are generally the weakest ones. Technically, AUD/USD's firm break of 0.6831 support confirms down trend resumption. Next target is 0.6722 flash crash low. USD/CAD is trying to accelerate upwards and we're expecting a test on 1.3432/3564 resistance zone. USD/JPY follows EUR/JPY and GBP/JPY lower. With 106.78 support taken out, it should be heading towards 104.69 low. EUR/GBP's recovery lost momentum ahead of 0.9198 temporary top, and is set to end the week below there. In Europe, currently, FTSE is down -1.96%. DAX is down -2.77%. CAC is down -2.97%. German 10-year yield is down -0.042 at -0.490. Earlier in Asia, Nikkei dropped -2.11%. Hong Kong HSI dropped -2.35%. China Shanghai SSE dropped -1.41%. Singapore Strait Times dropped -0.93%. Japan 10-year JGB yield dropped -0.0352 to -0.166. Full Report Here US non-farm payroll grew 164k, unemployment rate unchanged at 3.7%, wage... UK PMI construction dropped to 45.3, retrenchment could soon spillover to... Eurozone retail sales rose 1.1%, well above expectation South Korea pledges not to be defeated again as trade tension... China warned of retaliation against new US tariffs Japan Aso: US-China relation developing into not just trade war Australia retail sales rose 0.4%, growth in five of six industries Trump announces new tariffs on China, effective Sep 1 Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol US Oil Inventory Extends Recent Decline FOMC Review – Market Disappointed as Powell Described Rate Cut... BOE Preview – Standing On Sideline and Sending More Neutral... Central Bank Views | China Watch | Oil N' Gold | Special Topics USD/JPY Mid-Day Outlook Daily Pivots: (S1) 106.63; (P) 107.97; (R1) 108.69; More... USD/JPY drops to as low as 106.60 so far today. Break of 106.78 suggests resumption of fall from 112.40. Intraday bias stays on the downside for next target of 61.8% projection of 112.40 to 106.78 from 109.31 at 105.83 first, then 104.69 low. On the upside, above 107.56 minor resistance will turn intraday bias neutral and bring consolidations. But upside of recovery should be limited below 109.31 resistance to bring fall resumption. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings FX Brief: NFP and Trump EU Trade Speech Eyed RBA To Stay On Hold For Now, As Aussie Takes A Tumble AUD/USD Outlook: Aussie Falls To Eight Month Low On China Tariffs, US NFP Data Next GBPJPY Printed A 3 Black Crows’ Pattern And Broke Fiercely Through The 25-Month Low USDJPY Dives Below 107, Short-Term Bias Turns Bearish Trump Took The Lime Light From US NFP Data, Dollar To Weaken More Trump Threw Another Sucker Punch, Markets In Turmoil & Bitcoin Skyrocketed USDCAD Searches For A Close Above 50-SMA, Short-Term Bias Bullish Markets Slump On Trade War Escalation Fundamental Analysis | Technical Analysis In-depth Reports FOMC Review - Market Disappointed as Powell Described Rate Cut as “Mid-Cycle Adjustment” FOMC Cuts Rates 25 Bps, But Two Members Dissent Brexit Monitor: There is Always a But Brexit Update - New PM, Old Challenge RBNZ: OCR Limbo... How LowCan It Go? Japan- Korea Trade Tensions - Removal of Preferential Treatment to Korea Signals Trade Tension Should Escalate Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 23:50 JPY BoJ Minutes Jun 23:50 JPY Monetary Base Y/Y Jul 3.70% 3.80% 4.00% 01:30 AUD PPI Q/Q Q2 0.40% 0.20% 0.40% 01:30 AUD PPI Y/Y Q2 2.00% 1.90% 1.90% 01:30 AUD Retail Sales M/M Jun 0.40% 0.30% 0.10% 01:30 AUD Retail Sales Ex Inflation Q/Q Q2 0.20% 0.30% -0.10% 06:30 CHF CPI M/M Jul -0.50% -0.40% 0.00% 06:30 CHF CPI Y/Y Jul 0.30% 0.50% 0.60% 07:30 CHF PMI Manufacturing Jul 44.7 47.5 47.7 08:30 GBP Construction PMI Jul 45.3 46 43.1 09:00 EUR Eurozone PPI M/M Jun -0.60% -0.40% -0.10% 09:00 EUR Eurozone PPI Y/Y Jun 0.70% 0.80% 1.60% 09:00 EUR Eurozone Retail Sales M/M Jun 1.10% 0.20% -0.30% -0.60% 09:00 EUR Eurozone Retail Sales Y/Y Jun 2.60% 1.30% 1.30% 1.00% 12:30 CAD International Merchandise Trade (CAD) Jun 0.1B -0.3B 0.8B 0.6B 12:30 USD Change in Non-farm Payrolls Jul 164K 169K 224K 193K 12:30 USD Unemployment Rate Jul 3.70% 3.70% 3.70% 12:30 USD Average Hourly Earnings M/M Jul 0.30% 0.20% 0.20% 12:30 USD Trade Balance (USD) Jun -55.2B -54.2B -55.5B -55.3B 14:00 USD Factory Orders Jun 0.70% -0.70% 14:00 USD U. of Mich. Sentiment Jul F 98.5 98.4

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