Action Insight Mid-Day Report 8-7-19

Yen Strengthens Again on Falling Treasury Yields, Swiss Follows

Action Insight Mid-Day Report 8-7-19 Yen Strengthens Again on Falling Treasury Yields, Swiss Follows Yen strengthens broadly today, mainly follows decline in major benchmark yields. German 10-year yield hit another record low at -0.597. US 10-year yield also breaks 1.7 handle. Yields are pressured after deeper the surprised -50bps cut by RBNZ and expectation of more global central bank easing. Asian stocks ended mixed while European indices recover today. But weakness in US stocks could eventually drag sentiments down again. For now, Swiss Franc is the second strongest, followed by Euro. Meanwhile, commodity currencies are the weakest, led by New Zealand Dollar. Technically, USD/CAD is picking up upside momentum in early US session and it's on track for 1.3432 resistance next. GBP/JPY's recovery from 128.11 temporary low could have completed and break will resume recent decline for 122.36 support next. Both USD/JPY and USD/CHF weaken slightly in early US session. Break of 105.52 and 0.9703 will resume recent declines too. In Europe, currently, FTSE is up 0.30%. DAX is up 0.51%. CAC is up 0.64%. German 10-year yield is down -0.058 at -0.589. Earlier in Asia, Nikkei dropped -0.33%. Hong Kong HSI rose 0.08%. China Shanghai SSE dropped -0.32%. Singapore Strait Times rose 0.45%. Japan 10-year JGB yield dropped -0.0161 to -0.197. Full Report Here China’s foreign reserve dropped slightly to USD 3.104T in July German industrial production dropped -1.5%, 10-yr bund yield hits new record... BoJ summary of opinions indicates needs to discuss pre-emptive easing RBNZ surprises with -50bps cut, NZD/USD dives through key support Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol RBNZ Cut Policy Rate by -50 bps, Hinting Negative Interest Rate US’ Designation of China as Currency Manipulator Makes it Harder to... CFTC Commitments of Traders – Traders Bet on Lower Crude Oil... Central Bank Views | China Watch | Oil N' Gold | Special Topics USD/JPY Mid-Day Outlook Daily Pivots: (S1) 105.63; (P) 106.36; (R1) 107.20; More... USD/JPY weakens today but stays above 105.52 temporary low. Intraday bias remains neutral first and more consolidation could be seen. But upside should be limited well below 109.31 resistance to bring fall resumption. On the downside, break of 105.52 will target 104.69 low next. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Market Brief: RBNZ Shocks, Gold Shines, Stocks Shiver US Open – Global Easing, 2s/10s, Oil, Gold Gold Bulls Eye $1500 Markets Bounce But Sentiment Still Weak SNB Balance Sheet Inflates, NZD In The Doldrums Japan Q2 GDP Growth To Slow As Soaring Yen Risks Ire Of Policymakers EURJPY Drops To 2-Year Low, Fills The Gap From April 2017 RBNZ: Review Of The August 2019 Monetary Policy Statement RBNZ Cuts Rates By 50 BP, Kiwi Sinks Kiwi Plunges On Shock RBNZ Cut, Stocks Sell-Off Eases On Kudlow Remarks German Industrial Data Shaky | Crude To Touch $45 | RBNZ Surprised Decisions Scared Aussie-Dollar AUDUSD Collapses To Decade Lows After Breaking 0.6745 Fundamental Analysis | Technical Analysis In-depth Reports RBNZ Cut Policy Rate by -50 bps, Hinting Negative Interest Rate RBA Remains on Hold in August; Revised Inflation and Unemployment Forecasts Point to Further Cuts US' Designation of China as Currency Manipulator Makes it Harder to Reach Trade Deal FX Strategy: USD/CNY Breaks 7 But Devaluation is Not On the Cards Brexit Monitor: There is Always a But Brexit Update - New PM, Old Challenge Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 22:30 AUD AiG Performance of Construction Index Jul 39.1 43 23:50 JPY BoJ Summary of Opinions 1:30 AUD Home Loans M/M Jun -0.90% 0.50% -0.10% -0.3 2:00 NZD RBNZ Official Cash Rate 1.00% 1.25% 1.50% 6:00 EUR German Industrial Production M/M Jun -1.50% -0.50% 0.30% 0.10% 7:00 CHF Foreign Currency Reserves (CHF) Jul 768B 759B 760B 14:00 CAD Ivey PMI Jul 52.7 52.4 14:30 USD Crude Oil Inventories -8.5M

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