Action Insight Daily Report 9-2-19

Dollar and Yen Mildly Higher as Markets Shrug New US-China Tariffs

Action Insight Daily Report 9-2-19 Dollar and Yen Mildly Higher as Markets Shrug New US-China Tariffs Dollar and Yen firm up mildly in Asian session as markets started the month mixed. New round of US-China tariffs took effect over the weekend but market reactions are muted so far. Australian Dollar softens mildly, followed by Swiss Franc and then Sterling. But overall, major forex pairs and crosses bounded inside Friday's range. A major focus will be on EUR/USD, which extended medium term down trend late last week. Technically, EUR/USD broke 1.1026 last week as down trend from 1.2555 resumed. Further fall would now be seen to 1.0683 projection level next. There are a couple of levels to watch to affirm Dollar's underlying momentum. Those include 0.9975 resistance in USD/CHF, 1.3345 resistance in USD/CAD and 0.6677 support in AUD/USD. 106.73 resistance in USD/JPY is also a level to watch. But it's relatively less likely to be taken out based on broad based resilience in Yen. In Asia, Nikkei is down -0.30%. Hong Kong HSI is down -0.37%. China Shanghai SSE is up 1.45%. Singapore Strait Times is down -0.81%. Japan 10-year JGB yield is up 0.009 at -0.268. Full Report Here China Caixin PMI Manufacturing rose to 50.4, but overall demand didn't... Japan PMI manufacturing finalized at 49.3, difficult to envisage any near-term... Australia AiG PMI rose to 53.1, manufacturing conditions improved New Zealand Treasury: Continued Business Pessimism Increased Downside Risk China tells US to stop being a school bully as new... ECB Holzmann expressed criticism toward further monetary easing Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol RBA Preview – Staying Put before Further Easing CFTC Commitments of Traders – Long Bets Increased for Safe Haven... CFTC Commitments of Traders – Bets for Higher Crude Oil Prices... Central Bank Views | China Watch | Oil N' Gold | Special Topics EUR/USD Daily Outlook Daily Pivots: (S1) 1.0950; (P) 1.1005; (R1) 1.1047; More... Intraday bias in EUR/USD remains on the downside for the moment. Current decline should target 100% projection of 1.1412 to 1.1026 from 1.1249 at 1.0683 next. On the upside, above 1.1049 minor resistance will turn intraday bias neutral and bring consolidations again first. But recovery should be limited well below 1.1249 resistance to bring fall resumption. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings GBP/USD Is Struggling, USD/CAD Facing Key Resistance EUR/USD Tumbles To New 2-Year Low, More Downsides Ahead Asia PMI's A Mixed Bag, China Outperforms Weekly Economic and Financial Commentary: Consumers Keeping the U.S. Economy Afloat The Weekly Bottom Line: Uncertainty Still Name of The Game US Dollar Screaming Higher as Month End Flows Dominate Week Ahead – New Tariffs Begin on China as RBA, BOC, Riksbank and CBR Have Rate Decisions Week Ahead – Aussie Q2 Data, RBA and BoC Meetings, US Jobs Report and Brexit to Make for a Busy Week Forward Guidance: Bank of Canada to Break its Summer Silence Fundamental Analysis | Technical Analysis In-depth Reports China Cuts Banks' Lending Rates as Trade War Escalates Italy: Salvini May Have Thrown a Boomerang Can Monetary and Fiscal Stimulus Save the Global Economy from Trump's Trade War? Trade War, Not Protests, is Key Reason For Slowdown. USDHKD Peg Not at Risk RBA: 50bps in Cuts Look Assured But Global Factors May Require More Stimulus Will German Fiscal Stimulus Be Too Little, Too Late? Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 22:30 AUD AiG Performance of Manufacturing Index Aug 53.1 51.3 22:45 NZD Terms of Trade Index Q/Q Q2 1.60% 1.00% 1.00% 23:50 JPY Capital Spending Q2 1.90% 1.80% 6.10% 0:30 JPY PMI Manufacturing Aug F 49.3 49.5 49.5 1:00 AUD TD Securities Inflation M/M Aug 0.00% 0.30% 1:30 AUD Company Operating Profit Q/Q Q2 4.50% 2.10% 1.70% 1:45 CNY Caixin PMI Manufacturing Aug 50.4 49.8 49.9 6:30 CHF Retail Sales Real Y/Y Jul 0.90% 0.70% 7:30 CHF PMI Manufacturing Aug 45.7 44.7 7:45 EUR Italy Manufacturing PMI Aug 48.6 48.5 7:50 EUR France Manufacturing PMI Aug F 51 51 7:55 EUR Germany Manufacturing PMI Aug F 43.6 43.6 8:00 EUR Eurozone Manufacturing PMI Aug F 47 47 8:30 GBP PMI Manufacturing Aug 49.5 48

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