Action Insight Mid-Day Report 9-6-19

Dollar Lower on NFP Miss, Supported by Wage Growth

Action Insight Mid-Day Report 9-6-19 Dollar Lower on NFP Miss, Supported by Wage Growth Dollar drops mildly in early US session after weaker than expected employment data. Yet, downside is limited as support by stronger than expected wage growth. At the time of writing, commodity currencies are the strongest one for today with help from China's RRR cut. Canadian Dollar is additionally supported by strong job data. On the other hand, Swiss Franc is the weakest one for now, followed by Sterling and then Dollar. Technically, AUD/USD's break of 0.6822 finally indicate resumption of rebound from 0.6677. Further rise should now be seen to 0.6910 support turned resistance next. Upside momentum in Yen crosses are generally diminishing and we might seen more retreat in USD/JPY, EUR/JPY and GBP/JPY before weekly close. Also, the Pound appears to be losing upside momentum against Dollar and Euro too. Sterling might need next week's vote on election for further inspirations. In other markets, DOW future is currently up 80 pts. In Europe, FTSE is up 0.01%. DAX is up 0.42. CAC is down -0.01%. German 10-year yield is down -0.0234 at -0.616. Earlier in Asia, Nikkei rose 0.54%. Hong Kong HSI rose 0.66%. China Shanghai SSE rose 0.46%. Singapore Strait Times dropped -0.08%. Japan 10-year JGB yield rose 0.0263 to -0.245. Full Report Here Canada employment rose 81.1k, well above expectations NFP grew just 130k, unemployment rate at 3.7%, but wage growth... Eurozone Q2 GDP growth finalized at 0.2% qoq PBoC announces RRR cut to support the real economy German industrial production dropped -0.6% mom, below expectation of 0.3% mom BoJ Kuroda doesn't rule out deeper negative interest rate Australia AiG construction index recovered to 44.6, slower contraction Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol US Oil Inventory Fell Further, In Contrast with API's Forecast BOC Sounds Less Dovish than Expected, as Housing Market and Wage... RBA Left Rate Unchanged, More Flexible on Future Policy Decision Central Bank Views | China Watch | Oil N' Gold | Special Topics AUD/USD Mid-Day Outlook Daily Pivots: (S1) 0.6795; (P) 0.6813; (R1) 0.6831; More... AUD/USD's rebound from 0.6677 resumed by breaking 0.6822 resistance and hits as high as 06847 so far. Intraday bias is back on the upside for 0.6910 resistance next. Break will target 0.7082 key structure resistance. On the downside, though, break of 0.6807 minor support will turn bias back to the downside for retesting 0.6677 low instead. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings GBPUSD To Target $1.24 Post NFP? GBPJPY Completes Double Bottom Pattern After 5-Month Downtrend US Traders Take Cautious Approach After German Data | What To Expect From US NFP? Market Sentiment Brightens On Trade Optimism, NFP In Focus Precious GOLD-En Signs For Bears USDCAD Slips Back To Retest 50% Fibonacci Under 200-SMA Dollar Lifted By Upbeat US Data, Powell And NFP Report Coming Up Next Fundamental Analysis | Technical Analysis In-depth Reports BOC Sounds Less Dovish than Expected, as Housing Market and Wage Growth Improve Brexit Monitor: Election May Lead Us To The Brexit End Game (But Not Necessarily) RBA Left Rate Unchanged, More Flexible on Future Policy Decision RBA Board Leaves Rates on Hold; Slightly More Downbeat; October the Likely Next Step Japan's Consumption Tax Hike Unlikely to Help Inflation Much Can Monetary and Fiscal Stimulus Save the Global Economy from Trump's Trade War? Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 22:30 AUD AiG Performance of Construction Index Aug 44.6 39.1 23:30 JPY Overall Household Spending Y/Y Jul 0.80% 0.90% 2.70% 23:30 JPY Labor Cash Earnings Y/Y Jul -0.30% 0.10% 0.40% 05:00 JPY Leading Index Jul P 93.6 93.2 93.3 06:00 EUR German Industrial Production M/M Jul -0.60% 0.30% -1.50% -1.10% 07:00 CHF Foreign Currency Reserves (CHF) Aug 767B 768B 09:00 EUR Eurozone Employment Q/Q Q2 F 0.20% 0.20% 0.20% 09:00 EUR Eurozone GDP Q/Q Q2 F 0.20% 0.20% 0.20% 12:30 CAD Net Change in Employment Aug 81.1K 12.5K -24.2K 12:30 CAD Unemployment Rate Aug 5.70% 5.70% 5.70% 12:30 USD Change in Non-farm Payrolls Aug 130K 162K 164K 159K 12:30 USD Unemployment Rate Aug 3.70% 3.70% 3.70% 12:30 USD Average Hourly Earnings M/M Aug 0.40% 0.30% 0.30% 14:00 CAD Ivey PMI Aug 55.2 54.2

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