Action Insight Mid-Day Report 6-10-20

Dollar Softens ahead of FOMC, Fed to Release New Economic Projections

Action Insight Mid-Day Report 6-10-20 More Signs of Dollar Weakness as Fed Awaited Stock markets are generally mixed today as NASDAQ seems unstoppable. But other indices, in Asia, Europe and even US look sluggish. OECD noted the equal probability of having a second wave of coronavirus spread or not. But that's largely ignored by investors. In the currency markets, Dollar is back under pressure ahead of FOMC, trading as the worst performing one. It's followed by Canadian Dollar and then Euro. Australian Dollar and Swiss Franc are the strongest ones for now. Technically, Gold's break of 1721.90 minor resistance suggests that corrective fall from 1765.25 has completed at 1670.66. Further rise would be seen to 1745.14/1765.25 resistance zone. EUR/USD's breach of 1.1383 suggests resumption of rise form 1.0635 towards 1.1496 resistance. USD/CHF is pressing 0.9901 fibonacci support and sustained break could bring further downside acceleration. USD/JPY is also on track to 107.08 support. Overall, Dollar's outlook doesn't look very good. In Europe, currently, FTSE is up 0.23%. DAX is up 0.07%. CAC is down -0.12%. German 10-year yield is down -0.0025 at 0.312. Earlier in Asia, Nikkei rose 0.15%. Hong Kong HSI dropped -0.03%. China Shanghai SSE dropped -0.42%. Singapore Strait Times rose 0.23%. Japan 10-year JGB yield rose 0.0039 to 0.023. Full Report Here US CPI slowed to 0.1% yoy in May, core CPI down... OECD outlined two equally probable scenarios, single- and double- coronavirus hit ECB Muller: Additional increase in PEPP might not be needed Fed projections to reveal the perceived strength of economic rebound in... Dollar index might draw support from 95.8 projection level, on oversold... Australia consumer sentiment rose 6.3%, back around pre-COVID levels Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol China's Inflation Declined to Lowest in Over a Year; Trade Data... FOMC Preview – Standing Ready to Add Stimulus Despite Signs of... CFTC Commitments of Traders – Traders Bet Higher Crude Oil Price,... Central Bank Views | China Watch | Oil N' Gold | Special Topics EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.1264; (P) 1.1314; (R1) 1.1387; More... EUR/USD's breach of 1.1383 temporary top suggests that rise from 1.0635 is resuming. Intraday bias is back on the upside for 1.1496 resistance next. Decisive break there will carry larger bullish implications. On the downside, break of 1.1241 support will now indicate short term topping, and turn bias to the downside. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Fed Vigilance, Oil's Supply Concerns, Gold Higher, Bitcoin Teeters US Futures Flat ahead of Fed, Watch AAPL, AMZN, UAL, GME Charting a Course for Recovery GBP/USD Outlook: Cable Rises To New 3-Mth High, Firm Bullish Stance Above 200DMA Nasdaq Rips Higher Ahead Of Fed Decision, Dollar In Agony US 100 Index Surges To Record High, Bullish In Long Term GBPJPY Cautiously Positive, Pullback Holds Above MAs USDJPY Snaps Four-Day Winning Streak, Closes Below Trendline EUR/USD Outlook: Bulls Pressure Post-NFP High And Signaling That Narrow Consolidation Might Be Over Does The Dollar Face Global Selling-Off? Fundamental Analysis | Technical Analysis In-depth Reports Charting a Course for Recovery So How Is That Phase One US-China Trade Agreement Going? Brexit Monitor: No Major Breakthrough Expected Before 1 July Effects of U.S. Supply Chain Re-Orientation: Part I Gold will Regain Momentum after Correction, Supported by Low Yield and US-China Tensions Australia's Risks With Its Exports to China Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 22:45 NZD Manufacturing Sales Q1 0.00% 2.40% 2.20% 23:50 JPY PPI M/M May -0.40% -0.30% -1.50% 23:50 JPY PPI Y/Y May -2.70% -2.40% -2.30% -2.40% 23:50 JPY Machinery Orders M/M Apr -12.00% -8.60% -0.40% 00:30 AUD Westpac Consumer Confidence Jun 6.30% 16.40% 01:30 CNY PPI Y/Y May -3.70% -3.30% -3.10% 01:30 CNY CPI Y/Y May 2.40% 2.60% 3.30% 06:45 EUR France Industrial Output M/M Apr -20.10% -20.00% -16.20% 12:30 USD CPI M/M May -0.10% 0.00% -0.80% 12:30 USD CPI Y/Y May 0.10% 0.20% 0.30% 12:30 USD CPI Core M/M May -0.10% 0.00% -0.40% 12:30 USD CPI Core Y/Y May 1.20% 1.30% 1.40% 14:30 USD Crude Oil Inventories -1.8M -2.1M 18:00 USD FOMC Rate Decision 0.25% 0.25% 18:30 USD FOMC Press Conference

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