Action Insight Mid-Day Report 6-29-20

Euro Lifted By Improve Confidence, and Tumbling Sterling

Action Insight Mid-Day Report 6-29-20 Euro Lifted By Improve Confidence, and Tumbling Sterling Sterling tumbles broadly today, appeared to be weighed down by UK Prime Minister Boris Johnson's plan to double down on public investments. The selloff is particularly apparent against Euro, as the latter was lifted mildly by improvements in Eurozone confidence indicators, and better than expected Germany CPI. The developments also took Swiss Franc higher. On the other hand, Yen and Dollar are following the Pound as next weakest. Technically, EUR/GBP is showing clear upside acceleration now. Sustained break of 0.9182 fibonacci level could pave the way back to 0.9499 high. GBP/CHF is on track to corresponding fibonacci support at 1.1544. Sustained break will pave the way to retest 1.1102 low. Also, note that EUR/USD rebounds well ahead of 1.1168 support and focus is back on 1.1348 resistance. Break will likely extend recent rally through 1.1422 high. Such development could trigger more broad based rally in Euro elsewhere. In Europe, currently, FTSE is up 0.60%. DAX is up 0.35%. CAC is up 0.28%. Germany 10-year yield is up 0.0214 at -0.459. Earlier in Asia, Nikkei dropped -2.30%. Hong Kong HSI dropped -1.01%. China Shanghai SSE dropped -0.61%. Singapore Strait Times dropped -1.17%. Japan 10-year JGB yield rose 0.0053 to 0.016. Full Report Here Eurozone economic sentiment rose to 75.7 in June, record mom rise Germany CPI jumped to 0.9% in June, above expectations Japan retail sales dropped -12.3% yoy in May RBNZ Orr: Coronavirus economic disruption expected to persist well into 2021... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol PBOC to Ease Less Aggressively as Debt Problems Intensify after Months... CFTC Commitments of Traders – Net Length on Gold Soared to... CFTC Commitments of Traders fx – Bets on USD Still Limited... Central Bank Views | China Watch | Oil N' Gold | Special Topics EUR/GBP Mid-Day Outlook Daily Pivots: (S1) 0.9045; (P) 0.9073; (R1) 0.9120; More... EUR/GBP's rally accelerates to as high as 0.9170 so far. Intraday bias remains on the upside for 61.8% retracement of 0.9499 to 0.8670 at 0.9182 first. Sustained trading above there will pave the way to retest 0.9499 high. On the downside, below 0.9079 minor support will turn intraday bias neutral first. But outlook will stay cautiously bearish as long as 0.9001 support holds. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings US Futures Rebounding, Watch AAPL, GILD, BA GBPUSD Outlook: Bears Regained Control After Recovery Stalled, Daily Cloud Top Comes Under Pressure Again AUDUSD Moves Sideways Below 0.6900, Positive Momentum In Medium Term USDJPY Edges Sdeways As Progress Remains Capped EUR/USD Outlook: Recovery Attempts Face Headwinds On Fading Risk Sentiment And Weak Techs Virus Resurgence Haunts Stocks But Dollar Edges Lower EURUSD's Downside Correction May Be Temporary Gold Trades Near Almost 8-Year Peak, Still Bullish EU Indices Globally Slightly Down | TA Focus On Diageo More Volatility Ahead As Virus Spreads Risk-Off Traders In Charge: Stocks Down, Gold Up Fundamental Analysis | Technical Analysis In-depth Reports PBOC to Ease Less Aggressively as Debt Problems Intensify after Months of Liquidity Injection Emerging from Lockdown: A V-Shaped Recovery or False Optimism? Economics And Macro Strategy: Risks From A Resurgence In COVID-19 Gold's Rally Set to Resume, Supported by Low Yield, Geopolitics and Second Virus Wave Downside Risks of Crude OIl Price Rising Despite Recent Optimism HKD Supported by Low US Yield and Seasonal Factors, Despite Huge Political Uncertainty Ahead Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 23:50 JPY Retail Trade Y/Y May -12.30% -11.60% -13.90% 08:30 GBP Mortgage Approvals May 9K 25K 16K 08:30 GBP M4 Money Supply M/M May 2.00% 1.60% 1.50% 09:00 EUR Eurozone Economic Sentiment Indicator Jun 75.7 80 67.5 09:00 EUR Eurozone Industrial Confidence Jun -21.7 -20.5 -27.5 09:00 EUR Eurozone Consumer Confidence Jun F -14.7 -14.7 -14.7 09:00 EUR Eurozone Services Sentiment Jun -35.6 -27 -43.6 09:00 EUR Eurozone Business Climate Jun -2.26 -3.91 -2.43 -2.41 12:00 EUR Germany CPI M/M Jun P 0.60% 0.30% -0.10% 12:00 EUR Germany CPI Y/Y Jun P 0.90% 0.60% 0.60% 12:30 CAD Industrial Product Price M/M May 1.20% -0.50% -2.30% 12:30 CAD Raw Material Price Index May 16.40% -7.50% -13.40% 14:00 USD Pending Home Sales M/M May 19.90% -21.80%

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