Action Insight Mid-Day Report 6-30-20

Dollar Firms Up But Yet to Break Resistance Against Weakening Euro

Action Insight Mid-Day Report 6-30-20 Dollar Firms Up But Yet to Break Resistance Against Weakening Euro Dollar continues to stay firm in early US session as supported by strength against Sterling, Yen and to a lesser extent Canadian. Yet, the moves are rather indecisive elsewhere. The greenback remains bounded in range against Euro and Aussie, and even Swiss Franc. Euro receives no support from stronger than expected inflation data. The common currency is reversing some of this weak's gain, in particular against the Swiss Franc. Technically, focus could be back on 1.0623 temporary low in EUR/CHF. Break will resume the fall from 1.0915 to retest 1.0503 low. Selloff in EUR/CHF could trigger selloff in Euro elsewhere. Break of 1.1168 support in EUR/USD will resume the decline from 1.1422. In Europe, currently, FTSE is down -0.94%. DAX is down -0.01%. CAC is down -0.42%. German 10-year yield is down -0.0136 at -0.482. Earlier in Asia, Nikkei rose 1.33%. Hong Kong HSI rose 0.52%. China Shanghai SSE rose 0.78%. Singapore Strait Times rose 0.61%. Japan 10-year JGB yield rose 0.0152 to 0.032. Full Report Here Canada GDP dropped -11.6% mom in April, prelim info points to... BoE Haldane: Two paths possible for economy in H2 Germany DIHK: No quick recovery insight, the V is off the... Eurozone CPI ticked up to 0.3% yoy in June Swiss KOF rose to 59.4, economic prospects remained very subdued UK Q1 GDP finalized at -2.2%, worst since 1970 New Zealand ANZ business confidence rose to -34.4, recession just starting... RBA Debelle: Still quite likely to have long-lived economic impact from... Fed Powell: The path forward is extraordinarily uncertain, depending on virus... 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/USD Mid-Day Outlook Daily Pivots: (S1) 1.1210; (P) 1.1249; (R1) 1.1281; More.... Intraday bias in EUR/USD remains neutral first. On the downside, break of 1.1168 will target 38.2% retracement of 1.0635 to 1.1422 at 1.1121. Sustained break there will argue that whole rebound from 1.0635 has completed and bring deeper fall to 61.8% retracement at 1.0936. On the upside, break of 1.1348 will likely resume the rise from 1.0635 through 1.1422 to 1.1496 key resistance. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings GBP/USD Outlook: Downbeat Economic Data and Weakening Risk Mode Maintain Pressure on Sterling US Futures Green, Watch MU, AAPL, BA, WFC USD/CAD Tests Key Resistance Ahead Of Key North American Data EURCHF Hits A Resistance Wall, Plunges Below 200 MA AUDJPY Consolidates, But Picture Still Positive Fed Minutes Could Upset Markets EUR/USD Outlook: Euro Remains In Red Despite Better Than Expected Inflation Data As Risk Sentiment Fades WTI Futures Fails To Improve Positive Mode, Neutral In Very Short-Term Virus Concerns Cast Aside As Upbeat Data Boosts Sentiment USDCAD Gains Capped By 200 Moving Average EURGBP Jumps Above 0.9100, Continues Upward Trend EURJPY Rests Near 121.00, Is In Negative Correction GBPUSD Bears May Retain Charge After One-Month Low Selective Perception Of Risk 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 23:30 JPY Unemployment Rate May 2.90% 2.80% 2.60% 23:50 JPY Industrial Production M/M May P -8.40% -5.60% -9.80% 01:00 CNY Manufacturing PMI Jun 50.9 50.4 50.6 01:00 CNY Non-Manufacturing PMI Jun 54.4 53.3 53.6 01:00 NZD ANZ Business Confidence Jun -34.4 -33 01:30 AUD Private Sector Credit M/M May -0.10% 0.20% 0.00% 05:00 JPY Housing Starts Y/Y May -12.30% -15.90% -12.90% 06:00 GBP GDP Q/Q Q1 F -2.20% -2% -2% 06:00 GBP Current Account (GBP) Q1 -21.1B -15.0B -5.6B 06:30 CHF Real Retail Sales Y/Y May 6.60% -19.90% -18.80% 06:45 EUR France Consumer Spending M/M May 36.60% 25.00% -20.20% 07:00 CHF KOF Economic Barometer Jun 59.4 77 53.2 49.6 09:00 EUR Eurozone CPI Y/Y Jun P 0.30% -0.10% 0.10% 09:00 EUR Eurozone CPI Core Y/Y Jun P 0.80% 0.80% 0.90% 12:30 CAD GDP M/M Apr -11.60% -12.30% -7.20% -7.50% 13:00 USD S&P/Case-Shiller Home Price Indices Y/Y Apr 4.00% 3.70% 3.90% 13:45 USD Chicago PMI Jun 44.5 32.3 14:00 USD Consumer Confidence Jun 90.1 86.6 16:30 USD Fed's Chair Powell testifies

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