Action Insight Daily Report 7-3-20

Sentiments Supported Further by China Services Data, Yen and Dollar Soft

Action Insight Daily Report 7-3-20 Sentiments Supported Further by China Services Data, Yen and Dollar Soft Markets are generally trading in risk-on mode today. NASDAQ surged to new record highs overnight following solid US job data. Better than expected China services data continue to support sentiment. Yen and Dollar are set to end the week as the worst performing ones while Sterling and commodity currencies would be the strongest. Technically, there weren't much new developments though, and breakouts are awaited. But we might need to wait till next week. In Asia, currently, Nikkei is up 0.26%. Hong Kong HSI is up 0.69%. China Shanghai SSE is up 0.95%. Singapore Strait Times is up 0.62%. Japan 10-year JGB yield is down -0.0034 at 0.032. Overnight, DOW rose 0.36%. S&P 500 rose 0.45%. NASDAQ rose 0.52% to 10207.63, new record. 10-year yield dropped -0.013 to 0.669. Full Report Here China Caixin PMI services rose to 58.4, employment remained the key... UK Gfk consumer confidence rose to -27, remains fragile and volatile Australia retail sales rose 16.9% in May on lockdown easing Australia AiG construction rose to 35.5, slower pace of contraction Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol FOMC Minutes: Changes in Forward Guidance and Asset Purchases could Come... US Crude Inventory Saw Biggest Decline since Early January Policy Divergence Continues to Support AUDNZD Strength Central Bank Views | China Watch | Oil N' Gold | Special Topics USD/CAD Daily Outlook Daily Pivots: (S1) 1.3543; (P) 1.3583; (R1) 1.3607; More.... No change in USD/CAD's outlook and intraday bias stays neutral first. Further rise will remain in favor as long as 1.3485 support holds. On the upside, break of 1.3715 will resume the rebound from 1.3315 to 38.2% retracement of 1.4667 to 1.3315 at 1.3831. Nevertheless, break of 1.3485 will argue that the rebound has completed and turn bias back to the downside for retesting 1.3315 low. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Cliff Notes: Divergent Conditions USD/JPY Eyeing Larger Recovery Above 108.00 Asia Morning: U.S. Stocks Buoyed By Upbeat Jobs Report Solid Jobs Report and Relentless Reopening Optimism Drive Stocks and Oil Higher, Gold and Dollar Slump WTI Oil Outlook: WTI is on Track to Form the Third Straight Doji as Conflicting Signals Keep Near-Term Action Directionless Fundamental Analysis | Technical Analysis In-depth Reports Policy Divergence Continues to Support AUDNZD Strength 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 HKD Supported by Low US Yield and Seasonal Factors, Despite Huge Political Uncertainty Ahead Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 22:30 AUD AiG Performance of Construction Index Jun 35.5 24.9 0:30 AUD Retail Sales M/M May 16.90% 16.30% 16.30% 1:45 CNY Caixin Services PMI Jun 58.4 53.8 55 7:45 EUR Italy Services PMI Jun 46.6 28.9 7:50 EUR France Services PMI Jun F 50.3 50.3 7:55 EUR Germany Services PMI Jun F 45.8 45.8 8:00 EUR Eurozone Services PMI Jun F 47.3 47.3 8:30 GBP Services PMI Jun F 47 47

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