Action Insight Daily Report 7-8-20

Commodity Currencies Weaken as Risk Rally Lost Momentum, Sterling Shrugs Brexit Deadlock

Action Insight Daily Report 7-8-20 Commodity Currencies Weaken as Risk Rally Lost Momentum, Sterling Shrugs Brexit Deadlock Australian Dollar weakens generally today and takes commodity currencies lower too. Risk-on markets have taken a halt this week, with some notably pullbacks in the US markets overnight. But Asian markets are just mixed. European majors are generally firmer for today, as led by Sterling. Brexit negotiations deadlock is so far generally ignored. Dollar is also mildly firmer but not important resistance is taken out so far. Technically, a focus today is whether the pull back in commodity currencies will gather more momentum. In particular, 78.93 minor support in CAD/JPY and 74.32 minor support in AUD/JPY will be watched for sign of more near term decline. Meanwhile, 1.3624 minor resistance in USD/CAD and 0.6901 minor support in AUD/USD will also be watched for near term weakness in Canadian and Australian too. In Europe, Nikkei closed down -0.78%. Hong Kong HSI is up 0.51%. China Shanghai SSE is up 1.86%. Singapore Strait Times is up 0.21%. Japan 10-year JGB yield is down -0.0163 at 0.023. Overnight, DOW dropped -1.51%. S&P 500 dropped -1.08%. NASDAQ dropped -0.86%. 10-year yield dropped -0.034 to 0.650. Full Report Here ECB Lagarde: Pandemic measures demonstrated efficiency and effectiveness Fed Mester: There's some leveling off in economic recovery Fed Bostic: People are getting nervous again Clarida: Fed could do more with forward guidance and balance sheet Johnson: UK could leave EU on Australia term if no trade... Japan Nishimura: No need to declare new state of emergency Gold resumes up trend for 1800, then 1864 projection level Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol RBA Left Monetary Policy Unchanged. Second Wave in Outbreak Signals Huge... CFTC Commitments of Traders – Bet on Lower USD Continued. Expect... CFTC Commitments of Traders – Bets on Higher Energy Prices Dropped... Central Bank Views | China Watch | Oil N' Gold | Special Topics AUD/USD Daily Report Daily Pivots: (S1) 0.6911; (P) 0.6955; (R1) 0.6987; More... Intraday bias in AUD/USD remains neutral and outlook is unchanged. We'd still expect corrective pattern from 0.7064 to extend with another falling leg before completion. On the downside, below 0.6901 minor support will turn bias to the downside for 0.6776 support. Break there will target 38.2% retracement of 0.5506 to 0.7064 at 0.6469. Nevertheless, sustained break of 0.7064 will resume whole rise from 0.5506 instead. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings There's a Lot More The Fed Can Do EUR/JPY Rising Steadily, 122.00 Holds The Key Gold Intraday: Gathering More Upside Momentum Asia Morning: U.S. Stocks Ease, Airline Shares Shed Over 5% Australia: Melbourne Shutdown Alters Our Growth Profile, Growth for 2020 Lowered from Minus 4% to Minus 4.2% GBPCHF Yields Attempts to Halt the Decline 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? 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 Bank Lending Y/Y Jun 6.20% 7.20% 4.80% 23:50 JPY Current Account (JPY) May 0.82T 0.71T 0.25T 5:00 JPY Eco Watchers Survey: Outlook Jun 38.8 24.1 36.5 5:45 CHF Unemployment Rate Jun 3.30% 3.60% 3.40% 14:30 USD Crude Oil Inventories -3.2M -7.2M

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