Action Insight Mid-Day Report 7-14-20

Euro Surges in Indecisive Markets, Sterling Stays Weak

Action Insight Mid-Day Report 7-14-20 Euro Surges in Indecisive Markets, Sterling Stays Weak Risk sentiments continues to be weak today but selloff in the stock markets is so far limited. Euro rides on the indecisive markets and surges broadly today, with help by strong rally against Sterling. Swiss Franc is following as the second strongest so far. On the other hand, New Zealand Dollar is the worst performing one for today. Sterling is the second worst as weighed down by weaker than expected GDP rebound. Dollar is mixed, showing little reaction to stronger than expected CPI reading in June. Technically, EUR/GBP's break of 0.9067 resistance suggests completion of pull back from 0.9175. More importantly, rebound from 0.8670 is not over and it's probably ready to resume. GBP/CHF's recovery from 1.1630 has possibly completed at 1.1901 and focus is back on 1.130. Break will resume the decline from 1.2259 to 61.8% retracement of 1.1102 to 1.2259 at 1.1154. EUR/USD is on track to 1.1422 and above. But for now, we're not seeing enough upside momentum to get through 1.1496 key resistance yet. Hence, we'll look for sign of topping above 1.1422. In Europe, currently, FTSE is down -0.63%. DAX is down -1.64%. CAC is down -1.83%. German 10-year yield is down -0.021 at -0.435. Earlier in Asia, Nikkei dropped -0.87%. Hong Kong HSI dropped -1.14%. China Shanghai SSE dropped -0.83%. Singapore Strait Times dropped -0.41%. Japan 10-year JGB yield dropped -0.0067 to 0.025. Full Report Here US CPI picked up to 0.6% in June, core CPI unchanged... German ZEW dipped back to 59.3, gradual GDP growth expected in... Eurozone industrial production rose 12.4% mom in may, below expectations UK GDP grew just 1.8% mom in May, economy still a... China trade surplus narrowed to USD 46.4B in June as imports... Australia NAB business confidence turned positive, turnaround faster than expected Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol ECB Preview – Sounding Cautiously Optimistic on Economic Recovery BOC to Turn More Upbeat about Economic Recovery, While Caution about... BOJ Preview: Maintaining Negative Rates and QE, while Downgrading Economic Forecasts Central Bank Views | China Watch | Oil N' Gold | Special Topics EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.1300; (P) 1.1338; (R1) 1.1379; More.... Intraday bias in EUR/USD remains mildly on the upside. Rebound from 1.1168 would target 1.1422 resistance first. Break will resume whole rebound from 1.0635 to 1.1496 key resistance. On the downside, however, break of 1.1255 minor support will turn bias back to the downside for 1.1168 support, and possibly further to 38.2% retracement of 1.0635 to 1.1422 at 1.1121. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings US Futures: Tentative Rebound, Watch JPM, FAST, NFLX EUR/GBP Outlook: Strong Rebound Extends After Completion Of Reversal Pattern BoC Meeting: With A Little Anxiety From The US Will OPEC Meeting Affect Oil Prices? Currency Markets Continue To Lose Momentum Wall Street Stumbles As US-China Tensions Brew, Cirus Cases Surge China Stocks Drag Asia Lower EURJPY Advances Eyeballed, Positive Momentum Suspended GBPUSD's Positive Momentum Could Fade, Indicators Are Flat Equities Enter Correction Amid Surging COVID Cases, US-China Tensions Nasdaq Sends Warning Signs U.K. GDP Disappoints Fundamental Analysis | Technical Analysis In-depth Reports US China Trade Agreement Update - Not Impossible? Is the 'Party' in Gold Just Getting Started? Fear Gauge and Gold are Still Flashing Red; Are Stocks Finally Taking Note? Policy Divergence Continues to Support AUDNZD Strength Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 23:01 GBP BRC Retail Sales Monitor Y/Y Jun 10.90% 7.90% 01:30 AUD NAB Business Conditions Jun -7 -24 01:30 AUD NAB Business Confidence Jun 1 -20 02:55 CNY Trade Balance (USD) Jun 46.4B 58.3B 62.9B 02:55 CNY Exports (USD) Y/Y Jun 0.50% -3.30% 02:55 CNY Imports (USD) Y/Y Jun 2.70% -16.70% 02:55 CNY Trade Balance (CNY) Jun 329B 410B 443B 02:55 CNY Exports (CNY) Y/Y Jun 4.30% 1.40% 02:55 CNY Imports (CNY) Y/Y Jun 6.20% -12.70% 04:30 JPY Industrial Production M/M May F -8.90% -8.40% -8.40% 06:00 GBP GDP M/M May 1.80% 5.00% -20.40% -20.30% 06:00 GBP Industrial Production M/M May 6.00% 6.00% -20.30% -20.20% 06:00 GBP Industrial Production Y/Y May -20.00% -21.00% -24.40% -23.80% 06:00 GBP Manufacturing Production M/M May 8.40% 8.00% -24.30% -24.40% 06:00 GBP Manufacturing Production Y/Y May -22.80% -24.00% -28.50% -28.20% 06:00 GBP Index of Services 3M/3M May -18.90% -16.90% -9.90% -10.70% 06:00 GBP Goods Trade Balance (GBP) May -2.8B -8.2B -7.5B -4.8B 06:00 EUR Germany CPI M/M Jun F 0.60% -0.10% 0.60% 06:00 EUR Germany CPI Y/Y Jun F 0.90% 0.90% 0.90% 06:30 CHF Producer and Import Prices M/M Jun 0.50% -0.90% -0.50% 06:30 CHF Producer and Import Prices Y/Y Jun -3.50% -5.00% -4.50% 09:00 EUR Eurozone Industrial Production M/M May 12.40% 13.40% -17.10% -18.20% 09:00 EUR Germany ZEW Economic Sentiment Jul 59.3 60 63.4 09:00 EUR Germany ZEW Current Situation Jul -80.9 -64 -83.1 09:00 EUR Eurozone ZEW Economic Sentiment Jul 59.6 55.8 58.6 10:00 USD NFIB Business Optimism Index Jun 100.6 90.9 94.4 12:30 USD CPI M/M Jun 0.60% 0.50% -0.10% 12:30 USD CPI Y/Y Jun 0.60% 0.30% 0.10% 12:30 USD CPi Core M/M Jun 0.20% 0.10% -0.10% 12:30 USD CPi Core Y/Y Jun 1.20% 1.10% 1.20%

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