Action Insight Mid-Day Report 7-17-20

Euro Surges as Traders Await EU Decision on Recovery Fund

Action Insight Mid-Day Report 7-17-20 Euro Surges as Traders Await EU Decision on Recovery Fund Euro and Swiss Franc rise broadly today but upside is so far limited. Traders are still cautiously awaiting EU leaders's decision on the EUR 750B recovery fund. On the other hand, Sterling suffers notable selling for today, thanks to selling in cross against Euro. Canadian Dollar is following as the second weakest and then Dollar. US futures are pointing to a mildly higher open, which is disadvantageous to the greenback. Though, we'll whether stocks could maintain gains at close. Technically, EUR/GBP's rally resumes after brief consolidation and should target a test on 0.9175 short term top. EUR/JPY is also in progress to extend the rebound from 119.31 towards 124.43 high. The developments keep GBP/JPY in range above 133.94 minor support. However, break of 133.94 could prompt deeper selloff towards 131.68 support. That could spill over to other Sterling pairs. In Europe, currently, FTSE is up 0.48%. DAX is up 0.27%. CAC is down -0.32%. Germany 10-year yield is down -0.0090 at -0.472. Earlier in Asia, Nikkei dropped -0.32%. Hong Kong HSI rose 0.47%. China Shanghai SSE rose 0.13%. Singapore Strait Times dropped -0.20%. Japan 10-year JGB yield rose 0.0008 to 0.017. Full Report Here BoE Bailey: We're beginning to see this recovery Eurozone CPI finalized at 0.3% yoy, EU CPI at 0.8% ECB: Professional forecasters see deeper GDP contraction in 2020, stronger rebound... New Zealand BusinessNZ PMI rose to 56.3, highest since Apr 2018 Fed Williams expects continued period of economic recovery in H2 Fed Evans: Getting inflation up to 2% is a real problem... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol ECB: Lagarde Reiterated to Use All EUR 1.35 trillion of Emergency... China Recorded Strong Recovery in 2Q20 but Domestic Demand Remained Weak.... BOC Pledges to Continue with Easing Until Inflation Returned to +2%... Central Bank Views | China Watch | Oil N' Gold | Special Topics EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.1355; (P) 1.1399; (R1) 1.1426; More.... EUR/USD is staying in consolidation below 1.1452 temporary top. Intraday bias remains neutral first. Further rise could still be seen and break of 1.1452 will target 1.1496 key resistance. Firm break there will carry larger bullish implications and target 61.8% projection of 1.0774 to 1.1422 from 1.1168 at 1.1568 next. On the downside, break of 1.1325 minor support will turn bias back to the downside for 1.1168 support. Decisive break there will indicate near term bearish reversal. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings US Futures: Tentative Rebound – Watch NFLX, BLK, JBHT, PPG Merkel's Cautious Comments At EU Summit, Oil Anchored, Almost Time For Gold To Shine EUR/USD Outlook: The Euro Stands At The Front Foot Ahead Of Key EU Summit Decision OBR Warns Of Severe Downturn For UK Economy Signs Of Rotation In Stocks: Lockdown Is Giving Way To The Economic Slump Oil Prices Stall, Gold Dips Asian Stocks Quiet, EU Summit Looms GBPJPY Freezes At 50.0% Fibonacci, Momentum Ceases USDCAD Bulls Wait For A Close Above 1.3633 Fears Grow About Virus Surge But Stimulus Hopes Put A Lid On Risk-Off Wall Street Loses Ground On Another Record Surge In US COVID Cases Fundamental Analysis | Technical Analysis In-depth Reports China Recorded Strong Recovery in 2Q20 but Domestic Demand Remained Weak. Risks Skewed to Downside in Second Half 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? Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 22:30 NZD BusinessNZ PMI Jun 56.3 39.7 39.8 09:00 EUR Eurozone CPI M/M Jun F 0.30% 0.30% -0.10% 09:00 EUR Eurozone CPI Y/Y Jun F 0.30% 0.30% 0.30% 09:00 EUR Eurozone CPI Core M/M Jun F 0.30% 0.30% 0.30% 09:00 EUR Eurozone CPI Core Y/Y Jun F 0.80% 0.80% 0.80% 12:30 USD Housing Starts Jun 1.19M 1.17M 0.97M 1.01M 12:30 USD Building Permits un 1.24M 1.30M 1.22M 12:30 CAD Wholesale Sales M/M May 5.70% -12.60% -21.60% -21.40%

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