Action Insight Mid-Day Report 7-31-20

Dollar Recovers Mildly ahead of Monthly Close, CAD Lifted Slightly by GDP

Action Insight Daily Report 7-31-20 Dollar Recovers Mildly ahead of Monthly Close, CAD Lifted Slightly by GDP Dollar recovers mildly as markets turned mixed ahead of monthly close, but remains the second weakest for the week. Canadian Dollar is currently still the worst performing, as dragged by oil selloff. But we'll see if better than expected GDP data could give the Loonie a lift before the final hours. Euro is paring some gains but remains the second strongest for the week, following Sterling. Yen and Swiss Franc are mixed. Technically, EUR/JPY finally breaks 124.43 resistance to resume the rise from 114.42. GBP/JPY might follow to have a test on 139.73 resistance soon. USD/JPY appears to be rebounding just ahead of 104.12. projection level. Break of 105.29 will indicate short term bottoming and bring stronger rebound. Gold edged to new record high at 1983.23 but upside momentum is very weak. We'll focus on 1939.20 support instead for sign of short term topping. In Europe, currently, FTSE is down -0.18%. DAX is up 0.75%. CAC is up 0.18%. Germany 10-year yield is down -0.001 at -0.541. Earlier in Asia, Nikkei dropped -2.82%. Hong Kong HSI dropped -0.47%. China Shanghai SSE rose 0.71%. Singapore Strait Times dropped -1.70%. Japan 10-year JGB yield dropped -0.0044 to 0.015. Full Report Here US personal income dropped -1.1% in June, spending rose 5.6% Canada GDP grew 4.5% in May, could growth another 4% in... Eurozone CPI rose back to 0.4% yoy, core CPI up to... Eurozone GDP contracted record -12.1% in Q2, EU shrank -11.9% France GDP contracted -13.8% qoq in Q2 WTI crude oil defending 38.45 support for now, but looks vulnerable Australia private sector credit dropped -0.2% in June, AUD/NZD retreats Japan industrial production rose 2.7% in June, unemployment rate dropped to... China PMI manufacturing edged higher to 51.1, USD/CNH staying in near... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol China's Economy Continued to Improve in July, but Pace Varied Across... US Crude Oil Inventory Surprisingly Plunged, While Petroleum Stockpile Gained Dovish Fed Warned that Recovery Path Dependent on Virus, Pledged to... Central Bank Views | China Watch | Oil N' Gold | Special Topics USD/JPY Mid-Day Outlook Daily Pivots: (S1) 104.52; (P) 104.90; (R1) 105.13; More... USD/JPY's strong rebound and break of 105.29 resistance suggests short term bottoming at 104.18. That came just ahead of 100% projection of 111.71 to 105.98 from 109.85 at 104.12. Intraday bias is turn back to the upside for stronger recovery. Focus is back on 106.07 support turned resistance. As long as 106.07 holds, larger decline from 111.71 is still in favor to extend lower. However, sustained break of 106.07 will indicate near term bullish reversal and target 108.18 resistance next. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Canada: May GDP Data Show Tentative Signs of Recovery Superb Tech Earnings, Congress Impasse, Profit Taking on Dollar Bets, Oil Rebounds, Gold Mania GBPUSD Touches An Almost 5-Month High, RSI In Overbought Area US 100 Index Not Ready To Give Up Bullish Run USD Index Intraday: Dollar Is Set To Extend Weakness In August Oil Sinks On Dismal GDP, Gold Shrugs GBP/USD Outlook: Weekly Close Above 1.30 To Confirm Strong Bullish Stance And Focus 2020 High Equities Paint A Mixed Picture In Asia EUR/USD Outlook: Bulls Eye Psychological 1.20 Barrier But Consolidation May Precede Final Attack USDCAD Rebounds Near 1.3310 Low, Bearish Cross In SMAs USDCHF Dives To 5 ½-Year Lows, Brutal Sell-Off Likely Nears A Bottom Fundamental Analysis | Technical Analysis In-depth Reports China's Economy Continued to Improve in July, but Pace Varied Across Sectors 'King Dollar' Falls from Grace, Growth Concerns to Blame? Gold Price Approaches US$2,000/oz amidst Low Real Yields, Rising Inflation Expectations and Geopolitical Tensions Silver Price to Go High on Economic Recovery amidst High Uncertainty Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 23:30 JPY Unemployment Rate Jun 2.80% 3.10% 2.90% 23:50 JPY Industrial Production M/M Jun P 2.70% 1.20% -8.90% 01:00 CNY Manufacturing PMI Jul 51.1 51 50.9 01:00 CNY Non-Manufacturing PMI Jul 54.2 51.2 54.4 01:30 AUD Private Sector Credit M/M Jun -0.20% 0.20% -0.10% 01:30 AUD PPI Q/Q Q2 -1.20% 0.30% 0.20% 01:30 AUD PPI Y/Y Q2 -0.40% 1.30% 1.30% 05:00 JPY Housing Starts Y/Y Jun -12.80% -12.60% -12.30% 05:00 JPY Consumer Confidence Index Jul 29.5 32.7 28.4 05:30 EUR France GDP Q/Q Q2 P -13.80% -15.20% -5.30% 06:00 EUR Germany Retail Sales M/M Jun -1.60% -3.50% 13.90% 06:30 CHF Real Retail Sales Y/Y Jun 1.10% 3.90% 6.60% 6.20% 06:45 EUR France CPI M/M Jul P 0.40% 0.00% 0.10% 06:45 EUR France CPI Y/Y Jul P 0.90% 0.20% 0.20% 08:00 EUR Italy GDP Q/Q Q2 P -12.40% -15.00% -5.30% 09:00 EUR Eurozone GDP Q/Q Q2 P -12.10% -12.00% -3.60% 09:00 EUR Eurozone CPI Y/Y Jul P 0.40% 0.20% 0.30% 09:00 EUR Eurozone CPI - Core Y/Y Jul P 1.20% 0.70% 0.80% 12:30 CAD GDP M/M May 4.50% 3.10% -11.60% -11.70% 12:30 CAD Raw Material Price Index M/M Jun 7.50% 7.00% 16.40% 12:30 CAD Industrial Product Price M/M Jun 0.40% 0.10% 1.20% 12:30 USD Personal Income M/M Jun -1.10% -0.80% -4.20% -4.40% 12:30 USD Personal Spending Jun 5.60% 5.00% 8.20% 8.50% 12:30 USD PCE Price Index M/M Jun 0.40% 0.00% 0.10% 12:30 USD PCE Price Index Y/Y Jun 0.80% 0.50% 0.50% 12:30 USD Core PCE Price Index M/M Jun 0.20% 0.20% 0.10% 0.20% 12:30 USD Core PCE Price Index Y/Y Jun 0.90% 1.00% 1.00% 12:30 USD Employment Cost Index Q2 0.50% 0.60% 0.80% 13:45 USD Chicago PMI Jul 43 36.6 14:00 USD Michigan Consumer Sentiment Index Jul F 72.8 73.2

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