Action Insight Mid-Day Report 7-7-20

Sterling Regains Ground as Dollar Lacks Follow Through Buying

Action Insight Mid-Day Report 7-7-20 Sterling Regains Ground as Dollar Lacks Follow Through Buying Markets are in mild risk-off mode today but losses are so far limited so far. Dollar attempts for a rebound but upside is so far limited. The greenback is somewhat outshone by Sterling, which is regaining so strength, in particular against Euro and Yen. Australian Dollar is currently the worst performing one as its second largest city Melbourne is back in coronavirus lockdown. Yen is the second weakest, suggesting that overall sentiments aren't too bad yet. Technically, GBP/JPY is extending the rebound from 131.68 and is heading to 136.34 resistance. Firm break there will bring retest of 139.73 high. EUR/GBP is eyeing 0.9001 support against and break will indicate near term bearish reversal for 0.8864 support first. GBP/USD is also eyeing 1.2542 resistance and break will bring retest of 1.2813 high. In Europe, currently, FTSE is down -1.55%. DAX is down -1.33%. CAC is down -1.16%. Germany 10-year yield is up 0.014 at -0.419. Earlier in Asia, Nikkei dropped -0.44%. Hong Kong HSI dropped -1.38%. China Shanghai SSE rose 0.37%. Singapore Strait Times dropped -1.05%. Japan 10-year JGB yield dropped -0.0058 to 0.039. Full Report Here EU forecasts deeper contraction of -8.7% this year, on slow lockdown... RBA stands pat and pledged not to raise interest rate until... Japan labor cash earnings dropped -2.1%, household depending dropped record -16.2% Australia AiG services dropped back slightly to 31.5, employment shrank further New Zealand NZIER business confidence improved, but stays low on pre-election... 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 GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.2464; (P) 1.2492; (R1) 1.2519; More.... Intraday bias in GBP/USD stays neutral with focus on 1.2542 resistance. Decisive break there will argue that whole decline from 1.2813 has completed. Intraday bias will be turned back to the upside for 1.2813 high. On the downside, break of 1.2437 minor support will suggest rejection by 1.2542. Intraday bias will be turned back to the downside for 1.2251 support. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings EURCHF's Pullback Adopts A Sideways Bearing USDCAD Sustains Neutral Picture, Indicators Suggest Bullish Move WTI Oil Outlook: WTI Continues To Range Around $40 Level, Awaiting Stronger Direction Signal Gold Ticks Higher, Oil Yawns GBP/USD Outlook: Pound Is Holding In Red After Another Failure At 1.2500 Chinese Equities Outperforms Yet Again The Sun Shines In Shanghai AUD/USD Outlook: Aussie Edges Lower After RBA As Bulls Lost Traction At Psychological 0.70 Barrier EURJPY Bulls Keep The Lead, Need To Clear 122.00 First WTI Futures Hold Slightly Bullish In Short Term GBPUSD's Positive Drive Wanes, Directional Pressures Disappear Markets Pause To Assess Risks After Leaping Higher Stock Price Inflation, Soft German Data, Rising Gold RBA Board Retains Policy Settings at the July Meeting 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 22:30 AUD AiG Performance of Services Index Jun 31.5 31.6 23:30 JPY Labor Cash Earnings Y/Y May -2.10% -1.10% -0.70% 23:30 JPY Overall Household Spending Y/Y May -16.20% -12.20% -11.10% 4:30 AUD RBA Rate Decision 0.25% 0.25% 0.25% 4:30 AUD RBA Rate Statement 5:00 JPY Leading Economic Index May P 79.2 79.5 77.7 6:00 EUR Germany Industrial Production M/M May 7.80% 10.00% -17.90% -17.50% 6:45 EUR France Trade Balance (EUR) May -7.1B -4.5B -5.0B -5.1B 7:00 CHF Foreign Currency Reserves (CHF) Jun 850B 816B 8:00 Italy Italy Retail Sales M/M May 24.30% 15.00% -10.50% -10.70% 15:00 CAD Ivey PMI Jun 50.2 39.1

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