Action Insight Daily Report 9-1-20

Euro Upside Breakout, Aussie Shrugs RBA

Action Insight Daily Report 9-1-20 Euro Upside Breakout, Aussie Shrugs RBA Euro trades broadly higher in Asian session as it finally takes out near term resistance against Dollar and Yen. Swiss Franc is following the common currency closely as second strongest. Gold is also tracking the Euro higher too. Dollar and Yen continue to stay under broad based pressure. The limelight is currently off Australian Dollar as markets shrug off RBA monetary policy decisions, as well as the data released from Australia and China. Technically, a question now is whether Euro buying will spread to other pairs. Levels to watch included 0.8974 minor resistance in EUR/GBP, 1.6297 minor resistance in EUR/AUD and 1.5646 minor resistance in EUR/CAD. 1.0849 resistance in EUR/CHF is also a key level but we're not expecting a break there for now yet. In Asia, currently, Nikkei is down -0.03%. Hong Kong HSI is up 0.08%. China Shanghai SSE is down -0.05%. Singapore Strait Times is down -0.61%. Japan 10-year JGB yield is down -0.0096 at 0.045. Overnight, DOW dropped -0.78%. S&P 500 dropped -0.22%. But NASDAQ rose 0.68% to 11755.45, new record. 10-year yield dropped -0.036 to 0.693, back below 0.7% handle. Full Report Here RBA kept cash rate at 0.25%, expand and extend term funding... Australia AiG manufacturing dropped to 49.3, Victoria in contraction too China Caixin PMI manufacturing rose to 53.1, post-epidemic recovery continued Japan PMI manufacturing finalized at 47.2, moved closer to stabilization Japan capital spending dropped -11.3% in Q2, unemployment rate ticked up... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol RBA Preview – Keeping Expansionary Policy Stance with Focus on 3-Year... CFTC Commitments of Traders – NET LENGTH in Crude Oil and... CFTC Commitments of Traders – More Downside on USD following Fed's... Central Bank Views | China Watch | Oil N' Gold | Special Topics EUR/USD Daily Outlook Daily Pivots: (S1) 1.1892; (P) 1.1929; (R1) 1.1974; More..... EUR/USD's rally finally resumed by taking out 1.1965 resistance. Intraday bias is back on the upside. Next near term target is 61.8% projection of 1.1255 to 1.1965 from 1.1762 at 1.2201. On the downside, break of 1.1762 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Markets Look For Clarity On Fed Regime Shift Aussie: One Of The Most Benefited Major Currencies USDCAD Remains Pressured Currency Pair Of The Week: AUD/JPY EURCHF Ranges above Ichimoku Cloud; Positive Signals Grow Fundamental Analysis | Technical Analysis In-depth Reports What the FED's Policy Announcement Means for the RBA Powell Announced Dovish Shift to Fed's Monetary Policy, Targeting Averaging Inflation and shortfall of Maximum Employment Fiscal Stalemate to Lead to More Fed Stimulus and Further USD Weakness The Forex Market and Presidential Terms How Quickly Will Japan's Economy Bounce Back? PBOC's Restraint Monetary Policy will Continue to Support CNY vs USD. US-China Tensions as Major Downside Risk Gold Prices after the US Election The Future of the US Dollar After the 2020 Election Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 22:30 AUD AiG Performance of Mfg Index Aug 49.3 53.5 22:45 NZD Building Permits M/M Jul -4.50% 0.50% 0.70% 23:30 JPY Unemployment Rate Jul 2.90% 3.10% 2.80% 23:50 JPY Capital Spending Q2 -11.30% 4.30% 0.10% 0:30 JPY Manufacturing PMI Aug F 47.2 46.6 46.6 1:30 AUD Current Account Balance (AUD) Q2 17.7B 13.0B 8.4B 9.0B 1:30 AUD Building Permits M/M Jul 12.00% -0.50% -4.90% -4.20% 1:45 CNY Caixin Manufacturing PMI Aug 53.1 51.3 52.8 4:30 AUD RBA Rate Decision 0.25% 0.25% 0.25% 7:45 EUR Itay Manufacturing PMI Aug 51.2 51.9 7:50 EUR France Manufacturing PMI Aug F 49 49 7:55 EUR Germany Manufacturing PMI Aug F 0 53 7:55 EUR Germany Unemployment Change Aug -3K -18K 7:55 EUR Germany Unemployment Rate Aug 6.50% 6.40% 8:00 EUR Eurozone Manufacturing PMI Aug F 51.7 51.7 8:00 EUR Itay Unemployment Rate Jul 9.10% 8.80% 8:30 GBP Manufacturing PMI Aug F 55.3 55.3 8:30 GBP Mortgage Approvals Jul 55K 40K 8:30 GBP M4 Money Supply M/M Jul 1.20% 1.00% 9:00 EUR Eurozone Unemployment Rate Jul 8.00% 7.80% 9:00 EUR Eurozone CPI Y/Y Aug P 0.20% 0.40% 9:00 EUR Eurozone CPI Core Y/Y Aug P 1.00% 1.20% 13:30 CAD Manufacturing PMI Aug 52.9 13:45 USD Manufacturing PMI Aug F 53.6 53.6 14:00 USD ISM Manufacturing PMI Aug 54 54.2 14:00 USD ISM Manufacturing Prices Paid Aug 52 53.2 14:00 USD ISM Manufacturing Employment Index Aug 48.3 44.3 14:00 USD Construction Spending M/M Jul 0.70% -0.70%

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