Action Insight Mid-Day Report 8-12-20

Yen Accelerates Lower on Rebound in Yields, Strength in US Stocks

Action Insight Daily Report 8-12-20 Yen Accelerates Lower on Rebound in Yields, Strength in US Stocks Yen is trading as the worst performing today so far, as pressured by surge in US treasury yields. In particular, 10-year yield is above 0.68 handle in pre-markets and could even challenge 0.7% today. US futures also point to higher open with S&P 500 could finally challenge record high. New Zealand Dollar remains one of the weakest after RBNZ's QE expansion. On the other hand, Swiss Franc is the strongest one, followed by Euro. Dollar is mixed, shrugging off better than expected CPI, losing some momentum as gold rebounds. Technically, the steep correction in Gold wasn't enough to push Dollar through near term resistance. With the loss of momentum, Dollar could turn back focus to near term support, including 1.1916 resistance in EUR/USD. In particular, EUR/JPY followed USD/JPY in rally resumption. EUR/JPY took out 125.58 resistance and should now extend the rise from 114.42 to 100% projection of 114.42 to 124.43 from 119.31 at 129.32, with some upside accelerations. In Europe, currently, FTSE is up 1.56%. DAX is up 0.24%. CAC is up 0.59%. Germany 10-year yield is up 0.036 at -0.441. Earlier in Asia, Nikkei rose 0.41%. Hong Kong HSI rose 1.42%. China Shanghai SSE dropped -0.63%. Singapore Strait Times rose 0.75%. Japan 10-yaer JGB yield rose 0.0100 to 0.044. Full Report Here US CPI picked up to 1.0% yoy, core up to 1.6%... Eurozone industrial production rose 9.1% in June UK GDP rose 8.7% mom in June, down -20.4% qoq in... Australia consumer confidence plunged back near April low New Zealand delay dissolution of parliament, Auckland back in lockdown, NZD/JPY... RBNZ expands QE, prepare for negative rates, NZD/USD tumbles Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol Crude's Strength Might Pause as OPEC+ Output Set to Increase Further... RBNZ Preview: Expect QE Size Expansion and More Discussion on Negative... CFTC Commitments of Traders – Gold's Net Length Climbed Slightly as... Central Bank Views | China Watch | Oil N' Gold | Special Topics EUR/JPY Mid-Day Outlook Daily Pivots: (S1) 124.42; (P) 124.96; (R1) 125.57; More.... EUR/JPY's strong break of 125.58 indicates resumption of whole rise from 114.42. Intraday bias is back on the upside. Next target is 100% projection of 114.42 to 124.43 from 119.31 at 129.32. On the downside, break of 124.31 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 AUD/USD – Markets Eye Employment Data, RBA's Lowe US Futures Rebound – Watch TSLA, MRNA, KODK, LBTYA Red Flags Appearing On Wall Street GBPJPY Hits 5½-Month High, Positive Bias Intact Gold, Silver Show Sharp Drops, Oil Yawns Equity Markets Are In Retreat In Asia Gold Sells Off, Correction Extends To 200-MA NZDUSD Dips Beneath 5-Month Uptrend Line USDJPY Next Upside Target At 107.70, Short-Term Bias Bullish Vaccine Fever Shakes Markets, RBNZ Shoots Kiwi Down End Of The Line For The LSAP – Review Of RBNZ August MPS U.K. GDP Slightly Better Than Feared Fundamental Analysis | Technical Analysis In-depth Reports Crude's Strength Might Pause as OPEC+ Output Set to Increase Further this Month US China Trade Agreement 1st Half Review - A Fail? What Marks the Spot for U.S. Dollar Weakness? Onward, Upward for the Eurozone Economy and Currency The Future of the US Dollar After the 2020 Election Research China: At the Foothills of a New Cold War – and What It Implies Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 23:50 JPY Money Supply M2+CD Y/Y Jul 7.90% 7.60% 7.20% 7.30% 00:30 AUD Westpac Consumer Confidence Aug -9.50% -6.10% 01:30 AUD Wage Price Index Q/Q Q2 0.20% 0.30% 0.50% 02:00 NZD RBNZ Rate Decision 0.25% 0.25% 0.25% 03:00 NZD RBNZ Press Conference 06:00 JPY Machine Tool Orders Y/Y Jul P -31.10% -32.10% 06:00 GBP GDP M/M Jun 8.70% 8.00% 1.80% 2.40% 06:00 GBP GDP Q/Q Q2 P -20.40% -20.20% -2.20% 06:00 GBP Industrial Production M/M Jun 9.30% 9.40% 6.00% 6.20% 06:00 GBP Industrial Production Y/Y Jun -12.50% -13.10% -20.00% 06:00 GBP Manufacturing Production M/M Jun 11.00% 10.00% 8.40% 8.30% 06:00 GBP Manufacturing Production Y/Y Jun -14.60% -15.00% -22.80% 06:00 GBP Index of Services 3M/3M Jun -19.90% -19.20% -18.90% -18.50% 06:00 GBP Goods Trade Balance (GBP) Jun -5.1B -4.5B -2.8B 09:00 EUR Eurozone Industrial Production M/M Jun 9.10% 10.00% 12.40% 12.30% 12:30 USD CPI M/M Jul 0.60% 0.40% 0.60% 12:30 USD CPI Y/Y Jul 1.00% 0.80% 0.60% 12:30 USD CPI Core M/M Jul 0.60% 0.20% 0.20% 12:30 USD CPI Core Y/Y Jul 1.60% 1.20% 1.20% 13:00 GBP NIESR GDP Estimate (3M) Jul -21.20% 14:30 USD Crude Oil Inventories -3.4M -7.4M

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