Action Insight Mid-Day Report 8-13-20

Dollar Shrugs Jobless Claims, Yen Selloff Accelerates

Action Insight Mid-Day Report 8-13-20 Dollar Shrugs Jobless Claims, Yen Selloff Accelerates Dollar continues to trade with a soft tone despite better than expected jobless claims data. The decline in claims data is seen more as a result of expiration USD 600 a week supplemental federal benefits, rather than the improvement in the labor market conditions. For now, though, New Zealand Dollar and Yen are the worst performing for today, with the latter pressured by further rally in treasury yields. European majors continue to trade higher with Sterling the strongest. Technically, Yen's selloff is staying in acceleration mode. CAD/JPY's rally from 77.61 is in progress as long as 79.86 support holds. Consolidation from 81.91 should have completed with three waves down to 77.61. We'd expect a break of 81.91 resistance in near term. GBP/JPY has resumed the rise from 123.94 towards 141.07 projection level. We'll watch for sign of acceleration above there. EUR/JPY is also on track to 129.32 projection level. In Europe, currently, FTSE is down -1.02%. DAX is down -0.40%. CAC is down -0.35%. German 10-year yield is up 0.0221 at -0.424. It might challenge -0.4 handle soon. Earlier in Asia, Nikkei rose 1.78%. Hong Kong HSI dropped -0.05%. China Shanghai SSE rose 0.04%. Singapore Strait Times rose 1.28%. Japan 10-year JGB yield dropped -0.0069 to 0.035. Full Report Here US initial claims dropped to 963k, below 1m for the first... Australia employment rose 11.47 in July, participation rate jumped RBNZ Bascand would consider more monetary stimulus if coronavirus and lockdown... Fed Kaplan: Resurgence in coronavirus muted economy recovery Fed Daly: Longer support to economy needed with resurgence in coronavirus US holds off tariff hike on EU, to start new negotiations... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol US Oil and Petroleum Product Stockpile Fell Across the Board Last... Crude's Strength Might Pause as OPEC+ Output Set to Increase Further... CFTC Commitments of Traders – Gold's Net Length Climbed Slightly as... Central Bank Views | China Watch | Oil N' Gold | Special Topics USD/JPY Mid-Day Outlook Daily Pivots: (S1) 106.54; (P) 106.78; (R1) 107.12; More... Intraday bias in USD/JPY remain son the upside for the moment and outlook is unchanged. Corrective fall from 111.71 should have completed with three waves down to 104.18, after missing 100% projection of 111.71 to 105.98 from 109.85 at 104.12. Further rise should be seen to 108.16 resistance. Firm break will target 109.85 and above. On the downside, below 106.56 minor support will turn intraday bias neutral first. But further rally will remain in favor as long as 105.30 support holds, even in case of retreat. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Eyeing Record Territory Again US Futures Consolidating – Watch CSCO, LYFT, MU EURUSD Uptrend Edges Sideways, Upside Risks Remain USDCHF Stands In Descending Triangle Near 0.9100 Crude Climbs Higher On US Inventories Dollar Slips As No Stimulus Deal In Sight Yet, Gold Pares Losses AUDJPY Fights Long-Term Resistance Area, Bearish Divergence Detected EURJPY Rescued By Ichimoku Cloud, Positive Course On Track WTI Continues The Smooth Upside Movement 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 23:01 GBP RICS Housing Price Balance Jul 12% -5% -15% -13% 23:50 JPY PPI Y/Y Jul -0.90% -1.10% -1.60% 1:00 AUD Consumer Inflation Expectations Aug 3.30% 3.20% 1:30 AUD Employment Change Jul 114.7K 40.0K 210.8K 1:30 AUD Unemployment Rate Jul 7.50% 7.80% 7.40% 6:00 EUR Germany CPI M/M Jul F -0.50% -0.50% -0.50% 6:00 EUR Germany CPI Y/Y Jul F -0.10% -0.10% -0.10% 12:30 USD Initial Jobless Claims (Aug 7) 963K 1200K 1186K 1191 K 12:30 USD Import Price Index M/M Jul 0.70% 0.30% 1.40% 14:30 USD Natural Gas Storage 51B 33B

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