Action Insight Mid-Day Report 8-14-20

Sterling Firms Up in Subdued Trading, Dollar Yawns Retail Sales

Action Insight Mid-Day Report 8-14-20 Sterling Firms Up in Subdued Trading, Dollar Yawns Retail Sales Trading in in the currency markets continue to be relatively subdued. Sterling is so far the strongest one for today. But it's staying below near term resistance against Euro and Dollar so far. It's also hovering below yesterday's high against Yen. Yen appears to be recovery, in particular against Dollar. But any extension in treasury yield's rally would knock it down easily. New Zealand Dollar and Canadian Dollar are the softer ones for today. Dollar continues to trade mixed, shrugging off retail sales data, awaiting breakout. Technically, with today's rebound, GBP/USD could be eyeing 1.3185 temporary top and break will resume recent rally from 1.1409. GBP/CHF's break of 4 hour 55 EMA argues that pull back from 1.2034 has completed at 1.1847. Further rise would be seen to 1.2034 and above to resume the choppy rise from 1.1630. As for EUR/GBP, we're seeing it as in a sideway consolidation from 0.9175. Hence, while deeper fall could be seen as the Pound rises elsewhere, EUR/GBP will likely be contained by 0.8930 support. In Europe, currently, FTSE is down -1.36%. DAX is down -0.75%. CAC is down -1.50%. German 10-year yield is down -0.0092 at -0.420, could be failing -0.4 handle. Earlier in Asia, Nikkei rose 0.17%. Hong Kong HSI dropped -0.19%. China Shanghai SSE rose 1.19%. Singapore Strait Times dropped -0.56%. Japan 10-year JGB yield rose 0.0135 to 0.050. Full Report Here US retail sales rose 1.2% in Jul, ex-auto sales up 1.9% Germany expects strong increase in Q3 GDP Eurozone GDP contracted -12.1% in Q2, EU down -11.7% China retail sales unexpectedly contracted in July, USD/CNH channeling lower New Zealand BusinessNZ PMI rose to 58.8, but employment stays in... RBA Lowe: Cash rate highly likely to stay at 0.25% for... Fed to collaborate with MTI on digital currency research Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol China's Retail Sales Shrank Further, Evidencing Weak Domestic Demand US Oil and Petroleum Product Stockpile Fell Across the Board Last... Crude's Strength Might Pause as OPEC+ Output Set to Increase Further... Central Bank Views | China Watch | Oil N' Gold | Special Topics GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.3024; (P) 1.3074; (R1) 1.3116; More.... GBP/USD recovers notably after drawing support from 4 hour 55 EMA. But it's still staying below 1.3185 resistance and intraday bias remains neutral. Overall, further rally is expected with 1.2982 support intact. On the upside, break of 1.3184 will resume larger rise to 100% projection of 1.1409 to 1.2647 from 1.2065 at 1.3303. However, break of 1.2982 support should confirm short term topping. Intraday bias will be turned back to the downside for 1.2813 resistance turned support. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings US Futures Mixed – Watch AMAT, TSLA, QGEN Europe Slumps On UK Quarantines NZDUSD Favours Trend Reversal Scenario GBPUSD Extends Recess Of Positive Bias US 30 Index Pulls Back From 5½-Month High Major Currencies Continue Range-Trading Dollar Firms, Stocks Muted Amid Stalled Stimulus Talks, Soft China Data USDCAD Seems To Be In A Make-Or-Break Situation GBPJPY Challenges 24-Week High Above 140.00 Asian Equity Markets Directionless The Losing Momentum Of World Markets And Economic Recovery China Data Fails To Inspire Asia 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 22:30 NZD BusinessNZ PMI Jul 58.8 56.3 56.2 02:00 CNY Retail Sales Y/Y Jul -1.10% 0.30% -1.80% 02:00 CNY Industrial Production Y/Y Jul 4.80% 4.70% 4.80% 02:00 CNY Fixed Asset Investment (YTD) Y/Y Jul -1.60% -3.30% -3.10% 04:30 JPY Tertiary Industry Index M/M Jun 7.90% -2.10% -2.90% 06:30 CHF Producer and Import Prices M/M Jul 0.10% 0.50% 06:30 CHF Producer and Import Prices Y/Y Jul -3.30% -3.50% 09:00 EUR Eurozone Trade Balance (EUR) Jun 17.1B 18.0B 8.0B 8.6B 09:00 EUR Eurozone GDP Q/Q Q2 P -12.10% -12.10% -12.10% 09:00 EUR Eurozone Employment Change Q/Q Q2 P -2.80% -1.70% -0.20% 12:30 CAD Manufacturing Sales M/M Jun 20.70% 16.40% 10.70% 12:30 USD Retail Sales M/M Jul 1.20% 1.70% 7.50% 8.40% 12:30 USD Retail Sales ex Autos M/M Jul 1.90% 1.40% 7.30% 8.30% 12:30 USD Nonfarm Productivity Q2 P 7.30% 1.50% -0.90% 12:30 USD Unit Labor Costs Q2 P 12.20% 6.50% 5.10% 13:15 USD Industrial Production M/M Jul 3.30% 5.40% 13:15 USD Capacity Utilization Jul 70.30% 68.60% 14:00 USD Michigan Consumer Sentiment Index Aug P 71.5 72.5 14:00 USD Business Inventories Jun -1.20% -2.30%

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