Action Insight Mid-Day Report 8-21-20

Euro and Sterling Plummets on Brexit Deadlock, Yen Surges

Action Insight Mid-Day Report 8-21-20 Euro and Sterling Plummets on Brexit Deadlock, Yen Surges European majors tumble broadly today as UK and EU reminded us that Brexit negotiation remained in deadlock. Additionally, some PMI data from Eurozone suggested that momentum of recovery was quickly fading, in particular in the services sector. Yen is rising broadly today as stock markets turn into risk-off mode. Dollar is following closely as the second strongest. As for the week, Euro is currently the worst performing, followed by Swiss Franc. Yen is strongest, followed by Canadian. Technically, despite today's move, no particular technical levels are violated for now, and probably not before weekly close. The levels include 1.1711 support in EUR/USD. 1.3005 support in GBP/USD. 0.7109 support in AUD/USD. 0.9197 resistance in USD/CHF. 1.3271 resistance in USD/CHF. 124.31 support in EUR/JPY. 137.84 support in GBP/JPY. 79.86 support in CAD/JPY. 74.82 support in AUD/JPY. In Europe, currently, FTSE is down -0.93%. DAX is down -1.22%. CAC is down -1.26%. Germany 10-year yield is down -0.017 at -0.510. Earlier in Asia, Nikkei rose 0.17%. Hong Kong HSI rose 1.30%. China Shanghai SSE rose 0.50%. Singapore Strait Times rose 0.02%. Japan 10-year JGB yield rose 0.0048 to 0.035. Full Report Here Canada retail sales rose 23.7% in June, back above February's level Little progress made at 7th Brexit talks UK PMI composite rose to 7-yr high, recovery gained speed Eurozone PMI composite dropped to 51.6, recovery by undermined rising virus... Germany PMIs: Slowdown centered on services, manufacturing relatively positive France PMI manufacturing back in contraction, fragile demand conditions Japan core CPI unchanged at 0% in July Japan PMI composite unchanged at 44.9, prospect of a solid recovery... Australia retails grew in July, except in Victoria Australia CBA PMI composite tumbled to 48.8, back in contraction UK Gfk consumer confidence unchanged at -27 Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol PBOC's Restraint Monetary Policy will Continue to Support CNY vs USD.... FOMC Minutes Revealed Rigorous Debate over Alternative Monetary Policy Tools US Cushing Oil Stock Fell for First Time in Almost 2... Central Bank Views | China Watch | Oil N' Gold | Special Topics GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.3113; (P) 1.3168; (R1) 1.3272; More.... GBP/USD is still staying in range of 1.3005/3267 and despite today's steep fall. Intraday bias remains neutral first and another rise could be seen as long as 1.3005 support holds. Break of 100% projection of 1.1409 to 1.2647 from 1.2065 at 1.3303 will pave the way to 1.3514 structural resistance next. However, considering bearish divergence condition in 4 hour MACD, break of 1.3006 should confirm short term topping. Intraday bias will be turned back to the downside for 55 day EMA (now at 1.2822). Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings US Futures Consolidate – Watch PFE, DE, KEYS, OXY Easing Into Busy Year End USD Index Outlook: Dollar Regains Traction But More Action Higher Needed To Signal Stronger Correction GBP/USD Retreats As Volatility Continues US 30 Index Hits A Snag, Ascent Dwindles Into Cloud AUD/USD at Six-Mth High On RBA Optimism GBP/USD Outlook: Cable Rose After Strong Data By Was Deflated By Fresh Euro's Weakness NZDUSD Rises After The Slip To 7-Week Low EUR/GBP Outlook: Bears Hit Five-Week Low And Pressure Key Supports USDCAD Transmits Negative Prognosis, Weakening Prevails GBPJPY Moves Horizontally, Bullish Bias Dollar Gets A Second Wind After Bleak Eurozone PMIs EUR/USD Outlook: Deeper Correction Before Final Attack At 1.20 Barrier Is Seen As Likely Scenario Fundamental Analysis | Technical Analysis In-depth Reports PBOC's Restraint Monetary Policy will Continue to Support CNY vs USD. US-China Tensions as Major Downside Risk FOMC Minutes Revealed Rigorous Debate over Alternative Monetary Policy Tools AUDNZD's Rally on Yield Differential Looks Overextended Gold Prices after the US Election What Marks the Spot for U.S. Dollar Weakness? US China Trade Agreement 1st Half Review - A Fail? 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 23:00 AUD CBA Manufacturing PMI Aug P 53.9 54 23:00 AUD CBA Services PMI Aug P 48.1 58.2 23:01 GBP GfK Consumer Confidence Aug -27 -25 -27 23:30 JPY National CPI Core Y/Y Jul 0.00% 0.10% 0.00% 00:30 JPY Manufacturing PMI Aug P 46.6 45 45.2 06:00 GBP Retail Sales M/M Jul 3.60% 2.00% 13.90% 06:00 GBP Retail Sales Y/Y Jul 1.40% 0.00% -1.60% 06:00 GBP Retail Sales ex-Fuel M/M Jul 2.00% 0.20% 13.50% 06:00 GBP Retail Sales ex-Fuel Y/Y Jul 3.10% 1.50% 1.70% 06:00 GBP Public Sector Net Borrowing (GBP) Jul 25.9B 28.3B 34.8B 07:15 EUR France Manufacturing PMI Aug P 49 53 52.4 07:15 EUR France Services PMI Aug P 51.9 56.3 57.3 07:30 EUR Germany Manufacturing PMI Aug P 53 52.5 51 07:30 EUR Germany Services PMI Aug P 50.8 55.6 55.6 08:00 EUR Eurozone Manufacturing PMI Aug P 51.7 53 51.8 08:00 EUR Eurozone Services PMI Aug P 50.1 54 54.7 08:30 GBP Manufacturing PMI Aug P 55.3 53.6 53.3 08:30 GBP Services PMI Aug P 60.1 57 56.5 12:30 CAD New Housing Price Index M/M Jul 0.40% 0.10% 0.10% 12:30 CAD Retail Sales M/M Jun 23.70% 24.70% 18.70% 12:30 CAD Retail Sales ex Autos M/M Jun 15.70% 14.50% 10.60% 13:45 USD Manufacturing PMI Aug P 51.5 50.9 13:45 USD Services PMI Aug P 50.7 50 14:00 USD Existing Home Sales Jul 5.10M 4.72M 14:00 EUR Eurozone Consumer Confidence Aug P -15 -15

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