Action Insight Mid-Day Report 8-28-20

Dollar Shrugs Income and Spending Report, Selloff Continues

Action Insight Mid-Day Report 8-28-20 Dollar Shrugs Income and Spending Report, Selloff Continues Fed chair Jerome Powell inspired a fresh round of Dollar selloff which his Jackson Hole speech, which carries on to today. Stronger than expected personal income and spending, as well as core inflation reading provide little support. Though, for now, the decline appears to be mainly centered against commodity currencies, in particular Aussie and Kiwi. Yen is following closely as the third strongest, rebounding on Prime Minister Shinzo Abe's resignation. European majors are mixed for the moment,. Technically, 105.10 support in USD/JPY is now in focus with today's sharp reversal. Break will bring retest of 104.18 low. Both EUR/JPY and GBP/JPY are held above 124.31 and 138.24 support respectively, keeping near term outlook bullish despite today's retreats. AUD/JPY also dips back notably after this week's triangle break out. We'd maintain that 76.78 support in AUD/JPY is the first line of defense. The bull run is safe as long as this level holds. In Europe, currently, FTSE is up 0.01%. DAX is down -0.22%. CAC is up 0.05%. German 10-year yield is down -0.004 at -0.407. Earlier in Asia, Nikkei dropped -1.41%. Hong Kong HSI rose 0.56%. China Shanghai SSE rose 1.60%. Singapore Strait Times rose 0.79%. Japan 10-year JGB yield rose 0.015 to 0.059. Full Report Here Canada GDP grew 6.5% mom in Jun, highest on record since... US PCE price index rose to 1.0%, core PCE accelerated... Eurozone economic sentiment rose to 87.7, recovered 60% of losses in... Swiss KOF rose to 110.2, upswing phase of V-shaped recession France GDP -13.8% in Q2, low point reached in April German Gfk consumer climate dropped to -1.8, coronavirus creates uncertainty again Abe steps down as Japanes PM on health issue AUD/JPY triangle breakout, heading to lon Gold back below 4H EMA after initial spike US 10-, 30-yr yield jumped on Fed Powell Dollar dives as Fed adopts flexible form of average inflation targeting Fed Chair Powell's speech, "New Economic Challenges and the Fed's Monetary... Jackson Hole symposium live stream Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol Powell Announced Dovish Shift to Fed's Monetary Policy, Targeting Averaging Inflation... Factors Supporting Gold Price Remain as ETFs Add Holdings and Low... Fiscal Stalemate to Lead to More Fed Stimulus and Further USD... Central Bank Views | China Watch | Oil N' Gold | Special Topics USD/JPY Mid-Day Outlook Daily Pivots: (S1) 105.89; (P) 106.29; (R1) 106.98; More... USD/JPY is still holding in range of 105.10/107.05 and intraday bias remains neutral first. On the upside, break of 107.05 will revive the case of near term reversal and bring stronger rally. On the downside, break of 105.10 will target a test on 104.18. Break there will resume whole decline from 111.71. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings US Futures Up – Watch MSFT, WMT, KO, HPQ, GPS, ULTA, WDAY WTI Oil Outlook: Weekly Close Above Key Fibo Barrier Is Needed To Signal Bullish Continuation EUR/USD Nears 1.20 As Dollar Extends Decline Low Rates Here To Stay XAU/USD Outlook: Gold Built A Base At $1920 But Recovery Needs More Signals For Confirmation USD Index Outlook: Dollar Accelerates Lower After Markets Digested Powell's Message GBPUSD Edges Below 8-Month Peak, Holds In Neutral Zone The US Dollar Falls In Asia Powell Jolts Dollar, Yen Spikes On Abe Resignation Dovish Fed Backs Global Stock Rally. USD Tanks, US Yield Curve Steepens On Higher Inflation Expectations GBPJPY Hits A Snag Trying To Resume Positive Trajectory Powell Announces Changes to Monetary Policy Framework Fed's Average Inflation Target Means Low Rates for Longer Fundamental Analysis | Technical Analysis In-depth Reports 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 23:30 JPY Tokyo CPI Core Y/Y Aug -0.30% 0.30% 0.40% 06:00 EUR Germany Gfk Consumer Confidence Sep -1.8 2 -0.3 -0.2 06:45 EUR France CPI M/M Aug P -0.10% 0.40% 06:45 EUR France CPI Y/Y Aug P 0.20% 0.70% 0.90% 06:45 EUR France Consumer Spending M/M Jul 0.50% 3.20% 9.00% 10.30% 06:45 EUR France GDP Q/Q Q2 -13.80% -13.80% -13.80% 07:00 CHF KOF Economic Barometer Aug 110.2 90 85.7 86 09:00 EUR Eurozone Economic Sentiment Indicator Aug 87.7 84.9 82.3 82.4 09:00 EUR Eurozone Services Sentiment Aug -17.2 -26.1 -26.2 09:00 EUR Eurozone Consumer Confidence Aug -14.7 -15 -14.7 -15 09:00 EUR Eurozone Industrial Confidence Aug -12.7 -13 -16.2 09:00 EUR Business Climate Aug -1.33 -1.8 12:30 CAD GDP M/M Jun 6.50% 5.20% 4.50% 4.80% 12:30 USD Personal Income M/M Jul 0.40% -0.20% -1.10% -1.00% 12:30 USD Personal Spending Jul 1.90% 1.50% 5.60% 6.20% 12:30 USD PCE Price Index M/M Jul 0.30% 0.10% 0.40% 0.50% 12:30 USD PCE Price Index Y/Y Jul 1.00% 1.20% 0.80% 12:30 USD PCE Core Price Index M/M Jul 0.30% 0.40% 0.20% 0.30% 12:30 USD PCE Core Price Index Y/Y Jul 1.30% 1.20% 0.90% 1.10% 12:30 USD Wholesale Inventories Jul P -0.10% -1.00% -1.40% 12:30 USD Goods Trade Balance (USD) Jul -79.3B -70.6B -71.0B 13:45 USD Chicago PMI Aug 51 51.9 14:00 USD Michigan Consumer Sentiment Index Aug 72.8 72.8

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