Action Insight Mid-Day Report 8-3-20

Dollar Extending Recovery, Turning Around the Corner

Action Insight Mid-Day Report 8-3-20 Dollar Extending Recovery, Turning Around the Corner Dollar starts the month with a much firmer footing, trading broadly higher as the strongest one so far. The rally is particular against Swiss Franc, which is currently the weakest one. Yet the greenback will firstly need to overcome some near term technical levels to convince traders about its underlying strength. Secondly, Dollar will face some tests from key economic data this week, starting from ISM manufacturing index today, and then ISM services and non-farm payroll later in the week. We'll see if it's finally turning the corner. Technically, some levels need to be taken out to confirm the sustainability of Dollar's rebound. The levels include 1.1698 minor support in EUR/USD, 1.3013 minor support in GBP/USD, 0.7063 support in AUD/USD and 1.3459 minor resistance in USD/CAD. Also, gold will need to confirm short term topping in record high of 1988 and break 1939.20 minor support. In Europe, currently, FTSE is up 1.37%. DAX is up 2.30%. CAC is up 1.45%. German 10-year yield is up 0.009 at -0.513. Earlier in Asia, Nikkei rose 2.24%. Hong Kong HSI dropped -0.56%. China Shanghai SSE rose 1.75%. Singapore Strait Times dropped -1.78%. Japan 10-year JGB yield rose 0.0108 to 0.024. Full Report Here UK PMI manufacturing finalized at 53.3, started Q3 on firmer footing Eurozone PMI manufacturing finalized at 51.8, August to see further output... Australia Frydenberg: Coronavirus lockdown a real kick in the guts to... Australia AiG manufacturing rose to 53.5, but headwinds lie ahead China Caixin PMI manufacturing rose to 52.8, strongest upturn since 2011 Japan PMI manufacturing finalized at 45.2, consumer goods stabilized, capital goods... Fed Kashkari: 4-6 weeks hard lockdown or no real robust recovery Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol RBA to Caution about Economic Impacts of Renewed Lockdown, Relying on... CFTC Commitments of Traders – NET LENGTH on Crude Oil and... Yen, Dollar, Aussie, Gold and Stocks in Focuses in a Busy... Central Bank Views | China Watch | Oil N' Gold | Special Topics USD/JPY Mid-Day Outlook Daily Pivots: (S1) 104.73; (P) 105.40; (R1) 106.60; More... Intraday bias in USD/JPY remains on the upside at this point. Sustained trading above 106.07 support turned resistance should confirm short term bottoming at 104.18. More importantly, whole corrective decline from 111.71 has completed with three waves down to 104.18, just missed 100% projection of 111.71 to 105.98 from 109.85 at 104.12. In the case, further rise should be seen to 108.16 resistance next. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings AUD/USD Stalls – Is the Rally Near an End? US Futures Slightly Up – Watch MSFT, MPC, GOOGL, MRK, YUM US Pre-Market: PMIs Offer Short-Term Relief USDJPY Gives Up Gains After Quick Rebound USD Gains Seem To Remain Capped Gold Pushes Closer To USD 2000 Plateau China Recovery Stays On Track Dollar Shrugs Off Ratings Downgrade, RBA In Focus EURUSD Pivots From 26½-Month High, Bullish Signals Intact Gold Claims Fresh Highs, Bearish Divergence Warns Of Retracement Fundamental Analysis | Technical Analysis In-depth Reports Research China: At the Foothills of a New Cold War – and What It Implies China's Economy Continued to Improve in July, but Pace Varied Across Sectors 'King Dollar' Falls from Grace, Growth Concerns to Blame? Gold Price Approaches US$2,000/oz amidst Low Real Yields, Rising Inflation Expectations and Geopolitical Tensions Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 22:30 AUD AiG Performance of Mfg Index Jul 53.5 51.5 23:50 JPY GDP Q/Q Q1 F -0.60% -0.70% -0.60% 0:30 JPY Manufacturing PMI Jul F 45.2 42.6 42.6 1:00 AUD TD Securities Inflation M/M Jul 0.90% 0.60% 1:45 CNY Caixin Manufacturing PMI Jul 52.8 51.3 51.2 6:30 CHF CPI M/M Jul -0.20% -0.40% 0.00% 6:30 CHF CPI Y/Y Jul -0.90% -1.30% -1.30% 7:30 CHF SVME PMI Jul 49.2 50 41.9 7:45 EUR Italy Manufacturing PMI Jul 51.9 51.3 47.5 7:50 EUR France Manufacturing PMI Jul F 52.4 52 52 7:55 EUR Germany Manufacturing PMI Jul F 51 50 50 8:00 EUR Eurozone Manufacturing PMI Jul F 51.8 51.1 51.1 8:30 GBP Manufacturing PMI Jul F 53.3 53.6 53.6 13:45 USD Manufacturing PMI Jul F 51.3 51.3 14:00 USD ISM Manufacturing PMI Jul 54 52.6 14:00 USD ISM Manufacturing Prices Paid Jul 60 51.3 14:00 USD ISM Manufacturing Employment Index Jul 42.1 14:00 USD Construction Spending M/M Jun -0.50% -2.10%

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