Action Insight Mid-Day Report 8-5-20

Dollar Selloff Intensifies after Huge Miss of ADP Job Data

Action Insight Mid-Day Report 8-5-20 Dollar Selloff Intensifies after Huge Miss of ADP Job Data Dollar's selloff intensifies in early US session after ADP job report hugely missed expectations. The strong upward revision in prior month's figure just make the picture looks worse, exaggeration the steep slowdown in labor market rebound. At this point, Yen is following the greenback as then second weakest, then New Zealand Dollar. On the other hand, Australian Dollar is the strongest, followed by Swiss Franc and Euro. Technically, Gold continues to show some upside acceleration and hits new record of 2044 today. WTI crude oil also finally breaks 42 resistance with some conviction, which should give extra lift to Canadian Dollar. USD/CAD 's fall from 1.4667 is on track to long term fibonacci level at 1.3056, and possibly to 1.3 round number. AUD/USD finally follows by breaking 0.7227 temporary top. Near term rise is now heading to long term EMA level at 0.7311. Now, eyes will be on whether EUR/USD would break 1.1908 temporary top to resume recent rally. Similar levels to watch include 1.3170 in GBP/USD and 0.9056 in USD/CHF. In Europe, currently, FTSE is up 0.89%. DAX is up 0.47%. CAC is up 0.71%. German 10-year yield is up 0.0376 at -0.513. Earlier in Asia, Nikkei dropped -0.26%. Hong Kong HSI rose 0.62%. China Shanghai SSE rose 0.17%. Singapore Strait Times rose 0.68%. Japan 10-year JGB yield dropped -0.0056 to -0.513. Full Report Here US exports rose 9.4% in Jun, imports up 4.7% US ADP employment grew only 169k as recovery slowed Eurozone retail sales rose 5.7% in June, back to pre-pandemic level UK PMI composite finalized at 57.0, highest since Jun 2015 Eurozone PMI composite finalized at 54.9, highest since Jun 2018 China Caixin PMI services dropped to 54.1, composite dropped to 54.5 New Zealand unemployment rate dropped to 4% as people left labor... NASDAQ gained 0.35% to new record high, up trend in progress... Gold breaks 2000 with powerful move, 2150 next? Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol Gold Breaks US$2000/oz as US dollar Loses Credibility as Reserve Currency RBA Cautioned over Uneven and Bumpy Recovery amidst Second Wave of... BOE Preview – Expecting More Hint on Lowering ELB while Near-Term... Central Bank Views | China Watch | Oil N' Gold | Special Topics EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.1746; (P) 1.1776; (R1) 1.1831; More..... Intraday bias in EUR/USD stays neutral first but focus is back on 1.1908 temporary top with current rebound. Break there will resume whole rise from 1.0635. Next target will be 161.8% projection of 1.0774 to 1.1422 from 1.1255 at 1.2303. nevertheless, on the downside, break of 1.1695 support should finally confirm short term topping and bring deeper correction lower. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings US Futures Pare Gains – Watch DIS, AAPL, CVS, ATVI, BYND, TSN Relief Package in Demand Oil, Silver, And Gold Climb On Back Of US Dollar USD/JPY Is Trading In A Bearish Zone And Might Continue To Move Down Below 105.50 US Dollar Sell-Off Unconvincingly Resumes Dollar Comeback Falters As Yields Sink, Gold Sparkles USDJPY Downside Risks Endure Under SMAs And Diagonal Line EURGBP Halts Decline Below Trendline Sentiment Mixed On Lingering US Fiscal Talks, Beirut Explosion. Gold Past $2022/Oz The Dollar Retreats As Investors Look To Alternatives Fundamental Analysis | Technical Analysis In-depth Reports Australia's Growth Prospects In Light Of Victoria's Disaster And The Fiscal Cliff RBA Cautioned over Uneven and Bumpy Recovery amidst Second Wave of Outbreak. Maintained All Easing Measures 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 'King Dollar' Falls from Grace, Growth Concerns to Blame? Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 22:30 AUD AiG Performance of Construction Index Jul 42.7 35.5 22:45 NZD Employment Change Q2 -0.40% -1.90% 0.70% 1.00% 22:45 NZD Unemployment Rate Q2 4.00% 5.70% 4.20% 22:45 NZD Labour Cost Index Q/Q Q2 0.20% 0.40% 0.30% 01:45 CNY Caixin Services PMI Jul 54.1 56.8 58.4 07:45 EUR Italy Services PMI Jul 51.6 51 46.4 07:50 EUR France Services PMI Jul F 57.3 57.8 57.8 07:55 EUR Germany Services PMI Jul F 55.6 56.7 56.7 08:00 EUR Eurozone Services PMI Jul F 54.7 55.1 55.1 08:30 GBP Services PMI Jul F 56.5 56.6 56.6 09:00 EUR Eurozone Retail Sales M/M Jun 5.70% 5.00% 17.80% 20.30% 12:15 USD ADP Employment Change Jul 167K 1200K 2369K 4314K 12:30 USD Trade Balance (USD) Jun -50.7B -50.3B -54.6B -54.8B 12:30 CAD International Merchandise Trade (CAD) Jun -3.2B -0.6B -0.7B 13:45 USD Services PMI Jul F 49.6 49.6 14:00 USD ISM Non-Manufacturing PMI Jul 54.8 57.1 14:00 USD ISM Non-Manufacturing Employment Index Jul 51.1 43.1 14:30 USD Crude Oil Inventories -3.4M -10.6M

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