Action Insight Mid-Day Report 8-6-20

Dollar Stabilizes after Jobless Claims, But No Rebound Yet

Action Insight Mid-Day Report 8-6-20 Dollar Stabilizes after Jobless Claims, But No Rebound Yet Sterling remain remains the strongest one for today, as it's maintaining post BoE gains. Nevertheless, there is no apparent follow through buying after the initial surge. On the other hand, Dollar appears to be stabilizing mildly, and it's receiving some support from better than expected jobless claims. Though, the key for the greenback is still tomorrow's non-farm payroll data. Meanwhile, Gold is extending recent record run, hitting as high as 2064.85 so far. WTI crude oil retreats mildly but stays above 42 handle. Technically, EUR/USD seems to be struggling to extend rally above 1.1908 temporary top. But still, near term outlook will stay cautiously bullish as long as 1.1695 support holds. Similarly, outlook in GBP/USD is bullish as long as 1.2982 support holds. For AUD/USD, the equivalent support level is 0.7076. For Gold, break of 2009.40 support is needed to be the first sign of topping. In Europe, currently, FTSE is down -1.39%. DAX is down -0.15%. CAC is down -0.71%. German 10-year yield is down -0.027 at 0.531. Earlier in Asia, Nikkei dropped -0.43%. Hong Kong HSI dropped -0.69%. China Shanghai SSE rose 0.26%. Singapore Strait Times rose 1.04%. Japan 10-year JGB yield rose 0.0090 to 0.020. Full Report Here US initial jobless claims dropped to 1.186k, continuing claims down to... BoE Bailey: Negative rates more effective in an established upswing UK PMI construction rose to 58.1, but employment fell as a... BoE stands pat, spendings recover significantly but investments weak Australia Morrison: Victoria lock to shrink GDP further by AUD 7B... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol US Crude Oil Inventory Sank for Second Consecutive Week, While Refined... Gold Breaks US$2000/oz as US dollar Loses Credibility as Reserve Currency RBA Cautioned over Uneven and Bumpy Recovery amidst Second Wave of... Central Bank Views | China Watch | Oil N' Gold | Special Topics USD/JPY Mid-Day Outlook Daily Pivots: (S1) 105.32; (P) 105.59; (R1) 105.87; More... Intraday bias in USD/JPY remains neutral first. Further rise is mildly in favor as long as 105.20 minor support holds. On the upside, break of 106.47 will re-affirm the case of near term reversal. That is, corrective decline from 111.71 has completed with three waves down to 104.18. In this case, further rise should be seen to 108.16 resistance next. However, on the downside, break of 105.20 minor support will suggest completion of rebound from 104.18. Intraday bias will be turned back to retest this low. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings US Futures Sliding – Watch BHC, BMY, MET, AIG, WDC Bank Of England Lifts Sterling, Dollar Battered But Still Standing US Dollar Sell-Off Momentum Grows After Buying Spree In US, Asia Is Cautious All Aboard The FOMO Train To Buy Everything Oil Breakthrough: What's Next? AUDUSD Takes A Breather, Maintains Healthy Positive Picture WTI Oil Futures Likely Awaiting A Volatile Session USDCHF Retains Negative Tone, Positive Momentum Shows Promise Fundamental Analysis | Technical Analysis In-depth Reports Gold Breaks US$2000/oz as US dollar Loses Credibility as Reserve Currency Australia's Growth Prospects In Light Of Victoria's Disaster And The Fiscal Cliff 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 03:00 NZD RBNZ Inflation Expectations Q/Q Q3 1.43% 1.24% 06:00 GBP BoE Rate Decision 0.10% 0.10% 0.10% 06:00 GBP BoE Asset Purchase Facility 745B 745B 745B 06:00 GBP MPC Official Bank Rate Votes 0--0--9 0--0--9 0--0--9 06:00 GBP MPC Asset Purchase Facility Votes 0--0--9 0--0--9 8--0--1 06:00 EUR Germany Factory Orders M/M Jun 27.90% 9.50% 10.40% 08:00 EUR Italy Industrial Output M/M Jun 8.20% 7.50% 42.10% 41.60% 08:30 GBP Construction PMI Jul 58.1 57 55.3 11:30 USD Challenger Job Cuts Y/Y Jul 576.10% 305.50% 12:30 USD Initial Jobless Claims (Jul 31) 1186K 1450K 1434K 1435K 14:30 USD Natural Gas Storage 31B 26B

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