Action Insight Mid-Day Report 8-7-20

Dollar Shrugs Better Than Expected NFP, Still Struggling to Extend Rebound

Action Insight Mid-Day Report 8-7-20 Dollar Shrugs Better Than Expected NFP, Still Struggling to Extend Rebound Reactions to the better than expected job data from US and Canada are rather muted. The greenback is currently trying to extend recovery. Yet, it's still the worst performing one for the week. Eyes remain on developments of US-China relations. But it probably takes a bit more time for the US to announce follow-up actions to the TikTok/WeChat ban. As for the week, Sterling is currently the second weakest, followed by Swiss Franc. Australian Dollar is still the strongest. But Canadian Dollar has the potential to overtake it before weekly close. Technically, it remains to be seen if Dollar could finally be successful in its rebound attempt. The levels to watch include 1.1695 support in EUR/USD, 1.2982 support in GBP/USD, 0.7067 support in AUD/USD, 0.9241 resistance in USD/CHF and 1.3459 resistance in USD/CAD. As usual, we'll also watch 2028.34 support in gold to confirm any underlying strength of Dollar. In Europe, currently, FTSE is down -0.04%. DAX is up 0.29%. CAC is down -0.18%. German 10-year yield is up 0.005 at -0.525. Earlier in Asia, Nikkei dropped -0.39%. Hong Kong HSI dropped -1.60%. China Shanghai SSE dropped -0.96%. Singapore Strait Times dropped -0.53%. Japan 10-year JGB yield dropped -0.0085 to 0.010. Full Report Here Canada employment grew 418.5k, unemployment rate dropped to 10.9% US NFP grew 1763k, unemployment rate dropped to 10.2% Trade surplus in Germany and Italy widened, EUR/CAD mildly higher China exports rose 7.2% in July, imports dropped -1.4% RBA paints slower recovery, says no to negative rates and intervention Asian stocks tumble as Trump moves to ban TikTok and WeChat,... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol China's Trade Surplus Widened in July, Trade Deal Review Next Week... US Crude Oil Inventory Sank for Second Consecutive Week, While Refined... Gold Breaks US$2000/oz as US dollar Loses Credibility as Reserve Currency Central Bank Views | China Watch | Oil N' Gold | Special Topics GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.3109; (P) 1.3147; (R1) 1.3182; More.... Intraday bias in GBP/USD remains neutral for the moment. Further rise will remain in favor as long as 1.2982 support holds. On the upside, break of 1.3185 will resume larger rally to 100% projection of 1.1409 to 1.2647 from 1.2065 at 1.3303 next. However, firm break of 1.2982 will suggest short term topping and turn bias to the downside for deeper correction to 1.2813 resistance turned support. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Washington the Centre of the Storm US Futures Consolidate – Watch UBER, GS, TMUS, DBX, DISH Gold Breezes Past USD2000 -What's Next? Gold Hits New Record High, Oil Stays Flat GBPUSD Between A Bearish Formation And A Bullish Breakout US Dollar Rises On Geopolitical Fears USDCAD Downside Risks Remain, Despite Positive Signals GBPJPY Consolidates Gains After Triangle Breakout 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 22:30 AUD AiG Performance of Services Index Jul 44 31.5 23:30 JPY Labor Cash Earnings Y/Y Jun -1.70% -0.60% -2.30% 23:30 JPY Household Spending Y/Y Jun -1.2 -7.50% -16.20% 01:30 AUD RBA Monetary Policy Statement 02:00 CNY Trade Balance (USD) Jul 62.3B 42.5B 46.4B 02:00 CNY Exports (USD) Y/Y Jul 7.20% -0.60% 0.50% 02:00 CNY Imports (USD) Y/Y Jul -1.40% 1.00% 2.70% 02:00 CNY Trade Balance (CNY) Jul 442B 265B 329B 02:00 CNY Exports (CNY) Y/Y Jul 10.40% 2.30% 4.30% 02:00 CNY Imports (CNY) Y/Y Jul 1.60% -0.70% 6.20% 05:00 JPY Leading Economic Index Jun P 85 78.8 78.4 06:00 EUR Germany Industrial Production M/M Jun 8.90% 8.80% 7.80% 7.40% 06:00 EUR Germany Trade Balance (EUR) Jun 14.5B 10.3B 7.6B 06:45 EUR France Trade Balance (EUR) Jun -8.0B -7.1B 06:45 EUR France Industrial Output M/M Jun 12.70% 10.00% 19.60% 07:00 CHF Foreign Currency Reserves (CHF) Jul 846B 850B 851B 08:00 EUR Italy Trade Balance(EUR) Jun 6.23B 5.58B 12:30 USD Nonfarm Payrolls Jul 1763K 1510K 4800K 4791K 12:30 USD Unemployment Rate Jul 10.20% 10.70% 11.10% 12:30 USD Average Hourly Earnings M/M Jul 0.20% -0.50% -1.20% -1.30% 12:30 CAD Net Change in Employment Jul 418.5K 653.3K 952.9K 12:30 CAD Unemployment Rate Jul 10.90% 12.80% 12.30% 14:00 USD Wholesale Inventories Jun F -2.00% -2.00% 15:00 CAD Ivey PMI Jul 58.2

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