Action Insight Daily Report 9-17-20

Dollar Surges as FOMC Risks Cleared, on Asian Risk Aversion

Action Insight Daily Report 9-17-20 Dollar Surges as FOMC Risks Cleared, on Asian Risk Aversion Dollar surges broadly today partly because FOMC announcement and projections overnight removed the risk of extra dovishness. Also, Hong Kong led decline in Asian stocks is providing extra support to the greenback. Yen is following closely as the second strongest for now. On the other hand, New Zealand Dollar is currently the worst one, followed by Euro and then Australian dollar. Canadian dollar is mixed as the strong rise in oil price this week is cushioning the bearish turn. Technically, EUR/JPY completed a head and shoulder top yesterday, which suggests that it's now correcting the rise from 114.42 to 127.07. Similarly, EUR/USD also breaches 1.1754 support today. Sustained trading below there will confirm the head and shoulder top and the start of correction to rise from 1.0635 to 1.2011. Gold's sharp fall today also suggests rejection by near term trend line resistance. Deeper fall would now be in favor to 1906.33 support. Reaction from there would help decide the sustainability of Dollar's rebound. In Asia, currently, Nikkei is down -0.72%. Hong Kong HSI is down -1.68%. China Shanghai SSE is down -0.99%. Singapore Strait Times is down -0.09%. Japan 10-year JGB yield is down -0.006 at 0.014. Overnight, DOW rose 0.13%. S&P 500 dropped -0.46%. NASDAQ dropped -1.25%. 10-year yield rose 0.008 to 0.687. Full Report Here BoJ stands pat, will not hesitate to ease further Australia employment grew 111k in Aug, unemployment rate dropped to 6.8% New Zealand GDP contracted record -12.2% in Q2, NZD/JPY turning lower Fed chair Jerome Powell press conference live stream Fed expects inflation to stay below target through 2022, despite upward... Fed stands pat, aim to achieve inflation moderately above 2% for... US oil inventories dropped -4.4m barrels, WTI sets to break 40 Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol Crude Oil Price Rebounded as Production Halted by Hurricane while Inventory... Upbeat August Chinese Data Suggests PBOC to Leave Rates Unchanged for... BOE Preview – BOE to Signal More Easing on Weak Recovery... Central Bank Views | China Watch | Oil N' Gold | Special Topics EUR/USD Daily Outlook Daily Pivots: (S1) 1.1775; (P) 1.1829; (R1) 1.1869; More..... EUR/USD's break of 1.1754 support suggests resumption of fall from 1.2011 and turns intraday bias back to the downside. More importantly, sustained trading below 1.1754 would confirm completion of a head and shoulder top, on bearish divergence condition in 4 hour MACD. Deeper decline should then be seen to 38.2% retracement of 1.0635 to 1.2011 at 1.1485, to correct the rise from 1.6035. For now, risk will stay on the downside as long as 1.1917 resistance holds, in case of recovery. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings EUR/GBP Approaching Key Support Ahead Of Important Events Asia Morning: U.S. Stocks Lack Upward Momentum The Fed Sees Interest Rates At 0% Through 2023 – What Does That Mean For The US Dollar? EURUSD Remains In A Trading Range Australia Employment Continues to Power On FOMC Pledges to Keep Rates Low Until Inflation Exceeds 2% Fed Monitor: Glass Half Empty or Half Full? Fed's Guidance Enshrines Low for Long Despite Upgraded Forecasts BoE Preview: Rising Risks More, Easing In November BoE Policy Meeting: Laying the Groundwork for November Fundamental Analysis | Technical Analysis In-depth Reports Fed Monitor: Glass Half Empty or Half Full? Fed's Guidance Enshrines Low for Long Despite Upgraded Forecasts Upbeat August Chinese Data Suggests PBOC to Leave Rates Unchanged for Longer RBA Minutes - Strong Support for the States Are We Chasing Inflation Ghosts? ECB Upbeat about Recovery, Resorted to Verbal Warning of Strong Euro September Flashlight for the FOMC Blackout Period Gold Pressured by Better Data, Stronger USD and Yields Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 22:45 NZD GDP Q/Q Q2 -12.20% -12.50% -1.60% -1.40% 1:30 AUD Employment Change Aug 111.0K -40.0K 114.7K 119.2K 1:30 AUD Unemployment Rate Aug 6.80% 7.80% 7.50% 1:30 AUD RBA Bulletin 3:00 JPY BoJ Interest Rate Decision -0.10% -0.10% -0.10% 3:00 JPY BoJ Monetary Policy Statement 6:00 CHF Trade Balance (CHF) Aug 3.20B 3.38B 8:00 EUR Italy Trade Balance (EUR) Jul 5.20B 6.23B 9:00 EUR Eurozone CPI Y/Y Aug F -0.20% -0.20% 9:00 EUR Eurozone CPI Core Y/Y Aug F 0.40% 0.40% 11:00 GBP BoE Interest Rate Decision 0.10% 0.10% 11:00 GBP BoE Asset Purchase Facility Sep 745B 745B 11:00 GBP MPC Official Bank Rate Votes 0--0--9 0--0--9 11:00 GBP MPC Asset Purchase Facility Votes 0--0--9 0--0--9 12:30 CAD ADP Employment Change Aug 1149.8K 12:30 USD Initial Jobless Claims (Sep 11) 825K 884K 12:30 USD Housing Starts Aug 1.47M 1.50M 12:30 USD Building Permits Aug 1.51M 1.50M 12:30 USD Philadelphia Fed Manufacturing Survey Sep 14.5 17.2 14:30 USD Natural Gas Storage 70B

Action Forex Company Limited | Room 804, 8/F. , Prosperity Centre, 982 Canton Road, Mongkok, Kowloon 852 Hong Kong SAR China Unsubscribe mondemand.forex@blogger.com Update Profile | About our service provider Sent by contact@actionforex.com powered by Try email marketing for free today!