Action Insight Daily Report 9-25-20

Dollar Retreats as Risk Aversion Recedes, Focus Turns to Yen

Action Insight Daily Report 9-25-20 Dollar Retreats as Risk Aversion Recedes, Focus Turns to Yen Dollar and Yen retreat mildly today risk aversion recedes slightly. But as Asian markets struggle to find momentum for a rebound, risk aversion could come back any time before weekly close. As for the week, the greenback remains the strongest one, followed by Yen. Australian Dollar is the worst performing, followed by New Zealand Dollar. Technically, Dollar is clearly losing some intraday upside momentum. Even gold looks set for some consolidations. But the question is whether Yen could pull back in tandem. Or, the torch would be passed to the Yen to rise more against other major currencies. 104.85 minor support in USD/JPY will be a level to watch. Break there could also be accompanied by break resumption of declines in other Yen crosses like EUR/JPY and GBP/JPY. In Asia, currently, Nikkei is up 0.57%. Hong Kong HSI is down -0.20%. China Shanghai SSE is down -0.26%. Singapore Strait Times is up 0.71%. Japan 10-year JGB yield is up 0.0001 at 0.010. Overnight, DOW rose 0.20%. S&P 500 rose 0.30%. NASDAQ rose 0.30%. 10-year yield dropped -0.010 to 0.666. Full Report Here UK Gfk consumer confidence rose to -25, but only an unbridled... Fed Barkin: Recent pick up in inflation just a natural rebound Fed Evans: More fiscal relief needed to limit further damage to... Fed Bullard: Strong Q3 may put US economy at full recovery... ECB Lane: Containing the virus is the most important policy objective Fed Rosengren: More QE not nearly as supporttive as fiscal policy Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol SNB Expects Deflation to Stay Until 2Q21. Pledged to Intervene Exchange... RBNZ Hints to Add Alternative Easing in Coming Months US Crude Oil and Petroleum Product Inventories Fell Across the Board Central Bank Views | China Watch | Oil N' Gold | Special Topics EUR/JPY Daily Outlook Daily Pivots: (S1) 122.67; (P) 122.91; (R1) 123.25; More.... Intraday bias in EUR/JPY remains neutral for the moment and some more consolidations could be seen. But further decline will remain in favor as long as 124.31 minor resistance holds. Decisive break of 38.2% retracement of 114.42 to 127.07 at 122.23 will raise the chance that whole rise from 114.42 has completed. Deeper fall would be seen to 61.8% retracement at 119.25. However, break of 124.31 will turn bias back to the upside for retesting 127.07 high. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Dollar Index Outlook: Growing Concerns about US Economic Recovery Continue to Boost Dollar's Safe-Haven Appeal Copper Futures Penetrates Ascending Line; Indicators Weaken Sentiment Not Improving Fundamental Analysis | Technical Analysis In-depth Reports RBNZ Hints to Add Alternative Easing in Coming Months RBA To Cut Rates On October 6 What Will the Fed Do If Inflation Doesn't Hit 2%? Economic Modeling in the Post-COVID Era: Part I Fed Monitor: Glass Half Empty or Half Full? Upbeat August Chinese Data Suggests PBOC to Leave Rates Unchanged for Longer Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 23:50 JPY Corporate Service Price Index Y/Y Aug 1.00% 1.40% 1.20% 08:00 EUR Eurozone M3 Money Supply Y/Y Aug 10.40% 10.20% 11:00 GBP BoE Quarterly Bulletin 12:30 USD Durable Goods Orders Aug 1.50% 11.40% 12:30 USD Durable Goods Orders ex-TransportAug 1.20% 2.60%

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