Action Insight Mid-Day Report 9-1-20

Sterling Surges With Euro, Swiss Franc Tumbles, Dollar Mixed

Action Insight Mid-Day Report 9-1-20 Sterling Surges With Euro, Swiss Franc Tumbles, Dollar Mixed Sterling overtakes Euro as the strongest currency for today, as cross buying against the latter resumes after brief consolidation. However, Swiss Franc is clearly left behind and it's trading as the worst performing one. Rallies in Gold and Silver are a factor pressuring the safe haven Franc. Yen is following as the second weakest currencies. Dollar and commodity currencies are mixed. Technically, EUR/CHF surprised us by powering through 1.0849 resistance and it's now targeting 1.0915 resistance next. While EUR/USD and EUR/JPY are both strong, EUR/GBP is extending the fall from 0.9175. GBP/CHF also accelerates upward today for 1.2259 resistance. Break will resume whole rise from 1.1102. In Europe, currently, FTSE is down -1.35%. DAX is up 0.30%. CAC is down -0.04%. German 10-year yield is down -0.0093 at -0.404. Earlier in Asia, Nikkei dropped -0.01%. Hong Kong HSI rose 0.03%. China Shanghai SSE rose 0.44%. Singapore Strait Times rose 0.24%. Japan 10-year JGB yield dropped -0.0072 to 0.045. Full Report Here German Altmaier: At least for now, we're dealing with a V-shaped... Eurozone CPI dropped to -0.2% yoy in Aug, unemployment rose to... UK PMI manufacturing finalized at 55.2, recovery gathered pace Eurozone PMI manufacturing finalized at 51.7, next few months' data all-important RBA kept cash rate at 0.25%, expand and extend term funding... Australia AiG manufacturing dropped to 49.3, Victoria in contraction too China Caixin PMI manufacturing rose to 53.1, post-epidemic recovery continued Japan PMI manufacturing finalized at 47.2, moved closer to stabilization Japan capital spending dropped -11.3% in Q2, unemployment rate ticked up... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol RBA Delivered a Mildly Dovish Tone as it Extended TFF and... CFTC Commitments of Traders – NET LENGTH in Crude Oil and... CFTC Commitments of Traders – More Downside on USD following Fed's... Central Bank Views | China Watch | Oil N' Gold | Special Topics EUR/CHF Mid-Day Outlook Daily Pivots: (S1) 1.0761; (P) 1.0775; (R1) 1.0804; More... EUR/CHF's rise from 1.0602 resumes through 1.0849 resistance and hits as high as 1.0876 so far. Intraday bias is back on the upside for 1.0915 resistance first. Firm break there will resume the rally from 1.0503 to 1.1059 cluster resistance. On the downside, break of 1.0721 support is needed to confirm completion of the rally. Otherwise, outlook will stay cautiously bullish in case of retreat. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings New Month. No Problem. Stocks Rise, Oil and Gold Thrive on Dollar Weakness US Futures Broadly Up – Watch ZM, AAPL, QCOM Gold and Silver Climb on a Weaker US Dollar The US Dollar Continues To Weaken EUR/GBP Outlook: Returns To Red After Brief Recovery Attempt XAU/USD Outlook: Gold Rises To Two-Week High As Dollar Accelerates Lower China Data Lifts Asian Equities WTI Futures Hold Above SMAs And Ichimoku Cloud Sinking Dollar Lifts All FX Boats USDCAD Communicates A Commanding Bearish Bias GBPUSD Bullish At 9-Month High, 2019 Peak Next In Focus EURJPY Flirts With 18-Month Peak Of 126.83 Equities Mixed On Tuesday, Nasdaq Boosted By Apple & Tesla Stock Splits GBP/USD Outlook: Cable Extends Above 1.3400 Barrier And Hit New 8 1/2 Month High EUR/USD Outlook: The Euro Knocks The Door Of 1.20 Barrier Fundamental Analysis | Technical Analysis In-depth Reports What the FED's Policy Announcement Means for the RBA Powell Announced Dovish Shift to Fed's Monetary Policy, Targeting Averaging Inflation and shortfall of Maximum Employment Fiscal Stalemate to Lead to More Fed Stimulus and Further USD Weakness The Forex Market and Presidential Terms How Quickly Will Japan's Economy Bounce Back? PBOC's Restraint Monetary Policy will Continue to Support CNY vs USD. US-China Tensions as Major Downside Risk Gold Prices after the US Election The Future of the US Dollar After the 2020 Election Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 22:30 AUD AiG Performance of Mfg Index Aug 49.3 53.5 22:45 NZD Building Permits M/M Jul -4.50% 0.50% 0.70% 23:30 JPY Unemployment Rate Jul 2.90% 3.10% 2.80% 23:50 JPY Capital Spending Q2 -11.30% 4.30% 0.10% 0:30 JPY Manufacturing PMI Aug F 47.2 46.6 46.6 1:30 AUD Current Account Balance (AUD) Q2 17.7B 13.0B 8.4B 9.0B 1:30 AUD Building Permits M/M Jul 12.00% -0.50% -4.90% -4.20% 1:45 CNY Caixin Manufacturing PMI Aug 53.1 51.3 52.8 4:30 AUD RBA Rate Decision 0.25% 0.25% 0.25% 7:45 EUR Itay Manufacturing PMI Aug 53.1 51.2 51.9 7:50 EUR France Manufacturing PMI Aug F 49.8 49 49 7:55 EUR Germany Manufacturing PMI Aug F 52.2 0 53 7:55 EUR Germany Unemployment Change Aug -9K -3K -18K -17K 7:55 EUR Germany Unemployment Rate Aug 6.40% 6.50% 6.40% 8:00 EUR Eurozone Manufacturing PMI Aug F 51.7 51.7 51.7 8:00 EUR Itay Unemployment Rate Jul 9.70% 9.10% 8.80% 9.30% 8:30 GBP Manufacturing PMI Aug F 55.2 55.3 55.3 8:30 GBP Mortgage Approvals Jul 66K 55K 40K 8:30 GBP M4 Money Supply M/M Jul 0.90% 1.20% 1.00% 9:00 EUR Eurozone Unemployment Rate Jul 7.90% 8.00% 7.80% 7.70% 9:00 EUR Eurozone CPI Y/Y Aug P -0.20% 0.20% 0.40% 9:00 EUR Eurozone CPI Core Y/Y Aug P 0.40% 1.00% 1.20% 13:30 CAD Manufacturing PMI Aug 52.9 13:45 USD Manufacturing PMI Aug F 53.6 53.6 14:00 USD ISM Manufacturing PMI Aug 54 54.2 14:00 USD ISM Manufacturing Prices Paid Aug 52 53.2 14:00 USD ISM Manufacturing Employment Index Aug 48.3 44.3 14:00 USD Construction Spending M/M Jul 0.70% -0.70%

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