Action Insight Mid-Day Report 9-10-20

Euro Surges as ECB Gives No Red Light to Appreciation

Action Insight Mid-Day Report 9-10-20 Euro Surges as ECB Gives No Red Light to Appreciation Euro jumps notably as ECB insist that it doesn't target the exchange rate, despite recent appreciation, suggesting that they're still comfortable with the current level. The common currency also takes Swiss Franc higher with it. On the other hand, Sterling is left behind as European majors. The Pound suffers another round of selloff as EU chief Brexit negotiator Michel Barnier said he had seen no progress so far, ahead of the "extraordinary" meeting in UK. Dollar is currently following as the second weakest, thanks to the rally in Euro. Technically, today's strong rebound in EUR/USD and EUR/JPY should confirm that 1.1762 support and 124.44 support are defended well. Near term bullish is maintained in the two pairs and focuses now turn back to 1.2011 and 127.07 resistance respectively. EUR/GBP is now pressing 0.9175 resistance and bring will target 0.9371 fibonacci projection. EUR/CAD might also take out 1.5646 resistance to confirm short term bullish reversal. In Europe, currently, FTSE is down -0.19%. DAXC is up 0.13%. CAC is down -0.11%. German 10-year yield is up 0.028 at -0.432. Earlier in Asia, Nikkei rose 0.88%. Hong Kong HSI dropped -0.64%. China Shanghai SSE dropped -0.61%. Singapore Strait Times dropped -0.29%. Japan 10-year JGB yield rose 0.0013 to 0.030. Full Report Here Euro jumps as ECB Lagarde made no special reference to its... US initial jobless claims unchanged at 884k, continuing claims rose back... US PPI at 0.3% mom, -0.2% yoy in Aug, PPI core... ECB press conference live stream ECB kept main refi rate at 0%, deposit rate at -0.5%,... DIW expects -6% contraction in German GDP this year, more optimistic... Euro resilient as ECB comments on its strength awaited GBP/CHF targeting 1.1630, awaits extraordinary Brexit meeting BoC stand pat, maintain pledge to keep rate at ELB and... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol ECB Preview – Warning about Euro Strength with No Action Needed BOC Left Policy Rate and QE Unchanged, Pledged to Calibrate Measures... Gold Pressured by Better Data, Stronger USD and Yields Central Bank Views | China Watch | Oil N' Gold | Special Topics EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.1760; (P) 1.1797; (R1) 1.1841; More..... EUR/USD rebounds strongly in early US session but stays below 1.2011 resistance. Intraday bias remains neutral first. With 1.1762 support intact, further rise is expected. Firm break of 1.2011 will resume the rally from 1.0635 towards 1.2555 key level. Nevertheless, sustained break of 1.1762 should confirm short term topping and turn bias to the downside for 38.2% retracement of 1.0635 to 1.2011 at 1.1485. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings US Futures Sliding – Watch GME, ZS, TIF EURUSD Flirts With SMAs Following Rebound On Strong 1.1753 Oil And Gold Rise As US Dollar Dips GBP/USD Outlook: Initial Signal Of Reversal Is Forming, But Focus Is On ECB And EU/UK Emergency Brexit Talks WTI Futures Recede Below 200-MA, Denied Passage Over 43.69 Don't Dream It's Over? AUDUSD Erases Losses After Hitting 40-Day SMA Fundamental Analysis | Technical Analysis In-depth Reports September Flashlight for the FOMC Blackout Period Ghost of Brexit Returns to Haunt Sterling Gold Pressured by Better Data, Stronger USD and Yields Australia's Growth Outlook Improves US Elections: A Simple Guide and Market Implications What Happens to Interest Rates During an Election Year? Oil Market and Gas Price History by President The Forex Market and Presidential Terms Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 23:01 GBP RICS Housing Price Balance Aug 44% 25% 12% 23:50 JPY Machinery Orders M/M Jul 6.30% 1.90% -7.60% 01:00 AUD Consumer Inflation Expectations Sep 3.10% 3.30% 06:45 EUR France Industrial Output M/M Jul 3.80% 5.10% 12.70% 13.00% 08:00 EUR Italy Industrial Output M/M Jul 7.40% 4.00% 8.20% 11:45 EUR ECB Interest Rate Decision 0.00% 0.00% 0.00% 12:30 EUR ECB Press Conference 12:30 USD PPI M/M Aug 0.30% 0.20% 0.60% 12:30 USD PPI Y/Y Aug -0.20% -0.70% -0.40% 12:30 USD PPI Core M/M Aug 0.40% 0.20% 0.50% 12:30 USD PPI Core Y/Y Aug 0.60% 0.30% 0.30% 12:30 USD Initial Jobless Claims (Sep 4) 884K 838K 881K 884K 14:00 USD Wholesale Inventories Jul F -0.10% -0.10% 14:30 USD Natural Gas Storage 68B 35B 15:00 USD Crude Oil Inventories -3.1M -9.4M

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