Action Insight Mid-Day Report 9-2-20

Dollar Extending Corrective Recovery, ADP Job Disappointment Ignored

Action Insight Mid-Day Report 9-2-20 Dollar Extending Corrective Recovery, ADP Job Disappointment Ignored Dollar remains generally firm into US session as corrective recovery continues. Much weaker than expected ADP job data is ignored by traders. US stocks are also set to open higher with S&P 500 and NASDAQ extending the record runs. Australian Dollar is currently the weakest one, extending its correction too, after GDP disappointment. Euro is following as the second weakest, then Sterling. Technically, there is no key resistance level taken out by the greenback yet. 1.1762 support in EUR/USD, 0.9161 resistance in USD/CHF, and to a lesser extend 107.05 resistance in USD/JPY remain the key to gauge if Dollar is staging a genuine rebound. 1902.73 support in Gold is also a key level, but it, at least, have to take out 4 hour 55 EMA firmly first. In Europe, currently, FTSE is up 1.42%. DAX is up 1.94%. CAC is up 2.21%. German 10-year yield is down -0.044 at -0.458. Earlier in Asia, Nikkei rose 0.47%. Hong Kong HSI dropped -0.26%. China Shanghai SSE dropped -0.17%. Singapore Strait Times rose 0.05%. Japan 10-year JGB yield rose 0.0002 to 0.045. Full Report Here US ADP jobs rose 428k only, well below expectations Eurozone PPI at 0.6% mom, -3.3% yoy in Jul AUD/NZD extending correction towards 55 day EMA at 1.08 Australia GDP contracted record -7.0% in Q2, significant fall in household... RBNZ Orr actively preparing a package of additional monetary policy tools BoJ Wakatabe: Necessary to be vigilant against risk of decline in... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol Sharp Rise in Manufacturing PMI Signals that PBOC will Keep the... RBA Delivered a Mildly Dovish Tone as it Extended TFF and... CFTC Commitments of Traders – More Downside on USD following Fed's... Central Bank Views | China Watch | Oil N' Gold | Special Topics USD/CHF Mid-Day Outlook Daily Pivots: (S1) 0.9028; (P) 0.9065; (R1) 0.9130; More... USD/CHF is still bounded in range of 0.8998/9161 and intraday bias remains neutral first. Further decline is expected as long as 0.9161 resistance holds. On the downside, break of 0.8998 temporary low will resume larger down trend to 100% projection of 1.0237 to 0.9181 from 0.9901 at 0.8845. Nevertheless, sustained break of 0.9161 will confirm short term bottoming, and turn bias to the upside for stronger rebound, to 55 day EMA (now at 0.9242). Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings USDJPY Maintains Sideways Bearing; Momentum Dries Up US Futures Green – Watch M, AMC, AAL, HRB, PTON Wall Street Spurred on by Strong Data Oil And Gold Ease As Dollar Strengthens The US Dollar Sell-Off Pauses For Breath Gold Edges Sideways, Negative Pressures Dwindle GBPJPY Tumbles From 6-Month High, Positive Momentum Feeble In Short Term Manufacturing Data Revive Dollar, ECB Wary Of Euro EUR/USD Outlook: Euro Extends Pullback After Failure At 1.20 Barrier And Eyes Key Fibo Supports EURGBP Claims New 3-Month Low As Bears Keep Control NZDUSD Bullish At 8-Month Top Of 0.6787 Dollar Bulls Again Attempt To Reverse The Trend Tech Stocks Boost S&P 500 And Nasdaq To New Record Highs Fundamental Analysis | Technical Analysis In-depth Reports Sharp Rise in Manufacturing PMI Signals that PBOC will Keep the Powder Dry for the Month Fed Monitor: Forward Guidance Linked To Inflation Outcomes And Faster QE Buying On The Cards 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? Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 22:45 NZD Terms of Trade Index Q2 2.50% 0.60% -0.70% -0.06% 23:01 GBP BRC Shop Price Index Y/Y Jul -1.60% -1.30% 23:50 JPY Monetary Base Y/Y Aug 11.50% 11.40% 9.80% 01:30 AUD GDP Q/Q Q2 -7.00% -6.00% -0.30% 06:00 EUR Germany Retail Sales M/M Jul -0.90% 0.50% -1.60% -1.90% 09:00 EUR PPI M/M Jul 0.60% 0.50% 0.70% 09:00 EUR PPI Y/Y Jul -3.30% -3.90% -3.70% 12:15 USD ADP Employment Change Aug 428K 1250K 167K 212K 14:00 USD Factory Orders M/M Jul 5.00% 6.20% 14:30 USD Crude Oil Inventories -2.0M -4.7M 18:00 USD Fed's Beige Book

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