Sterling Shrugs Job Data, Dollar Turns Weaker Against Yen and Franc
Action Insight Daily Report 7-15-21

Sterling Shrugs Job Data, Dollar Turns Weaker Against Yen and Franc

Dollar turns notably weaker against Swiss Franc and Yen today but markets are relatively steady elsewhere. Sterling pays little attention to employment data which showed some positive signs. Canadian Dollar also shrugged off yesterday's BoC tapering. General focus will now turn to US job data, and the movements in stock markets for next moves in currencies.

Technically, immediate focus is now on 0.9129 support in USD/CHF and 109.52 support in USD/JPY. Break there will resume falls from 0.9273 and 111.65 respectively. More importantly, such development would affirm the case of near term bearish reversal. We might see spillover to other pairs. In particular, break of 1.1880 resistance in EUR/USD would align the outlook with USD/CHF and USD/JPY.

In Asia, Nikkei closed down -1.15%. Hong Kong HSI is up 1.07%. China Shanghai SSE is up 1.03%. Singapore Strait Times is down -0.38%. Japan 10-year JGB yield is down -0.0039 at 0.017. Overnight, DOW rose 0.13%. S&P 500 rose 0.12%. NASDAQ dropped -0.22%. 10-year yield dropped -0.049 to 1.356.

Full Report Here

Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol

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RBNZ Preview - Strong GDP Growth and Inflation Expectations to Anchor RBNZ Optimism
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Central Bank Views | China Watch | Oil N' Gold | Special Topics

GBP/USD Daily Outlook

Daily Pivots: (S1) 1.3813; (P) 1.3852; (R1) 1.3903; More....

Range trading continues in GBP/USD and intraday bias remains neutral for the moment. On the downside, break of 1.3730 will resume the fall from 1.4248, as the third leg of the consolidation pattern from 1.4240, to 1.3668 support and possibly below. On the upside, break of 1.4000 will turn bias back to the upside for retesting 1.4240/8 resistance zone instead.

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EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD

EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY

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Economic Calendar
GMT Ccy Events Actual Forecast Previous Revised
1:00 AUD Consumer Inflation Expectations Jul 3.70% 4.40%
1:30 AUD Employment Change Jun 29.1K 20.3K 115.2K
1:30 AUD Unemployment Rate Jun 4.90% 5.00% 5.10%
2:00 CNY Retail Sales Y/Y Jun 12.10% 11.00% 12.40%
2:00 CNY Industrial Production Y/Y Jun 8.30% 7.90% 8.80%
2:00 CNY Fixed Asset Investment (YTD) Y/Y Jun 12.60% 12.50% 15.40%
2:00 CNY GDP Q/Q Q2 1.30% 1.30% 0.60%
2:00 CNY GDP Y/Y Q2 7.90% 8.10% 18.30%
4:30 JPY Tertiary Industry Index M/M May -2.70% -0.90% -0.70%
6:00 GBP Claimant Count Change Jun -114.7K -92.6K -151.4K
6:00 GBP ILO Unemployment Rate (3M) May 4.80% 4.70% 4.70%
6:00 GBP Average Earnings Including Bonus 3M/Y May 7.30% 7.20% 5.60% 5.70%
6:00 GBP Average Earnings Excluding Bonus 3M/Y May 6.60% 6.60% 5.60% 5.70%
12:30 CAD ADP Employment Change Jun 101.6K
12:30 USD Initial Jobless Claims (Jul 9) 360K 373K
12:30 USD Import Price Index M/M Jun 1.00% 1.10%
12:30 USD Empire State Manufacturing Index Jul 19.2 17.4
12:30 USD Philadelphia Fed Manufacturing Survey Jul 28.3 30.7
13:15 USD Industrial Production M/M Jun 0.70% 0.80%
14:30 USD Natural Gas Storage 16B