Dollar Rebounded Strongly and Broadly as Focus Turns to Non-Farm Payrolls
Action Insight Mid-Day Report 6-4-21

Dollar Fades after Another NFP Miss, US Futures Up

Dollar drops notably in early US session after another NFP miss. It has now reversed all of yesterday's late gains. Canadian Dollar also turns softer after weaker than expectation job data. On the other hand, other commodity currencies strengthen mildly. In other markets, US future turn up on expectation Fed is not closer to tapering. Gold recovers on Dollar weakness.

Technically, in the end, GBP/USD failed to sustain below 1.4090 support and rebounds. USD/CHF also failed to break through 0.9046 minor resistance and drops sharply. Dollar's near term weakness is generally retained first. Focus is indeed back on 109.32 minor support in USD/JPY. Break there could prompt deeper selling in the green back next week.

In European, at the time of writing, FTSE is down -0.24%. DAX is up 0.05%. CAC is up 0.03%. Germany 10-year yield is down -0.011. Earlier in Asia, Nikkei dropped -0.40%. Hong Kong HSI dropped -0.17%. China Shanghai SSE rose 0.21%. Singapore Strait Times dropped -0.44%. Japan 10-year JGB yield dropped -0.0014 to 0.085.

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

Decline in US Crude Inventory More than Doubled Consensus
China PMI Reports Suggest that Exports Growth Eased while Price Pressure Intensified
RBA Affirmed that Adjustments to YCC and QE would be Announced in July
Central Bank Views | China Watch | Oil N' Gold | Special Topics

GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.4062; (P) 1.4132; (R1) 1.4179; More...

GBP/USD rebounds after drawing support from 1.4090. Intraday bias remains neutral and near term bullishness is retained. On the upside, sustained break of 1.4240, will indication resumption of larger up trend from 1.1409, for 1.4376 resistance next. On the downside, break of 1.4090 will indicate the start of the third leg of the consolidation pattern from 1.4240. Intraday bias will be turned back to the downside for 1.4008 resistance turned support and below.

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EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD

EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY

Recommended Readings

Cautious Trade Ahead Of US Non-Farm Payrolls

AUD/USD Outlook: Aussie Is Consolidating After Heavy Losses, Eyes US Jobs Data For Fresh Signals

NZDUSD Recoups Some Of The Strong Losses

EUR/USD Pair Is Now Struggling To Recover From The 1.2114 Low

GBPJPY Takes A Breather But Route Remains Northbound

Fundamental Analysis | Technical Analysis
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Economic Calendar
GMT Ccy Events Actual Forecast Previous Revised
23:30 JPY Household Spending Y/Y Apr 13.00% 8.90% 6.20%
08:30 GBP Construction PMI May 64.2 62.3 61.6
09:00 EUR Eurozone Retail Sales M/M Apr -3.10% -0.90% 2.70% 3.30%
12:30 CAD Net Change in Employment May -68K -20.3K -207.1K
12:30 CAD Unemployment Rate May 8.20% 8.20% 8.10%
12:30 CAD Labor Productivity Q/Q Q1 -1.70% -1.00% -2.00%
12:30 USD Nonfarm Payrolls May 559K 621K 266K 278K
12:30 USD Unemployment Rate May 5.80% 5.90% 6.10%
12:30 USD Average Hourly Earnings M/M May 0.50% 0.20% 0.70%
14:00 USD Factory Orders M/M Apr 0.40% 1.10%
14:00 CAD Ivey Purchasing Managers Index May 62.3 60.6