Dollar Falls on Big ADP Miss, Gold Surges
Action Insight Mid-Day Report 8-4-21

Dollar Falls on Big ADP Miss, Gold Surges

US futures turn south after much weaker than expected ADP job data. Yen regains much growth as risk sentiment turn cautious again. Though, as for today, Kiwi and Aussie are still the strongest. Canadian Dollar is currently the worst performing as dragged down by weakness in oil price. Dollar is following as the next weakest and looks vulnerable, in particular against European majors and Yen.

Technically, Gold jumps sharply in early US session. Solid support is seen in 4 hour 55 EMA, which affirms near term bullishness. Focus is now on 1833.91 resistance. Break will resume the rebound from 1750.49 to 61.8% retracement of 1916.30 to 1750.39 at 1852.96. If happens, that should be accompanied by break of 1.1907 resistance in EUR/USD, to resume the rebound from 1.1751.

In Europe, at the time of writing, FTSE is up 0.23%. DAX is up 0.53%. CAC is up 0.31%. Germany 10-year yield is down -0.024 at -0.503. Earlier in Asia, Nikkei dropped -0.21%. Hong Kong HSI rose 0.88%. China Shanghai SSE rose 0.85%. Singapore Strait Times rose 1.07%. 10-year JGB yield dropped -0.0048 to 0.005.

Full Report Here

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

BOE Preview - Awaiting Signals to Exit
RBA Sticks with Tapering in September, Shrugging Off Short-term Impacts of Lockdown
CFTC Commitments of Traders - Net Short of GBP Futures will Likely Trim Next Week
Central Bank Views | China Watch | Oil N' Gold | Special Topics

USD/JPY Mid-Day Outlook

Daily Pivots: (S1) 108.83; (P) 109.08; (R1) 109.29; More...

USD/JPY's fall form 111.65 is still in progress and intraday bias stays on the downside for 38.2% retracement of 102.58 to 111.65 at 108.18. Sustained break there will target 61.8% retracement at 107.89 next. On the upside, above 109.35 minor resistance will turn intraday bias neutral first. But risk will remain on the downside as long as 110.58 resistance holds, in case of recovery.

Full Report Here

EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD

EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY

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Two Trades To Watch: EUR/GBP, Gold

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Fundamental Analysis | Technical Analysis
In-depth Reports
RBA Sticks with Tapering in September, Shrugging Off Short-term Impacts of Lockdown
RBA Board Surprises by Maintaining Current Policy Settings
Research UK - Economic Recovery is Set to Continue
FOMC: "Progress" Made but Is It Enough to Taper?
FOMC Review: Economy Moving Toward Inflation and Employment Goals. FOMC Minutes and Jackson Holes in Focus
Aussie to Stay Weak in Near-term as Lockdown Measures to Weigh On Third Quarter Growth. RBA could Delay Tapering
Economic Calendar
GMT Ccy Events Actual Forecast Previous Revised
22:30 AUD AiG Performance of Construction Index Jul 48.7 55.5
22:45 NZD Employment Change Q2 1.00% 0.70% 0.60%
22:45 NZD Unemployment Rate Q2 4.00% 4.50% 4.70% 4.60%
22:45 NZD Labour Cost Index Q/Q Q2 0.90% 0.70% 0.40%
01:30 AUD Retail Sales M/M Jun -1.80% -1.80% -1.80%
01:45 CNY Caixin Services PMI Jul 54.9 50.6 50.3
07:45 EUR Italy Services PMI Jul 58 58.2 56.7
07:50 EUR France Services PMI Jul F 56.8 57 57
07:55 EUR Germany Services PMI Jul F 61.8 62.2 62.2
08:00 EUR Eurozone Services PMI Jul F 59.8 60.4 60.4
08:00 EUR Italy Retail Sales M/M Jun 0.70% 0.30% 0.20% -0.10%
08:30 GBP Services PMI Jul F 59.6 57.8 57.8
09:00 EUR Eurozone Retail Sales M/M Jun 1.50% 1.90% 4.60%
12:15 USD ADP Employment Change Jul 330K 680K 692K 680K
12:30 CAD Building Permits M/M Jun 6.90% 6.00% -14.80%
13:45 USD Services PMI Jul F 59.8 59.8
14:00 USD ISM Services PMI Jul 60.4 60.1
14:00 USD ISM Services Employment Jul 49.3
14:30 USD Crude Oil Inventories -3.2M -4.1M