Dollar Weakens Mildly after ADP Miss, Yen Selloff Continues
Action Insight Mid-Day Report 9-1-21

Dollar Weakens Mildly after ADP Miss, Yen Selloff Continues

Dollar weakens mildly in early US session after big ADP job data miss. But Swiss Franc and Yen remain the weaker ones. Euro and Sterling firm up mildly. But they are outshone by Aussie and Loonie for the moment. Overall movements in the currency markets are limited, except in some Yen crosses. Traders are still generally cautious, awaiting more economic data from the US later in the weak.

Technically, we'll turn our focus to some Yen crosses first, as Dollar's move might be half-hearted before non-farm payroll data. EUR/JPY is now eyeing 130.54 resistance. Decisive break there will suggest completion of corrective fall from 134.11 at 127.91. Outlook will be turned bullish for retesting 134.11. Similarly, firm break of 81.56 resistance in AUD/JPY will also suggest completion of correction from 85.78, and turn near term outlook bullish for retesting 85.78 high.

In Europe, at the time of writing, FTSE is up 0.84%. DAX is up 0.45%. CAC is up 1.49%. Germany 10-year yield is up 0.0129 at -0.368. Earlier in Asia, Nikkei rose 1.29%. Hong Kong HSI rose 0.58%. China Shanghai SSE rose 0.65%. Singapore Strait Times rose 1.07%. Japan 10-year JGB yield rose 0.0044 to 0.031.

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EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.1788; (P) 1.1816; (R1) 1.1838; More...

Intraday bias in EUR/USD remains on the upside despite some loss of upside momentum. Rise from 1.1663 short term bottom is on track to 1.1907 resistance first. Decisive break there will indicate that fall from 1.2265, as well as the consolidation pattern from 1.2348, have completed. Near term outlook will be turned bullish for 1.2265/2348 resistance. On the downside, break of 1.1734 will turn bias back to the downside for 1.1602/63 support zone instead.

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EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD

EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY

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Fundamental Analysis | Technical Analysis
In-depth Reports
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Economic Calendar
GMT Ccy Events Actual Forecast Previous Revised
22:30 AUD AiG Performance of Manufacturing Index Aug 51.6 60.8
23:01 GBP BRC Shop Price Index Y/Y Jul -0.80% -1.20%
23:50 JPY Capital Spending Q2 5.30% 3.90% -7.80%
00:30 JPY Manufacturing PMI Aug F 52.7 52.4 52.4
01:30 AUD GDP Q/Q Q2 0.70% 0.50% 1.80% 1.90%
01:45 CNY Caixin Manufacturing PMI Aug 49.2 50.2 50.3
06:00 GBP Nationwide Housing Prices M/M Aug 2.10% 0.10% -0.50%
06:00 EUR Germany Retail Sales M/M Jul -5.10% -0.90% 4.20%
07:30 CHF SVME PMI Aug 67.7 67.5 71.1
07:45 EUR Italy Manufacturing PMI Aug 60.9 60 60.3
07:50 EUR France Manufacturing PMI Aug F 57.5 57.3 57.3
07:55 EUR Germany Manufacturing PMI Aug F 62.6 62.7 62.7
08:00 EUR Italy Unemployment Jul F 9.30% 10.40% 9.70% 9.40%
08:00 EUR Eurozone Manufacturing PMI Aug F 61.4 61.5 61.5
08:30 GBP Manufacturing PMI Aug F 60.3 60.1 60.1
09:00 EUR Eurozone Unemployment Rate Jul 7.60% 7.60% 7.70% 7.80%
12:15 USD ADP Employment Change Aug 374K 650K 330K 326K
13:30 CAD Manufacturing PMI Aug 56.4 56.2
13:45 USD Manufacturing PMI Aug F 61.2 61.2
14:00 USD ISM Manufacturing PMI Aug 58.6 59.5
14:00 USD ISM Manufacturing Prices Paid Aug 84.2 85.7
14:00 USD ISM Manufacturing Employment Index Aug 51.4 52.9
14:00 USD Construction Spending M/M Jul 0.20% 0.10%
14:30 USD Crude Oil Inventories -2.5M -3.0M