Dollar Drops Broadly Following NFP Disappointment
Action Insight Mid-Day Report 2-5-21

Dollar Drops Broadly Following NFP Disappointment

Dollar drops broadly in early US session after much smaller than expected non-farm payroll job growth, even though unemployment dipped notably. Canadian Dollar is some what pressured today after larger than expected job losses. But Yen is the one following the greenback as second weakest. Australian Dollar and Euro are trying to regain some grounds against Dollar.

Technically, EUR/USD is back above a medium term channel support, and we'd see if it could extend the rebound to revive near term bullishness. GBP/USD would be another focus before weekly close, to see if it could break through 1.3758 resistance to resume larger up trend.

In Europe, currently, FTSE is down -0.09%. DAX is up 0.16%. CAC is up 1.02%. Germany 10-year yield is up 0.035 at -0.416. Earlier in Asia, Nikkei rose 1.54%. Hong Kong HSI rose 0.60%. China Shanghai SSE dropped -0.16%. Singapore Strait Times rose 0.05%. Japan 10-year JGB yield rose 0.0002 to 0.060.

Full Report Here

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

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Central Bank Views | China Watch | Oil N' Gold | Special Topics

EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.1932; (P) 1.1988; (R1) 1.2017; More...

EUR/USD recovers after hitting 1.1951 and is now back above medium term channel support. Intraday bias is turned neutral first. On the upside, break of 1.2052 support turned resistance will argue that fall from 1.2348 has completed. That would also revive near term bullishness and turn bias back to the upside for 1.2188 resistance first. On the downside, break of 1.1951 will extend the fall to 100% projection of 1.2348 to 1.2052 from 1.2188 at 1.1892 first. Break will target 38.2% retracement of 1.0635 to 1.2348 at 1.1694.

Full Report Here

EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD

EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY

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Economic Calendar
GMT Ccy Events Actual Forecast Previous Revised
21:30 AUD AiG Performance of Services Dec 54.2 52.9
23:30 JPY Overall Household Spending Y/Y Dec -0.60% -1.50% 1.10%
00:30 AUD Retail Sales M/M Dec -4.10% -4.20%
00:30 AUD RBA Monetary Policy Statement
05:00 JPY Leading Economic Index Dec P 94.9 95.1 96.4 96.1
07:00 EUR Germany Factory Orders M/M Dec -1.90% -1.20% 2.30% 2.70%
07:45 EUR France Trade Balance (EUR) Dec -3.4B -3.6B -3.8B
08:00 CHF Foreign Currency Reserves (CHF) Jan 896B 891B
09:00 EUR Italy Retail Sales M/M Dec 2.50% 3.20% -6.90%
13:30 USD Nonfarm Payrolls Jan 49 K 85K -140K -227K
13:30 USD Unemployment Rate Jan 6.30% 6.70% 6.70%
13:30 USD Average Hourly Earnings M/M Jan 0.20% 0.30% 0.80% 1.00%
13:30 USD Trade Balance (USD) Dec -66.6 B -68.1B -69 B
13:30 CAD Trade Balance (CAD) Dec -1.7B -3.0B -3.3B
13:30 CAD Net Change in Employment Jan -212.8K -43.5K -62.6K -68.2K
13:30 CAD Unemployment Rate Jan 9.40% 8.90% 8.60%
15:00 CAD Ivey PMI Jan 49.5 46.7