...but movement is still SLOW

The EURUSD is trading to a new session low. It does not take must given the range for the day is only 19 pips currently.  Nevertheless, the pair is at the lows. 

...but movement is still SLOW
Yesterday the price tested the broken 61.8% of the August range at 1.11115 and found sellers. It also fell back below the 1.1100 to 1.1109 area which is the home to swing lows from April, May and a swing low from July too.   Those levels remain a barometer for bulls/bears. Stay below is more bearish.

The pair at the new low, tested a swing area at 1.10658-707.  Should there be a move below, it should open the door for more selling. As I type the price has already bounced a little to 1.10763.  The low for the month reached 1.10265 on August 1.  

The high for the day reached 1.1088. That is close to some Asian lows on Monday on the hourly chart.  So sellers were leaning there.  A move above could see sellers give up and a move back up to test the 1.1100-115 area.  

Let's face it....the sellers have an advantage, but the price action is not really running. The 19 range for the day and the 43 pips range for the two days of the week, are not lighting the world on fire.  Nevertheless, buyers are not winning (but the sellers need to shove more).

ForexLive

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Tue 20 Aug 2019 13:21:18 GMT

No bump from the tax cut talk, US stock market futures flat

Stock futures edge lower Yesterday's talk about a US tax cut has failed to grab the market's imagination. Stock futures are flat ahead of the open. Cutting the payroll tax looks like an impossible task in Congress and a White House official pushed back, saying it's not something under consideration at this time.

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No bump from the tax cut talk, US stock market futures flat


Adam Button
Tue 20 Aug 2019 13:21:18 GMT
Author: Adam Button
Category: News
0


Stock futures edge lower Yesterday's talk about a US tax cut has failed to grab the market's imagination. Stock futures are flat ahead of the open. Cutting the payroll tax looks like an impossible task in Congress and a White House official pushed back, saying it's not something under consideration at this time.

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Trump says Fed should cut by 100 bps and restart QE
Asset 41
Tue 20 Aug 2019 13:20:50 GMT

EURUSD trades to new session low

Tests a swing level The EURUSD is trading to a new session low. It does not take must given the range for the day is only 19 pips currently.  Nevertheless, the pair is at the lows. 

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EURUSD trades to new session low


//az705044.vo.msecnd.net/20190820/2019-08-20_6-09-19.jpg Greg Michalowski
Tue 20 Aug 2019 13:20:50 GMT
Category: Technical Analysis
0
Tests a swing level The EURUSD is trading to a new session low. It does not take must given the range for the day is only 19 pips currently.  Nevertheless, the pair is at the lows. 

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Tue 20 Aug 2019 13:19:46 GMT

Italy PM Conte: Salvini's moves show little sense of state

Conte rails against Salvini: Italian stocks are at the lows of the day, down 1.2%.  ForexLive

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Italy PM Conte: Salvini's moves show little sense of state


Adam Button
Tue 20 Aug 2019 13:19:46 GMT
Author: Adam Button
Category: News
0
Conte rails against Salvini: Italian stocks are at the lows of the day, down 1.2%.  ForexLive

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Tue 20 Aug 2019 13:18:11 GMT

Italy PM Conte: August political crisis paves the way for autumn vote

Conte rails against Salvini Italian stocks are at the lows of the day, down 1.2%. ForexLive

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Italy PM Conte: August political crisis paves the way for autumn vote


Adam Button
Tue 20 Aug 2019 13:18:11 GMT
Author: Adam Button
Category: News
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Conte rails against Salvini Italian stocks are at the lows of the day, down 1.2%. ForexLive

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Tue 20 Aug 2019 13:09:13 GMT

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Johnson: Until the agreement is reopened and backstop abolished, there is no chance of a deal

Comments from Boris Johnson: Johnson is going to try to make the same points during some in-person meetings over the next few weeks but there is no sign of any kind of softening from the EU.

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Johnson: Until the agreement is reopened and backstop abolished, there is no chance of a deal


Adam Button
Tue 20 Aug 2019 13:09:13 GMT
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Category: News
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Comments from Boris Johnson: Johnson is going to try to make the same points during some in-person meetings over the next few weeks but there is no sign of any kind of softening from the EU.

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Tue 20 Aug 2019 13:01:51 GMT

1

The USDJPY tests 100 hour MA

Trades at new session lows The USDJPY is trading at new session lows and in the process is back down testing its 100 hour MA at 106.247.  At the Asian session high, the price tested the 38.2% of the move down this month at the 106.674, and found sellers. The price then fell below a rising lower trend line and the price started to mark lower and lower (at a modest pace).  

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The USDJPY tests 100 hour MA


//az705044.vo.msecnd.net/20190820/2019-08-20_5-51-23.jpg Greg Michalowski
Tue 20 Aug 2019 13:01:51 GMT
Category: Technical Analysis
1
Trades at new session lows The USDJPY is trading at new session lows and in the process is back down testing its 100 hour MA at 106.247.  At the Asian session high, the price tested the 38.2% of the move down this month at the 106.674, and found sellers. The price then fell below a rising lower trend line and the price started to mark lower and lower (at a modest pace).  

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Tue 20 Aug 2019 12:31:16 GMT

1

Philadelphia Fed non manufacturing general business activity 7.5 versus 21.4 last month

Philadelphia Fed nonmanufacturing general business activity Six months from now  ForexLive

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Philadelphia Fed non manufacturing general business activity 7.5 versus 21.4 last month


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Tue 20 Aug 2019 12:31:16 GMT
Category: News
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Philadelphia Fed nonmanufacturing general business activity Six months from now  ForexLive

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Tue 20 Aug 2019 12:30:14 GMT

Canada July Teranet house price index +0.4% vs +0.5% y/y prior

House price data from Teranet/National Bank The numbers aren't seasonally adjusted so the May, June, July rises in this index are an illusion. If they were adjusted, prices would be show declines in those months. The headline y/y rise of 0.4% was the smallest since November 2009. The big drag is Vancouver, where prices fell 6.2% y/y with Alberta cities accounting for much of the reset. On the other side of the country, Montreal and Ottawa were the strongest markets, rising around 6% y/y.

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Canada July Teranet house price index +0.4% vs +0.5% y/y prior


//az705044.vo.msecnd.net/20190820/2019-08-20_8-38-18.png Adam Button
Tue 20 Aug 2019 12:30:14 GMT
Author: Adam Button
Category: News
0
House price data from Teranet/National Bank The numbers aren't seasonally adjusted so the May, June, July rises in this index are an illusion. If they were adjusted, prices would be show declines in those months. The headline y/y rise of 0.4% was the smallest since November 2009. The big drag is Vancouver, where prices fell 6.2% y/y with Alberta cities accounting for much of the reset. On the other side of the country, Montreal and Ottawa were the strongest markets, rising around 6% y/y.

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Tue 20 Aug 2019 12:30:04 GMT

Canada June manufacturing sales -1.2% vs -1.8% m/m expected

Canada June manufacturing data The petroleum/coal product industry (-3.8%) along with food (-2.5%) accounted for most of the decline while primary metals provided a boost.

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Canada June manufacturing sales -1.2% vs -1.8% m/m expected


//az705044.vo.msecnd.net/20190820/2019-08-20_8-33-37.png Adam Button
Tue 20 Aug 2019 12:30:04 GMT
Author: Adam Button
Category: News
0
Canada June manufacturing data The petroleum/coal product industry (-3.8%) along with food (-2.5%) accounted for most of the decline while primary metals provided a boost.

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Tue 20 Aug 2019 12:19:57 GMT

1

The JPY is the strongest and the GBP is the weakest as NA traders enter for the day

The USD is mixed As North American traders enter for the day, the JPY is the strongest. The GBP is the weakest (no budge on Brexit fears).  The USD is in the middle of the pack with gains mainly vs the GBP, declines vs the JPY, AUD and CHF. The greenback is little changed vs the EUR, CAD and NZD at the start of the session.

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The JPY is the strongest and the GBP is the weakest as NA traders enter for the day


//az705044.vo.msecnd.net/20190820/2019-08-20_4-54-30.jpg Greg Michalowski
Tue 20 Aug 2019 12:19:57 GMT
Category: Technical Analysis
1
The USD is mixed As North American traders enter for the day, the JPY is the strongest. The GBP is the weakest (no budge on Brexit fears).  The USD is in the middle of the pack with gains mainly vs the GBP, declines vs the JPY, AUD and CHF. The greenback is little changed vs the EUR, CAD and NZD at the start of the session.

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Tue 20 Aug 2019 12:14:51 GMT

Canadian housing data is the highlight in a light economic calendar

What's coming up today The US r is generally quiet and we haven't heard from the President so far today but that won't last. economic calenda Canadian data will add a bit of intrigue with manufacturing sales and the Teranet house price index at the bottom of the hour. The loonie was the worst performer yesterday despite a rise in oil prices. Crude is slightly lower today and the currency is flat.

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Canadian housing data is the highlight in a light economic calendar


Adam Button
Tue 20 Aug 2019 12:14:51 GMT
Author: Adam Button
Category: News
0
What's coming up today The US r is generally quiet and we haven't heard from the President so far today but that won't last. economic calenda Canadian data will add a bit of intrigue with manufacturing sales and the Teranet house price index at the bottom of the hour. The loonie was the worst performer yesterday despite a rise in oil prices. Crude is slightly lower today and the currency is flat.

Asset 24 View More
Tue 20 Aug 2019 11:53:40 GMT

17

UK government reportedly to stick with current stance on backstop in response to EU

Sky News deputy political editor, Sam Coates, tweets ForexLive The remark on undermining the proposal is a bit of a stretch. It's not like they didn't know what the EU's stance is and that hasn't changed since even when Theresa May was in-charge.

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UK government reportedly to stick with current stance on backstop in response to EU


//az705044.vo.msecnd.net/20190109/brexit-pound-euro.png Justin Low
Tue 20 Aug 2019 11:53:40 GMT
Author: Justin Low
Category: News
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Sky News deputy political editor, Sam Coates, tweets ForexLive The remark on undermining the proposal is a bit of a stretch. It's not like they didn't know what the EU's stance is and that hasn't changed since even when Theresa May was in-charge.

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Tue 20 Aug 2019 11:21:32 GMT

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ForexLive European morning FX news wrap: Markets cautious, pound slips

Forex news from the European morning session - 20 August 2019 Headlines: Markets: - JPY leads, GBP lags on the day - European equities mixed; E-minis flat - US 10-year yields down 4.2 bps to 1.56%

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ForexLive European morning FX news wrap: Markets cautious, pound slips


//az705044.vo.msecnd.net/20190820/8-20-2019-7-20-47-pm.png Justin Low
Tue 20 Aug 2019 11:21:32 GMT
Author: Justin Low
Category: News
7
Forex news from the European morning session - 20 August 2019 Headlines: Markets: - JPY leads, GBP lags on the day - European equities mixed; E-minis flat - US 10-year yields down 4.2 bps to 1.56%

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Tue 20 Aug 2019 10:57:33 GMT

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Bonds flash recession warning - should the FX market panic?

What happens now as bonds signal a massive red flag to markets? It had been heading that way for a while, but on August 15th the US yield curve finally inverted. Or, rather, the main part of the curve inverted. The spread between the three-month and ten-year US treasuries has been negative since May.

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Bonds flash recession warning - should the FX market panic?


//az705044.vo.msecnd.net/20190820/8-20-2019-6-56-01-pm.png Forex Live
Tue 20 Aug 2019 10:57:33 GMT
Author: Forex Live
Category: Education
3
What happens now as bonds signal a massive red flag to markets? It had been heading that way for a while, but on August 15th the US yield curve finally inverted. Or, rather, the main part of the curve inverted. The spread between the three-month and ten-year US treasuries has been negative since May.

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Tue 20 Aug 2019 10:43:37 GMT

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China won't make trade concessions if US plays Hong Kong card

According to Chinese state media, reported by the SCMP This follows some commentary since the weekend in which Trump suggested a more peaceful solution and . warned that any form of violence could jeopardise trade relations

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China won't make trade concessions if US plays Hong Kong card


//az705044.vo.msecnd.net/20190315/us-china-trade.png Justin Low
Tue 20 Aug 2019 10:43:37 GMT
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Category: News
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According to Chinese state media, reported by the SCMP This follows some commentary since the weekend in which Trump suggested a more peaceful solution and . warned that any form of violence could jeopardise trade relations

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Tue 20 Aug 2019 10:33:23 GMT

5

EU reiterates necessity of backstop in Brexit withdrawal agreement

The EU shoots down Boris Johnson's letter further ForexLive Meanwhile, at the same time we're seeing Donald Tusk also tweet a message saying that: "The backstop is an insurance to avoid a hard border on the island of Ireland unless and until an alternative is found. Those against the backstop and not proposing realistic alternatives in fact support reestablishing a border. Even if they do not admit it." In which Simon Coveney endorses by saying that this has been the EU's position all along and it remains that way. Nothing new but it continues to lay down the path that we're headed as long as Boris Johnson continues to demand that the backstop needs to be removed.

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EU reiterates necessity of backstop in Brexit withdrawal agreement


//az705044.vo.msecnd.net/20190430/brexit-clock.png Justin Low
Tue 20 Aug 2019 10:33:23 GMT
Author: Justin Low
Category: News
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The EU shoots down Boris Johnson's letter further ForexLive Meanwhile, at the same time we're seeing Donald Tusk also tweet a message saying that: "The backstop is an insurance to avoid a hard border on the island of Ireland unless and until an alternative is found. Those against the backstop and not proposing realistic alternatives in fact support reestablishing a border. Even if they do not admit it." In which Simon Coveney endorses by saying that this has been the EU's position all along and it remains that way. Nothing new but it continues to lay down the path that we're headed as long as Boris Johnson continues to demand that the backstop needs to be removed.

Asset 24 View More
Tue 20 Aug 2019 09:57:05 GMT

3

Gold pushes higher towards key near-term levels amid softer risk flows

Gold rises up by 0.6% on the day ForexLive Gold is up to its highs for the day now around $1,505 as the defensive flows in bonds is also spurring some money into bullion in the European morning. Price continues to find a base around $1,494 from the swing region support and is now extending higher.

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Gold pushes higher towards key near-term levels amid softer risk flows


Justin Low
Tue 20 Aug 2019 09:57:05 GMT
Author: Justin Low
Category: Technical Analysis
3
Gold rises up by 0.6% on the day ForexLive Gold is up to its highs for the day now around $1,505 as the defensive flows in bonds is also spurring some money into bullion in the European morning. Price continues to find a base around $1,494 from the swing region support and is now extending higher.

Asset 24 View More
Tue 20 Aug 2019 09:49:59 GMT

5

Bond yields extend fall in the European morning

US Treasury 10-year yields now down by more than 4 bps ForexLive 10-year yields are now down by 4.4 bps to a low of 1.562% on the day as European yields also fall in tandem. 10-year bund yields are down to a session low of -0.693% as bonds continue to gain during the European morning.

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Bond yields extend fall in the European morning


Justin Low
Tue 20 Aug 2019 09:49:59 GMT
Author: Justin Low
Category: News
5
US Treasury 10-year yields now down by more than 4 bps ForexLive 10-year yields are now down by 4.4 bps to a low of 1.562% on the day as European yields also fall in tandem. 10-year bund yields are down to a session low of -0.693% as bonds continue to gain during the European morning.

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Tue 20 Aug 2019 09:17:31 GMT

USD/JPY inches lower as yields stay heavy on the session

USD/JPY touches a session low of 106.36 ForexLive Yen pairs are under a bit of pressure now with USD/JPY seen falling to a session low of 106.36 amid bond yields holding weaker. Of note, Treasury yields are sitting at the lows for the day with 10-year yields down by nearly 3 bps at 1.577%.

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USD/JPY inches lower as yields stay heavy on the session


Justin Low
Tue 20 Aug 2019 09:17:31 GMT
Author: Justin Low
Category: Technical Analysis
0
USD/JPY touches a session low of 106.36 ForexLive Yen pairs are under a bit of pressure now with USD/JPY seen falling to a session low of 106.36 amid bond yields holding weaker. Of note, Treasury yields are sitting at the lows for the day with 10-year yields down by nearly 3 bps at 1.577%.

Asset 24 View More
Tue 20 Aug 2019 09:01:43 GMT

Eurozone June construction output 0.0% vs -0.3% m/m prior

Latest data released by Eurostat - 20 August 2019 - -0.3%; revised to -0.5% - Construction output +1.0% y/y - Prior +2.0%; revised to +1.7% Construction activity remains subdued amid weaker factory conditions and the trend in the annual reading certainly isn't encouraging whatsoever. The bright side is that this pertains to Q2 data but I would expect similar sentiment to carry forward towards the end of the year.

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Eurozone June construction output 0.0% vs -0.3% m/m prior


//az705044.vo.msecnd.net/20190820/8-20-2019-5-06-08-pm.png Justin Low
Tue 20 Aug 2019 09:01:43 GMT
Author: Justin Low
Category: News
0
Latest data released by Eurostat - 20 August 2019 - -0.3%; revised to -0.5% - Construction output +1.0% y/y - Prior +2.0%; revised to +1.7% Construction activity remains subdued amid weaker factory conditions and the trend in the annual reading certainly isn't encouraging whatsoever. The bright side is that this pertains to Q2 data but I would expect similar sentiment to carry forward towards the end of the year.

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Tue 20 Aug 2019 08:48:15 GMT

5

Huawei founder expects no relief from US sanctions

Huawei founder, Ren Zhengfei, spoke to the Associated Press With regards to yesterday's announcement by the US on adding more of Huawei's subsidiaries to the entity list, he says that:

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Huawei founder expects no relief from US sanctions


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Tue 20 Aug 2019 08:48:15 GMT
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Category: News
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Huawei founder, Ren Zhengfei, spoke to the Associated Press With regards to yesterday's announcement by the US on adding more of Huawei's subsidiaries to the entity list, he says that:

Asset 24 View More
Tue 20 Aug 2019 08:17:33 GMT

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Heads up: Italian premier Conte to address parliament later at 1300 GMT

Just be wary as the political crisis continues to heat up in Italy Salvini is still calling for fresh elections to be held as soon as possible while to keep some semblance of power.

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Heads up: Italian premier Conte to address parliament later at 1300 GMT


//az705044.vo.msecnd.net/20180604/italy.png Justin Low
Tue 20 Aug 2019 08:17:33 GMT
Author: Justin Low
Category: News
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Just be wary as the political crisis continues to heat up in Italy Salvini is still calling for fresh elections to be held as soon as possible while to keep some semblance of power.

Asset 24 View More
Tue 20 Aug 2019 07:50:44 GMT

7

China reiterates that it is dissatisfied with US sanctions on Huawei

Comments by China's foreign ministry With tensions between both sides still lingering for the most part, it doesn't set up a good backdrop ahead of proposed talks next month - which is still up in the air at this point.

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China reiterates that it is dissatisfied with US sanctions on Huawei


Justin Low
Tue 20 Aug 2019 07:50:44 GMT
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Category: News
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Comments by China's foreign ministry With tensions between both sides still lingering for the most part, it doesn't set up a good backdrop ahead of proposed talks next month - which is still up in the air at this point.

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