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Market analysis： Overall, EUR/JPY is trending upwards. Recently, EUR/JPY broke the resistance zone of 124.200. The eurozone CPI flash estimate y/y data released last Friday indicated an increase in euro area annual inflation due to the continued easing of COVID-19 containment measures. However, euro area is still suffering from negative economic growth during the second quarter of 2020. -CPI Flash Estimate y/y (Actual: 0.4%, Forecast: 0.3%, Previous: 0.3%) -Core CPI Flash Estimate y/y (Actual: 1.2%, Forecast: 0.8%, Previous: 0.8%) -Preliminary Flash GDP q/q (Actual: -12.1%, Forecast: -12.0%, Previous: -3.6% revised from -3.8%) The eurozone Final Manufacturing PMI data (Forecast: 51.1, Previous: 51.1) will be released later at 1600 (SGT). The Japanese Preliminary GDP q/q data (Actual: -0.6%, Forecast: NA, Previous: -0.6% revised from -0.9%) released earlier today indicated negative economic growth in Japan during the second quarter of 2020. Currently, EUR/JPY is moving towards the support zone of 124.200 and the next resistance zone is at 126.500. Look for buying opportunities of EUR/JPY if it bounces off the support zone of 124.200.

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Market analysis： Last Friday, USD strengthened against most major currencies except EUR, NZD and CAD. The Chicago PMI data (Actual: 51.9, Forecast: 44.0, Previous: 36.6) released last Friday indicated a recovery in business activities in Chicago from ten consecutive months of contraction. Also, the Revised UoM Consumer Sentiment data (Actual: 72.5, Forecast: 72.9, Previous: 73.2) released indicated a slight decline in the final reading from the initial reading for July as consumers are getting worried over the rise in COVID-19 cases and the expired enhanced unemployment benefits. The U.S. ISM Manufacturing PMI data (Forecast: 53.6, Previous: 52.6) will be released later at 2200 (SGT).

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Market analysis： Overall, EUR/USD is trending upwards. Recently, EUR/USD bounced off the resistance zone of 1.19200. The eurozone CPI flash estimate y/y data released last Friday indicated an increase in euro area annual inflation due to the continued easing of COVID-19 containment measures. However, euro area is still suffering from negative economic growth during the second quarter of 2020. -CPI Flash Estimate y/y (Actual: 0.4%, Forecast: 0.3%, Previous: 0.3%) -Core CPI Flash Estimate y/y (Actual: 1.2%, Forecast: 0.8%, Previous: 0.8%) -Preliminary Flash GDP q/q (Actual: -12.1%, Forecast: -12.0%, Previous: -3.6% revised from -3.8%) The eurozone Final Manufacturing PMI data (Forecast: 51.1, Previous: 51.1) will be released later at 1600 (SGT). Currently, EUR/USD is testing the support zone of 1.17700 and the next resistance zone is at 1.19200. Look for selling opportunities of EUR/USD if it breaks the support zone of 1.17700.

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Market analysis： Overall, NZD/USD is trending upwards. Recently, NZD/USD bounced off the resistance zone of 0.67200. NZD/USD’s next support zone is at 0.65800 and the next resistance zone is at 0.67200. Look for selling opportunities of NZD/USD.

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Market analysis： Overall, AUD/USD is trending upwards. Yesterday, Victoria state in Australia declared a state of disaster in an effort to speed up the containment of the COVID-19 resurgence. A daily curfew from 8pm to 5am has been placed in the city of Melbourne to restrict its residents from leaving their houses except for work or to receive or provide medical support. The Australian Trade Balance and Retail Sales m/m data will be released tomorrow at 0930 (SGT). -Trade Balance (Forecast: 8.80B, Previous: 8.03B) -Retail Sales m/m (Forecast: 2.4%, Previous: 2.4%) AUD/USD’s next support zone is at 0.69800 and the next resistance zone is at 0.72000. Look for selling opportunities of AUD/USD.

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Market analysis： Overall, USD/JPY is trending downwards. Recently, USD/JPY trended into the resistance zone of 106.200. The Japanese Preliminary GDP q/q data (Actual: -0.6%, Forecast: NA, Previous: -0.6% revised from -0.9%) released earlier today indicated negative economic growth in Japan during the second quarter of 2020. Currently, USD/JPY is testing the resistance zone of 106.200 and the next support zone is at 104.400. Look for buying opportunities of USD/JPY if it breaks the resistance zone of 106.200.

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Market analysis： The rupee on Monday opened nearly 9 paise down at 74.90 against the US dollar following weakness in the domestic equity market and strengthening dollar index. 

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Market analysis： Asian shares and the dollar made a cautious start to the new month on Monday as U.S. lawmakers struggled to hammer out a new stimulus plan and a global surge of new coronavirus cases showed no sign of abating.

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Market analysis： Overall, AUD/USD is trending upwards. Currently, AUD/USD is testing the resistance zone of 0.71800 and the next support zone is at 0.69800. With the recent release of the poor U.S. GDP data, look for buying opportunities of AUD/USD if it breaks the resistance zone of 0.71800.

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Market analysis： Overall, USD/JPY is trending downwards. Recently, USD/JPY break below the key level 105. The Japanese Preliminary GDP q/q data (Forecast: NA, Previous: -0.6% revised -0.9%) will be released next Monday at 0750 (SGT). USD/JPY’s next support zone is at 103.200 and the next resistance zone is at 106.200. With the recent release of the poor U.S. GDP data, look for selling opportunities of USD/JPY.

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Market analysis： Overall, USD/JPY is trending downwards. Recently, USD/JPY break below the key level 105. The Japanese Preliminary GDP q/q data (Forecast: NA, Previous: -0.6% revised -0.9%) will be released next Monday at 0750 (SGT). USD/JPY’s next support zone is at 103.200 and the next resistance zone is at 106.200. With the recent release of the poor U.S. GDP data, look for selling opportunities of USD/JPY.

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Market analysis： Overall, EUR/USD is trending upwards. Recently, EUR/USD broke the resistance zone of 1.17700. The German Preliminary GDP q/q data (Actual: -10.1%, Forecast: -9.0%, Previous: -2.2%) released yesterday indicated that economic growth during the second quarter of 2020 is the largest negative growth in the German economy since the beginning of quarterly GDP calculations for Germany in 1970. Also, the eurozone unemployment rate data (Actual: 7.8%, Forecast: 7.7%, Previous: 7.7% revised from 7.4%) released yesterday indicated a slight increase in unemployment in June. The eurozone CPI flash estimate y/y and preliminary flash GDP q/q data will be released later at 1700 (SGT). -CPI Flash Estimate y/y (Forecast: 0.3%, Previous: 0.3%) -Core CPI Flash Estimate y/y (Forecast: 0.8%, Previous: 0.8%) -Preliminary Flash GDP q/q (Forecast: -12.0%, Previous: -3.6% revised from -3.8%) Currently, EUR/USD is moving towards the resistance zone of 1.19200 and the next support zone is at 1.17700. With the recent release of the poor U.S. GDP data, look for buying opportunities of EUR/USD if it breaks the resistance zone of 1.19200.

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Market analysis： Overall, GBP/USD is trending upwards. Recently, GBP/USD broke the resistance zone of 1.30000. GBP/USD’s next support zone is at 1.30000 and the next resistance zone is at 1.32000. With the recent release of the poor U.S. GDP data, look for buying opportunities of GBP/USD.

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Market analysis： Overall, USD/CAD is trending downwards. Recently, USD/CAD broke the resistance zone of 1.33800. The Canadian GDP m/m data (Forecast: 3.5%, Previous: -11.6%) will be released later at 2030 (SGT). USD/CAD’s next support zone is at 1.33800 and the next resistance zone is at 1.35100. With the recent decline in oil prices which caused a weakening in CAD, look for short-term buying opportunities of USD/CAD up until the release of the Canadian GDP data at 2030 (SGT).

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Market analysis： Overall, GBP/JPY is trending upwards. Recently, GBP/JPY broke the resistance of 136.200. The Japanese Preliminary GDP q/q data (Forecast: NA, Previous: -0.6% revised -0.9%) will be released next Monday at 0750 (SGT). Currently, GBP/JPY is testing to break above the key level of 137. Its next support zone is at 136.200 and the next resistance zone is at 139.000. Look for buying opportunities of GBP/JPY if it breaks above the key level of 137.

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Market analysis： Overall, GBP/JPY is trending upwards. Recently, GBP/JPY broke the resistance of 136.200. The Japanese Preliminary GDP q/q data (Forecast: NA, Previous: -0.6% revised -0.9%) will be released next Monday at 0750 (SGT). Currently, GBP/JPY is testing to break above the key level of 137. Its next support zone is at 136.200 and the next resistance zone is at 139.000. Look for buying opportunities of GBP/JPY if it breaks above the key level of 137.

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Market analysis： Overall, EUR/JPY is trending upwards. Recently, EUR/JPY moved into the resistance zone of 124.200. The German Preliminary GDP q/q data (Actual: -10.1%, Forecast: -9.0%, Previous: -2.2%) released yesterday indicated that economic growth during the second quarter of 2020 is the largest negative growth in the German economy since the beginning of quarterly GDP calculations for Germany in 1970. Also, the eurozone unemployment rate data (Actual: 7.8%, Forecast: 7.7%, Previous: 7.7% revised from 7.4%) released yesterday indicated a slight increase in unemployment in June. The eurozone CPI flash estimate y/y and preliminary flash GDP q/q data will be released later at 1700 (SGT). -CPI Flash Estimate y/y (Forecast: 0.3%, Previous: 0.3%) -Core CPI Flash Estimate y/y (Forecast: 0.8%, Previous: 0.8%) -Preliminary Flash GDP q/q (Forecast: -12.0%, Previous: -3.6% revised from -3.8%) The Japanese Preliminary GDP q/q data (Forecast: NA, Previous: -0.6% revised -0.9%) will be released next Monday at 0750 (SGT). Currently, EUR/JPY is testing the resistance zone of 124.200 and the next support zone is at 121.700. Look for buying opportunities of EUR/JPY if it breaks the resistance zone of 124.200.

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Market analysis： Overall, NZD/USD is trending upwards. Recently, NZD/USD trended higher into the key level of 0.67. Currently, NZD/USD is moving towards the resistance zone of 0.67200 and the next support zone is at 0.65800. With the recent release of the poor U.S. GDP data, look for buying opportunities of NZD/USD if it breaks the resistance zone of 0.67200.

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Market analysis： Yesterday, USD weakened against most major currencies except CAD. The Advance GDP q/q data (Actual: -32.9%, Forecast: -34.5%, Previous: -5.0% revised from -4.8%) released yesterday indicated a strong negative growth in the U.S. economy in the second quarter of 2020. The Chicago PMI data (Forecast: 44.0, Previous: 36.6) will be released later at 2145 (SGT). Also, the Revised UoM Consumer Sentiment data (Forecast: 72.9, Previous: 73.2) will be released later at 2200 (SGT).

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Market analysis： Yesterday, USD weakened against most major currencies except CAD. The Advance GDP q/q data (Actual: -32.9%, Forecast: -34.5%, Previous: -5.0% revised from -4.8%) released yesterday indicated a strong negative growth in the U.S. economy in the second quarter of 2020. The Chicago PMI data (Forecast: 44.0, Previous: 36.6) will be released later at 2145 (SGT). Also, the Revised UoM Consumer Sentiment data (Forecast: 72.9, Previous: 73.2) will be released later at 2200 (SGT).