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Improving Risk Tone Weighs On CHF While USD Continues To Lead The FX Complex

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🇺🇸 USD – BULLISH
1️⃣ Safe-haven demand was supported by a resurgence in coronavirus infections and geopolitical tensions between the US and China.
2️⃣ July U.S. ISM manufacturing highest since March 2019.

🇬🇧 GBP – BEARISH
1️⃣ Concerns about a lockdown in London, uncertainty about US-UK trade talks are weighing on the pound.
2️⃣ UK Final Manufacturing PMI misses estimates.
3️⃣ The Bank of England is expected to leave the policy rate and quantitative easing program unchanged when it meets on Thursday.

🇪🇺 EUR – BULLISH
1️⃣ Euro remained well supported by the latest optimism over a landmark agreement on the EU’s €750 billion pandemic recovery fund – aimed at aiding the region’s worst-hit economies.
2️⃣ The IHS Markit Eurozone Manufacturing PMI was revised higher to 51.8 in July 2020.

🇳🇿 NZD – BEARISH
1️⃣ NZ joining the throng of countries cutting extradition ties with Hong Kong in response to China’s new national security law.
2️⃣ Risk-off market sentiment expected as surging coronavirus infection rates across the US dampens investor hopes of economic recovery.

🇨🇦 CAD – BEARISH
1️⃣ Flash data from Canada’s statistical office showed the GDP will likely shrink by a record 12% in Q2 due to coronavirus lockdowns.
2️⃣ Crude oil staying under selling pressure. Second wave of coronavirus and the reduction in OPEC+ output cuts by 2 million barrels per day from August to December continue to weigh on crude oil prices.

🇦🇺 AUD – BEARISH
1️⃣ Consumer prices in Australia declined by 0.3% year-on-year in Q2 2020. This was the first drop in consumer prices since Q3 1997.
2️⃣ All major economic data RBA is negative.
3️⃣ Australia reported a near record 641 cases on Sunday as Victorian Premier Daniel Andrews announced a state of disaster and introduced a nightly curfew.
4️⃣ White House coronavirus experts said that The United States has entered a new phase of the outbreak with infections “extraordinarily widespread” in rural areas as well as cities.

🇯🇵 JPY – BEARISH
1️⃣ Japan added 1,300 new cases on Sunday while the United States tallied 47,500.
2️⃣ Japan’s economy shrank 0.6% on quarter in Q1 2020, unrevised from the preliminary estimate, and after a 1.9% fall in Q4.
3️⃣ Jibun Bank Japan Manufacturing PMI increased to 45.2 in July 2020. The latest reading signaled a 15th straight month of contraction in the sector, but contracting the least since February.

🇨🇭 CHF – BEARISH
1️⃣ The SNB President Thomas Jordan has been reiterating the CB will continue to intervene strongly in the foreign exchange market to stop the rise of the highly valued franc in order to prevent deflation and protect the export-orientated economy.
2️⃣ Switzerland is expected to maintain its ultra-expansive monetary policy for some time as it is facing the sharpest downturn since the aftermath of oil price shocks in the 1970s.

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