Action Insight Daily Report 1-31-20

Sterling Rebounds after BoE Stands Pat, Coronavirus Fears Remain

Action Insight Daily Report 1-31-20 Yen and Swiss France Consolidate ahead of Weekend, Await Coronavirus Outbreak Developments Sterling remains firm today and continues to trade as one of the strongest after yesterday's BoE hold. Yen and Swiss Franc turn mildly softer but stay as two of the strongest too, on risk aversion. Commodity currencies turned mix, digesting this week's sharp looses. New Zealand Dollar is the weakest for the week, followed by Australian and then Canadian. But there isn't much difference between them. There is no sign of containment of China's coronavirus outbreak yet and risk aversion will stay. Technically, the forex markets are in consolidative mode today. USD/CHF's prior rejection by 0.9762 resistance retains near term bearishness. But it's held above 0.9678 minor support so far. EUR/CHF is also staying in consolidation from 1.0665. GBP/CHF, despite yesterday's recovery, is stay above 1.2528, below 1.2854 resistance. Traders are holding their bet to wait-and-see the development over the coming weekend. In Asia, Nikkei is currently up 1.12%. Hong Kong HSI is up 0.32%. Singapore Strait Times is down -0.40%. China remains on holiday. Japan 10-year JGB yield is down -0.0064 at -0.062. Overnight, DOW rose 0.43%. S&P 500 rose 0.31%. NASDAQ rose 0.26%. 10-year yield dropped -0.036 to 1.558. Full Report Here Japan industrial production contracted most since 2013 in Q4, despite Dec... China's coronavirus cases hit 9692, death toll at 213 Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol BOE Voted 7-2 to Keep Rate Unchanged, Warned of Weak Inflation US Crude Inventory Gained over 3M bpd, while Distillate Stockpile Continued... Fed Delivered Message with Dovish Tweak, Remaining Concerned about Low Inflation Central Bank Views | China Watch | Oil N' Gold | Special Topics USD/CHF Daily Outlook Daily Pivots: (S1) 0.9671; (P) 0.9705; (R1) 0.9729; More... Intraday bias in USD/CHF remains neutral at this point and outlook remains bearish with 0.9762 resistance intact. On the downside, break of 0.9678 minor support will bring retest of 0.9613 low first. Break will resume larger down trend. On the upside, firm break of 0.9762 will indicate short term bottoming at 0.9613, on bullish convergence condition in 4 hour MACD. Further rise would be seen back towards 1.0023 resistance. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Aussie Slips As China PMIs Stabilize USD/JPY Could Extend Losses Below 108.50 It May Be Time For USD/CAD To Pullback Coronavirus: Potential Signs Of Containment And Key Markets To Watch US Q4 GDP In Line But The Devil Is In The Details Fundamental Analysis | Technical Analysis In-depth Reports Coronavirus Impact on the Chinese Economy An Early Read on the Coronavirus Risk One Big Reason Traders May STILL Be Underestimating Coronavirus Risks Research China: Uncertainty on the Rise on the Back of Corona Virus Euro Area Research: From US-China Trade Ceasefire To US-EU Trade War? The 2020 Election and the Economy: Part III Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 23:30 JPY Tokyo CPI Core Y/Y Jan 0.70% 0.80% 0.80% 23:30 JPY Unemployment Rate Dec 2.20% 2.30% 2.20% 23:50 JPY Industrial Production M/M Dec P 1.30% 0.70% -1.00% 23:50 JPY Retail Trade Y/Y Dec -2.60% -1.80% -2.10% 00:01 GBP GfK Consumer Confidence Jan -9 -9 -11 00:30 AUD Private Sector Credit M/M Dec 0.20% 0.20% 0.10% 0.20% 00:30 AUD PPI Q/Q Q4 0.30% 0.30% 0.40% 00:30 AUD PPI Y/Y Q4 1.40% 1.40% 1.60% 02:00 CNY Manufacturing PMI Jan 50 50.1 50.2 02:00 CNY Non-Manufacturing PMI Jan 54.1 53.5 53.5 05:00 JPY Housing Starts Y/Y Dec -11.50% -12.70% 06:30 EUR France GDP Q/Q Q4 P 0.30% 0.30% 07:00 EUR Germany Retail Sales M/M Dec -0.50% 2.10% 07:30 CHF Real Retail Sales Y/Y Dec 0.40% 0.00% 09:00 EUR Italy GDP Q/Q Q4 P 0.00% 0.10% 09:30 GBP Mortgage Approvals Dec 66K 65K 09:30 GBP M4 Money Supply M/M Dec 0.60% 0.80% 10:00 EUR Eurozone GDP Q/Q Q4 P 0.20% 0.20% 10:00 EUR Eurozone CPI Y/Y Jan P 1.40% 1.30% 10:00 EUR Eurozone CPI - Core Y/Y Jan P 1.20% 1.30% 13:30 CAD GDP M/M Nov 0.10% -0.10% 13:30 CAD Raw Material Price Index Dec 1.50% 13:30 CAD Industrial Product Price M/M Dec 0.10% 13:30 USD Personal Income M/M Dec 0.30% 0.50% 13:30 USD Personal Spending Dec 0.30% 0.40% 13:30 USD PCE Price Index M/M Dec 0.10% 0.20% 13:30 USD PCE Price Index Y/Y Dec 1.70% 1.50% 13:30 USD Core PCE Price Index M/M Dec 0.20% 0.10% 13:30 USD Core PCE Price Index Y/Y Dec 1.60% 1.60% 13:30 USD Employment Cost Index Q4 0.70% 0.70% 14:45 USD Chicago PMI Jan 48.7 48.9 15:00 USD Michigan Consumer Sentiment Jan F 99.3 99.1

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