Action Insight Mid-Day Report 1-21-20

Sterling and Euro Rebound on Data, Risk Aversion Remains

Action Insight Mid-Day Report 1-21-20 Sterling and Euro Rebound on Data, Risk Aversion Remains Sterling and Euro rebound strongly today as lifted by solid economic data. But overall market sentiments remain weak concern of outbreak of coronavirus in China, ahead of lunar new year mass travel. Commodity currencies continue to trade as the weakest ones, following decline in stock markets. Yen is also firm on risk aversion. Dollar is mixed, awaiting fresh inspiration. Technically, there is no clear breakout in the markets for now. EUR/USD failed to sustain below 1.1085 support and recovered. Intraday bias remains neutral first. AUD/USD also breached 0.6849 support but failed to sustain below. Intraday bias also stays neutral. GBP/USD recovers notably but stays in range of 1.2954/3118. Intraday bias also remains neutral. USD/JPY is holding above 109.79 minor support. Intraday bias also stays neutral. In Europe, currently, FTSE is down -0.75%. DAX is down -0.08%. CAC is down -0.70%. German 10-year yield is up 0.002 at -0.214. Earlier in Asia, Nikkei dropped -0.91%. Hong Kong HSI dropped -2.81%. China Shanghai SSE dropped -1.41%. Singapore Strait Times dropped -1.00%. Japan 10-year JGB yield dropped -0.0140 to -0.005. Full Report Here US Mnuchin to Italy and UK: Delay digital taxes or face... EU to lose USD 10.8B exports due to US-China trade deal,... German ZEW jumped to 26.7, highest since July 2015 UK unemployment rate unchanged at 3.8%, employment rate hit record high BoJ Kuroda: Benefits of our policy still exceed the costs BoJ stands pat, raises growth forecasts, lower inflation projections Moody's downgrades Hong Kong to Aa3 on weak government Asian stocks tumble on concern of coronavirus outbreak in China IMF downgrade growth forecast, sentiments boosted not yet visible in data Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol BOC to Leave Rate Unchanged at 1.75%. Disappointing Data Likely Due... ECB to Leave Monetary Policy Unchanged, Focus Turns to Strategic Review Dollar Could Be Staging Bullish Reversal as Trade Tensions Eased Central Bank Views | China Watch | Oil N' Gold | Special Topics EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.1081; (P) 1.1092; (R1) 1.1106; More... EUR/USD failed to sustain below 1.1085 support and recovered. Intraday bias remains neutral for the moment. Further fall is mildly in favor as long as 1.1172 resistance holds. Break of 1.1076 will resume the fall from 1.1239 to 1.0981 support. Decisive break there will confirm that whole corrective rise from 1.0879 has completed. On the upside, above 1.1172 will turn bias to the upside for 1.1239 instead. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings JPY Remains Unimpressed From BoJ Interest Rate Decision… GBPUSD's Retracement Turns Sideways, Nears Ascending Trendline Risk Appetite Hit By China Virus Fears EURCHF Tumbles To 33-Month Low, Rebound Likely In Short-Term Markets Moody After Fourth Death In China. UK Jobs, German ZEW In Focus Trump Davos Speech Eyed Market Caution Returns Ahead Of Davos Summit Fundamental Analysis | Technical Analysis In-depth Reports US-China Phase I Trade Deal Signed, Execution & Phase II Negotiations the Next Focus Can China Actually Buy US$50bn Of US Energy Products? After an Impressive New-Year Rally, What Does 2020 Hold for Gold? FX Year Ahead 2020: Turnaround or Same Old Blues? Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 3:00 JPY BoJ Interest Rate Decision -0.10% -0.10% -0.10% 9:30 GBP Claimant Count Change Dec 14.9K 33.4K 28.8K 14.9K 9:30 GBP Claimant Count Rate Dec 3.50% 3.50% 3.40% 9:30 GBP ILO Unemployment Rate (3M) Nov 3.80% 3.80% 3.80% 9:30 GBP Average Earnings Excluding Bonus 3M/Y Nov 3.40% 3.40% 3.50% 9:30 GBP Average Earnings Including Bonus 3M/Y Nov 3.20% 3.40% 3.20% 10:00 EUR Germany ZEW Economic Sentiment Jan 26.7 15.2 10.7 10:00 EUR Germany ZEW Current Situation Jan -9.5 -12.4 -19.9 10:00 EUR Eurozone ZEW Economic Sentiment Jan 25.6 16.3 11.2 13:30 CAD Manufacturing Sales M/M Nov 0.30% -0.70%

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