Action Insight Mid-Day Report 1-23-20

Euro Weakens after Uninspiring ECB, Risk Aversion Dominates With Coronavirus Fears

Action Insight Mid-Day Report 1-23-20 Euro Weakens after Uninspiring ECB, Risk Aversion Dominates With Coronavirus Fears Euro is trading as one of the weakest major currencies, together with Canadian Dollar, for today. There is little inspiration from ECB rate decision and press conference. Canadian Dollar is weak on free fall in oil price, with WTI pressing 55 handle now. Australian Dollar continues to be the strongest one for today, as supported by better than expected employment data. But upside is relatively limited. Yen is the second strongest on risk aversion. Global sentiments are pressured after China locks up two cities today to contain the outbreak of the new coronavirus. Technically, EUR/USD is now pressing 1.1066 support. Decisive break there will add to the case of completion of corrective rebound from 1.0879 at 1.1239. Deeper fall should then be seen to 1.0981 support for confirmation. EUR/CHF has already broken 1.0724 support to resume medium term down trend towards 1.0648 projection level. In Europe, currently, FTSE is down -0.41%. CAC is down -0.59%. CAC is down -0.31%. German 10-year yield is down -0.028 at -0.287. Earlier in Asia, Nikkei dropped -0.98%. Hong Kong HSI dropped -1.52%. China Shanghai SSE dropped -2.75%. Singapore Strait Times dropped -0.60%. Japan 10-year JGB yield dropped -0.0208 to -0.024. Full Report Here ECB Lagarde: Manufacturing remains a drag on ongoing but moderate growth US initial jobless claims rose to 211k, below expectations ECB press conference live stream ECB left policy statement unchanged, keeps forward guidance France and US agreed to work on digital taxation at OECD Chinese stocks & yuan tumble as two cities locked up on... SNB Jordan: Negative interest rates and intervention still necessary UK Leadsom wants both a trade deal with US and digital... Australia employment grew 28.9k, unemployment rate dropped to 5.1%, AUD rebounds WTI oil dives as IEA forecasts 1m bpd surplus in first... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol BOC Turned Dovish Again, Opening Door For Rate Cut 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/CHF Mid-Day Outlook Daily Pivots: (S1) 1.0719; (P) 1.0753; (R1) 1.0774; More... EUR/CHF's down trend resumes by takin gout 1.0724 temporary low and hits as low as 1.0709 so far. Intraday bias is back on the downside. Next target is 61.8% projection of 1.1476 to 1.0811 from 1.1059 at 1.0648. On the upside, break of 1.0788 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings GBP/USD Outlook: Bulls Pause after Strong Rally, Awaiting UK PMI Data for Fresh Signals NZDUSD Fails To Overcome SMAs, Remains In Bearish Channel ECB Meets After BoC Sinks Loonie, Risk Appetite Wobbles Palladium Futures Non-Stop Rally Shows No Sign Of Fading USDJPY Remains Bullish Despite Recent Correction Wuhan Travel Ban Sent Stocks, Oil Tumbling. ECB In Focus EUR/USD Outlook: Euro Remains In Extended Range And Awaiting Lagarde's Comments For Fresh Signals Will The Corona Virus Be The Trigger For A Market Correction? Fundamental Analysis | Technical Analysis In-depth Reports January Flashlight for FOMC Blackout Period Canadian Trade Worries Easing, But Domestic Headwinds Remain 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 23:50 JPY Trade Balance (JPY) Dec -0.10T -0.24T -0.06T -0.09T 00:00 AUD Consumer Inflation Expectations Jan 4.70% 4.00% 00:30 AUD Employment Change Dec 28.9K 14.0K 39.9K 38.5K 00:30 AUD Unemployment Rate Dec 5.10% 5.20% 5.20% 04:30 JPY All Industry Activity Index M/M Nov 0.90% 0.40% -4.30% -4.80% 12:45 EUR ECB Interest Rate Decision 0.00% 0.00% 0.00% 13:30 EUR ECB Press Conference 13:30 USD Initial Jobless Claims (Jan 17) 211K 214K 204K 205K 15:00 EUR Consumer Confidence Jan P -8 -8 15:30 USD Natural Gas Storage -88B -109B 16:00 USD Crude Oil Inventories -0.1M -2.5M

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