Action Insight Mid-Day Report 1-29-20

Dollar & Yen Firmer as Investors Hold Their Hands on Coronavirus Uncertainty

Action Insight Mid-Day Report 1-29-20 Dollar & Yen Firmer as Investors Hold Their Hands on Coronavirus Uncertainty While risk sentiments stabilize today, there is no clear momentum of any meaningful recovery in global stock markets. Investors remain on guard against new developments of China's coronavirus outbreak, which confirmed cases exceed 2003's SARS already. Yen and Dollar trading generally firmer today, as in early US session. Though, Swiss Franc is pressured together with Aussie and Kiwi. In Europe, currently, FTSE is up 0.17%. DAX is up 0.17%. CAC is up 0.44%. German 10-year yield is down -0.037 at -0.376. Earlier in Asia, Nikkei rose 0.71%. Hong Kong HSI dropped -2.82% in post-holiday catch up. Singapore Strait Times rose 0.04%. Japan 10-year JGB yield rose 0.0003 to -0.037. Focus will turn to FOMC rate decisions. Markets are pricing in no chance of a cut today and Fed would in no way spoil such expectations. Fed Chair Jerome Powell would reiterate that monetary policy is at the right place. The committee will need more time to gauge the impacts of last year's three rate cuts, as well as impact of US-China trade deal phase one etc. Overall, the announcement and press conference will likely be a non-event. Full Report Here China's GDP growth could slow to 5% or below in Q1... US goods trade deficit widened to $68.3B Germany Maas: Without meeting EU standard UK will not have full... German Gfk consumer sentiment rose to 9.9, economic expectations improved Fed to keep rate unchanged at 1.50-1.75%, some previews BoJ: Only halfway out of Japanification, downside risks still significant Australia CPI rose 0.7% qoq, 1.8% yoy, drought pushed food prices... China coronavirus cases jump to 5974, surpassed SARS, HSI tumbles Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol Chance of BOE Rate Cut Balanced, as Weak Inflation is Offset... FOMC to Stay Put this Week Markets Sold Off on Coronavirus Worries, Dollar Momentum to be Capped... Central Bank Views | China Watch | Oil N' Gold | Special Topics EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.1005; (P) 1.1015; (R1) 1.1032; More... EUR/USD's decline resumes after brief consolidation and intraday bias back on the downside for 1.0981 support. Decisive break there should confirm completion of corrective rise from 1.0879 at 1.1239. Further fall should then be seen to retest 1.0879 low. In any case, near term outlook will stay bearish as long as 1.1085 support turned resistance holds, in case of recovery. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Markets focus on Apple and Fed Earnings Provide Welcome Distraction EURCHF Turns Higher After Recording 33-Month Bottom AUD/USD Outlook: Bears Continue After Taking A Breather On Tuesday An Early Read on the Coronavirus Risk Equities Better Bid, Oil Rebounds. Sterling Under Pressure Fed To Stand Pat, Risk Appetite Roller-Coaster Rolls On EURJPY Sustains Bearish Picture Despite Recent Consolidation EU Morning: An Earnings Vaccination For Coronavirus Fears? Hong Kong Plays Catch-Up As Asia Takes A Breather From Coronavirus Woes Oil Price Outlook: More Gains Above The $54.20 And $54.40 Levels Are Expected Fundamental Analysis | Technical Analysis In-depth Reports 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 Canadian Trade Worries Easing, But Domestic Headwinds Remain Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 23:30 AUD Westpac Leading Index M/M Dec 0.10% -0.10% 0.00% 23:50 JPY BoJ Summary of Opinions 00:01 GBP BRC Shop Price Index Y/Y Dec -0.30% -0.40% 00:30 AUD CPI Q/Q Q4 0.70% 0.60% 0.50% 00:30 AUD CPI Y/Y Q4 1.80% 1.70% 1.70% 00:30 AUD RBA Trimmed Mean CPI Q/Q Q4 0.40% 0.40% 0.40% 00:30 AUD RBA Trimmed Mean CPI Y/Y Q4 1.60% 1.50% 1.60% 05:00 JPY Consumer Confidence Index Jan 39.1 40.8 39.1 07:00 EUR Germany Gfk Consumer Confidence Feb 9.9 9.8 9.6 9.7 09:00 CHF ZEW Survey Expectations Jan 8.3 12.5 09:00 EUR Eurozone M3 Money Supply Y/Y Dec 5.00% 5.50% 5.60% 13:30 USD Wholesale Inventories Dec P -0.10% 0.10% -0.10% 13:30 USD Goods Trade Balance (USD) Dec -68.3B -64.5B -63.2B -63.0B 15:00 USD Pending Home Sales M/M Dec 0.30% 1.20% 15:30 USD Crude Oil Inventories 0.7M -0.4M 19:00 USD FOMC Rate Decision 1.75% 1.75% 19:30 USD FOMC Press Conference

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