Action Insight Mid-Day Report 1-30-20

Sterling Rebounds after BoE Stands Pat, Coronavirus Fears Remain

Action Insight Mid-Day Report 1-30-20 Sterling Rebounds after BoE Stands Pat, Coronavirus Fears Remain Sterling surges broadly today after BoE left interest rates unchanged at 0.75%. Only two policymakers, the usual ones, voted for a cut, without additional dove. Swiss Franc and Yen follow as next strongest on coronavirus fears. An Italian cruise ship with 7000 people is held off the coast for coronavirus check, after a Chinese passenger reported fever. Commodity currencies are the weakest on risk aversion. Technically, EUR/GBP rejection by 0.8487 minor resistance retain near term bearishness. Focus is on 0.8386 temporary low and break will target 0.8276 key support. GBP/USD recovers but it's held well below 1.3174 minor resistance so far, as sideway consolidation is probably extending as a triangle. EUR/USD lost downside momentum ahead of 1.0981 near term support and some consolidations might be seen first, with mild recovery. In Europe, currently, FTSE is down -1.36%. DAX is down -1.14%. CAC is down -1.51%. German 10-year yield is down -0.017 at -0.392. Earlier in Asia, Nikkei dropped -1.72%. Hong Kong HSI dropped -2.62%. Singapore Strait Times dropped -0.37%. Japan 10-year JGB yield dropped -0.0185 to -0.054. Full Report Here US GDP grew 2.1% annualized in Q4 US initial jobless claims dropped to 216k BoE Mark Carney press conference live stream Sterling rebounds as BoE keeps Bank Rate unchanged at 0.75% Eurozone economic sentiment rose to 102.8 on industry and construction Eurozone unemployment rate dropped to 7.4%, lowest since 2008 Swiss KOF rose to 100.1, Swiss economy free somewhat from its... China's coronavirus cases jump to 7711, Yuan to extend selloff Fed carefully monitoring coronavirus, 10-year yield breaks 1.6 handle Fed left interest rate unchanged at 1.50-1.75%, full statement Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol US Crude Inventory Gained over 3M bpd, while Distillate Stockpile Continued... Fed Delivered Message with Dovish Tweak, Remaining Concerned about Low Inflation Chance of BOE Rate Cut Balanced, as Weak Inflation is Offset... Central Bank Views | China Watch | Oil N' Gold | Special Topics GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.2995; (P) 1.3012; (R1) 1.3035; More... GBP/USD rebounds strongly today but it's held below 1.3174 resistance so far. Intraday bias is turned neutral first. On the downside, break of 1.2977 will target 1.2905 low. break there will extend the correction from 1.3514. On the upside, break of 1.3174 resistance will turn bias to the upside for 1.3284 resistance instead. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings GBP/USD Outlook: Pound Rallies above 1.31 Barrier after BoE Kept Rates on Hold So Far, Good Enough for BoE AUD/USD Outlook: Aussie Extends Weakness On Rising China Virus Fears Copper Strong Sell-Off Towards 4-Month Low NZDUSD Fades From 2019-Year Top, Heads For Supportive Trendline USDJPY Falls Below 109.00, Approaches Uptrend Line Virus Fears Drag Down Asian Equities, Safe-Havens In Demand 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 21:45 NZD Trade Balance (NZD) Dec 547M 100M -753M -791M 00:30 AUD Import Price Index Q/Q Q4 0.70% 0.40% 0.40% 08:00 CHF KOF Leading Indicator Jan 100.1 96.5 96.4 08:55 EUR Germany Unemployment Change Dec -2K 5K 8K 08:55 EUR Germany Unemployment Rate Dec 5% 5% 5% 10:00 EUR Eurozone Unemployment Rate Dec 7.40% 7.50% 7.50% 10:00 EUR Eurozone Economic Sentiment Jan 102.8 102 101.5 101.3 10:00 EUR Eurozone Business Climate Jan -0.23 -0.26 -0.25 -0.32 10:00 EUR Eurozone Industrial Confidence Jan -7.3 -9 -9.3 10:00 EUR Eurozone Consumer Confidence Jan -8.1 -8.1 -8.1 10:00 EUR Eurozone Services Sentiment Jan 11 12.2 11.4 11.3 12:00 GBP BoE Rate Decision 0.75% 0.75% 0.75% 12:00 GBP BoE Asset Purchase Target Jan 435B 435B 435B 12:00 GBP MPC Official Bank Rate Votes 0--2--7 0--3--6 0--2--7 12:00 GBP MPC Asset Purchase Facility Votes 0--0--9 0--0--9 0--0--9 13:00 EUR Germany CPI M/M Jan P -0.60% -0.70% 0.50% 13:00 EUR Germany CPI Y/Y Jan P 1.70% 1.70% 1.50% 13:30 USD Initial Jobless Claims (Jan 24) 216K 218K 211K 223K 13:30 USD GDP Annualized Q4 P 2.10% 2.10% 2.10% 13:30 USD GDP Price Index Q4 P 1.40% 1.90% 1.80% 15:30 USD Natural Gas Storage -197B -92B

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