Action Insight Daily Report 2-11-20

Sentiments Lifted as Fed Officials Assure Rates to Stay Low, Dollar Softens Mildly

Action Insight Daily Report 2-11-20 Sentiments Lifted as Fed Officials Assure Rates to Stay Low, Dollar Softens Mildly Market sentiments are generally calm in Asia, which follow US equities higher. Investors were assured by Fed officials that interest rate is going to stay low at current level for a while. Commodity currencies are recovering today, with Aussie leading the way, even though upside remains rather limited. Yen and Swiss Franc are trading softer, followed by the greenback. Sterling is mixed, awaiting some important economic data today. Technically, EUR/USD's decline is in acceleration, on track to retest 1.0879 low. EUR/CHF breached 1.0665 low but is repelled by 1.0629 key support again. USD/CHF is losing some intraday upside momentum, but there is no sign of topping. The interplay between these three pairs is something to watch today. AUD/USD and USD/CAD are worth a note too. AUD/USD is trying to draw support from 0.6670 low after breaching it. USD/CAD also struggle to sustain above 1.3327 resistance. Dollar could retreat against these two currencies. In Asia, currently, Japan is on holiday. Hong Kong HSI is up 1.25%. China Shanghai SSE is up 0.33%. Singapore Strait Times is up 0.74%. Overnight, DOW rose 0.60%. S&P 500 rose 0.73%. NASDAQ rose 1.13%. 10-year year yield dropped -0.031 to 1.547. Full Report Here Australia NAB business confidence rose to -1, but decline in employment... Harker: Fed is on track to meet 2% inflation target Fed Daly: Inflation won't hit 2% until 2021 China's coronavirus death toll hits 1016, could lose up to 1%... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol Soaring Inflation Makes PBOC's Easing Measures More Challenging RBNZ to Leave OCR Unchanged at 1% and Warn of Risks...   Dollar Jumped Broadly on Solid Batch of Economic Data, Coronavirus Fears...   Central Bank Views | China Watch | Oil N' Gold | Special Topics USD/CAD Daily Outlook Daily Pivots: (S1) 1.3296; (P) 1.3312; (R1) 1.3336; More.... Intraday bias in USD/CAD stays on the upside with focus on 1.3327 resistance. As noted before, corrective pattern from 1.3664 should have completed as a triangle at 1.2951. Sustained break of 1.3327 resistance should confirm this bullish case and pave the way for retest of 1.3664 high. On the downside, below 1.3262 minor support will turn intraday bias neutral for consolidation first, before staging another rally. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings GBP/USD Recovery Likely To Face Hurdles Near 1.30 Asia Morning: Familiar Conversations Nice Double Bottom On AUD/NZD! EUR/USD Falls For Sixth Straight Day, 3-Year Low In Sight Chinese Yuan Stronger After Inflation Data Q4 UK GDP Growth May Not Move the Pound Much on Tuesday Fundamental Analysis | Technical Analysis In-depth Reports RBA Statement on Monetary Policy Sets Out Key Themes for 2020 Coronavirus Outbreak To See Australian Economy Stall In Q1 More Rate Cuts Expected as Novel Coronavirus Hurt China's Economy Severely Brexit Monitor: Withdrawal Done, Now Moving to the Real Brexit Talks Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 0:01 GBP BRC Retail Sales Monitor Y/Y Jan 0.00% 0.60% 1.70% 0:30 AUD NAB Business Confidence Jan -1 -2 0:30 AUD NAB Business Conditions Jan 3 3 9:30 GBP GDP M/M Dec 0.20% -0.30% 9:30 GBP GDP Q/Q Q4 P 0.00% 0.40% 9:30 GBP Industrial Production M/M Dec 0.30% -1.20% 9:30 GBP Industrial Production Y/Y Dec -0.80% -1.60% 9:30 GBP Manufacturing Production M/M Dec 0.50% -1.70% 9:30 GBP Manufacturing Production Y/Y Dec -3.70% -2.00% 9:30 GBP Index of Services 3M/3M Dec 0.00% 0.10% 9:30 GBP Goods Trade Balance (GBP) Dec -10.0B -5.3B

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