Action Insight Daily Report 2-28-20

Stock Rout Continues, Fed Cut Odds Surged on Coronavirus Pandemic Fears

Action Insight Daily Report 2-28-20 Stock Rout Continues, Fed Cut Odds Surged on Coronavirus Pandemic Fears Risk aversion on fear of Wuhan coronavirus pandemic continues to be the main theme in the financial markets. DOW lost over -1000 pts overnight as it's suffering one of the worst weeks in history. 10-year and 30-year yield hit new record lows. Asian markets naturally follow with all major indices in deep red. Oil price is suggesting its biggest weekly loss since 2014, could prompt counter measures from OPEC+. In the currency markets, Canadian Dollar is the worst performing one for the week so far, thanks to free fall in oil prices. New Zealand and Australian Dollars are not too far away. Yen is currently the strongest, as risk aversion overshadows worries over Japan's economy. Euro is following as the second strongest, with help from strong rally against Dollar and Sterling. The greenback is mixed as expectation of March Fed cut soared. In Asia, currently, Nikkei is down -3.48%. Hong Kong HSI is down -2.52%. China Shanghai SSE is down -2.74%. Singapore Strait Times is down -2.28%. Japan 10-year JGB yield is down -0.0297 at -0.l132. Overnight, DOW dropped -4.42%. S&P 500 dropped -4.42%. NASDAQ dropped -4.61%. 10-year yield dropped to -0.011 to 1.299, new record low. Full Report Here Mixed data from Japan while Abe pledges to "watch" coronavirus developments... March Fed cut odds jumped to 96%, Dollar index pressure DOW selloff extended, heading to 24175 fibonacci level Global coronavirus spread intensifies as WHO called for swift and aggressive... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol Losing Safe-Haven Status, Japanese Yen Weakens Despite Rising Global Uncertainty Sudden Explosion of Coronavirus Cases in Korea might Urge BOK to... Safe Haven Flows into Gold and Treasuries on China Coronavirus Contagion Central Bank Views | China Watch | Oil N' Gold | Special Topics USD/CAD Daily Outlook Daily Pivots: (S1) 1.3340; (P) 1.3367; (R1) 1.3416; More.... USD/CAD's rally accelerates to as high as 1.3436 so far and intraday bias stays on the upside. Triangle consolidation from 1.3664 has completed at 1.2951. Break of 61.8% projection of 1.2951 to 1.3329 from 1.3202 at 1.3436 will pave the way to 100% projection at 1.3580 next. On the downside, below 1.3374 minor support will turn intraday bias neutral first. But retreat should be contained above 1.3202 support to bring rally resumption. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Eurozone – Implications of Coronavirus COVID-19: How Would Fed Easing Help? Ten Key Facts About The Coronavirus Gauging Canadian Coronavirus Supply Chain Vulnerabilities Cliff Notes: COVID-19's Spread Sees Risks to Outlook Grow Gold Price Rally Seems Unstoppable, $1,700 Next? Japan Economic Data Will Be Watched By 'Everyone' The Fall Of The Mexican Peso CADJPY Faces Selling Pressure after Touching 1-Year High Fundamental Analysis | Technical Analysis In-depth Reports Eurozone – Implications of Coronavirus COVID-19: How Would Fed Easing Help? Gauging Canadian Coronavirus Supply Chain Vulnerabilities Losing Safe-Haven Status, Japanese Yen Weakens Despite Rising Global Uncertainty The Implications of the Phase One Trade Deal for the U.S., China and the Globe Will COVID-19 Force the Fed's Hand? Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 23:30 JPY Tokyo CPI Core Y/Y Feb 0.50% 0.60% 0.70% 23:30 JPY Unemployment Rate Jan 2.40% 2.20% 2.20% 23:50 JPY Industrial Production M/M Jan P 0.80% 0.40% 1.20% 23:50 JPY Retail Trade Y/Y Jan -0.40% -1.10% -2.60% 00:01 GBP GfK Consumer Confidence Feb -7 -8 -9 00:30 AUD Private Sector Credit M/M Jan 0.30% 0.20% 0.20% 05:00 JPY Housing Starts Y/Y Jan -6.10% -7.90% 07:00 EUR Germany Import Price Index M/M Jan 0.20% 0.20% 07:30 CHF Real Retail Sales Y/Y Jan 0.30% 0.10% 07:45 EUR France GDP Q/Q Q4 -0.10% -0.10% 08:00 CHF KOF Leading Indicator Feb 97 100.1 08:55 EUR Germany Unemployment Rate Feb 5% 5% 08:55 EUR Germany Unemployment Change Feb -3K -2K 13:00 EUR Germany CPI M/M Feb P 0.30% -0.60% 13:00 EUR Germany CPI Y/Y Feb P 1.70% 1.70% 13:30 USD Personal Income M/M Jan 0.30% 0.20% 13:30 USD Personal Spending Jan 0.30% 0.30% 13:30 USD PCE Price Index M/M Jan 0.30% 13:30 USD PCE Price Index Y/Y Jan 1.60% 13:30 USD Core PCE Price Index M/M Jan 0.20% 0.20% 13:30 USD Core PCE Price Index Y/Y Jan 1.70% 1.60% 13:30 USD Goods Trade Balance (USD) Jan -68.5B -68.3B 13:30 USD Wholesale Inventories Jan P -0.20% 13:30 CAD GDP M/M Dec 0.10% 0.10% 13:30 CAD Raw Material Price Index Jan 2.80% 13:30 CAD Industrial Product Price M/M Jan 0.10% 14:45 USD Chicago PMI Feb 45.3 42.9 15:00 USD Michigan Consumer Sentiment Index Feb 100.9 100.9

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