Action Insight Mid-Day Report 2-11-20

Risk Appetite Firm as Markets Await Fed Powell, Dollar Mixed in Consolidation

Action Insight Mid-Day Report 2-11-20 Risk Appetite Firm as Markets Await Fed Powell, Dollar Mixed in Consolidation Yen and Swiss are trading generally softer today as risk markets pick up some momentum again. On the other hand, Australian Dollar is leading other commodity currencies higher. Dollar is mixed for the moment, awaiting Fed Chair Jerome Powell's testimony. Rally in stock markets could extend if Powell affirms that interest rate will stay low for low. Also, it should be noted that strength in corrective recovery in commodity currencies is so far weak, in particular against the greenback. We might see Dollar extends recent rally should Powell sounds upbeat on the economy Technically, intraday bias in EUR/USD remains on the downside for 1.0879 low. Decisive break there will bring medium term down trend resumption. Further decline is also expected in AUD/USD as long as 0.6774 resistance holds. Sustained trading below 0.6670 low will confirm medium term down trend resumption too. Meanwhile, further rise is expected in USD/CAD as long as 1.3262 minor support holds. Sustained break of 1.3327 resistance will pave the way to 1.3664 high. In Europe, currently, FTSE is up 0.82%. DAX is up 0.85%. CAC is up 0.41%. German 10-year yield is up 0.0181 at -0.391. Earlier in Asia, Japan was on holiday. Hong Kong HSI rose 0.39%. China Shanghai SSE rose 0.39%. Singapore Strait Times rose 0.39%. Full Report Here WHO: China's coronavirus a very grave threat for the world EU to trigger an upward dynamic competition with UK UK GDP flat in Q4, poor production offset services and construction 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 EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.0893; (P) 1.0926; (R1) 1.0943; More... EUR/USD's decline from 1.1239 is still in progress and intraday bias stays on the downside for 1.0879 low. Firm break there will resume larger down trend for 1.0813 fibonacci level next. On the upside, above 1.0957 minor resistance will turn intraday bias neutral first. But recovery should be limited by 1.0992 support turned resistance to bring fall resumption. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Risk Appetite Grows ahead of Powell, Oil Bottom in Place, Gold Rally Pauses, EM in Focus EUR/GBP Outlook: Near-Term Action Remains Biased Lower, Underpinned By Solid UK GDP CHI 50 Index Fights With 200-SMA After Rebound On 8-Month Low AUDNZD Enjoys Bullish Debut After Breaching Key Barrier WTI Futures Possibly Forming A Double Bottom Pattern Wall Street Hits New Records, But Beware Of The Democratic Primary GBPUSD Could Explore More Weakness Below 1.2870 EURCHF's Bearish Run Break Almost 3-Year Low, Indicators Are Oversold 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 0.30% 0.20% -0.30% 9:30 GBP GDP Q/Q Q4 P 0.00% 0.00% 0.40% 9:30 GBP Industrial Production M/M Dec 0.10% 0.30% -1.20% -1.10% 9:30 GBP Industrial Production Y/Y Dec -1.80% -0.80% -1.60% -2.50% 9:30 GBP Manufacturing Production M/M Dec 0.30% 0.50% -1.70% -1.60% 9:30 GBP Manufacturing Production Y/Y Dec -2.50% -3.70% -2.00% -3.30% 9:30 GBP Index of Services 3M/3M Dec 0.10% 0.00% 0.10% 0.00% 9:30 GBP Goods Trade Balance (GBP) Dec 0.85B -10.0B -5.3B 13:00 GBP NIESR GDP Estimate (3M) Jan 0.20% 0.00%

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