Action Insight Mid-Day Report 2-18-20

Euro Tumbles Again as Economic Sentiments Deteriorates Sharply, Markets Stays Risk-Off

Action Insight Mid-Day Report 2-18-20 Euro Tumbles Again as Economic Sentiments Deteriorates Sharply, Markets Stays Risk-Off Markets remain in risk-off mode today after Apple's warning that China's Wuhan coronavirus outbreak would hurt sales. Deep deterioration in German economic sentiment also reflect the impact on confidence. Investors will likely remain fragile until there is sign of full operation resumption in China. But that won't happen soon. In the currency markets, commodity currencies remain the weakest ones for the day together with Euro. It remains to be seen which would end the day as worst performing. Yen, Sterling, and Dollar are currently the strongest ones. Technically, fresh selling in EUR/USD in early US session sends it through 1.0804 projection level. Next target would be 1.0735. EUR/GBP is set to take on 0.8276 low and break will resume whole fall from 0.9324. AUD/USD is a focus as it might now take on 0.6662/70 key support level and break will confirm down trend resumption. USD/CAD recovers after being supported by near term channel. Focus is back on 1.3327/9 resistance zone for the rest of the week. In Europe, FTSE is down -0.80%. DAX is down -0.61%. CAC is down -0.37%. German 10-year yield is down -0.012 at -0.412. Earlier in Asia, Nikkei dropped -1.40%. Hong Kong HSI dropped -1.54%. China Shanghai SSE rose 0.05%. Singapore Strait Times dropped -0.51%. 10-year JGB yield dropped -0.0.0122 to -0.050. Full Report Here Canada manufacturing sales dropped -0.7%, down in 11 of 21 industries US Empire State manufacturing index rose to 12.9, new orders jumped German ZEW dropped sharply to 8.7, fear of negative effects of... UK unemployment rate unchanged at 3.8%, wage growth slowed China to exemption tariffs on 697 lines of US imports Moody's lower China's 2020 growth forecast from 5.8% to 5.2% RBA minutes: Coronavirus a material near-term risk to outlook for China,... China's coronavirus cases slowed, South Korea Moon pushes emergency responses Apple warning hits sentiment, Gold extends corrective recovery Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol Haunted by Domestic Weakness and Coronavirus Uncertainty, Euro's Weakness is Set... RBA Minutes Reveal that Members Consider Cutting Rates Below 0.75%, Warn... Euro Collapsed on Coronavirus Spillover Fears, Next Two Weeks Crucial Central Bank Views | China Watch | Oil N' Gold | Special Topics EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.0826; (P) 1.0839; (R1) 1.0848; More... EUR/USD's decline extends to as low as 1.0793 so far and broke 161.8% projection of 1.1172 to 1.0992 from 1.1095 at 1.0804. Intraday bias remains on the downside for 200% projection at 1.0735 next. On the upside, above 1.0861 minor resistance will turn intraday bias neutral and bring consolidations first. But recovery should be limited well below 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 EURNZD Increases Within Ichimoku Cloud; Broader Picture is Negative US 500 Index Looks to be in Process of Minor Bearish Pullback WTI OIL Outlook: Reversal Pattern is Forming on Daily Chart EUR/USD Outlook: Downbeat German Data Further Soured Weak Euro's Sentiment Australian Jobs Data: A Risk In Disguise For The Aussie? AUD Weakens On RBA Easing Prospect WTI Futures Fail To Conquer Neckline Of Looming Double Bottom Asia Sells On Apple's Warning. European, US Futures Hint At Negative Start. Pound Falls Below $1.30 Market Mood Sours After Apple's Profit Warning Fundamental Analysis | Technical Analysis In-depth Reports Haunted by Domestic Weakness and Coronavirus Uncertainty, Euro's Weakness is Set to Continue RBA Minutes Reveal that Members Consider Cutting Rates Below 0.75%, Warn of Coronavirus Uncertainty How Long Until US Stocks 'Feel the Bern'? Are U.S. Factories Braced for Supply Disruptions? Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 00:30 AUD RBA Meeting Minutes 09:30 GBP Claimant Count Change Jan 5.5K 22.6K 14.9K 2.6K 09:30 GBP Claimant Count Rate Jan 3.40% 3.50% 3.40% 09:30 GBP ILO Unemployment Rate 3M Dec 3.80% 3.80% 3.80% 09:30 GBP Average Earnings Excluding Bonus 3M/Y Dec 3.20% 3.30% 3.40% 09:30 GBP Average Earnings Including Bonus 3M/Y Dec 2.90% 3.10% 3.20% 10:00 EUR Germany ZEW Economic Sentiment Feb 8.7 20.4 26.7 10:00 EUR Germany ZEW Current Situation Feb -15.7 -10 -9.5 10:00 EUR Eurozone ZEW Economic Sentiment Feb 10.4 21.3 25.6 13:30 USD Empire State Manufacturing Index Feb 12.9 5.1 4.8 13:30 CAD Manufacturing Sales M/M Dec -0.70% 0.80% -0.60% -1.00% 15:00 USD NAHB Housing Market Index Feb 75 75

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