Action Insight Mid-Day Report 2-19-20

Sentiments Stabilized on China Stimulus Hope, Yen Falls on Political Pressure

Action Insight Mid-Day Report 2-19-20 Sentiments Stabilized on China Stimulus Hope, Yen Falls on Political Pressure Yen is under broad based selling pressure today as sentiments somewhat improved with expectations of more stimulus from China to counter the impact of Wuhan coronavirus outbreak. Additionally, Japanese Prime Minister Shinzo Abe is under increasing political pressure on handling the spread of the coronavirus in the country. Sterling is following as second weakest for today, shrugging off stronger than expected inflation data. On the other hand, Canadian and Dollar are both lifted by respective inflation data. Technically, USD/JPY's break of 110.28 resistance confirms resumption of whole rise form 104.45. Long term channel resistance at 111.21 is next target. EUR/GBP lost much downside momentum ahead of 0.8726 low. Break of 0.8348 will delay down trend resumption and bring near term rebound towards 0.8537 resistance first. USD/CAD is extending near term correction from 1.3329. But downside should be contained well above 1.3104 support to bring rebound. In Europe, currently, FTSE is up 0.83%. DAX is up 0.56%. CAC is up 0.70%. German 10-year yield is down -0.0002 at -0.404. Earlier in Asia, Nikkei rose 0.89%. Hong Kong HSI rose 0.46%. China Shanghai SSE dropped -0.32%. Singapore Strait Times rose 0.53%. Japan 10-year JGB yield rose 0.0045 to -0.046. Full Report Here PBoC: Impact of Wuhan coronavirus limited in terms of time and... Canada CPI rose to 2.4%, beat expectations US PPI accelerated to 2.1%, core PPI to 1.7% UK CPI accelerated to 1.8%, core CPI up to 1.6% DIHK: Germany to see little real growth this year RBNZ Orr: Pleasing how resilient New Zealand economy has been Fed Kaplan expect solid growth this year, interest rate roughly appropriate WHO Tedros warned coronavirus is public enemy number one 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 USD/JPY Mid-Day Outlook Daily Pivots: (S1) 109.71; (P) 109.83; (R1) 110.00; More.. USD/JPY rises to as high as 110.80 so far and strong break of 110.28 resistance confirms resumption of whole rally from 104.45. Intraday bias is back on the upside for channel resistance (now at 111.21). Sustained break there will carry larger bullish implication and target 112.40 resistance next. For now, near term outlook will remain bullish as long as 109.65 support holds, in case of retreat. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Apple Shock Short-Lived GBP/USD Pound Brushes Of Upbeat Inflation EURGBP Stops Near 2½-Year Low, Nneutral Zone Intact GBP Relents Yesterday's Gains And Eyes CPI Rates EURJPYs' Efforts Attempt A Pullback In The Ruling Bearish Picture EUR/USD Outlook: Bears Are Pausing Above New 3-Year Low Ahead Of Fed Minutes USD/JPY Outlook: The Pair Moved Into A Positive Zone And Is Currently Correcting Lower Stocks Rebound As New Virus Cases Slow, Dollar Stands Tall Asian Stocks Look Past Coronavirus Fears Silver Jumps Above 18.00 And Into Overbought Zone 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 23:30 AUD Westpac Leading Index M/M Jan 0.10% 0.10% 0.00% 23:50 JPY Trade Balance (JPY) Jan -0.22T -0.10T -0.11T 23:50 JPY Machinery Orders M/M Dec -12.50% -9.00% 18.00% 00:30 AUD Wage Price Index Q/Q Q4 0.50% 0.50% 0.50% 09:00 EUR Eurozone Current Account (EUR) Dec 32.6B 34.5B 33.9B 32.4B 09:30 GBP DCLG House Price Index Y/Y Dec 2.20% 2.30% 2.20% 1.70% 09:30 GBP CPI M/M Jan -0.30% -0.50% 0.00% 09:30 GBP CPI Y/Y Jan 1.80% 1.40% 1.30% 09:30 GBP CPI Core Y/Y Jan 1.60% 1.40% 1.40% 09:30 GBP RPI M/M Jan -0.40% -0.70% 0.30% 09:30 GBP RPI Y/Y Jan 2.70% 2.40% 2.20% 09:30 GBP PPI Input M/M Jan 0.90% -0.40% 0.10% 0.90% 09:30 GBP PPI Input Y/Y Jan 2.10% 3.50% -0.10% 0.90% 09:30 GBP PPI Output M/M Jan 0.30% -0.10% 0.00% 09:30 GBP PPI Output Y/Y Jan 1.10% 1.20% 0.90% 09:30 GBP PPI Output Core M/M Jan 0.10% 0.10% -0.10% 09:30 GBP PPI Output Core Y/Y Jan 0.70% 0.60% 0.90% 13:30 USD Building Permits Jan 1.551M 1.450M 1.420M 13:30 USD Housing Starts Jan 1.567M 1.390M 1.608M 1.626M 13:30 USD PPI M/M Jan 0.50% 0.20% 0.10% 13:30 USD PPI Y/Y Jan 2.10% 1.40% 1.30% 13:30 USD PPI Core M/M Jan 0.50% 0.20% 0.10% 13:30 USD PPI Core Y/Y Jan 1.70% 1.20% 1.10% 13:30 CAD CPI M/M Jan 0.30% 0.30% 0.00% 13:30 CAD CPI Y/Y Jan 2.40% 2.20% 2.20% 13:30 CAD CPI Common Y/Y Jan 1.80% 2.00% 2.00% 13:30 CAD CPI Median Y/Y Jan 2.20% 2.20% 2.20% 13:30 CAD CPI Trimmed Y/Y Jan 2.10% 2.20% 2.10% 19:00 USD FOMC Minutes

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