Action Insight Mid-Day Report 2-20-20

Dollar Firm after Solid Job and Manufacturing Data, Selling Focus Turns to Sterling

Action Insight Mid-Day Report 2-20-20 Dollar Firm after Solid Job and Manufacturing Data, Selling Focus Turns to Sterling Dollar remains generally firm today as supported by solid job and manufacturing data. Euro's selloff seem to have temporary passed a near term climate and focuses turn to other major currencies. Australian Dollar suffer deep selling after job data, dragging New Zealand Dollar lower. Meanwhile, Yen is closing following as markets are deeply concerned with the economic and political of contagion of China's Wuhan coronavirus. Sterling is not too far behind, partly thanks to the rebound in EUR/GBP after depending a key support level. Technically, GBP/USD's break of 1.2872 support suggests resumption of whole corrective fall from 1.3514. Next target is 1.2736 fibonacci level. EUR/GBP defended 0.8762 key support and rebounded strongly. Further rise should be seen back towards 0.8537/8595 resistance zone. USD/CHF continues to lose upside momentum just ahead of 0.9851 fibonacci level. The next move, a break of the fibonacci resistance or rejection from there, could depend on whether EUR/CHF could get rid of 1.0608 temporary low. In Europe, currently, FTSE is down -0.02%. DAX is down -0.25%. CAC is down -0.30%. German 10-year yield is down -0.0143 to -0.430. Earlier in Asia, Nikkei rose 0.34%. Hong Kong HSI dropped -0.17%. China Shanghai SSE rose 1.84%. Singapore Strait Times dropped -0.47%. Full Report Here Philly Fed manufacturing index rose to 36.7, highest since Feb 2017 US initial jobless claims rose 4k to 210k ECB: Sept easing package gradually transmitted to the economy ECB de Guindos: Eurozone underlying fundamentals for moderate expansion remain in... UK retail sales rose 0.9%, ex-fuel sales rose 1.6% Germany Gfk consumer sentiment dropped to -9.8, coronavirus weighs Australia unemployment rate surged to 5.3%, AUD/CAD extends down trend China's coronavirus cases slowed, but contagion to Asia intensifies FOMC minutes said policy appropriate, Dollar index heading to 100 Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol Uncontrollable Coronavirus Spread Could Force the Fed to Resume Easing Haunted by Domestic Weakness and Coronavirus Uncertainty, Euro's Weakness is Set... RBA Minutes Reveal that Members Consider Cutting Rates Below 0.75%, Warn... Central Bank Views | China Watch | Oil N' Gold | Special Topics GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.2878; (P) 1.2951; (R1) 1.2993; More... GBP/USD's break of 1.2872 support suggests resumption of whole corrective fall from 1.3514. Intraday bias is back on the downside for 50% retracement of 1.1958 to 1.3514 at 1.2736 next. On the downside, above 1.2929 minor resistance will turn intraday bias neutral first. But further fall is expected as long as 1.3069 resistance holds, in case of recovery. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Companies Warn on China Profits Will Eurozone PMIs Add Fuel To The Euro's Carnage? JPY Weakens As Coronavirus Case Count Slows Down GBPAUD Hovers Above 20-Day SMA, Still Bullish EUR/USD Outlook: Bears Are On Hold But Stronger Recovery So Far Looks Unlikely Dollar Index Reactivates 2-Year Old Uptrend In Overbought Zone Yen Slumps, Dollar Reigns Supreme As Virus Fears Persist GBPJPY Eyes Upper Boundary Of 2-Month Sideways Market NZDUSD Dives To 3-Month Low, Trend Signals Bearish USD/CAD Expectedly Bouncing Off The POC 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 21:45 NZD PPI - Input Q/Q Q4 0.10% 0.40% 0.90% 21:45 NZD PPI - Output Q/Q Q4 0.40% 0.30% 1.00% 00:30 AUD Employment Change Jan 13.5K 10.0K 28.9K 28.7K 00:30 AUD Unemployment Rate Jan 5.30% 5.20% 5.10% 07:00 CHF Trade Balance (CHF) Jan 4.78B 2.54B 1.96B 07:00 EUR Germany Gfk Consumer Confidence Mar 9.8 9.8 9.9 07:00 EUR Germany PPI M/M Jan 0.80% 0.20% 0.10% 07:00 EUR Germany PPI Y/Y Jan 0.20% -0.20% -0.20% 09:30 GBP Retail Sales M/M Jan 0.90% 0.40% -0.60% -0.50% 09:30 GBP Retail Sales Y/Y Jan 0.80% 0.40% 0.90% 09:30 GBP Retail Sales ex-Fuel M/M Jan 1.60% 0.60% -0.80% 09:30 GBP Retail Sales ex-Fuel Y/Y Jan 1.20% 0.70% 0.70% 11:00 GBP CBI Industrial Trends Orders Feb -18 -19 -22 12:30 EUR ECB Monetary Policy Meeting Accounts 13:30 CAD ADP Employment Change Jan 25.9K 46.2K 13:30 CAD New Housing Price Index M/M Jan 0.00% 0.20% 0.20% 13:30 USD Initial Jobless Claims (Feb 14) 210K 210K 205K 206K 13:30 USD Philadelphia Fed Manufacturing Survey Feb 36.7 12 17 15:00 EUR Eurozone Consumer Confidence Feb P -8 -8 15:30 USD Natural Gas Storage -143B -115B 16:00 USD Crude Oil Inventories 3.3M 7.5M

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