Action Insight Mid-Day Report 2-25-20

Markets in Digestion Mode, Awaiting Next Coronavirus Development

Action Insight Mid-Day Report 2-25-20 Markets in Digestion Mode, Awaiting Next Coronavirus Development Global financial markets turned mixed today, digesting yesterday's steep selloff. Investors are holding their bets again, awaiting next development regarding global outbreak of China's Wuhan coronavirus. There is no sign of a sustainable recovery European stocks, but US futures point to higher open. In the currency markets, Sterling is so far the strongest one for today, followed by Swiss Franc. Meanwhile, New Zealand Dollar is the weakest, followed by Australian. Technically, focus is back on 0.6581 temporary low in AUD/USD after recovery lost steam. Break will resume larger down trend. While USD/CAD is losing some intraday upside momentum, it's still on track to retest 1.3327/9 resistance zone. Break would pave the way to retest 1.3664 high. EUR/USD and USD/CHF are both staying in consolidation and more corrective trading would be seen. In Europe, FTSE is currently down -0.69%. DAX is down -0.28%. CAC is down -0.45%. German 10-year yield is down -0.0189 at -0.497. Earlier in Asia, Nikkei dropped -3.34%. Hong Kong HSI rose 0.27%. China Shanghai SSE dropped -0.60%. Singapore Strait Times rose 0.51%. Japan 10-year JGB yield dropped -0.0407 to -0.102. Released today, US house price index rose 0.6% mom in December, above expectation of 0.3% mom. S&P Case-Shiller 20 cities house price rose 2.9% yoy, above expectation of 2.7% yoy. UK CBI realized sales rose to 1 in February, up from 0. Germany GDP was finalized at 0.0% qoq in Q4. Japan corporate service price index rose 2.3% yoy in January, above expectation of 2.1% yoy. Full Report Here EU announced mandate to negotiate ambitious, wide-ranging and balanced partnership with... WHO: China coronavirus literally knocking at the door EU de Montchalin: Any tariffs on UK is economically rational position... Odds of July Fed rate cut jumps to 80%, Dollar index... Wuhan coronavirus cases top 80k, global outspread worsens BoE Haldane: A big chunk, if not all of uncertainty dissipated... Fed Mester: Patient approach appropriate unless there is a material change... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol Sudden Explosion of Coronavirus Cases in Korea might Urge BOK to... CFTC Commitments of Traders – Traders Continued to Bet Lower EUR... Safe Haven Flows into Gold and Treasuries on China Coronavirus Contagion Central Bank Views | China Watch | Oil N' Gold | Special Topics EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.0815; (P) 1.0843; (R1) 1.0882; More... Intraday bias in EUR/USD remains neutral as consolidation from 1.0777 is extending. Stronger recovery cannot be ruled out but upside should be limited by 38.2% retracement of 1.1095 to 1.0777 at 1.0898. On the downside, break of 1.0777 will resume larger down trend. Though, break of 1.0898 will target 61.8% retracement at 1.0974. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings NZDJPY Set for More Losses Below Range-Bottom That Didn't Last Long The Implications of the Phase One Trade Deal for the U.S., China and the Globe AUD/USD Outlook: Fading Risk Appetite Signals An End Of Brief Recovery And Shifts Focus Lower USD/JPY Outlook: The Dollar Holds In Red For The Third Straight Day GER 30 Index Pauses Sharp Downfall Near Key Support, May Stay Under Pressure Markets Struggle To Stabilise After Brutal Global Stock Market Sell-Off EURGBP Finds Wall Near 20-SMA, Retains Neutral Mode GBPUSD Squeezed By Descending Channel Stocks Steadier But Risk Aversion Still In Play, Dollar Pressured By Falling Yields WTI Futures Could See More Gains After Posting 2-Week Low Fundamental Analysis | Technical Analysis In-depth Reports The Implications of the Phase One Trade Deal for the U.S., China and the Globe Will COVID-19 Force the Fed's Hand? Japan – Feeling Blue Haunted by Domestic Weakness and Coronavirus Uncertainty, Euro's Weakness is Set to Continue Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 23:50 JPY Corporate Service Price Index Y/Y Jan 2.30% 2.10% 2.10% 07:00 EUR Germany GDP Q/Q Q4 0.00% 0.00% 0.00% 11:00 GBP CBI Realized Sales Feb 1 4 0 14:00 USD S&P/CS Composite-20 HPI Y/Y Dec 2.90% 2.70% 2.60% 2.50% 14:00 USD Housing Price Index M/M Dec 0.60% 0.30% 0.20% 0.30% 15:00 USD Consumer Confidence Feb 132.6 131.6

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