Action Insight Mid-Day Report 2-28-20

No End in Sight For Global Coronavirus Outbreak and Stock Market Crash

Action Insight Mid-Day Report 2-28-20 No End in Sight For Global Coronavirus Outbreak and Stock Market Crash There is no end in sight for the global stock market crash yet, not for the Wuhan coronavirus outbreak. South Korea (2337 cases, 14 deaths), Italy (605 cases, 17 deaths) and Iran (388 cases, 34 deaths) are the new epicenter and situations keep worsening. In the currency markets, selloff in commodity currencies steepen today while Yen and Swiss Franc are broadly higher. Technically, USD/CHF breached 0.9613 bottom but recovers quickly. This will be the level the watch and decisive break there will resume whole decline from 1.0237. EUR/USD retreat mildly just head of 1.1063 fibonacci resistance. This would be the right place for EUR/USD to top if rebound 1.0777 is a corrective move as viewed. Break of 1.0931 will bring retest of 1.0777 low. In Europe, currently, FTSE is down -3.52%. DAX is down -3.99%. CAC is down -3.52%. German 10-year yield is down -0.070 at -0.609. Earlier in Asia, Nikkei dropped -3.67%. Hong Kong HSI dropped -2.42%. China Shanghai SSE dropped -3.71%. Singapore Strait Times dropped -3.23%. Japan 10-year yield dropped -0.0515 to -0.154. Full Report Here Canada GDP rose 0.3% in Dec, above expectation of 0.1% US personal income rose 0.6%, spending rose 0.2%, PCE and core... Bundesbank Weidmann questioned if rate cut would ease coronavirus demand shock Germany unemployment rate unchanged at 5%, EUR/CAD in medium term bullish... Swiss KOF rose to 100.9, retail sales dropped -0.1% Mixed data from Japan while Abe pledges to "watch" coronavirus developments... March Fed cut odds jumped to 96%, Dollar index pressure DOW selloff extended, heading to 24175 fibonacci level Global coronavirus spread intensifies as WHO called for swift and aggressive... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol Losing Safe-Haven Status, Japanese Yen Weakens Despite Rising Global Uncertainty Sudden Explosion of Coronavirus Cases in Korea might Urge BOK to... Safe Haven Flows into Gold and Treasuries on China Coronavirus Contagion Central Bank Views | China Watch | Oil N' Gold | Special Topics USD/CHF Mid-Day Outlook Daily Pivots: (S1) 0.9647; (P) 0.9709; (R1) 0.9743; More... USD/CHF drops to as low as 0.9606 today and breaches 0.9613 support, but recovers quickly. Intraday bias remains the downside at this point. Decisive break of 0.9613 will resume whole decline from 1.0237 and target 0.9541 support next. On the upside, above 0.9695 minor resistance will turn intraday bias neutral and bring recovery. But upside should be limited well below 0.9848 resistance to bring fall resumption. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings A Soft End to 2019 for the Canadian Economy Canadian Economy Ended 2019 on Soft Note A Sea Of Red USDCHF Flirts With 16-Month Low Again, Creates Range In Short-Term Worst Week For Stocks Since 2008, Opportunity To Buy The Dip? Euro And Yen Smile As Wall Street Bloodbath Accelerates Worst Week Since The GFC USDCAD At 8-Month High, Looks Bullish Above Trendlines EUR/USD Outlook: Bulls Extend Above 1.10 After 1% Rally On Thursday Are Global Stocks Heading For A Bear Market? GBPJPY Sharp Sell-Off Continues At 3-Month Low Near 140.00 Fundamental Analysis | Technical Analysis In-depth Reports Eurozone – Implications of Coronavirus COVID-19: How Would Fed Easing Help? Gauging Canadian Coronavirus Supply Chain Vulnerabilities Losing Safe-Haven Status, Japanese Yen Weakens Despite Rising Global Uncertainty The Implications of the Phase One Trade Deal for the U.S., China and the Globe Will COVID-19 Force the Fed's Hand? Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 23:30 JPY Tokyo CPI Core Y/Y Feb 0.50% 0.60% 0.70% 23:30 JPY Unemployment Rate Jan 2.40% 2.20% 2.20% 23:50 JPY Industrial Production M/M Jan P 0.80% 0.40% 1.20% 23:50 JPY Retail Trade Y/Y Jan -0.40% -1.10% -2.60% 00:01 GBP GfK Consumer Confidence Feb -7 -8 -9 00:30 AUD Private Sector Credit M/M Jan 0.30% 0.20% 0.20% 05:00 JPY Housing Starts Y/Y Jan -10.10% -6.10% -7.90% 07:00 EUR Germany Import Price Index M/M Jan -0.40% 0.20% 0.20% 07:30 CHF Real Retail Sales Y/Y Jan -0.10% 0.30% 0.10% 0.80% 07:45 EUR France GDP Q/Q Q4 -0.10% -0.10% -0.10% 08:00 CHF KOF Leading Indicator Feb 100.9 97 100.1 08:55 EUR Germany Unemployment Rate Feb 5% 5% 5% 08:55 EUR Germany Unemployment Change Feb -10K -3K -2K -4K 13:00 EUR Germany CPI M/M Feb P 0.40% 0.30% -0.60% 13:00 EUR Germany CPI Y/Y Feb P 1.70% 1.70% 1.70% 13:30 USD Personal Income M/M Jan 0.60% 0.30% 0.20% 0.10% 13:30 USD Personal Spending Jan 0.20% 0.30% 0.30% 0.40% 13:30 USD PCE Price Index M/M Jan 0.10% 0.10% 0.30% 13:30 USD PCE Price Index Y/Y Jan 1.70% 1.70% 1.60% 1.50% 13:30 USD Core PCE Price Index M/M Jan 0.10% 0.20% 0.20% 13:30 USD Core PCE Price Index Y/Y Jan 1.60% 1.70% 1.60% 1.50% 13:30 USD Goods Trade Balance (USD) Jan -65.5B -68.5B -68.3B -68.7B 13:30 USD Wholesale Inventories Jan P -0.20% -0.60% -0.20% -0.30% 13:30 CAD GDP M/M Dec 0.30% 0.10% 0.10% 13:30 CAD Raw Material Price Index Jan -2.20% 2.10% 2.80% 13:30 CAD Industrial Product Price M/M Jan -0.30% 0.10% 0.10% 14:45 USD Chicago PMI Feb 45.3 42.9 15:00 USD Michigan Consumer Sentiment Index Feb 100.9 100.9

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