Action Insight Mid-Day Report 2-4-20

Yen and Franc Turns Softer as Markets Stabilized from Coronavirus Fears

Action Insight Mid-Day Report 2-4-20 Yen and Franc Turns Softer as Markets Stabilized from Coronavirus Fears Yen and Swiss Franc turn softer today as global markets rebound. China's coronavirus seems to be suddenly off investors mind, at least temporarily. Meanwhile, Australian Dollar is the strongest one for today, as partly supported by RBA's hold, as well as easing risk aversion. Canadian Dollar follows as the second strongest. Though, upside of Loonie is limited by weakness of WTI oil price, which breaches 50 handle. Technically, with today's recovery, USD/JPY's focus is back on 109.26 minor resistance. Break will suggest that pull back from 110.28 has completed at 108.30. That will also argue that larger rebound from 104.45 is not completed. While AUD/USD recovers today, it's kept well below 0.6777 resistance. Near term outlook remains bearish with focus on 0.6670 low. Decisive break there will resume medium term down trend. In Europe, FTSE is up 1.42%. DAX is up 1.40%. CAC is up 1.46%. German 10-yaer yield is up 0.038 at -0.403. Earlier in Asia, Nikkei rose 0.49%. Hong Kong HSI rose 1.21%. China Shanghai SSE rose 1.34%. Singapore Strait Times rose 1.29%. Japan 10-year JGB yield rose 0.005 to -0.050. Full Report Here Gold finished recovery at 1593.39? Eurozone PPI at 0.0% mom, -0.7% yoy UK construction PMI rose to 48.4, downturn lost intensity BoJ paying maximum attention on China's coronavirus outbreak RBA keeps cash rate at 0.75%, no indication of rate cut Bundesbank Weidmann, policy objection should be understandable, forward-looking and realistic Fed Bostic: Coronavirus hasn't change outlook or rate path yet China's coronavirus cases top 20k, death toll reaches 425 Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol RBA Left Cash Rate at 0.75%. Less Dovish on Growth Despite... CFTC Commitments of Traders – Safe-Haven Currencies Shined as Novel Coronavirus... CFTC Commitments of Traders – NET LENGTH on Crude oil Futures... Central Bank Views | China Watch | Oil N' Gold | Special Topics USD/JPY Mid-Day Outlook Daily Pivots: (S1) 108.41; (P) 108.60; (R1) 108.89; More.. Current development suggests that a temporary low is formed at 108.30 in USD/JPY. Intraday bias is turned neutral first with focus back on 109.26 minor resistance. Break will suggest that pull back from 110.28 has completed. More importantly, larger rebound from 104.45 is still in progress. Intraday bias is back on the upside for retesting 110.28 first. on the downside, break of 108.30 will resume the fall to 107.65 support next. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Corona Panic Selloff Settles, FTSE Trades Higher EUR/USD Outlook: Bears Remain In Play For Renewed Attempt At key Fibo Support At 1.1031 WTI Oil Futures Bounce On 1-Year Trough, Outlook Remains Bearish EURCHF Seems To Have Found A Floor, Nearby Resistance Eyed For Confirmation Aussie Gets A Boost From RBA's Interest Rate Decision Markets Search For Stability But For How Long? Stocks Steadier As China Tries To Calm Markets, Dollar Up On ISM Beat China Virus Not To Blame For Recent Crude Oil Drop GBPAUD To Keep Bearish Mood In Short-Term EU Morning: China Cash Saves The Day Fundamental Analysis | Technical Analysis In-depth Reports Coronavirus: Gauging the Economic Impact Early Signs Of Slowdown In Spread Of Coronavirus Coronavirus Impact on the Chinese Economy An Early Read on the Coronavirus Risk Research China: Uncertainty on the Rise on the Back of Corona Virus One Big Reason Traders May STILL Be Underestimating Coronavirus Risks Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 21:45 NZD Building Permits M/M Dec 9.90% -8.50% -8.40% 23:50 JPY Monetary Base Y/Y Jan 2.90% 3.10% 3.20% 3:30 AUD RBA Interest Rate Decision 0.75% 0.75% 0.75% 9:30 GBP Construction PMI Jan 48.4 44.9 44.4 10:00 EUR Eurozone PPI M/M Dec 0.00% 0.00% 0.20% 0.10% 10:00 EUR Eurozone PPI Y/Y Dec -0.70% -0.70% -1.40% 15:00 USD Factory Orders M/M Dec 0.70% -0.70%

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