Action Insight Mid-Day Report 2-5-20

Dollar Surges on Strong ADP Employment, But Aussie Even Stronger

Action Insight Mid-Day Report 2-5-20 Dollar Surges on Strong ADP Employment, But Aussie Even Stronger The financial markets seem to have stabilized from coronavirus fears. Following the strong rebound in US stocks overnight, Asian indices are also trading generally higher. Yen and Swiss Franc continue to trade as two of the weakest for the week. But Sterling is the worst performing one on Brexit negotiation risks. On the other hand, Australian and New Zealand Dollars are the strongest. Focus will likely turn back to economic data for now, especially with US ADP employment and ISM services featured today. Technically, USD/JPY's break of 109.26 minor resistance suggests that pull back from 110.28 has completed at 108.30. More importantly, with 107.65 support intact, whole rebound from 104.45 is likely still in progress for another high. Focus is now on 121.26 minor resistance in EUR/JPY. Break there will realign the outlook with USD/JPY and bring retest of 112.87 high. In Asia, Nikkei is currently up 1.41%. Hong Kong HSI is up 0.45%. China Shanghai SSE is up 1.57%. Singapore Strait Times is up 1.00%. Japan 10-year JGB yield is up 0.014 at -0.035. Overnight, DOW rose 1.44%. S&P 500 rose 1.50%. NASDAQ rose 2.10%. 10-year yield rose 0.083 to 1.603. Full Report Here ECB Lagarde: Coronavirus adds a new layer of uncertainty US ADP jobs grew 291k, strong among services and mid-sized businesses UK PMI composite finalized at 53.3, economy picked up since general... Eurozone PMI composite finalized at 51.3, tide may be turning for... Swiss SECO consumer sentiment rose to -9, economic expectations brightened significantly New Zealand unemployment rate dropped to 4%, little reaction from NZD/USD RBA to continue to look at both sides of the rate... BoJ Wakatabe warned of heightening uncertainties from coronavirus, a cruise liner... China's coronavirus cases rose to 24k, outbreak may delay fulfillment of... 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 EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.1031; (P) 1.1047; (R1) 1.1062; More... Focus is now back on 1.0992 support in EUR/USD with today's decline. Break there will resume the whole decline from 1.1239. Also, that would add to the case that corrective rebound from 1.0879 has completed at 1.1239. In this case, deeper decline would be seen back to retest 1.0879 low. On the upside, break of 1.1095 will turn bias to the upside for 1.1172 resistance instead. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Virus Optimism, Safe-Havens Unwind, Oil Finds its Bottom, LATAM Rebounds AUD/USD Outlook: Rising Risk Appetite Drives Aussie Further Up US 500 Index Flirts With Record High, More Gains Expected Risk-On Stocks Rally Hits A Speed Bump Markets Hold Steady But Virus Risks Linger, Oil Up As OPEC+ Considers Output Cuts Devastated Loonie Eyes Canadian Jobs Data For Relief AUDUSD Completes Inverted Hammer After Rebound On 4-Month Low EURJPY Bounces Back Above 200-Day SMA But Bulls Look Weak Nasdaq Hits Record, Gold, Yen Retreat As WTI Struggles Near $50/Barrel. PMI Services In Focus NZ Labour Market Review, December Quarter 2019 EUR/JPY Starts Recovery But Facing Many Hurdles Asia Morning: Markets Gaze Beyond nCoV Flash Comment: Update on Coronavirus – and What to Watch Fundamental Analysis | Technical Analysis In-depth Reports Flash Comment: Update on Coronavirus - and What to Watch Brexit Monitor: Withdrawal Done, Now Moving to the Real Brexit Talks 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 Employment Change Q4 0.00% 0.30% 0.20% 21:45 NZD Unemployment Rate Q4 4.00% 4.20% 4.20% 4.10% 21:45 NZD Participation Rate Q4 70.10% 70.40% 70.40% 21:45 NZD Labour Cost Index Q/Q Q4 0.60% 0.50% 0.60% 00:00 NZD ANZ Commodity Price Jan -0.90% 1.60% -2.80% -3.40% 01:45 CNY Caixin Services PMI Jan 51.8 52.6 52.5 06:45 CHF SECO Consumer Climate Q1 -9 -8 -10 08:45 EUR Italy Services PMI Jan 51.4 51 51.1 08:50 EUR France Services PMI Jan F 51 52.4 51.7 08:55 EUR Germany Services PMI Jan F 54.2 52 54.2 09:00 EUR Eurozone Services PMI Jan F 52.5 52.4 52.2 09:30 GBP Services PMI Jan F 53.9 49.1 52.9 10:00 EUR Eurozone Retail Sales M/M Dec -1.60% -0.50% 1.00% 0.80% 13:15 USD ADP Employment Change Jan 291K 155K 202K 199K 13:30 USD Trade Balance (USD) Dec -48.9B -47.4B -43.1B -43.7B 13:30 CAD International Merchandise Trade (CAD) Dec -0.4B -1.2B -1.1B -1.2B 14:45 USD Services PMI Jan F 53.2 53.2 14:45 USD PMI Composite Jan 53.1 53.1 15:00 USD ISM Non-Manufacturing PMI Jan 55.1 55 15:30 USD Crude Oil Inventories 2.9M 3.5M

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