Action Insight Mid-Day Report 2-6-20

Stocks to Continue Record Runs, Dollar Firm With Aussie

Action Insight Mid-Day Report 2-6-20 Stocks to Continue Record Runs, Dollar Firm With Aussie Markets continue to stay in risk on mode today, with US futures point to more record highs. There is some lift by news that China will halve tariffs on some US imports. Also coronavirus continues to be off investors' mind. In the currency markets, Australian Dollar is the strongest one for today, followed by Euro and then Dollar. Sterling is the weakest, followed by Canadian. For the week, commodity currency are the strongest, as led by Aussie. Sterling is the weakest, followed by Yen and Franc. Technically, EUR/USD stabilizes just ahead of 1.0992 support. But recovery so far is very weak and further fall is in favor. Break of 1.0992 will reaffirm the case that corrective rise from 1.0879 has completed with three waves up from 1.1239. Retest of 1.0879 low should be seen next. On the other hand, EUR/JPY's recovery seems to be losing some momentum ahead of 121.26 minor resistance. Rejection of this resistance will maintain near term bearishness for extending the fall from 122.87 through 119.77 ahead. In Europe, FTSE is currently up 0.37%. DAX is up 0.64%. CAC is up 0.75%. German 10-year yield is up 0.0109 at -0.346. Earlier in Asia, Nikkei rose 2.38%. Hong Kong HSI is up 2.64%. China Shanghai SSE is up 1.72%. Singapore Strait Times is up 0.98%. Japan 10-year JGB yield rose 0.0177 to -0.015. Full Report Here US initial jobless claims dropped to 202k, non-farm productivity rose 1.4% ECB Lagarde: Eurozone economy continues to require monetary support to shield... Six central banks to discuss digital currencies in April BoJ Masai: Global economy to rebound through the first half of... Australia NAB business confidence unchanged at -1, more RBA support still... Australia retail sales dropped -0.5%, trade surplus narrowed to AUD 5.22B DOW to hit 30k soon as coronavirus fears subsides Fed Daly: No material change to US economy due to coronavirus China coronavirus deaths hit 563, Yuan recovers with hesitation Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol More Rate Cuts Expected as Novel Coronavirus Hurt China's Economy Severely US Crude Oil Inventory Jumped Last Week RBA Left Cash Rate at 0.75%. Less Dovish on Growth Despite... Central Bank Views | China Watch | Oil N' Gold | Special Topics EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.0979; (P) 1.1014; (R1) 1.1033; More... Intraday bias in EUR/USD remains on the downside with focus on 1.0992 support. Decisive 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, above 1.1033 minor resistance will turn intraday bias neutral first. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings US 30 Index Extends Bullish Pressure; All-Time High at 29,528 USD/JPY Outlook: Steep Ascend Extends into Fourth Day But Faces Headwinds at Psychological 110 Barrier GBPNOK's Correction Downwards Pauses As Buyers Look To Reload NZDUSD Holds Bearish Bias Near 2-Month Trough US Stocks Extend Bull Run As China Cuts Tariffs, Trump Gets Acquitted Equity Markets Attempt To Erase Coronavirus Sell-Off, Is The Panic Over? USDCHF Bulls Need To Break 0.9770 To Take Over USDJPY Finds Wall Near 110.00, Fresh 2-Week High Equities And Oil Rebound As Efforts To Contain The Virus Strengthen Fundamental Analysis | Technical Analysis In-depth Reports More Rate Cuts Expected as Novel Coronavirus Hurt China's Economy Severely Coronavirus Outbreak To See Australian Economy Stall In Q1 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 00:30 AUD NAB Business Confidence Q4 -1 -2 -1 00:30 AUD Retail Sales M/M Dec -0.50% -0.20% 0.90% 1.00% 00:30 AUD Trade Balance (AUD) Dec 5.22B 5.60B 5.80B 5.52B 07:00 EUR Germany Factory Orders M/M Dec -2.10% 0.60% -1.30% -0.80% 09:00 EUR ECB Economic Bulletin 12:30 USD Challenger Job Cuts Y/Y Jan 27.80% -25.20% 13:30 USD Initial Jobless Claims (Jan 31) 202K 210K 216K 217K 13:30 USD Nonfarm Productivity Q4 P 1.40% 1.40% -0.20% 13:30 USD Unit Labor Costs Q4 P 1.40% 0.90% 2.50% 15:30 USD Natural Gas Storage -123B -201B

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