Action Insight Mid-Day Report 2-7-20

Dollar Firm after Strong NFP Growth, But No Follow Through Buying Yet

Action Insight Mid-Day Report 2-7-20 Dollar Firm after Strong NFP Growth, But No Follow Through Buying Yet Dollar remains firm in early US session after strong headline NFP number. But there is no follow through buying for the moment. Risk appetite also recede mildly as market head towards weekly close. Over the week, Dollar remains the strongest one, followed by Australian Dollar and then Canadian. Sterling is the weakest, followed by Yen and then Swiss Franc. Technically, USD/CHF breaches 0.9766 resistance today, but there is no follow through buying yet. Rejection by this resistance will maintain bearishness for extending the down trend from 1.0237. But firm break there will confirm short term bottoming and bring rebound back to 1.0023 resistance. AUD/USD's focus is back on 0.6670 and break there will resume medium term down trend. In Europe, currently, FTSE is down -0.62%. DAX is down -0.64%. CAC is down -0.47%. German 10-year yield is down -0.0231 at -0.388. Earlier in Asia, Nikkei dropped -0.19%. Hong Kong HSI dropped -0.33%. China Shanghai SSE rose 0.33%. Singapore Strait Times dropped -1.55%. Japan 10-year JGB yield dropped -0.0186 to -0.034. Full Report Here Canada employment rose 34.5k, unemployment rate dropped to 5.5% US non-farm payroll rose 225, wages grew 0.2% RBA cut 2020 growth forecast, Lowe warned of coronavirus risks PBoC to boost countercyclical efforts as coronavirus deaths hit 636 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 USD/CHF Mid-Day Outlook Daily Pivots: (S1) 0.9733; (P) 0.9745; (R1) 0.9759; More... USD/CHF's focus is now back on 0.9766 resistance. Rejection by this resistance will retain near term bearishness. Break of 0.9613 will resume whole down trend from 1.0237. Next target is 100% projection of 1.0237 to 0.9659 from 1.0023 at 0.9445. However, sustained break of 0.9766 will indicate short term reversal and bring stronger rebound to 1.0023 resistance next. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Don't Count Out Canada's Jobs Market US Employment (Still) Strong in January AUDJPY Reverses Lower, Picture Turning Negative EUR/USD At 4 Month Low On Weak German Data, NFP Next GBPNZD Maintains Neutral-to-Bullish Bias Above Cloud GER 30 Index Pullback Looks To Test Positive Picture Risk Aversion Creeps In As Virus Death Toll Jumps USDCAD Struggles Below 2-Month Peak, Surpasses Downtrend Line GBPJPY Could Stay Neutral, Trend Signals Skewed To The Downside 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 21:30 AUD AiG Performance of Services Index Jan 47.4 48.7 23:30 JPY Labor Cash Earnings Y/Y Dec 0.00% -0.10% 0.10% 23:30 JPY Overall Household Spending Y/Y Dec -4.80% -1.70% -2.00% 00:30 AUD RBA Monetary Policy Statement 05:00 JPY Leading Economic Index Dec P 91.6 90.8 90.8 07:00 CNY Trade Balance (USD) Jan 39.2B 36.8B 46.8B 47.2B 07:00 CNY Imports (USD) Y/Y Jan -1.50% 1.10% 16.50% 07:00 CNY Exports (USD) Y/Y Jan 9.10% -6.30% 7.90% 07:00 CNY Trade Balance (CNY) Jan 271B 262B 329B 07:00 CNY Exports (CNY) Y/Y Jan 13.90% -6.30% 9.00% 07:00 CNY Imports (CNY) Y/Y Jan 2.90% 19.10% 17.70% 07:00 EUR Germany Industrial Production M/M Dec -3.50% -0.20% 1.10% 1.20% 07:00 EUR Germany Trade Balance (EUR) Dec 19.2B 16.4B 18.3B 07:45 EUR France Trade Balance (EUR) Dec -4.1B -5.1B -5.6B -5.4B 07:45 EUR France Industrial Output M/M Dec 0.20% 0.00% 0.30% 0.20% 08:00 CHF Foreign Currency Reserves (CHF) Jan 764B 771B 09:00 EUR Italy Retail Sales M/M Dec 0.50% 0.20% -0.20% 13:30 USD Nonfarm Payrolls Jan 225K 156K 145K 147K 13:30 USD Unemployment Rate Jan 3.60% 3.50% 3.50% 13:30 USD Average Hourly Earnings M/M Jan 0.20% 0.30% 0.10% 13:30 CAD Net Change in Employment Jan 34.5K 16.3K 35.2K 13:30 CAD Unemployment Rate Jan 5.50% 5.70% 5.60% 15:00 USD Wholesale Inventories Dec F -0.10% -0.10% 15:00 CAD Ivey PMI Jan 52.3 51.9

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