Action Insight Weekly Report 2-8-20

Dollar Jumped Broadly on Solid Batch of Economic Data, Coronavirus Fears Receded

Action Insight Weekly Report 2-8-20 Dollar Jumped Broadly on Solid Batch of Economic Data, Coronavirus Fears Receded Dollar ended last week as the strongest one as markets put China's coronavius behind. Instead, strong risk sentiments lifted major US indices to new record highs. Friday's pull back was likely due to pre-weekend profit taking only. Latest batch of economic data, including ISMs and NFP, suggested that US economy is in healthy shape. The bullish trend should continue for the near term. Staying in the currency markets, Australian Dollar ended as the second strongest after RBA affirmed its wait-and-see stands. But any renewed weakness in Chinese stocks and extend selloff in commodity could drag the Aussie lower ahead. European majors were the weakest as UK and EU will now enter into negotiations of future relationship. Risk of cliff-edge Brexit by the end of the year remains. Full Report Here Central Bank Views | China Watch | Oil N' Gold | Special Topics EUR/USD Weekly Outlook EUR/USD's decline from 1.1239 resumed last week and reached as low as 1.0942. The strong break of 1.0981 support should confirm the bearish case. That is, corrective rise from 1.0879 has completed with three waves up to 1.1239. Initial bias stays on the downside this week for retesting 1.0879 low. On the upside, above 1.0985 minor resistance will turn intraday bias neutral first. But recovery should be limited below 1.1095 resistance to bring fall resumption. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Weekly Economic and Financial Commentary: A Solid Week To Be Sure, But Keep an Eye on the Details The Weekly Bottom Line: Green Shoots Threatened by Viral Outbreak Canada GDP vs Labour Market Growth Trends Diverging? Again? Week Ahead: Have We Seen the Top in Coronavirus Cases? Oil Market Week Ahead: Corroding Virus The Week Ahead – Virus Risk Uncertainty, Powell Testifies to Congress, RBNZ to Signal Patience, and Germany's Recession Fears Cliff Notes: Confidence in the Face of Adversity Weekly Focus: Global Risk Sentiment Boosted as Coronavirus Fears Abate Week Ahead – RBNZ Meeting, US Retail Sales And UK GDP To Headline Muted Week Fundamental Analysis | Technical Analysis In-depth Reports RBA Statement on Monetary Policy Sets Out Key Themes for 2020 Coronavirus Outbreak To See Australian Economy Stall In Q1 More Rate Cuts Expected as Novel Coronavirus Hurt China's Economy Severely Brexit Monitor: Withdrawal Done, Now Moving to the Real Brexit Talks

Action Forex Company Limited | Room 804, 8/F. , Prosperity Centre, 982 Canton Road, Mongkok, Kowloon 852 Hong Kong SAR China Unsubscribe mondemand.forex@blogger.com Update Profile | About Constant Contact Sent by contact@actionforex.com in collaboration with Try email marketing for free today!