Action Insight Daily Report 3-3-20

Aussie Steady after RBA Rate Cut, World Prepares for Coronavirus Measures

Action Insight Daily Report 3-3-20 Aussie Steady after RBA Rate Cut, World Prepares for Coronavirus Measures US stocks staged a massive rebound overnight, with DOW closed up over 5%. But reactions in other markets are muted. Strength in Asian markets is very limited even though major indices are in black. Gold is gyrating in tight range around 1600 handle. WTI crude oil struggles to gain momentum above 48. In the currency markets, Australian Dollar is mixed, shrugging off RBA's expected rate cut. Major pairs and crosses are staying inside Monday's range, with Euro and Swiss Franc staying firmest. Technically, AUD/USD and AUD/JPY are staying in consolidation after RBA's move. Outlook in both pairs remains bearish and we'd expect recovery to be limited below 0.6662 and 72.41 resistance respectively. Down trends are expected to resume sooner or later. 1.1239 resistance in EUR/USD will remain a major focus for the week. Decisive break there will at least confirm medium term bottoming at 1.0777. Near term outlook will be turned bullish for stronger rebound to 1.1456 fibonacci level. In Asia, currently, Nikkei is up 0.16%. Hong Kong HSI is up 0.78%. China Shanghai SSE is up 1.36%. Singapore Strait Times is up 1.03%. 10-year JGB yield is up 0.0304 at -0.106. Overnight, DOW rose 5.09%. S&P 500 rose 4.60%. NASDAQ rose 4.49%. 10-year dropped -0.039 to 1.088, another record low. Full Report Here AUD steady after RBA cut, AUD/JPY stays in down trend to... RBA cut to 0.50% in response to global coronavirus outbreak, maintains... Markets pricing in 85% chance of Fed funds rate at 0.75-1.00%... Australia Morrison: This coronavirus health crisis is different from a global... Japan Abe: We've already compiled a spending package to forestall various... ECB Lagarde ready to take appropriate and targeted measures against coronavirus... Global coronavirus surge, G7 to consider concerted actions   Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol Bets of BOC Rate Cut Increased as Domestic Growth Loses Steam... China's PMIs Dived in February, Just First Glimpse of the Disastrous... Stocks & Gold Crashed as Coronavirus Pandemic is Near, Traders See... Central Bank Views | China Watch | Oil N' Gold | Special Topics AUD/USD Daily Report Daily Pivots: (S1) 0.6484; (P) 0.6526; (R1) 0.6584; More.... AUD/USD is staying in consolidation from 0.6433 temporary low and intraday bias remains neutral first. Upside of recovery should be limited below 0.6662 support turned resistance to bring fall resumption. On the downside, break of 0.6433 will turn bias to the downside for 161.8% projection of 0.6933 to 0.6662 from 0.6750 at 0.6312. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings RBA Cuts Rates On Virus Impact GBP/USD At Risk Of Further Downsides If Central Banks are Cutting Rates, Someone Forgot To Tell USD/CHF Update on COVID-19 Impacts on the Economic Outlook Update on Coronavirus and Global Central Bank Outlook Update to Our Outlook For U.S. Monetary Policy Fundamental Analysis | Technical Analysis In-depth Reports Update on COVID-19 Impacts on the Economic Outlook Update on Coronavirus and Global Central Bank Outlook Update to Our Outlook For U.S. Monetary Policy China's PMIs Dived in February, Just First Glimpse of the Disastrous Impact of Coronavirus Outbreak Eurozone – Implications of Coronavirus Change Of OCR Call: RBNZ To Cut 25Bp In March COVID-19: How Would Fed Easing Help? Gauging Canadian Coronavirus Supply Chain Vulnerabilities Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 23:50 JPY Monetary Base Y/Y Feb 3.60% 3.20% 2.90% 0:30 AUD Current Account Balance (AUD) Q4 1.0B 2.3B 7.9B 6.5B 0:30 AUD Building Permits M/M Jan -15.30% 1.00% -0.20% 3.90% 3:30 AUD RBA Rate Decision 0.50% 0.50% 0.75% 3:30 AUD RBA Rate Statement 5:00 JPY Consumer Confidence Index Feb 38.4 39.1 6:45 CHF GDP Q/Q Q4 0.20% 0.40% 9:00 EUR Italy Unemployment Jan 9.80% 9.80% 9:30 GBP Construction PMI Feb 49 48.4 10:00 EUR Eurozone Unemployment Rate Jan 7.40% 7.40% 10:00 EUR CPI Y/Y Feb P 1.20% 1.40% 10:00 EUR CPI Core Y/Y Feb P 1.10% 1.10% 10:00 EUR PPI M/M Jan 0.20% 0.00% 10:00 EUR PPI Y/Y Jan -0.50% -0.70%

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