Action Insight Daily Report 3-31-20

Chinese Data Fail to Lift Sentiments, Markets Locked Down in Range

Action Insight Daily Report 3-31-20 Chinese Data Fail to Lift Sentiments, Markets Locked Down in Range Markets are generally directionless in Asian session today. Strong rebound in China PMIs somewhat fails to lift sentiments. As the origin of the coronavirus pandemic, China could be the first country to come out of it. Yet, one month of data is insufficient to confirm recovery, as the world is still under severe health and lockdown impacts. Trading in the currency markets is also subdued. Australian and New Zealand are currently the stronger ones, followed by the greenback. Sterling is the weaker one, followed by Yen. But the picture could easily change. Technically, Dollar remains in recovery move but there is no clear follow through buying to confirm bottoming. Here are the levels to watch, 1.0953 support in EUR/USD, 1.2133 support in GBP/USD, 0.5870 support in AUD/USD, 0.9655 resistance in USD/CHF, 109.70 resistance in USD/JPY and 1.4275 resistance in USD/CAD. In addition, 1558 support in gold is needed to be taken out firmly to confirm a comeback of Dollar. In Asia, currently, Nikkei is down -1.03%. Hong Kong HSI is up 1.09%. China Shanghai SSE is up 0.42%. Singapore Strait Times is up 2.03%. Japan 10-year JGB yield is up 0.0311 at 0.026. Overnight, DOW rose 3.19%. S&P 500 rose 3.35%. NASDAQ rose 3.62%. 10-year yield dropped -0.079 to 0.670. Full Report Here World Bank: China's growth could be just 0.1% as EAP suffers... Japan: No state of emergency, no Tokyo lockdown, just don't travel New Zealand ANZ business confidence dropped to -63.5, severe recession is... China PMIs back in expansion, Yuan unmoved Trump: Coronavirus guidelines may toughen up a little bit Mnuchin: Liquidity from the coronavirus program will get through the next... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol CFTC Commitments of Traders – US Dollar Remained Firm again Major... CFTC Commitments of Traders – Gold Price Resumed Rally while Crude... As Recovery in Stocks Lose Momentum, Could Dollar Strike Back? Central Bank Views | China Watch | Oil N' Gold | Special Topics USD/CAD Daily Outlook Daily Pivots: (S1) 1.4055; (P) 1.4119; (R1) 1.4238; More.... USD/CAD recovers after hitting 1.3920, but stays below 1.4275 minor resistance. Intraday bias is turned neutral first. Corrective fall from 1.4667 might extend lower. But downside should be contained by 61.8% retracement of 1.3202 to 1.4667 at 1.3762 to bring rebound. On the upside, above 1.4275 minor resistance will turn bias back to the upside for retesting 1.4667 first. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Asia Data Rebounds In First Signs Of Life The Fed Moves to Do "Whatever it Takes" New Zealand – Unprecedented Times: Revised Economic And Financial Outlook GBP/USD Recovery Could Gain Momentum Above 1.2600 Oil Spill Shrugs The Rest USD/CAD Pulled Back From 17-Year Highs Last Week, But Bulls Remain In Control South African Rand Hits Record Low US PMIs: What's the Damage? Fundamental Analysis | Technical Analysis In-depth Reports The Fed Moves to Do "Whatever it Takes" New Zealand - Unprecedented Times: Revised Economic And Financial Outlook Canadian Dollar Weakened but Not Headed for Historical Lows Forecast Update: A Much Deeper Contraction Macro US: Sharp GDP Contraction But We Still Expect A Rebound In H2 Why the Fed's Currency Swaps May Not Calm the Dollar Funding Stress Eurozone Economy Approaching the Growth Cliff Europe's Economy in Freefall Australia: Federal Budget to Be Hit By COVID–19 Recession – Increase in Bond Supply of $250bn Australian Unemployment Rate Set to Reach 11% by June Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 23:01 GBP GfK Consumer Confidence Mar -9 -15 -7 23:50 JPY Industrial Production M/M Feb P 0.40% 0.10% 1.00% 23:50 JPY Retail Trade Y/Y Feb 1.70% -1.20% -0.40% 23:30 JPY Unemployment Rate Feb 2.40% 2.40% 2.40% 0:00 NZD ANZ Business Confidence Mar -63.5 -19.4 0:30 AUD Private Sector Credit M/M Feb 0.40% 0.20% 0.30% 0.40% 1:00 CNY NBS Manufacturing PMI Mar 52 45 35.7 1:00 CNY NBS Non-Manufacturing PMI Mar 52.3 37.8 29.6 5:00 JPY Housing Starts Y/Y Feb -14.70% -10.10% 6:00 EUR Germany Import Price Index M/M Feb -0.30% -0.40% 6:00 GBP GDP Q/Q Q4 0% 0% 6:00 GBP Current Account (GBP) Q4 -7.0B -15.9B 6:30 CHF Real Retail Sales Y/Y Feb -0.70% -0.10% 6:45 EUR France Consumer Spending M/M Feb -0.70% -1.10% 7:55 EUR Germany Unemployment Change Mar 28K -10K 7:55 EUR Germany Unemployment Rate Mar 5.10% 5.00% 9:00 EUR Eurozone CPI Y/Y Mar P 0.80% 1.20% 9:00 EUR Eurozone CPI Core Y/Y Mar P 1.10% 1.20% 12:30 CAD GDP M/M Jan 0.20% 0.30% 12:30 CAD Raw Material Price Index Feb -0.80% -2.20% 12:30 CAD Industrial Product Price M/M Feb 0.10% -0.30% 13:00 USD S&P/CS Composite-20 HPI Y/Y Jan 3.20% 2.90% 13:45 USD Chicago PMI Mar 40 49 14:00 USD Consumer Confidence Mar 115.1 130.7

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