Action Insight Daily Report 3-4-20

Investors Unmoved by Fed's Emergency Rate Cut, Wuhan Coronavirus Continues to Spread

Action Insight Daily Report 3-4-20 Investors Unmoved by Fed's Emergency Rate Cut, Wuhan Coronavirus Continues to Spread The financial markets are generally steady today. Fed's emergency -50bps rate cut provided no apparent boost to investor confidence. Instead, US stocks ended sharply lower again as traders are worried about worsening global outbreak of Wuhan coronavirus. Asian markets are mixed too. Major forex pairs and crosses are bounded inside yesterday's range for now. Australian Dollar is currently the strongest one for the week, followed by Euro. Sterling is the weakest, followed by Dollar. Technically, there is no particular change in outlook. EUR/USD edged higher but still struggles to break through 1.1239 key resistance. Decisive break there will indicate medium term bottoming at 1.0777 and turn outlook bullish. Nevertheless, break of 1.1038 will retain near term bearishness and turn bias to the downside. 0.6433 might be a short term bottom in AUD/USD. But for now, we'd expect strong resistance from 0.6662 support turned resistance to limit upside to bring fall resumption. In Asia, Nikkei closed up 0.08%. Hong Kong HSI is down -0.26%. China Shanghai SSE is up 0.32%. Singapore Strait Times is up 0.08%. Japan 10-year JGB yield is down -0.0276 at -0.139. Overnight, DOW dropped -785.91 pts, or -2.94%. S&P 500 dropped -2.81%. NASDAQ dropped -2.99%. 10-year yield dropped to new record low at 0.908, before closing at 1.010, down -0.078. Full Report Here China Caixin PMI services dropped to 26.5, necessary to pay attention... Australia GDP grew 0.5% in Q4, remains below long run average DOW dropped 758.9, 10-yr yield broke 1% despite Fed's rate cut Fed Powell: Risks to US outlook have changed materially because of... Gold rebounds after after Fed cut, heading back to retest 1689... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol Fed's Emergency Cut Reveals the Lack of Tools to Deal with... RBA Cut Rate to 0.5%, Being the First Central Bank to... China's PMIs Dived in February, Just First Glimpse of the Disastrous... Central Bank Views | China Watch | Oil N' Gold | Special Topics USD/JPY Daily Outlook Daily Pivots: (S1) 106.52; (P) 107.53; (R1) 108.11; More.. USD/JPY's fall resumed after brief consolidation and hits as low as 106.48 so far. Intraday bias is back on the downside. As noted before, whole rise form 104.45 has completed after rejection by 112.40 resistance. Fall from 112.22 should target a test on 104.45 low. On the upside, above 108.57 minor resistance will turn bias neutral and bring consolidations, before staging another fall. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings The Coronavirus Crisis: U-Shaped Rather Than L-Shaped Global Recovery Euro Rallies Vs USD And GBP, Dollar Under Pressure After Fed Rate Cut Bank Of Canada Is Up Next G7 Uneventful, Fed Is All About Fireworks Fed Monitor: We Expect Easing of a Further 50bp During the Spring Fed Takes Extraordinary Action in Response to Coronavirus Fears FOMC Makes Intra-Meeting 50 Basis Point Cut on COVID-19 Concerns Fundamental Analysis | Technical Analysis In-depth Reports Fed Monitor: We Expect Easing of a Further 50bp During the Spring RBA Cut Rate to 0.5%, Being the First Central Bank to Ease Due to Coronavirus Update on COVID-19 Impacts on the Economic Outlook China's PMIs Dived in February, Just First Glimpse of the Disastrous Impact of Coronavirus Outbreak Update on Coronavirus and Global Central Bank Outlook Change Of OCR Call: RBNZ To Cut 25Bp In March Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 21:30 AUD AiG Performance of Construction Index Feb 42.7 41.3 21:45 NZD Building Permits M/M Jan -2.00% 9.90% 9.80% 00:00 NZD ANZ Commodity Price Feb -2.10% -0.90% 00:30 AUD GDP Q/Q Q4 0.50% 0.40% 0.40% 0.60% 01:45 CNY Caixin Services PMI Feb 26.5 48 51.8 07:00 EUR Germany Retail Sales M/M Jan 0.90% -3.30% 07:30 CHF CPI M/M Feb 0.30% -0.20% 07:30 CHF CPI Y/Y Feb 0.00% 0.20% 08:45 EUR Italy Services PMI Feb 51.5 51.4 08:50 EUR France Services PMI Feb F 52.6 52.6 08:55 EUR Germany Services PMI Feb F 53.3 53.3 09:00 EUR Eurozone Services PMI Feb F 52.8 52.8 09:30 GBP Services PMI Feb F 53.3 53.3 10:00 EUR Eurozone Retail Sales M/M Jan 0.60% -1.60% 13:15 USD ADP Employment Change Feb 191K 291K 13:30 CAD Labor Productivity Q/Q Q4 0.20% 0.20% 14:45 USD Services PMI Feb F 49.4 49.4 15:00 USD ISM Non-Manufacturing PMI Feb 55.5 55.5 15:00 CAD BoC Interest Rate Decision 1.25% 1.75% 15:30 USD Crude Oil Inventories 2.8M 0.5M 16:15 CAD BoC Press Conference 19:00 USD Fed's Beige Book

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