Action Insight Daily Report 3-5-20

Stocks Rebound on IMF Coronavirus Aid Package, Consolidation Continues

Action Insight Daily Report 3-5-20 Stocks Rebound on IMF Coronavirus Aid Package, Consolidation Continues Global stock markets rebounded again as consolidations continue in a wide range. This week's central bank rate cuts, plus IMF's USD 50B aid package, could have stabilized market sentiments for now. But the global spread of Wuhan coronavirus is still there, accelerating. It remains to be seen if cases in South Korea (5766) is beginning to top out while there is no sign of containment in Iran (2922). Situation in Europe is worrying, spreading fast among Italy (3089), France (285), Germany (262), Spain (228), Swiss (93), UK (87), Norway (59). In the currency markets, Australian Dollar is currently the strongest for the week, followed by Euro. Dollar and Canadian are the joint weakest. But there is no special change in technical outlook yet. 1.1239 key resistance in EUR/USD is yet to be broken to confirm medium term bottoming at 1.0777. A break of 1.1038 minor support could indicate rejection by the resistance and turn focus back to 1.0777 low. EUR/GBP is also held below 0.8786 resistance, without confirming bullish reversal. Break of 0.88594 minor support could indicate completion of recent corrective rebound. USD/CAD is staying in range below 1.3464 after yesterday's recovery. An upside break there is still awaited. In Asia, currently, Nikkei is up 0.75%. Hong Kong HSI is up 1.36%. China Shanghai SSE is up 1.61%. Singapore Strait Times is up 0.30%. Japan 10-year JGB yield is up 0.009 at -0.131. Overnight, DOW rose 4.53%. S&P 500 rose 4.22%. NASDAQ rose 3.85%. 10-year yield dropped -0.018 to 0.992. Full Report Here IMF: Global growth in 2020 will be lower than 2.9% Bullard: Fed positioned for a fairly large coronavirus outbreak already BoC cut interest rate by -50bps to 1.25%, coronavirus a material... 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 EUR/GBP Daily Outlook Daily Pivots: (S1) 0.8619; (P) 0.8682; (R1) 0.8714; More... A temporary top is formed at 0.8744 in EUR/GBP and intraday bias is turned neutral first. At this point, price actions from 0.8726 are viewed as a consolidation pattern. Larger outlook remains bearish with 0.8786 resistance intact. On the downside, break of 0.8594 minor support will turn bias back to the downside for retesting 0.8276 low. However, sustained break of 0.8786 will indicate near term bullishness for 61.8% retracement of 0.9324 to 0.8276 at 0.8924 next. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings FOMC to Make Three 0.25% Cuts by June USD/CHF Turns Bearish, Recovery Remains Capped Gold Feels The Burn As Stocks Jump On Biden's White House Race Bank Of Canada Delivers Bank of Canada Delivers A (Double) Coronavirus Cut BoC Follows Fed's Lead With 1/2 Percent Rate Cut GBP/USD at $1.28 on BoE Speculation Fundamental Analysis | Technical Analysis In-depth Reports FOMC to Make Three 0.25% Cuts by June Bank of Canada Delivers A (Double) Coronavirus Cut 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 0:30 AUD Trade Balance (AUD) Jan 5.21B 4.80B 5.22B 5.38B 12:30 USD Challenger Job Cuts Y/Y Jan 27.80% 13:30 USD Initial Jobless Claims (Feb 28) 216K 219K 13:30 USD Nonfarm Productivity Q4 1.40% 1.40% 13:30 USD Unit Labor Costs Q4 1.40% 1.40% 15:00 USD Factory Orders M/M Jan -0.30% 1.80% 15:30 USD Natural Gas Storage -143B

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