Action Insight Mid-Day Report 3-10-20

Stocks in Recovery as Markets Await Trump's Coronavirus Package, Dollar Firmer

Action Insight Mid-Day Report 3-10-20 Stocks in Recovery as Markets Await Trump's Coronavirus Package, Dollar Firmer Global stocks are staging a recovery today after yesterday's crash. In the currency markets, Canadian and Dollar are currently the strongest ones for today. Yen and Sterling are the weakest. Governments are preparing or announcing special coronavirus relief packages. EU leaders will also have a video conference today to discuss coordinated responses. ECB President Christine Lagarde will also join the call, just in time for the monetary policy decision on Thursday. But for today, most eyes are on the US as President Donald Trump is set to unveil his measures today, which include payroll tax cuts. markets could turn back into risk off mode if Trump disappoints. Global cases of the Wuhan coronavirus breaks 116k level today, with 4089 deaths. Numbers in China, the origin of the global outbreak, are plateauing at 80761, 3136 deaths. Similarly, South Korea dropped to number four with 7513 cases, 54 deaths. Italy is now number two with 9172 cases, 463 deaths, as the whole country is in lockdown. Iran surge to 8042, with 291 deaths. Spain (1512 cases, 35 deaths), France (1412 cases, 30 deaths) and Germany (1281 cases, 2 deaths are slowing. US, which surges past Japan, is now having 729 cases and 27 deaths. It seems just a matter of time when US number breaks 1000. In Europe, currently, FTSE is up 2.39%. DAX is up 1.68%. CAC is up 1.91%. Germany 10-year bund yield is up 0.119 at -0.738. Earlier in Asia, Nikkei rose 0.85%. Hong Kong HSI rose 1.41%. China Shanghai SSE rose 1.82%. Singapore Strait Times rose 1.80%. Japan 10-year JGB yield rose 0.1019 to -0.041. Full Report Here Japan announces JPY 430B coronavirus relief package Eurozone GDP grew 0.1% in Q4, unrevised from prior estimate BoJ Kuroda: Markets are making very unstable moves Australian PM Morrison: Coronavirus impact could be larger than global financial... Australia NAB business confidence dropped to -4, further deterioration likely Trump pledges dramatic actions after DOW dropped -2013pts Entire Italy in lockdown as coronavirus cases surged to 9172, 463... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol ECB Expected to Announce Stimulus Package Including Deposit Rate Cut Saudi's Oil War to Lead to Oversupply in 2Q20, Driving Away... CFTC Commitments of Traders – Crude Oil Prices Slumped as OPEC+... Central Bank Views | China Watch | Oil N' Gold | Special Topics USD/JPY Mid-Day Outlook Daily Pivots: (S1) 100.88; (P) 102.74; (R1) 104.29; More.. Intraday bias in USD/JPY remains neutral for consolidation above 101.18 temporary low. Upside should be limited by 38.2% retracement of 112.22 to 101.18 at 105.39. On the downside, break of 101.18 will resume larger down rend to next key support level at 98.97. Though, firm break of 105.39 will bring stronger rebound to 61.8% retracement at 108.00. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings GBPAUD Posts Bullish Spike At 4-Year High USD Strengthens On Hopes For Fiscal Stimulus Markets Calm Down After The Cataclysm, But For How Long? EURJPY Recovers Losses But Negative Signals Still Present GBPUSD Retreats After Climbing To 1.3200, Still In Bearish Channel Equities, Futures Bounce Higher As Trump Steps In Oil Plunge: Lower Inflation, But Also Inflation Expectations? ECB Preview Update: Scale-Up Of QE To Address The Credit Element Fundamental Analysis | Technical Analysis In-depth Reports Fed Monitor: Going To 0% Saudi's Oil War to Lead to Oversupply in 2Q20, Driving Away High-Cost Producers Assessing Global Economic Risks as COVID-19 Spreads How Much Will Global Economic Data Deteriorate? Using South Korea as a Leading Indicator FOMC to Make Three 0.25% Cuts by June Fed Monitor: We Expect Easing of a Further 50bp During the Spring Bank of Canada Delivers A (Double) Coronavirus Cut Change Of OCR Call: RBNZ To Cut 25Bp In March Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 21:45 NZD Manufacturing Sales Q4 2.40% -0.30% 23:50 JPY Money Supply M2+CD Y/Y Feb 3.00% 2.80% 2.80% 0:01 GBP BRC Retail Sales Monitor Y/Y Feb -0.40% -0.20% 0.00% 0:30 AUD NAB Business Confidence Feb -4 -1 0:30 AUD NAB Business Conditions Feb 0 3 1:30 CNY CPI Y/Y Feb 5.20% 4.90% 5.40% 1:30 CNY PPI Y/Y Feb -0.40% 0.10% 0.10% 6:00 JPY Machine Tool Orders Y/Y Feb P -30.10% -35.60% 6:30 EUR France Nonfarm Payrolls Q/Q Q4 F 0.50% 0.20% 0.20% 7:45 EUR France Industrial Output M/M Jan 1.20% 1.60% -2.80% -2.50% 9:00 EUR Italy Industrial Output M/M Jan 3.70% -2.70% 10:00 EUR Eurozone GDP Q/Q Q4 0.10% 0.10% 0.10% 10:00 EUR Eurozone Employment Change Q/Q Q4 F 0.30% 0.30% 0.30% 0.20% 10:00 USD NFIB Business Optimism Index Feb 104.5 104.5 104.3

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