Action Insight Mid-Day Report 3-11-20

UK Delivers Coordinated Coronavirus Relief, with Fiscal Package and BoE Cut, Sterling Unmoved

Action Insight Mid-Day Report 3-11-20 UK Delivers Coordinated Coronavirus Relief, with Fiscal Package and BoE Cut, Sterling Unmoved UK is at the center of focus today as BoE announced an emergency rate cut, followed by massive coronavirus relief package from the government. Yet the Pound is relatively unmoved. Stock markets also show no optimism as the outbreak continues to worsen. After initial gains, all major European indices reversed, accompanied by sharp decline in DOW futures. Back on currencies, Yen remains the strongest one for the week, followed by Euro and Swiss Franc. Canadian dollar remains the weakest one, followed by Australian. Global coronavirus cases break 120k level to 121,355, with 4,380 deaths. Iran's number surged to 9,000 and would likely follow Italy (10,149) to break 10k level soon. Spain's number surge through 2k level to 2,115, followed by France (1784) and Germany (1,622). Switzerland (652), Norway (436), Sweden (436), UK (383), Netherlands (382), Denmark (340) and Belgium (314) might be catching up. In Asia, South Korea's number jumped again by 242 to 7755 due to a call center infection. Other than Japan (587), outbreak in Asia is relatively limited. There are 1016 cases reported in the USA. Lastly, let's not forget that the outbreak originated in China, now with 80,877 cases, and 3,158 deaths. In Europe, currently, FTSE is down -0.17%. DAX is up 0.07%. CAC is up 0.23%. German 10-year yield is up 0.0227 at -0.770. Earlier in Asia, Nikkei dropped -2.27%. Hong Kong HSI dropped -0.63%. China Shanghai SSE dropped -0.94%. Singapore Strait Times dropped -1.72%. Japan 10-year JGB yield dropped -0.0212 to -0.063. Full Report Here UK Sunak delivers GBP 30B coronavirus relief package US CPI slowed to 2.3%, but core CPI picked up to... BoE Carney: It's a big package to bridge across economic disruption UK GDP stagnated in January, production contracted Sterling mildly lower after BoE's -50bps emergency rate cut, no follow... Economists downgrade Singapore 2020 growth forecasts from 1.5% to 0.6% Australia consumer sentiment dropped 5-yr low, spectacular drop in economic expectations RBA Debelle: Too uncertain to assess coronavirus impacts beyond Q1 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 GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.2817; (P) 1.2971; (R1) 1.3060; More... GBP/USD edged lower to 1.2827 today but quickly recovered. Intraday bias remains neutral for the moment. Prior rejection by 1.3209 resistance argues that corrective fall from 1.3514 might not be over yet. Break of 1.2725 will target 61.8% retracement of 1.1958 to 1.3514 at 1.2552. On the upside, though, break of 1.3209 will confirm completion of the correction from 1.3514 and bring retest of this high. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Oil Prices Pickup On Potential US Stimulus Plans UK 100 Index Hovers Near Four-Year Low, May Resume Positive Momentum EURAUD Declines Following The Surge To 11-Year Peak Of 1.8200 Pound Shrugs Off Emergency BoE Rate Cut GBP/USD Outlook: The Pair Broke 1.3050 To Enter A Bearish Zone GBP/USD Resilient Post Rate Cut, Budget Next Pound Slips On Surprise BoE Cut. Equities Swing On Trump Disappointment Stock Markets On Slippery Slope AUDUSD Calms Down After Plunging To 11-Year Low Fundamental Analysis | Technical Analysis In-depth Reports Italy's Corona Crisis Implications For The Italian Economy, BTPs And Europe 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 Fed Monitor: Going To 0% FOMC to Make Three 0.25% Cuts by June Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 23:30 AUD Westpac Consumer Confidence Mar -3.80% 2.30% 07:00 GBP BoE Rate Decision 0.25% 0.75% 07:00 GBP Asset Purchase Facility 435B 435B 07:00 GBP MPC Official Bank Rate Votes 0--9--0 0--2--7 07:00 GBP MPC Asset Purchase Facility Votes 0--0--9 0--0--9 09:30 GBP GDP M/M Jan 0.00% 0.20% 0.30% 09:30 GBP Index of Services 3M/3M Jan 0.00% 0.00% 0.10% 09:30 GBP Industrial Production M/M Jan -0.10% 0.40% 0.10% 09:30 GBP Industrial Production Y/Y Jan -2.90% -2.30% -1.80% 09:30 GBP Manufacturing Production M/M Jan 0.20% 0.40% 0.30% 09:30 GBP Manufacturing Production Y/Y Jan -3.60% -3.30% -2.50% 09:30 GBP Goods Trade Balance (GBP) Jan -3.7B -7.5B 0.8B -1.4B 12:30 USD CPI M/M Feb 0.10% 0.00% 0.10% 12:30 USD CPI Y/Y Feb 2.30% 2.30% 2.50% 12:30 USD CPI Core M/M Feb 0.20% 0.20% 0.20% 12:30 USD CPI Core Y/Y Feb 2.40% 2.30% 2.30% 12:30 CAD Capacity Utilization Q4 81.20% 81.50% 81.70% 81.50% 13:00 GBP NIESR GDP Estimate Feb 0.00% 14:30 USD Crude Oil Inventories 2.0M 0.8M

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