Action Insight Mid-Day Report 3-12-20

ECB Coronavirus Response Yawned, Stock Market Crash Continues

Action Insight Mid-Day Report 3-12-20 ECB Coronavirus Response Yawned, Stock Market Crash Continues Global stock market crash continues today as total coronavirus cases are set to break 130k level very soon. Sentiments were rocked by US unilateral ban of European travellers, which also prompted EU condemnation. US stock futures hit limit down and stocks are set to follow other markets to open with a gap low. The highly anticipated ECB announcement was some what a disappointment and triggers little reactions. In the currency markets, massive sell-off is seen in Australian and New Zealand Dollar today, while Sterling is not far behind. Yen continues to rise on risk aversion but Dollar's strength is worth a note. AUD/USD breaks 0.6433 support to resume long term down trend. 2008 low at 0.6008 is a medium term target, but that could be hit rather soon. GBP/USD's break of 1.2725 support also indicates resumption of fall form 1.3514, towards 1.2552 near term fibonacci level next. EUR/USD, despite this week's retreat, is still holding above 1.1095 support and thus stays near term bullish. We'll see which way it's heading to. Regarding coronavirus pandemic, total cases reach 129,185, with 4749 deaths. Italy (12,462 cases, 827 deaths) and Iran (10,075 cases, 429 deaths) remain the two largest epicenter currently. South Korea is risking a second wave of outbreak, with 7869 cases and 66 deaths. Spain (2964 cases, 84 deaths), France (2281 cases, 48 deaths) and France (2120 cases, 4 deaths), are closely watched. US has so far reported 1,355 cases with 38 deaths. China, the original of this world wide pandemic, has a accumulated of 80796 cases and 3169 deaths. (A doctor in Wuhan has spoken out in an interview regarding how she was reprimanded back in December, that eventually lead to the current global spread. Here's a Guardian report for English readers.) In Europe, currently, FTSE is down -6.75%. DAX is down -7.35%. CAC is down -7.88%. German 10-year yield is up 0.001 at -0.741. Earlier in Asia, Nikkei dropped -4.41%. Hong Kong HSI dropped -3.66%. China Shanghai SSE dropped -1.52%. Singapore Strait Times dropped -3.77%. Japan 10-year JGB yield dropped -0.0061 to -0.069. Full Report Here ECB announces coronavirus response package without rate cut US initial jobless claims dropped to 211k, PPI slowed Eurozone industrial production rose 2.3% in Jan, above expectation of 1.2% Ifo: 56.2% of German companies negatively affected by coronavirus BoJ Kuroda pledges appropriate policy actions again after meeting PM Abe US bans travelers from Europe for 30 days, excluding goods Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol US Crude Oil Inventory Jumped amidst Price Selloff ECB Expected to Announce Stimulus Package Including Deposit Rate Cut Saudi's Oil War to Lead to Oversupply in 2Q20, Driving Away... Central Bank Views | China Watch | Oil N' Gold | Special Topics EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.1231; (P) 1.1299; (R1) 1.1340; More... EUR/USD's retreat from 1.1496 extends today but it's staying above 1.1095 support so far. Intraday bias remains neutral and another rise is in favor. On the upside, sustained break of 1.1496 will pave the way to next fibonacci level at 1.1876. However, firm break of 1.1096 will argue that whole rebound form 1.0777 has completed. Intraday bias will be turned back to the downside for retesting 1.0777 low. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Australian Government Announces Bold Fiscal Stimulus Package in Response to COVID-19 US 100 Index Continues Sharp Sell-Off Within Bearish Channel USDCNH Rallies Above 200-Day SMA, Neutral In Medium Term Stocks Tank As Trump Bans Flights From Europe, ECB May Disappoint Silver Looking Bearish Heading Towards 61.8% Fibonacci A Sword Cutting Through The Water GBPJPY Slips To Fresh 5-Month Low, Eyes On Key Support Region USDJPY Extends Selling Interest, Indicators Signal Further Weakness USDCAD Is Highly Bullish As New Buyers Are Waiting Fundamental Analysis | Technical Analysis In-depth Reports Growing Pandemic Fears Hit Crude Oil But Bulks Are More Robust U.K.: A Hitchhiker's Guide to Policy Coordination Dollar Crushed From Market Meltdown Over COVID-19, Can Fiscal Policy Come To The Rescue? Canada: Federal Government Releases Plan to Soften Coronavirus Blow 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 23:50 JPY PPI Y/Y Feb 0.80% 1.00% 1.70% 1.50% 00:00 AUD Consumer Inflation Expectations Mar 4.00% 4.00% 00:01 GBP RICS Housing Price Balance Feb 29% 20% 17% 18% 10:00 EUR Eurozone Industrial Production M/M Jan 2.30% 1.20% -2.10% -1.80% 12:30 USD PPI M/M Feb -0.60% -0.10% 0.50% 12:30 USD PPI Y/Y Feb 1.30% 1.90% 2.10% 12:30 USD PPI Core M/M Feb -0.30% 0.20% 0.50% 12:30 USD PPI Core Y/Y Feb 1.40% 1.70% 1.70% 12:30 USD Initial Jobless Claims (Mar 6) 211K 215K 216K 215K 12:45 EUR ECB Interest Rate Decision 0% 0% 0% 12:45 EUR ECB Deposit Rate Decision -0.50% -0.50% -0.50% 13:30 EUR ECB Press Conference 14:30 USD Natural Gas Storage -109B

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