Action Insight Mid-Day Report 3-13-20

Stocks Rebound on Profit Taking, Dollar Firm But Yen Retreats

Action Insight Mid-Day Report 3-13-20 Stocks Rebound on Profit Taking, Dollar Firm But Yen Retreats US stock markets are staging a notable rebound at open, following Europe. There are no special developments, except that coronavirus is hitting politicians and sports, as well as all major events. Total number of global cases hit 139,016, and it's unsure if it will break 140,000 level even before the end of the day. It's spreading quickly in Europe with more than 15,000 cases in Italy, 4,200 in Spain, 3100 in Germany, and 2800 in France. Switzerland break 1,000 to 1,135. So, the rebound in stocks is see as nothing more than pre-weekend short profit taking. In the currency markets, Yen and Swiss Franc are both paring much of this week's gains while commodity currencies recovery today. For, Dollar is the best performer for the week, followed by Yen. Australian Dollar is the worst one, followed by Sterling. Technically, we'll have to see if Dollar is really reversing recent fortune against Euro, Swiss and Yen. Levels to watch include 1.1095 support in EUR/USD, 0.9613 resistance in USD/CHF and 108.00 fibonacci resistance in USD/JPY. In US, currently, DOW is up 2.65%. S&P 500 is up 3.12%. NASDAQ is up 3.07%. 10-year yield is up 0.160 at 0.954. In Europe, FTSE is up 5.53%. DAX is up 5.11%. CAC is up 6.28%. German 10-year yield is up 0.161 at -0.583. Earlier in Asia, Nikkei dropped -6.08%. Hong Kong HSI dropped -1.14%. China Shanghai SSE dropped -1.23%. Singapore Strait Times dropped -1.67%. Japan 10-year JGB yield rose 0.0569 to -0.012. Full Report Here PBoC cut RRR to release CNY 550B liquidity German Altmaier supports pharmaceuticals companies to rebuild their productions in Europe ECB Lane: Interest rate cut is less relevant in the context... New Zealand manufacturing index rose to 53.2 before coronavirus impacts 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 USD/CHF Mid-Day Outlook Daily Pivots: (S1) 0.9329; (P) 0.9441; (R1) 0.9559; More... USD/CHF's rebound form 0.9181 is still in progress, but we'd still expect strong resistance from 0.9613, and 61.8% retracement of 0.9484 to 0.9181 at 0.9593 to limit upside. Break of 0.9321 minor support will turn bias to the downside to bring retest of 0.9181 low. Break will resume larger down trend from 1.0237. However, sustained break of 0.9613 will indicate bullish reversal and target 0.9484 resistance and above. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings USD Benefits From Market's Panic Mode AUD/USD Outlook: Bears Take A Breather After RBA's Intervention But Risk Remains At The Downside US 30 Stock Index Rebounds From 3-Year Low, Looks Oversold After Recent Sell-Off GBPNOK Cautiously Positive As Sellers Attempt A Correction King Dollar Reclaims Throne, Stocks Disintegrate Despite Fed Bazooka AUDJPY May Keep Ranging Above 11-Year Lows, Trend Signals Negative GBP/USD Outlook: Bears Are Pausing Above Key Fibo Support But Outlook Remains Negative Below 200DMA USDCAD Retreats Below 4-Year High, Indicators Suggest Pullback Market Chaos Intensifies As Coronavirus Spreads Economic Gloom 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 21:30 NZD Business NZ PMI Feb 53.2 49.6 49.8 21:45 NZD Food Price Index M/M Feb 0.00% 0.20% 2.10% 04:30 JPY Tertiary Industry Index M/M Jan 0.80% 0.20% -0.20% -0.30% 07:00 EUR GermanyCPI M/M Feb F 0.40% 0.40% 0.40% 07:00 EUR Germany CPI Y/Y Feb F 1.70% 1.70% 1.70% 07:45 EUR France CPI (EU norm) M/M Feb F 0% 0% 0% 07:45 EUR France CPI (EU norm) Y/Y Feb F 1.60% 1.60% 1.60% 12:30 USD Import Price Index M/M Feb -0.50% -1.00% 0% 15:00 USD Michigan Consumer Sentiment Index Mar P 97 101

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