Action Insight Mid-Day Report 3-17-20

Dollar Surges as Focus Turns from Stock to Currency Markets

Action Insight Mid-Day Report 3-17-20 Dollar Surges as Focus Turns from Stock to Currency Markets Focus somewhat turns from stock markets to currencies today. Major global indices are staying in rather tight range today, based on recent volatility. Fiscal and monetary measures from major central banks and governments are providing little support to sentiments, as coronavirus pandemic continues to worsen. Dollar jumps broadly today, followed by Canadian and then Yen. Australian is suffering steep selling, breaking 0.6 handle against the greenback. European majors are the next weakest. Technically, EUR/USD's break of 1.1055 temporary low suggests resumption of fall from 1.1496. Further decline should be seen to retest 1.0777 low. USD/CHF is pressing 0.9613 support turned resistance and break will add to the case of bullish reversal. GBP/USD is also heading to retest 1.1958 low. AUD/USD's selloff could further accelerate to next projection level at 0.5716 if current 0.6008 (2008 low) is firmly taken out. In other markets, DOW open mildly high, trading up around 100 pts. In Europe, FTSE is down -0.64%. DAX is down -0.66%. CAC is is down -0.25%. German 10-year yield is up 0.047 to -0.413. Earlier in Asia, Nikkei rose 0.06%. Hong Kong HSI rose 0.87%. China Shanghai SSE dropped to -0.34%. Singapore Strait Times dropped -1.65%. Japan 10-year JGB yield dropped -0.0035 to 0.007. Full Report Here US retail sales dropped -0.5% mom, ex-auto sales dropped -0.4% mom German ZEW dropped -58.2 pts to -49.5, largest fall on record UK OBR: Coronavirus is like a wartime situation UK unemployment rate edged higher to 3.9%, wage growth mixed RBA: Significant coronavirus effect on economy the more realistic scenario New Zealand launches NZD 12.1B fiscal stimulus to cushion coronavirus impacts BCC downgrades UK 2020 growth forecast to 0.8% on coronavirus impacts Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol China's February Data Slumped, Showing First Sign of Coronavirus Impacts Fed and RBNZ Announce Emergency Cuts, BOJ to Follow? CFTC Commitments of Traders – Safe Havens Shone amidst Risk Aversion Central Bank Views | China Watch | Oil N' Gold | Special Topics AUD/USD Mid-Day Report Daily Pivots: (S1) 0.6030; (P) 0.6168; (R1) 0.6258; More... AUD/USD's fall extends to as low as 0.5981 so far today and breaches 0.6008 key support. We'd be cautious on recovery from this level. On the upside, break of 0.6186 minor resistance will turn bias back to the upside for rebound. However, sustained break of 0.6008 will pave the way to 161.8% projection of 0.7031 to 0.6433 from 0.6684 at 0.5716. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Canada: Auto Closure Weighed on Manufacturing; Virus Impact Still to Come US: Retail Sales Weak in February ahead of COVID-19 Impact EURAUD Rollercoaster Continues to Fresh 11-Year Peak; Next Level 1.86 Stocks Try to Rebound on Fiscal Hopes, Dollar Higher on Liquidity Concerns AUD/USD Outlook: Aussie Trades Below 0.60 Level For The First Time Since 2003 WTI Oil Futures Cautiously Bearish Ahead Of Multi-Year Low Stocks Steadier After Crashing Again, Dollar Also Firmer Gold Spirals Into 7th Day Of Losses When Will The Markets Return To Growth? Here Is The Answer Darkening Economic Outlook Grips Global Sentiment US 500 Index Heavily Negative After Fiscal Stimulus Ideas, Nears 2018 Low Fundamental Analysis | Technical Analysis In-depth Reports The Corona Crisis: A Global Recession But Not for Long The Fed Announces a Barrage of Policy Changes The World Has Changed Oil Wars During a Pandemic: It Could Get Messy – Special Report Growing Pandemic Fears Hit Crude Oil But Bulks Are More Robust U.K.: A Hitchhiker's Guide to Policy Coordination Italy's Corona Crisis Implications For The Italian Economy, BTPs And Europe How Much Will Global Economic Data Deteriorate? Using South Korea as a Leading Indicator Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 00:30 AUD House Price Index Q/Q Q4 3.90% 3.90% 2.40% 00:30 AUD RBA Minutes 04:30 JPY Industrial Production M/M Jan F 1.00% 0.80% 0.80% 06:45 CHF SECO Economic Forecasts 09:30 GBP Claimant Count Change Feb 17.3K 6.2K 5.5K -0.2K 09:30 GBP Claimant Count Rate Feb 3.50% 3.40% 09:30 GBP ILO Unemployment Rate (3M) Jan 3.90% 3.80% 3.80% 09:30 GBP Average Earnings Excluding Bonus 3M/Y Jan 3.10% 3.30% 3.20% 09:30 GBP Average Earnings Including Bonus 3M/Y Jan 3.10% 3.00% 2.90% 10:00 EUR Germany ZEW Economic Sentiment Mar -49.5 -23.4 8.7 10:00 EUR Germany ZEW Current Situation Mar -43.1 -25 -15.7 10:00 EUR Eurozone ZEW Economic Sentiment Mar -49.5 35.4 10.4 12:30 CAD Manufacturing Sales M/M Jan -0.20% -0.60% -0.70% 12:30 CAD Foreign Securities Purchases (CAD) Jan 17.0B -12.78B -9.57B 12:30 USD Retail Sales M/M Feb -0.50% 0.20% 0.30% 0.60% 12:30 USD Retail Sales ex Autos M/M Feb -0.40% 0.30% 0.30% 0.60% 13:15 USD Industrial Production M/M Feb 0.60% 0.40% -0.30% -0.50% 13:15 USD Capacity Utilization Feb 77.00% 77.00% 76.80% 76.60% 14:00 USD Business Inventories Jan 0.00% 0.10% 14:00 USD NAHB Housing Market Index Mar 74 74

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