Action Insight Mid-Day Report 3-23-20

Sentiments Take a U-Turn as Fed Goes QE Unlimited

Action Insight Mid-Day Report 3-23-20 Sentiments Take a U-Turn as Fed Goes QE Unlimited Market sentiments take a u-turn today after Fed surprised the markets with another emergency announce. Now, the targets for asset purchases are removed and Fed is going into QE unlimited. US futures turned from limit down to positive while major European indices pared back much of earlier losses. The reaction in the forex markets is very muted, however. Major pairs and crosses are generally staying inside Friday's range. Euro is currently the relatively strongest one, followed by Yen and Swiss Franc. Canadian Dollar is the weaker one, followed by New Zealand Dollar and Dollar. Technically, EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD and USD/CAD are all staying in near term consolidations, which will likely extend for a while. Similar picture is seen in Yen crosses too. In Europe, currently, FTSE is down -1.38%. DAX is down -0.56%. CAC is down -0.57%. German 10-year yield is down -0.0522 at -0.373. Earlier in Asia, Nikkei rose 2.02%. Hong Kong HSI dropped -4.86%. China Shanghai SSE dropped -3.11%. Singapore Strait Times dropped -7.35%. Japan 10-year JGB yield dropped -0.0218 to 0.069. Full Report Here Fed removes QE limits, launches new program to support businesses Bundesbank: Slide into a pronounced recession could not be prevented Ifo: Coronavirus to cost Germany EUR 255B to EUR 728B Fed Bullard: Unemployment rate might jump to 30% in Q2 due... ECB Schnabel: None of our tools used to its full extent South Korea reports lowest new coronavirus cases since peak Australia enters lockdown as coronavirus cases surge RBNZ starts NSD 30B QE, financial taps turned on, country goes... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol RBNZ Announced QE to Tame Tightening Market Conditions CFTC Commitments of Traders – Bets on Major Currencies Reduced as... CFTC Commitments of Traders – Traders Trimmed Bets on Commodities amidst... Central Bank Views | China Watch | Oil N' Gold | Special Topics EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.0612; (P) 1.0722; (R1) 1.0805; More... Intraday bias in EUR/USD remains neutral for consolidation above 1.0635 temporary low. Stronger recovery cannot be ruled out but upside should be limited by 1.0981 resistance to bring fall resumption. on the downside, break of 1.0635 will extend larger down trend for 1.0397 projection target next. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Fed Goes All In Pain Just Beginning for Emerging Markets, Still No Light at End of Tunnel Elsewhere Gold Price Outlook: There Is A Major Bearish Trend Line With Resistance Near $1,500 On H1 AUDUSD Slips Marginally Below 20-Period SMA And 23.6% Fibonacci Stocks Slammed As Congress Plays Politics Gold Finds Some Footing To Keep The Sell-Off At Bay EURUSD Re-Activates Bearish Structure In Short- And Medium-Term USDJPY Develops In Upward Sloping Channel In Short Term Coronavirus Impact: Markets In Europe Increase Whilst US Continues Decline Just Another Manic Monday Eurozone PMIs Expected To Plummet, But ECB Likely Done For Now Fundamental Analysis | Technical Analysis In-depth Reports The Canadian Dollar Down in LockStep With World Oil Prices The Big Picture: Global Fiscal and Monetary Responses to COVID-19 COVID-19's Threat to Canada's Vulnerable Workers The Corona Crisis: A Global Recession But Not for Long Is the Federal Reserve Out of Ammunition? The World Has Changed Economic Calendar GMT Ccy Events Actual Forecast Previous Revised EUR German Buba Monthly Report 12:30 CAD Wholesale Sales M/M Jan 1.80% 0.50% 0.90% 15:00 EUR Eurozone Consumer Confidence Mar P -14 -7

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