Action Insight Mid-Day Report 3-24-20

Markets Shrug Disastrous PMIs, Continue to Digest Recent Moves

Action Insight Mid-Day Report 3-24-20 Markets Shrug Disastrous PMIs, Continue to Digest Recent Moves PMI data released together generally showed a disastrous picture in the service sectors around the world, due to coronavirus pandemic and the measures to contain it. Nevertheless, these data are generally shrugged off as they're generally expected. Reactions would likely be muted too even if the data come in worse. Instead, global stocks are generally higher in reaction to Fed's QE infinity as announced yesterday. In the currency markets, Dollar remains the weakest one for today as of the time of writing. It's followed by Canadian Dollar and then Yen. On the other hand, Sterling is the strongest one, followed by Australian Dollar and then New Zealand Dollar. Yet, we'd like to emphasize that most pairs and crosses are seen as staying in consolidation only. There is no change in bullishness of Dollar and Yen, and bearishness of commodity currencies. Markets are just digesting recent wild moves for now. Indeed, rebounds in the stock markets are also just part of near term consolidations too. In Europe, currently, FTSE is up 4.18%. DAX is up 6.16%. CAC is up 4.40%. German 10-year yield is up 0.018 at -0.360. Earlier in Asia, Nikkei rose 7.13%. Hong Kong HSI rose 4.46%. China Shanghai SSE rose 2.34%. Singapore Strait Times rose 5.76%. Japan 10-year JGB yield dropped -0.0295 at 0.039. Full Report Here UK CBI industrial order expectations dropped to -29, unprecedented challenges due... UK PMI composite dropped to 37.1, a recession never seen in... Eurozone PMI composite dropped to 31.4, scope for downturn to intensify... Germany PMI composite dropped to 37.2, unprecedented collapse hints at steep... France PMI composite dropped to 30.2, GDP collapse rate approaching double... Gold in second leg of medium term consolidation with current rebound Australia CBA PMI composite dropped to 40.7, increasing impact of coronavirus Japan PMI composite dropped to 35.8, aggressive downturn led primarily by... Japan to strengthen monitoring of fraudulent market activities Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol Flash PMI Gives More Evidence that Japan has Entered Recession, Unlikely... RBNZ Announced QE to Tame Tightening Market Conditions CFTC Commitments of Traders – Traders Trimmed Bets on Commodities amidst... Central Bank Views | China Watch | Oil N' Gold | Special Topics USD/CHF Mid-Day Outlook Daily Pivots: (S1) 0.9789; (P) 0.9845; (R1) 0.9900; More... Intraday bias in USD/CHF remains neutral for the moment. Consolidation from 0.9901 might extend lower. But downside should be contained by 0.9649 support to bring another rally. As noted before, fall form 1.0237 should have completed at 0.9181. Above 0.9901 will target 1.0023 resistance and then 1.0237. However, firm break of 0.9649 will dampen immediate bullishness and bring deeper pull back. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings EUR/USD Breaks Near-Term Bearish Channel, Bulls Eye 1.10 Next? Europe's Economy in Freefall Markets Are Trying To Buy The Dips Of Quarantine USD Eases Slightly As Fed Pledges Endless QE EUR/USD Outlook: Euro Rises On Fresh Optimism, But More Evidence Required To Signal Reversal Fed Drops Hydrogen Bomb On Markets, Wounds Dollar WTI Futures Create Narrow Range In A Strong Sell-Off Period Risk Appetite Returns As Fed Goes Limitless…But For How Long? EURJPY Capped By Downtrend Line And 200-Day SMA GBPUSD Seems To Be Looking For Recovery After 35-Year Lows USDCAD Flirts With 20-SMA, Signaling Some Losses In Near Term Equities Rebound On Fed's Unlimited Asset Purchases Fundamental Analysis | Technical Analysis In-depth Reports Flash PMI Gives More Evidence that Japan has Entered Recession, Unlikely to be Rescued by Stimulus Australian Unemployment Rate Set to Reach 11% by June The Fed Goes Nuclear 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 The World Has Changed Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 22:00 AUD CBA Manufacturing PMI Mar P 50.1 50.2 22:00 AUD CBA Services PMI Mar P 39.8 49 0:30 JPY Manufacturing PMI Mar P 44.8 42.1 47.8 8:15 EUR France Manufacturing PMI Mar P 42.9 39.4 49.8 8:15 EUR France Services PMI Mar P 29 39.6 52.5 8:30 EUR Germany Manufacturing PMI Mar P 45.7 40.1 48 8:30 EUR Germany Services PMI Mar P 34.5 43 52.5 9:00 EUR Eurozone Manufacturing PMI Mar P 44.8 40.1 49.2 9:00 EUR Eurozone Services PMI Mar P 28.4 40 52.6 9:30 GBP Manufacturing PMI Mar P 48 45.1 51.7 9:30 GBP Services PMI Mar P 35.7 45 53.2 11:00 GBP CBI Industrial Order Expectations Mar -29 -38 -18 13:45 USD Manufacturing PMI Mar P 45.1 50.7 13:45 USD Services PMI Mar P 44.1 49.4 14:00 USD New Home Sales M/M Feb 750K 764K

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