Action Insight Mid-Day Report 3-25-20

Markets Turned Mixed after Stimulus Rally, Dollar Staying in Consolidations

Action Insight Mid-Day Report 3-25-20 Markets Turned Mixed after Stimulus Rally, Dollar Staying in Consolidations The stimulus deal in US Congress gave markets just a very brief lift. European indices turned mixed after initial rally while US futures are essentially flat. Trading in the currency markets is subdued too with Australian Dollar leading commodity currencies higher. Yen, Swiss Franc and Dollar remain soft. Gold appears to be losing some upside momentum after hitting 1639.28. WTI crude oil is staying in tight range around 24/25 handle. Economic data continues to be ignored as focus remains on coronavirus pandemic, which death toll is set to break 20k handle soon. Technically, we'd maintain that Dollar's pull back this week is merely a correction. There is no development that threatens near term up trend. Indeed, there is prospect of ending the correction soon, as both GBP/USD and AUD/USD touched 4 hour 55 EMAs already. There's no change in Dollar's bullish outlook as long as 1.0981 resistance in EUR/USD, 1.2129 resistance in GBP/USD, 0.9901 support in USD/CHF hold. In Europe, currently, FTSE is up 0.20%. DAX is down -1.62%. CAC is down -0.04%. German 10-year yield is up 0.027 at -0.297. Earlier in Asia, Nikkei rose 8.04%. Hong Kong HSI rose 3.81%. China Shanghai SSE rose 2.17%. Singapore Strait Times rose 6.07%. Japan 10-year JGB yield dropped -0.0015 to 0.038. Full Report Here US durable goods orders rose 1.2%, but ex-transport orders dropped -0.6% German Ifo collapsed to 86.1, steepest decline since reunification UK CPI slowed to 1.7%, core CPI rose to 1.7% Senate reached stimulus deal, DOW in recovery towards 22551 AmCham China: 22% US companies resumed normal operations in China BoJ opinions: Impact of coronavirus could be significant and not just... 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 GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.1583; (P) 1.1692; (R1) 1.1877; More... No change in GBP/USD's outlook as consolidation form 1.1409 is still extending. Stronger recovery cannot be ruled out. But upside should be limited by 1.2129 minor resistance to bring fall resumption. On the downside, break of 1.1409 will resume larger down trend. However, firm break of 1.2129 will dampen immediate bearish case and bring stronger rebound. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings EURUSD Recovery Halted by Downtrend Line EUR/USD Outlook: Recovery Needs Close Above Pivotal Fibo Barrier To Signal Reversal Stocks Roar Back As Congress Reaches Deal On Rescue Package Feast During The Plague: Markets Soared Without Waiting For Signs Of Improvement GBP/USD Outlook: Cable Extends Advance On Fresh Risk Appetite, Tuesday's Bullish Engulfing Underpins EURGBP Retreats From 11-Year High, Tests Crucial Support Area Equities Doped With Unprecedented Fiscal, Monetary Stimuli US Stimulus Provides Temporary Relief $2 Trillion US Economic Rescue Package Offers Comfort To Global Equities GBP/USD Outlook: A Short Term Contracting Triangle Is Forming With Resistance Near 1.1830 Fundamental Analysis | Technical Analysis In-depth Reports Canada's Economy Enters Uncharted Waters Macro US: Sharp GDP Contraction But We Still Expect A Rebound In H2 Eurozone Economy Approaching the Growth Cliff Australia: Federal Budget to Be Hit By COVID–19 Recession – Increase in Bond Supply of $250bn Why the Fed's Currency Swaps May Not Calm the Dollar Funding Stress Europe's Economy in Freefall 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 Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 21:45 NZD Trade Balance (NZD) Feb 594M 550M -340M -414M 07:00 GBP CPI M/M Feb 0.40% 0.30% -0.30% 07:00 GBP CPI Y/Y Feb 1.70% 1.70% 1.80% 07:00 GBP Core CPI Y/Y Feb 1.70% 1.50% 1.60% 07:00 GBP RPI M/M Feb 0.50% 0.60% -0.40% 07:00 GBP RPI Y/Y Feb 2.50% 2.40% 2.70% 07:00 GBP PPI Input M/M Feb -1.20% 0.20% 0.90% 07:00 GBP PPI Input Y/Y Feb -0.50% 3.60% 2.10% 1.60% 07:00 GBP PPI Output M/M Feb -0.30% 0.00% 0.30% 07:00 GBP PPI Output Y/Y Feb 0.40% 1.40% 1.10% 1.00% 07:00 GBP PPI Core Output M/M Feb -0.10% 0.20% 0.10% 07:00 GBP PPI Core Output Y/Y Feb 0.40% 0.60% 0.70% 0.20% 09:00 EUR Germany IFO Business Climate Mar 86.1 87.7 87.7 09:00 EUR Germany IFO Current Assessment Mar 93 93.7 93.8 09:00 EUR Germany IFO Expectations Mar 79.7 82 82 09:30 GBP DCLG House Price Index Y/Y Jan 1.30% 2.40% 2.20% 11:00 GBP CBI Realized Sales Mar -3 -15 1 12:30 USD Durable Goods Orders Feb 1.20% -0.90% -0.20% 12:30 USD Durable Goods Orders ex Trans Feb -0.60% -0.20% 0.80% 13:00 USD Housing Price Index M/M Jan 0.30% 0.30% 0.60% 14:00 CHF SNB Quarterly Bulletin Q1 14:30 USD Crude Oil Inventories 2.9M 2.0M

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