Action Insight Mid-Day Report 3-27-20

Markets in Profit Taking, Yen and Dollar Recovering Grounds

Action Insight Mid-Day Report 3-27-20 Markets in Profit Taking, Yen and Dollar Recovering Grounds European stocks and US futures turn softer today, apparently on pre-weekend profit taking again. FTSE is additionally pressured, possibly as Prime Minister Boris Johnson was tested positive for coronavirus. In the currency markets, Yen regains some ground together with Swiss Franc and Dollar. Commodity currencies are mildly lower. However, for the whole week, Dollar remains the worst performing one while Sterling is the best. Technically, while Dollar is recovering, some resistance levels are needed to be taken out to confirm completion of pull back. Those levels include 1.0888 support in EUR/USD, 1.1933 support in GBP/USD, 0.5870 support in AUD/USD and 0.9718 resistance in USD/CHF. Ideally, if the greenback is to have a comeback, 1588 support in Gold should be taken out too. In Europe, currently, FTSE is down -5.63%. DAX is down -3.90%. CAC is down -4.55%. German 10-year yield is down -0.1052 at -0.471. Earlier in Asia, Nikkei rose 3.88%. Hong Kong HSI rose 0.56%. China Shanghai SSE rose 0.26%. Singapore Strait Times rose 1.66%. Japan 10-year JGB yield closed flat at 0.010. Full Report Here BoC cuts overnight rate to 0.25%, starts government securities purchases Fed Kaplan: Economy to have substantial contraction in Q2, unemployment to... Italy: We're haven't reached peak of coronavirus yet US personal income rose 0.6%, spending rose 0.3% UK PM Johnson tested positive for coronavirus, in self-isolation EU divided on using coronabonds to fight the pandemic crisis US coronavirus cases surged pass China, DOW snapped strongest 3-day gains... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol Global Central Banks Rushed to Stimulus Amidst Limited Monetary Policy Tools Flash PMI Gives More Evidence that Japan has Entered Recession, Unlikely... RBNZ Announced QE to Tame Tightening Market Conditions Central Bank Views | China Watch | Oil N' Gold | Special Topics USD/CHF Mid-Day Outlook Daily Pivots: (S1) 0.9565; (P) 0.9671; (R1) 0.9738; More... Intraday bias in USD/CHF remains on the downside as pull back from 0.9901 is still in progress. Deeper fall could be seen to 61.8% retracement of 0.9181 to 0.9901 at 0.9456. Sustained break there will target a test on 0.9181/6 key support holds. Nevertheless, break of 0.9718 will indicate completion of the pull back. Intraday bias will be turned back to the upside for 0.9901 next. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings EURCAD Undecided after Pullback from 2-Year High US 30 Stock Index Death Cross Completed Due To Aggressive Sell-Off EUR/USD Outlook: Euro Is Consolidating Between Daily Cloud Top And 200DMA XAU/USD Outlook: Bulls Are Pausing Ahead Of $1700 Target, On Track For The Biggest Weekly Gains In Nine Years This Is A Rebound, Not Growth: The Worst Is Yet To Come A Dead Cat Bounce Or A Sustainable Recovery? GBPUSD Finds Strong Wall Near 1.2300, Bullish Correction On The Cards WTI Oil Futures Poise For Another Bearish Session, Completing Descending Triangle 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 23:30 JPY Tokyo CPI Core Y/Y Mar 0.40% 0.40% 0.50% 12:30 USD Personal Income M/M Feb 0.60% 0.30% 0.60% 12:30 USD Personal Spending Feb 0.20% 0.30% 0.20% 12:30 USD PCE Price Index M/M Feb 0.10% 0.10% 0.10% 12:30 USD PCE Price Index Y/Y Feb 1.80% 1.70% 1.70% 1.80% 12:30 USD Core PCE Price Index M/M Feb 0.20% 0.10% 0.10% 0.20% 12:30 USD Core PCE Price Index Y/Y Feb 1.80% 1.60% 1.60% 1.70% 13:00 CAD BoC Rate Decision 0.25% 0.75% 15:00 USD Michigan Consumer Sentiment Index Mar F 93.3 95.9

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