Action Insight Mid-Day Report 3-3-20

Markets Steady While G7 Pledges Policy Response to Coronavirus Outbreak

Action Insight Mid-Day Report 3-3-20 Markets Steady While G7 Pledges Policy Response to Coronavirus Outbreak The financial markets generally stabilized today even though global coronavirus outbreak shows no signs of slowing down. Total global cases reach 92725, with 5186 in South Korea, 2336 in Iran, 2036 in Italy, 283 in Japan, 191 in France, 188 in Germany, 152 in Spain, 110 in Singapore and 103 in USA. G7 pledged to have fiscal and monetary responses but stop short of giving any details yet. In the currency markets, Yen is generally firmer today, followed by Australian Dollar. Euro is the weakest for today, paring some recent gains, followed by Canadian. It remains to be seen if Euro's recent strong rally is done. Technically, EUR/USD is losing some upside momentum ahead of 1.1239 resistance. For now, further rise is in favor as long as 1.1038 minor support holds. Decisive break of 1.1239 will confirm medium term bottoming at 1.0777 low. Nevertheless, break of 1.1038 will retain near term bearishness and turn bias to the downside. On the other hand, EUR/CHF's recovery from 1.0584 also lost momentum ahead of 1.0737 resistance. Near term outlook stays bearish and break of 1.0584 will resume larger down trend. In Europe, currently, FTSE is up 1.69%. DAX is up 2.10%. CAC is up 1.60%. German 10-year yield is up 0.0277 at -0.592. Earlier in Asia, Nikkei dropped -1.22%. Hong Kong HSI dropped -0.03%. China Shanghai SSE rose 0.74%. Singapore Strait Times rose 0.39%. Japan 10-year JGB yield rose 0.0249 to -0.111. Full Report Here G7 pledgees to use all appropriate policy tools to safeguard against... Eurozone CPI slowed to 1.2%, unemployment rate unchanged at 7.4% Carney: BoE assessing economic impacts of coronavirus, considering policy implications UK PMI construction rose to 52.6, first expansion since last April Swiss GDP grew 0.3% in Q4, export lost momentum AUD steady after RBA cut, AUD/JPY stays in down trend to... RBA cut to 0.50% in response to global coronavirus outbreak, maintains... Markets pricing in 85% chance of Fed funds rate at 0.75-1.00%... Australia Morrison: This coronavirus health crisis is different from a global... Japan Abe: We've already compiled a spending package to forestall various... ECB Lagarde ready to take appropriate and targeted measures against coronavirus... Global coronavirus surge, G7 to consider concerted actions Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol RBA Cut Rate to 0.5%, Being the First Central Bank to... Bets of BOC Rate Cut Increased as Domestic Growth Loses Steam... China's PMIs Dived in February, Just First Glimpse of the Disastrous... Central Bank Views | China Watch | Oil N' Gold | Special Topics USD/JPY Mid-Day Outlook Daily Pivots: (S1) 107.62; (P) 108.10; (R1) 109.82; More.. Intraday bias in USD/JPY remains neutral for consolidation above 107.36 temporary low. Another recovery cannot be ruled out. But upside should be limited below 109.89 minor resistance to bring another decline. As noted before, whole rise form 104.45 has completed after rejection by 112.40 resistance. Break of 107.36 will target a test on 104.45 low. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings G7 Committed (ish) to Supporting Global Economy Aussie Finds Support In RBA's Decision To Cut Rates US 100 Index Finds Support At 200-SMA, Could Trade Neutral In Short-Term RBA Cuts Rates, G7 Response Awaited As Virus Panic Grows EURUSD At Two-Month High, Challenges Trendline US Equities Bounce, But Strong Safe Haven Demand Hints At Limited Further Recovery Market Sentiment Improves As Investors Pin Hopes On G7 Action Reserve Bank Board Lowers Cash Rate by 0.25% to 0.50% With Another Cut Expected in April Fundamental Analysis | Technical Analysis In-depth Reports Update on COVID-19 Impacts on the Economic Outlook Update on Coronavirus and Global Central Bank Outlook Update to Our Outlook For U.S. Monetary Policy China's PMIs Dived in February, Just First Glimpse of the Disastrous Impact of Coronavirus Outbreak Eurozone – Implications of Coronavirus Change Of OCR Call: RBNZ To Cut 25Bp In March COVID-19: How Would Fed Easing Help? Gauging Canadian Coronavirus Supply Chain Vulnerabilities Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 23:50 JPY Monetary Base Y/Y Feb 3.60% 3.20% 2.90% 0:30 AUD Current Account Balance (AUD) Q4 1.0B 2.3B 7.9B 6.5B 0:30 AUD Building Permits M/M Jan -15.30% 1.00% -0.20% 3.90% 3:30 AUD RBA Rate Decision 0.50% 0.50% 0.75% 3:30 AUD RBA Rate Statement 5:00 JPY Consumer Confidence Index Feb 38.4 38.4 39.1 6:45 CHF GDP Q/Q Q4 0.30% 0.20% 0.40% 9:00 EUR Italy Unemployment Jan 9.80% 9.80% 9.80% 9:30 GBP Construction PMI Feb 52.6 49 48.4 10:00 EUR Eurozone Unemployment Rate Jan 7.40% 7.40% 7.40% 10:00 EUR CPI Y/Y Feb P 1.20% 1.20% 1.40% 10:00 EUR CPI Core Y/Y Feb P 1.20% 1.10% 1.10% 10:00 EUR PPI M/M Jan 0.40% 0.20% 0.00% 10:00 EUR PPI Y/Y Jan -0.50% -0.50% -0.70% -0.60%

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