Action Insight Mid-Day Report 3-30-20

Dollar Recovers as Risk Sentiments Turn Soft, Still Early to Call Bottom

Action Insight Mid-Day Report 3-30-20 Dollar Recovers as Risk Sentiments Turn Soft, Still Early to Call Bottom Global financial markets are generally quiet today. Stocks quickly pared back some of initial losses even though major indices are staying in red. US futures suggest that there is no clear direction for now. Dollar recovers generally and appears to be gathering momentum entering into US session. Yen, Swiss Franc and Sterling are not too far away. Meanwhile, Canadian Dollar is the weakest one for today so far, thanks to selloff in oil prices. Euro and other commodity currencies follow closely. Technically, it's still a bit early to judge if Dollar is finally reversing recent pull back. Focus will now be on 1.0953 minor support in EUR/USD, 1.2144 minor support in GBP/USD, 0.9655 minor resistance in USD/CHF and 1.4275 minor resistance in USD/CAD. Break of these levels will likely send the greenback back to recent highs. 1558 support in Gold will be watched too. Ideally, bullish reversal in Dollar should also come with corresponding, decline in gold. In Europe, currently, FTSE is down -1.20%. DAX is down -0.45%. CAC is down -1.39%. German 10-year yield is down -0.0509 at -0.528. Earlier in Asia, Nikkei dropped -1.57%. Hong Kong HSI dropped -1.32%. China Shanghai SSE dropped -0.90%. Singapore Strait Times dropped -4.45%. Japan 10-year JGB yield dropped -0.0153 to -0.005. Full Report Here German GCEE: 2020 GDP could shrink -4.5% in long U risk... Eurozone economic sentiment had record monthly decline, before most coronavirus containment... Swiss KOF plunged to 92.9, a marked decline in growth rates... China cuts reverse repo rate to inject CNY 50B into banking... Australia ASX 200 jumps 7% as government announces AUD 130B job... Trump hopes to reach bottom of the hill by June RBNZ to bank the banks to help businesses lower their funding... BOJ to relax requirements for some financial institutions Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol CFTC Commitments of Traders – US Dollar Remained Firm again Major... CFTC Commitments of Traders – Gold Price Resumed Rally while Crude... As Recovery in Stocks Lose Momentum, Could Dollar Strike Back? Central Bank Views | China Watch | Oil N' Gold | Special Topics USD/CHF Mid-Day Outlook Daily Pivots: (S1) 0.9458; (P) 0.9556; (R1) 0.9607; More... USD/CHF recovers mildly today but intraday bias stays on the downside first. Fall from 0.9901 would target 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 zone. Nevertheless, break of 0.9655 minor resistance 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 Yemen Houthis Aim At Riyadh Once Again USD INDEX Outlook: Dollar Index Dips Through Key Supports After Downbeat US Jobless Claims Data AUD/USD Outlook: The Pair Moved Into A Positive Zone USDJPY Remains Above 100-SMA But In Negative Mode Dollar Edges Up, Stocks Muted In Cautious Start To Week Markets Back In The Red US Oil Hits A 17-Year Low As Investors Await New Economic Data AUDUSD May Erase Some Gains Within Ascending Channel EURUSD Lacking Direction As Appreciation Turns Neutral Gold Revisits Ichimoku Cloud, Flattens After Strong Bullish Action Fundamental Analysis | Technical Analysis In-depth Reports Canadian Dollar Weakened but Not Headed for Historical Lows Forecast Update: A Much Deeper Contraction Macro US: Sharp GDP Contraction But We Still Expect A Rebound In H2 Why the Fed's Currency Swaps May Not Calm the Dollar Funding Stress Eurozone Economy Approaching the Growth Cliff Europe's Economy in Freefall Australia: Federal Budget to Be Hit By COVID–19 Recession – Increase in Bond Supply of $250bn Australian Unemployment Rate Set to Reach 11% by June Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 7:00 CHF KOF Leading Indicator Mar 92.9 81.1 100.9 101.8 8:30 GBP Mortgage Approvals Feb 74K 68K 71K 8:30 GBP M4 Money Supply M/M Feb 0.30% 0.40% 0.60% 9:00 EUR Eurozone Business Climate Mar -0.28 -0.05 -0.04 -0.06 9:00 EUR Eurozone Economic Sentiment Indicator Mar 94.5 91.8 103.5 103.4 9:00 EUR Eurozone Industrial Confidence Mar -10.8 -12.9 -6.1 -6.2 9:00 EUR Eurozone Services Sentiment Mar -2.2 -3.4 11.2 11.1 9:00 EUR Eurozone Consumer Confidence Mar -11.6 -11.6 -11.6 -6.6 12:00 EUR Germany CPI M/M Mar P 0.10% 0.40% 12:00 EUR Germany CPI Y/Y Mar P 1.30% 1.70% 14:00 USD Pending Home Sales M/M Feb -1.30% 5.20%

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