Action Insight Daily Report 4-16-20

Dollar Rebound Lacks Conviction Yet, Aussie Shrugs Job Data

Action Insight Daily Report 4-16-20 Dollar Rebound Lacks Conviction Yet, Aussie Shrugs Job Data Dollar stays broadly firm in Asian sessions after the recovery overnight. There were signs of bottoming in the greenback but the rally remains unconvincing with no follow through buying yet. Australian and New Zealand Dollars are currently the weaker ones. Better than expected job data is giving little support to the Aussie, as full coronavirus impact is not reflected in today's release yet. Canadian Dollar recovers mildly but remain one of the worst performing for the week, on oil price and BoC's QE extension. Technically, some resistance levels are needed to be taken out to confirm Dollar's strength. Those include 1.0768 support in EUR/USD, 0.9797 resistance in USD/CHF and 1.4349 resistance in USD/CAD. Developments in Aussie pairs would also be watch to confirm return of risk aversion. The levels include 0.5979 support in AUD/USD, 64.39 support in AUD/JPY and 1.8124 resistance in EUR/AUD, which are still far away. In Asia, currently, Nikkei is down -1.39%. Hong Kong HSI dropped -0.81%. China Shanghai SSE is up 0.08%. Singapore Strait Times is up 0.37%. Japan 10-year JGB yield is down -0.0144 at 0.006. Overnight, DOW dropped -1.86%. S&P 500 dropped -2.20%. NASDAQ dropped -1.44%. 10-year yield dropped -0.114 to 0.638. Full Report Here Australia employment grew in March, coronavirus impact to be evident in... RBNZ Orr not ruling out negative interest rates Fed Beige Book: Activity contracted sharply and abruptly across all regions BoC Governor Poloz press conference live stream Oil inventories rose 19.2m barrels, WTI heading back to 20 as... BoC stands pat, launches new bond purchase programs Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol BOC Extends QE to Provincial and Corporate Bonds, while Leaving Rate... Oil Price Slumped as Demand Expected to Fall the Most in... OPEC+ Deal on Output Cut Unlikely Helps Reduce Surplus. Downside Risk... Central Bank Views | China Watch | Oil N' Gold | Special Topics AUD/USD Daily Report Daily Pivots: (S1) 0.6256; (P) 0.6350; (R1) 0.6415; More... Intraday bias in AUD/USD remains neutral first. On the downside, break of 0.6213 resistance turned support will argue that rebound from 0.5506 has completed. Intraday bias will be turned back to the downside for 0.5979 support for confirmation. On the upside, break of 0.6444 will extend the rebound to 100% projection of 0.5506 to 0.6213 from 0.5979 at 0.6686, which is close to 0.6684 key resistance. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Beige Book Shows Plunging Economic Activity Across All Districts in March Australia March Labour Force – The Big Shock is Still to Come Gold Price Consolidating After Hitting New Multi-Year High Look To EUR/AUD And EUR/NZD For Stock Market Direction Copper Futures Maintain Negative Outlook Despite Pullback Fundamental Analysis | Technical Analysis In-depth Reports BOC Extends QE to Provincial and Corporate Bonds, while Leaving Rate at Lower Bound Making Sense of Recent Turbulence in Oil Markets Canada: COVID-19 Recession Deepens Fast from Coast to Coast OPEC+ Deal on Output Cut Unlikely Helps Reduce Surplus. Downside Risk on Oil Price Remains Moderation in China's CPI Allows Government to Accelerate Stimulus Virus Containment Could Spell Trouble for the Dollar Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 01:00 AUD Consumer Inflation Expectations Apr 4.60% 4.00% 01:30 AUD Employment Change Mar 5.9K -40.0K 26.7K 25.6K 01:30 AUD Unemployment Rate Mar 5.20% 5.50% 5.10% 06:00 EUR Germany CPI M/M Mar F 0.10% 0.10% 06:00 EUR Germany CPI Y/Y Mar F 1.40% 1.40% 06:30 CHF Producer and Import Prices M/M Mar -1.20% -0.90% 06:30 CHF Producer and Import Prices Y/Y Mar -2.10% 09:00 EUR Eurozone Industrial Production M/M Feb -0.70% 2.30% 12:30 CAD Manufacturing Sales M/M Feb -0.20% 12:30 USD Housing Starts Mar 1.31M 1.60M 12:30 USD Building Permits Mar 1.30M 1.45M 12:30 USD Initial Jobless Claims (Apr 10) 6606K 12:30 USD Philadelphia Fed Manufacturing Apr -30 -12.7 14:30 USD Natural Gas Storage 38B

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