Action Insight Daily Report 4-30-20

Dollar Shrugs FOMC While Euro Awaits ECB and GDP

Action Insight Daily Report 4-30-20 Dollar Shrugs FOMC While Euro Awaits ECB and GDP Commodity currencies remain the strongest one today as supported by risk appetite. Sentiments are lifted by expectations of lockdown exits as well as optimism on coronavirus treatment. Dollar remains generally weak with Fed providing little inspirations. Euro and Swiss Franc are not much better than the greenback. Euro's weakness is the main reason keeping Dollar index afloat. Focus is turning to ECB rate decision, as well as Eurozone GDP data today. We'll see if Euro traders would finally take a direction against the greenback. Technically, Aussie continues to look unstoppable. EUR/AUD, AUD/JPY, AUD/CAD are all around key levels and a pull back is due. We'd continue to look for sign of topping as AUD/USD approaches 0.6670 key resistance. But break of 0.6505 minor support is needed to signal temporary topping first. USD/CAD is on track to extend the correction from 1.4667 through 1.3855 support. But we'd expect strong support from 1.3762 fibonacci level to bring rebound. In Asia, Nikkei is up 2.57%. Hong Kong HSI is up 0.28%. China Shanghai SSE is up 1.34%. Singapore Strait Times is up 2.05%. Japan 10-year JGB yield is up 0.0055 at -0.039. Overnight, DOW rose 2.21%. S&P 500 rose 2.66%. NASDAQ rose 3.57%. 10-year yield rose 0.017 to 0.627. Full Report Here China PMI manufacturing dropped to 50.8 while non-manufacturing improved Japan industrial production, retail sales dropped most since Oct New Zealand ANZ business confidence off low, offers a glimmer of... Dollar index shrugs FOMC, DOW jumped on remdesivir news Fed keeps rate at 0-0.25%, maintains forward guidance, full statement Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol Crude Oil Selloff Could Resume in Weeks as Cushing Approaches Full... Fed Markedly Downgraded Economic Assessments on Sharp Decline in Activities and... BOJ's QE Expansion Likely Ineffective Despite Pledge of Unlimited Purchases Central Bank Views | China Watch | Oil N' Gold | Special Topics EUR/USD Daily Outlook Daily Pivots: (S1) 1.0836; (P) 1.0861; (R1) 1.0903; More... Intraday bias in EUR/USD stays neutral and outlook is unchanged. Price actions from 1.0635 are seen as a corrective pattern. on the upside, break of 1.0885 minor resistance will start the third leg, towards 1.1147 resistance. But upside should be limited by 61.8% retracement of 1.1496 to 1.0635 at 1.1167. On the downside, break of 1.0727 will target a test on 1.0635 low. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Northern Exposure: US GDP 5% Annualised Fall in Q1 Evidence of Shock to Come No Surprises from FOMC Today, But Ongoing Commitment to "Use Its Full Range of Tools" to Support the Economy No New Measures, But Fed Support Not Going Away Any Time Soon AUD/USD: The Squeeze Carries On AUD/USD Could Correct Lower, US GDP Declines 4.8% Forex Report: USD Index At 2-Week Low Asian Morning: US Stocks Rally On Hopeful Virus Treatment FX Market Wrap At The Wall Street Close April 2020 Fed Meeting Instant Analysis Fundamental Analysis | Technical Analysis In-depth Reports Crude Reality Monitoring The International Impact Of COVID-19 RBNZ OCR to Go Negative Later this Tear Oil Drowns in a Flood of Supply, No Lifejacket for Now The RBA's Target Cash Rate is Likely to Hold at 0.25% Until End 2023 Canadian Dollar Weakness Expected to Catch Up with Recent Oil Price Collapse Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 23:50 JPY Industrial Production M/M Mar P -3.70% -5.20% -0.30% 23:50 JPY Retail Trade Y/Y Mar -4.60% -4.70% 1.60% 1:00 CNY NBS Manufacturing PMI Apr 50.8 51 52 1:00 CNY NBS Non-Manufacturing PMI Apr 53.2 52.8 52.3 1:00 NZD ANZ Business Confidence Apr -66.6 -73.1 1:30 AUD Private Sector Credit M/M Mar 1.10% 0.30% 0.40% 1:30 AUD Import Price Index Q/Q Q1 -1.00% 1.00% 0.70% 5:00 JPY Housing Starts Y/Y Mar -7.60% -16.00% -12.30% 5:30 EUR France GDP Q/Q Q1 P -5.8% -4.00% -0.10% 6:00 EUR Germany Retail Sales M/M Mar -5.6% -7.50% 1.20% 6:30 CHF Real Retail Sales Y/Y Mar -3.60% 0.30% 6:45 EUR France Consumer Spending M/M Mar -5.50% -0.10% 7:00 CHF KOF Economic Barometer Apr 58 92.9 7:55 EUR Germany Unemployment Change Apr 70K 1K 7:55 EUR Germany Unemployment Rate Apr 5.20% 5.00% 8:00 EUR Italy Unemployment Rate Mar 10.50% 9.70% 9:00 EUR Eurozone GDP Q/Q Q1 P -3.30% 0.10% 9:00 EUR Eurozone GDP Y/Y Q1 P -2.80% 1.00% 9:00 EUR Eurozone Unemployment Rate Mar 7.70% 7.30% 9:00 EUR Eurozone CPI Y/Y Apr P 0.00% 0.70% 9:00 EUR Eurozone CPI Core Y/Y Apr P 0.70% 1.00% 10:00 EUR Italy GDP Q/Q Q1 P -5.00% -0.30% 10:00 EUR Italy GDP Y/Y Q1 P -3.90% 0.10% 11:45 EUR ECB Interest Rate Decision 0.00% 0.00% 12:30 EUR ECB Press Conference 12:30 CAD GDP M/M Feb 0.10% 0.10% 12:30 CAD Raw Material Price Index Mar -4.70% 12:30 CAD Industrial Product Price M/M Mar -0.50% 12:30 USD Personal Income M/M Mar -1.40% 0.60% 12:30 USD Personal Spending Mar -5.00% 0.20% 12:30 USD PCE Price Index M/M Mar 0.10% 12:30 USD PCE Price Index Y/Y Mar 1.60% 1.80% 12:30 USD Core PCE Price Index M/M Mar -0.10% 0.20% 12:30 USD Core PCE Price Index Y/Y Mar 1.70% 1.80% 12:30 USD Initial Jobless Claims (Apr 24) 4427K 12:30 USD Employment Cost Index Q1 0.70% 0.70% 13:45 USD Chicago PMI Apr 36 47.8 14:30 USD Natural Gas Storage 43B

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