Action Insight Mid-Day Report 4-16-20

Dollar Shrugs Poor US Data, Euro Vulnerable to Another Selloff

Action Insight Mid-Day Report 4-16-20 Dollar Shrugs Poor US Data, Euro Vulnerable to Another Selloff Global stock markets are mildly firmer in consolidative mode today, with slight gains in major European sessions. Poor US economic data triggered little reactions. Dollar's rebound attempt is somewhat stuck below yesterday's high for now, while Canadian Dollar is recovering. For now, New Zealand Dollar is the weakest one for today, followed by Sterling. Over the week, Yen is the strongest one, followed by the Pound. Kiwi is the weakest followed by Canadian. Technically, EUR/CHF's break of 1.0523 support today suggests resumption of larger down trend. Next downside target is 1.0394 projection level. EUR/JPY is still heading back towards 115.86 key support despite weak downside momentum. Break there will align the outlook with EUR/CHF for downtrend resumption. EUR/GBP turned into consolidation since Tuesday but there is effective no recovery. Further fall is expected towards 0.8276/8595 support zone as long as 0.8863 resistance holds. Overall, Euro looks rather vulnerable to another wave of selloff. In Europe, currently, FTSE is up 0.56%. DAX is up 1.21%. CAC is up 0.68%. German 10-year yield is up 0.0113 at -0.452. Earlier in Asia, Nikkei dropped -1.33%. Hong Kong HSI dropped -0.58%. China Shanghai SSE rose 0.31%. Singapore Strait Times rose 0.26%. Japan 10-year JGB yield dropped -0.0157 to 0.005. Full Report Here Philly Fed manufacturing index dropped to -56.5, but future activity improved US initial jobless claims dropped to 5245k, continuing claims hit 11.98m ECB Lagarde expects large contraction in Eurozone and rapidly deteriorating labor... Eurozone industrial production dropped -0.1% in Feb, EU flat IMF Georgieva urges UK to extend Brexit transition 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 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 EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.0848; (P) 1.0920; (R1) 1.0983; More... Intraday bias in EUR/USD stays on the downside for 1.0768 support. Break there will extend the decline from 1.1147 to retest 1.0635 low. On the upside, break of 1.0990 will target 1.1147 resistance. Overall, price actions from 1.0635 are seen as a consolidation pattern which might extend further. But upside should be limited by 61.8% retracement of 1.1496 to 1.0635 at 1.1167. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Jobless Claims Remain High, But Are Down From Their Peak China To Give First Evidence On Covid-19 Growth Impact USDCHF Triangle Formation Intact, Ichimoku Acts As Resistance Canadian Economy Could Sink 15% To 30% In Q2 A Buy The Dip Moment? EUR/USD Outlook: Euro Extends Pullback After Bulls Were Trapped Above 55DMA WTI Futures Bearish Despite Pause Ahead Of 19.00 Handle USDCAD Pierces Bullish Flag But Caution Remains EURUSD Hovers In Symmetrical Triangle In Near Term Dire US Data Send Stocks Spinning, Dollar Flying Higher Investors Turn Defensive Following A Raft Of Disappointing Economic Data 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% 0.10% 06:00 EUR Germany CPI Y/Y Mar F 1.40% 1.40% 1.40% 06:30 CHF Producer and Import Prices M/M Mar -0.30% -1.20% -0.90% 06:30 CHF Producer and Import Prices Y/Y Mar -2.70% -2.10% 09:00 EUR Eurozone Industrial Production M/M Feb -0.10% -0.70% 2.30% 12:30 CAD Manufacturing Sales M/M Feb 0.50% 0.00% -0.20% 12:30 USD Housing Starts Mar 1.22M 1.31M 1.60M 1.56M 12:30 USD Building Permits Mar 1.35M 1.30M 1.45M 12:30 USD Initial Jobless Claims (Apr 10) 5245K 6606K 6615K 12:30 USD Philadelphia Fed Manufacturing Apr -56.6 -30 -12.7 14:30 USD Natural Gas Storage 63B 38B

Action Forex Company Limited | Room 804, 8/F. , Prosperity Centre, 982 Canton Road, Mongkok, Kowloon 852 Hong Kong SAR China Unsubscribe mondemand.forex@blogger.com Update Profile | About Constant Contact Sent by contact@actionforex.com in collaboration with Try email marketing for free today!