Action Insight Mid-Day Report 4-17-20

Markets to End on a High Note? Yen and Oil Might Not Agree

Action Insight Daily Report 4-17-20 Markets to End on a High Note? Yen and Oil Might Not Agree Global markets are set to end the week on a high note. There is optimism that Gilead's coronavirus drug remdesivir could be the cure for the coronavirus. Also, traders responded positively to US President Donald Trump's three-stage reopening plan. Commodity currencies are trading generally higher today. Dollar, Euro and Swiss Franc are the weakest. Though, there are still some underlying risks. Firstly, oil price is having no cheer as WTI crude May future is down and pressing 18 handle. Secondly, gold is hovering below 1700, shrugging off Dollar's weakness. Thirdly, there is also no apparent selling in the Japanese Yen. The overall picture might be different when the week finally closes. In Europe currently, FTSE is up 3.26%. DAX is up 3.63%. CAC is up 3.96%. German 10-year yield is down -0.0046 at -0.479. Earlier in Asia, Nikkei rose 3.15%. Hong Kong HSI rose 1.56%. China Shanghai SSE rose 0.66%. Singapore Strait Times rose 0.09%. Japan 10-year JGB yield rose 0.0096 to 0.016. Full Report Here Bundesbank Weidmann: An expansionary monetary and fiscal policy will remain necessary... Eurozone CPI finalized at 0.7% in March, EU at 1.2% China GDP contracted -6.8% in Q1, but March data show improvements Fed Kashkari: Staged approach for reopening makes sense Fed Harker: The worst thing is to rush reopening Fed Williams: Full scale of coronavirus economic consequences still unknown Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol China's GDP Contracted the Most in Decades as Driven its Self-Produced... BOC Extends QE to Provincial and Corporate Bonds, while Leaving Rate... Oil Price Slumped as Demand Expected to Fall the Most in... Central Bank Views | China Watch | Oil N' Gold | Special Topics USD/JPY Mid-Day Outlook Daily Pivots: (S1) 107.33; (P) 107.70; (R1) 108.24; More... USD/JPY is still staying in range above 106.91 support and intraday bias remains neutral. On the downside, firm break of 106.91 support will resume whole decline from 111.71. Intraday bias will be turned to the downside for 100% projection of 111.71 to 106.91 from 109.38 at 104.58. On the upside, break of 109.38 will suggest that fall from 111.71 has completed. Intraday bias will be turned back to the upside for 111.71/112.22 resistance zone. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings GBPUSD Uptrend Runs Out of Steam above 61.8% Fibonacci GBP/USD Outlook: Cable Stands At The Back Foot But Bears Need Confirmation On Close Below 10DMA GBPJPY's Appreciation Finds Some Footing From SMAs, Indicators Seem Weak EUR/USD Outlook: Further Weakness Seen On Close Below Key Fibo Support As Bull-Trap Weighs AUDUSD Holds Above MAs, Optimism For Bullish Picture Virus Drug Hopes, Trump Reopening Plan Fuel Optimism, Dollar Holds Firm Opening Up America Again' Is Pushing USD Up Stocks Climb As Markets Hope For A Return To 'Normal' 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 2:00 CNY GDP Q/Y Q1 -6.80% -6.00% 6.00% 2:00 CNY Retail Sales Y/Y Mar -15.80% -8.80% -20.50% 2:00 CNY Industrial Production Y/Y Mar -1.10% -5.60% -13.50% 2:00 CNY Fixed Asset Investment YTD Y/Y Mar -16.10% -15.10% -24.50% 4:30 JPY Tertiary Industry Index M/M Feb -0.50% -0.20% 0.80% 4:30 JPY Industrial Production M/M Feb F -0.30% 0.40% 0.40% 8:00 EUR Italy Trade Balance (EUR) Feb 6.09B 0.54B 0.55B 9:00 EUR Eurozone CPI Y/Y Mar F 0.70% 0.70% 0.70% 9:00 EUR Eurozone CPI - Core Y/Y Mar F 1.00% 1.00% 1.00%

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