Action Insight Mid-Day Report 4-2-20

Muted Reactions to Jobless Claims, Dollar Picking Up Some Buying, Euro Weak

Action Insight Mid-Day Report 4-2-20 Muted Reactions to Jobless Claims, Dollar Picking Up Some Buying, Euro Weak It seems that the markets are not having a clue on what to do next. While US initial jobless claims doubled to 6.6m, reactions are rather muted. DOW futures are staying positive for now, while European indices are mixed. Dollar seems to be picking up some buying after the release, but gold also trades firmer. Euro's weakness, together with Swiss Franc, is the clearer development. Yet, downside is so far limited. Technically, Euro could be a focus before weekend. EUR/GBP is now in proximity to near term fibonacci level at 0.8747. We're still expecting strong support from there to bring rebound. But decisive break will dampen near term bullishness and turn focus back to 0.8282 key support. EUR/JPY is heading back to 115.86/116.12 support zone and break will resume medium term down trend. EUR/USD's down side momentum is relatively week, but it's still on track to deeper fall back towards 1.0635 low. It would be interesting to if the combined actions of EUR/JPY and EUR/USD would push USD/JPY through 106.75 support or 109.70 resistance. In Europe, currently, FTSE is up 0.31%. DAX is down -0.32%. CAC is up 0.27%. German 10-year yield is up 0.023 to -0.438. Earlier in Asia, Nikkei dropped -1.37%. Hong Kong HSI rose 0.84%. China Shanghai SSE rose 1.69%. Singapore Strait Times rose 0.52%. 10-year JGB yield dropped -0.0181 to -0.011, continued to fluctuate around 0%. Full Report Here US initial jobless claims doubled to 6.6m, another record high Eurozone PPI at -0.6% mom, -1.3% yoy in Feb EU Gentiloni: Italy losing 3% GDP for each month of lockdown Australia NAB business confidence dropped to -11 in Q1 Trump warned of very painful weeks, Fauci said vaccine on track Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol Manufacturing PMI and Inflation in the Eurozone Reveal that Eurozone is... US Oil Inventory Rose Sharply as Demand Plunged on Crisis Chinese Government Expected to Accelerate Stimulus Despite Sharp Rebound in PMIs. Central Bank Views | China Watch | Oil N' Gold | Special Topics EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.0900; (P) 1.0969; (R1) 1.1036; More... Intraday bias in EUR/USD remains on the downside at this point. Corrective rebound from 1.0635 could have completed at 1.1147 already. Retest of 1.0635 low should be seen next. On the upside, however, decisive break of 61.8% retracement of 1.1496 to 1.0635 at 1.1167 will raise the chance of larger trend reversal and turn focus to 1.1496 key resistance. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings USD Surges As Uncertainty Remains AUD/USD Outlook: Fresh Recovery Attempts Need Break Above 20DMA To Generate Bullish Signal WTI Oil Outlook: Oil Bounces On Fresh Optimism But Needs To Clear Many Obstacles To Generate Stronger Bullish Signal EURUSD Slips Near 1.0900, SMAs Seem Ready For Bearish Cross Huge Two Weeks For Markets Nonfarm Payrolls: Too Early For The Real Carnage USDJPY Although Briefly Frozen, Sustains A Bearish Tilt Fundamental Analysis | Technical Analysis In-depth Reports Australia: JobKeeper Payment to Reduce Peak Unemployment Rate from 17% to 9% COVID-19: A Black Swan or a Group of Black Swans? Chinese Government Expected to Accelerate Stimulus Despite Sharp Rebound in PMIs. The Fed Moves to Do "Whatever it Takes" New Zealand - Unprecedented Times: Revised Economic And Financial Outlook Canadian Dollar Weakened but Not Headed for Historical Lows Forecast Update: A Much Deeper Contraction Why the Fed's Currency Swaps May Not Calm the Dollar Funding Stress Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 23:50 JPY Monetary Base Y/Y Mar 2.80% 3.70% 3.60% 06:30 CHF CPI M/M Mar 0.10% 0.10% 0.10% 06:30 CHF CPI Y/Y Mar -0.50% -0.50% -0.10% 09:00 EUR Eurozone PPI M/M Feb -0.60% -0.10% 0.40% 0.20% 09:00 EUR Eurozone PPI Y/Y Feb -1.30% -0.60% -0.50% -0.70% 11:30 USD Challenger Job Cuts Y/Y Mar 266.90% -26.30% 12:30 USD Initial Jobless Claims (Mar 27) 6648K 3283K 3307K 12:30 USD Trade Balance (USD) Feb -39.9B -43.6B -45.3B -45.5B 12:30 CAD International Merchandise Trade (CAD) Feb -1.0B -2.3B -1.5B -1.7B 14:00 USD Factory Orders M/M Feb -0.70% -0.50% 14:30 USD Natural Gas Storage -31B -29B

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