Action Insight Mid-Day Report 4-20-20

Euro Mixed While Risk Markets Dragged By Oil Price, No Clear Direction For Now

Action Insight Mid-Day Report 4-20-20 Euro Mixed While Risk Markets Dragged By Oil Price, No Clear Direction For Now Markets are in mild risk averse mode as oil price tanks further. But losses are limited so far based on recent standard. Major currency pairs and crosses are also stuck in Friday's range, except that New Zealand Dollar is lifted by lockdown exit. Canadian Dollar is the weakest one followed by Yen and then Sterling. Technically, the developments are also mixed with range trading continues. EUR/GBP seems to be attempting for a recovery back towards 0.8863 resistance. But EUR/AUD is vulnerable for selloff through 1.7003 to resume recent decline. USD/JPY is staying in tight range above 106.91 support but there is no momentum for recovery. EUR/JPY is also range bound ahead of 116.33 support. It might take some more time for markets to decide on a theme. In Europe, currently, FTSE is down -0.73%. DAX is down -1.27%. CAC is down -0.96%. German 10-year yield is up 0.0024 at -0.468. Earlier in Asia, Nikkei dropped -1.15%. Hong Kong HSI dropped -0.21%. China Shanghai SSE rose 0.50%. Singapore Strait Times dropped -0.64%. Japan 10-year JGB yield dropped -0.0033 to 0.013. Full Report Here Bank of Spain: Economy to contract -12.4% this year in worst... Bundesbank: Rapid and strong economic recovery unlikely BoE Broadbent: Even if lockdown is lifted, demand may remain weak... Japan exports slumped in March as coronavirus hit RBA Lowe: We shouldn't be worried about government borrowing New Zealand CPI accelerated, but RBNZ core CPI slowed Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol PBOC Cut Policy Rate to 3.85%, More Easing on the Way CFTC Commitments of Traders – Traders Bet Higher Euro on First... CFTC Commitments of Traders – Signs of Bargain-Hunting Emerged as Crude... Central Bank Views | China Watch | Oil N' Gold | Special Topics EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.0826; (P) 1.0860; (R1) 1.0907; More... EUR/USD is staying in range of 1.0768/0990 and intraday bias remains neutral for now. On the downside, break of 1.0768 will extend the fall from 1.1147 to retest 1.0635 low. On the upside, above 1.0990 will extend the corrective pattern from 1.0635 with another rebound. 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 US Futures Consolidating, Watch BA, HAL, JNPR USDCAD Pops Higher, But Still In Bear Mode AUDUSD May Be Poised For More Recovery Above 0.6385 USD Remains Firm Amidst Protests To Reopen Economy Investors Take A Cautious Approach Gold Price Outlook: The Pair Started A Fresh Decline Below $1,700 USD/JPY Outlook: Near-Term Action To Remain Biased Lower While Recovery Attempts Are Limited EU Indices Slightly Down This Morning | TA Focus On Vivendi AUD Slightly Impacted By Chinese GDP Contraction WTI Oil Futures Collapse To 21-Year Lows, 13-Level Eyed Next EURUSD Trades Quietly Within Key Borders Oil Plummets, But Stocks Hold Their Ground Fundamental Analysis | Technical Analysis In-depth Reports International Growth Outlook Continues to Darken China's GDP Contracted the Most in Decades as Driven its Self-Produced Coronavirus Making Sense of Recent Turbulence in Oil Markets OPEC+ Deal on Output Cut Unlikely Helps Reduce Surplus. Downside Risk on Oil Price Remains Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 22:45 NZD CPI Q/Q Q1 0.80% 0.30% 0.50% 23:01 GBP Rightmove House Price Index M/M Apr -0.20% 1.00% 23:50 JPY Trade Balance (JPY) Mar -0.19T -0.11T 0.50T 0.48T 06:00 EUR Germany PPI M/M Mar -0.80% -0.10% -0.40% 06:00 EUR Germany PPI Y/Y Mar -0.80% 0.20% -0.10% 08:00 EUR Eurozone Current Account (EUR) Feb 40.2B 36.3B 34.7B 31.8B 09:00 EUR Eurozone Trade Balance (EUR) Feb 25.8B 19.2B 17.3B 12:30 CAD Wholesale Sales M/M Feb 0.70% -0.20% 1.80%

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