Action Insight Mid-Day Report 4-21-20

Sterling and Commodity Currencies Pressured as Oil Rout Continues

Action Insight Mid-Day Report 4-21-20 Sterling and Commodity Currencies Pressured as Oil Rout Continues Risk aversion stays in the markets today as WTI crude oil May future is back in negative territory above a brief stay above zero. Investors also turned cautious on news about critical health condition of North Korean leader Kim Jong-un. Yen and Dollar continue to trade as the strongest ones for today while Euro and Swiss Franc are displaying much resilience. Canadian Dollar is just mixed despite the wild ride in oil price. Instead, Kiwi, Aussie and Sterling are the worst performing ones. Technically, USD/CAD's break of 1.4182 minor resistance solidify the case that correction from 1.4667 has completed at 1.3855. Focus is now on 1.4349 resistance and break will pave the way back to 1.4667. 0.6213 support in AUD/USD is a level to watch today and break will indicate completion of whole rebound from 0.5506. That might be another evidence of full return to risk off. GBP/JPY's break of 132.40 support suggest completion of corrective rebound from 123.94. 0.8863 resistance in EUR/GBP and 1.2164 support GBP/USD are also worth some attentions. Break of these levels will mark the end of Sterling's rebound. In Europe, currently, FTSE is down -2.19%. DAX is down -3.27%. CAC is down -3.03%. German 10-year yield is down -0.0537 at -0.504. Earlier in Asia, Nikkei dropped -1.97%. Hong Kong HSI dropped -2.20%. China Shanghai SSE dropped -0.90%. Singapore Strait Times dropped -1.77%. Japan 10-year JGB yield rose 0.0045 to 0.018. Full Report Here Canada retail sales rose 0.3% in February German ZEW sentiment jumps as current situation deteriorates EU Breton: A package of EUR 1.6 trillion needed to support... ECB Panetta: Absent of common coronavirus action would dilute public support... UK employment rate hit record high before coronavirus pandemic RBA Lowe: Health and economic emergencies will cast a shadow over... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol WTI Crude Oil Price Dived to Negative as Oversupply Sparks Concerns... PBOC Cut Policy Rate to 3.85%, More Easing on the Way CFTC Commitments of Traders – Traders Bet Higher Euro on First... Central Bank Views | China Watch | Oil N' Gold | Special Topics GBP/JPY Mid-Day Outlook Daily Pivots: (S1) 133.50; (P) 134.12; (R1) 134.42; More... GBP/JPY's break of 132.40 support suggests that corrective rebound from 135.47 has completed. Intraday bias is turned back to the downside for retesting 123.94 low. Decisive break of 122.75/123.94 support zone will resume larger down trend. On the upside, in case of another rise, upside should be limited by 61.8% retracement of 144.95 to 123.94 at 136.92 to bring near term reversal. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Gold Maintains Positive Structure Despite Negative Pressures US Futures Declining, Watch IBM, KO, PM Violent Oil Trade Resumes, Stocks Ready To Fall, Yen Soars On Risk Aversion, Gold Tumbles On German Optimism USD Supported As Oil Prices Drop What Crazy Times We Live In Reserve Bank Governor's Speech Reveals Forecasts Very Close to Westpac's Views Historical Crude Oil Collapse As A Symptom Of The New Wave Unthinkable Becomes Very Real For US Oil Price Oil Trades Negative As Storage Space Runs Out GBPUSD Holds Above Bullish Cross In SMAs EURJPY Cautiously Negative Around Strong Monthly-Lows Fundamental Analysis | Technical Analysis In-depth Reports WTI Crude Oil Price Dived to Negative as Oversupply Sparks Concerns about Storage PBOC Cut Policy Rate to 3.85%, More Easing on the Way 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 01:30 AUD RBA Meeting Minutes 06:00 CHF Trade Balance (CHF) Mar 4.02B 3.23B 3.57B 06:00 GBP ILO Unemployment Rate (3M) Feb 4.00% 3.90% 3.90% 06:00 GBP Average Earnings Including Bonus 3M/Y Feb 2.80% 3.00% 3.10% 06:00 GBP Average Earnings Excluding Bonus 3M/Y Feb 2.90% 3.20% 3.10% 06:00 GBP Claimant Count Change Mar 12.1K 17.3K 6.0K 06:00 GBP Claimant Count Rate Mar 3.50% 3.50% 09:00 EUR Germany ZEW Economic Sentiment Apr 28.2 -43 -49.5 09:00 EUR Eurozone ZEW Economic Sentiment Apr 25.2 -38.2 -49.5 09:00 EUR Germany ZEW Current Situation Apr -91.5 -30 -43.1 12:30 CAD Retail Sales M/M Feb 0.30% 0.00% 0.40% 12:30 CAD Retail Sales ex Autos M/M Feb 0.00% -0.10% -0.10% 14:00 USD Existing Home Sales Mar 5.40M 5.77M

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