Action Insight Mid-Day Report 4-24-20

Dollar Dips after Durable Goods Orders Contractions, Euro Pare Losses

Action Insight Mid-Day Report 4-24-20 Dollar Dips after Durable Goods Orders Contractions, Euro Pare Losses The currency markets are relatively quiet today, with major pairs bounded inside yesterday's range. Dollar weakens after poor durable goods orders data, but New Zealand Dollar is even weaker. Euro recovers after yesterday's selloff, followed by Canadian Dollar ans Swiss Franc. For the week, Aussie is the strongest one, followed by Dollar. Sterling leads European majors as the weakest. In Europe, currently, FTSE is down -0.65%, DAX is down -0.60%. CAC is down -0.45%. German 10-year yield is down -0.0335 at -0.457. Earlier in Asia, Nikkei dropped -0.86%. Hong Kong HSI dropped -0.61%. China Shanghai SSE dropped -1.06%. Singapore Strait Times dropped -0.95%. Japan 10-year JGB yield dropped -0.0142 to -0.022. Full Report Here US durable goods orders dropped -14.4%, ex-transport orders dropped -0.2% EU Barnier: UK cannot impose a short negotiation calendar, but not... German Ifo business climate dropped to 74.3, coronavirus crisis striking economy... UK retail sales dropped -5.1% in March, record contraction UK Gfk consumer confidence unchanged at -34, no guarantee the fall... NZ Robertson: Any further government support will be substantial Japan CPI core slowed to 0.4%, more downward pressure ahead US PMI composite dropped to 27.4, historically dramatic contraction in Q2 Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol Canadian Dollar Weakness Expected to Catch Up with Recent Oil Price... WTI Crude Oil Price Dived to Negative as Oversupply Sparks Concerns... PBOC Cut Policy Rate to 3.85%, More Easing on the Way Central Bank Views | China Watch | Oil N' Gold | Special Topics EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.0739; (P) 1.0793; (R1) 1.0829; More... EUR/USD recovers mildly in early US session. But intraday bias stays on the downside with 1.0885 minor resistance intact. Current fall from 1.1147 would target a test on 1.0635 low next. On the upside, break of 1.0885 minor resistance could extend the consolidation from 1.0635 with another rise. 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 JP 225 Index Unable to Decisively Close Above 50.0% Fibonacci What A Difference A Week Makes US 30 Index Stands Below 50.0% Fibo, Bullish Correction In Progress EUR Remains Weak Despite Trillion EUR Fund Agreed GBP/USD Outlook: Fresh Weakness After Weak UK Retail Sales Data Probes Below Daily Cloud USDCAD Stalls Around Mid-Bollinger Band, Momentum Freezes GBPJPY Holds In Tight Range, Eyes On 132.00 Drug Disappointment Burns Stocks, Euro Crumbles Fundamental Analysis | Technical Analysis In-depth Reports Canadian Dollar Weakness Expected to Catch Up with Recent Oil Price Collapse Reserve Bank Governor's Speech Reveals Forecasts Very Close to Westpac's Views 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 Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 23:01 GBP GfK Consumer Confidence Apr -34 -40 -34 23:30 JPY National CPI Core Y/Y Mar 0.40% 0.40% 0.60% 23:50 JPY Corporate Service Price Index Y/Y Mar 1.60% 1.70% 2.10% 04:30 JPY All Industry Activity Index M/M Feb -0.60% -0.40% 0.80% 0.60% 06:00 GBP Retail Sales M/M Mar -5.10% -4.50% -0.30% 06:00 GBP Retail Sales ex-Fuel M/M Mar -3.70% -3.50% -0.50% 08:00 EUR Germany IFO Business Climate Apr 74.3 79.8 86.1 85.9 08:00 EUR Germany IFO Current Assessment Apr 79.5 81 93 92.9 08:00 EUR Germany IFO Expectations Apr 69.4 75 79.7 79.5 12:30 USD Durable Goods Orders Mar -14.40% -12.00% 1.20% 12:30 USD Durable Goods Orders ex Transportation Mar -0.20% -6.10% -0.60% 14:00 USD Michigan Consumer Sentiment Index Apr 67.8 71

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