Action Insight Mid-Day Report 4-3-20

Dollar Remains Firms, Markets Unmoved by Scary NFP

Action Insight Mid-Day Report 4-3-20 Dollar Remains Firms, Markets Unmoved by Scary NFP While the US continues to post scary job numbers, the markets couldn't care less. Investors know the numbers would be bad and it doesn't matter how bad they are. The point is, there has to be an end to the coronavirus pandemic, which originated from China. Otherwise, the economy will just continue to turn from worse to... even worse. Dollar picked up some buying earlier today and remains firm. It's set to close as the strongest one for the week. On the other hand, Euro is currently the weakest one. However, Sterling's selloff is starting to pick up. There are still a few hours to go before we know who's the worst performing. In other markets, Gold is staying in tight range around 1615. WTI crude oil's break of 28.39 resistance finally indicates short term bottoming at 20.40. Further rise would be seen to 55 day EMA (now at 39.25). DOW futures is slightly lower by less than 100 pts. In Europe, FTSE is down -1.16%. DAX is down -0.23%. CAC is down -1.12%. German 10-year yield is down -0.0065 at -0.442. Earlier in Asia, Nikkei rose 0.01%. Hong Kong HSI dropped -0.19%. China Shanghai SSE dropped -0.60%. Singapore Strait Times dropped -2.60%. Japan 10-year JGB yield rose 0.0032 to -0.0008. Full Report Here US NFP dropped -701k, unemployment surged to 4.4% Eurozone retail sales rose 0.9%, EU sales rose 0.8% UK PMI composite finalized at 36.0, almost certain to experience a... Eurozone PMI composite finalized at 29.7, GDP contracting near to -10%... ADB slashes China's growth forecast to 2.3% in 2020, but rebound... Australia AiG construction dropped to 37.9, retail sales rose 0.5% China Caixin PMI services recovered to 43, situation requires policymakers to... Japan PMI services dropped to 33.8, GDP contracting at 8% annualized... Japan to decide coronavirus stimulus next week, may use deficit covering... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol Oil Rally likely Short-lived as Coordinated Output Cut Could Take Long... Manufacturing PMI and Inflation in the Eurozone Reveal that Eurozone is... US Oil Inventory Rose Sharply as Demand Plunged on Crisis Central Bank Views | China Watch | Oil N' Gold | Special Topics USD/CHF Mid-Day Outlook Daily Pivots: (S1) 0.9675; (P) 0.9713; (R1) 0.9774; More... USD/CHF's rebound form 0.9502 extends to as high as 0.9783 so far. Intraday bias remains on the upside for retesting 0.9901. Break will resume whole rise from 0.9181. On the downside, break of 0.9648 minor support will extend the correction from 0.9901 with another fall. Intraday bias will be turned back to the downside for 61.8% retracement of 0.9181 to 0.9901 at 0.9456. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings NZDUSD's Negative Momentum Breathes New Life into Near-Term Descent Death Cross Forming in GBPUSD WTI Oil Outlook: Oil Prices Rose After Pullback As Optimism Of Reaching Deal Prevails US 30 Index Sidelined In Near Term, Strongly Negative In Medium Term Cause For Optimism? EUR/USD To $1.0640? Waking Up And Smelling The Coffee EUR/USD Outlook: Euro Extends Through Another Key Support After Downbeat EU Data And Persisting Strong Demand For Dollar GBPUSD Within A Bullish Rectangle But Risks Remain USDCAD Optimistic After Correction From 50-Month Peak WTI Futures Retain Bearish Picture In Long Term Oil Seesaws On Doubts About Saudi-Russia Cuts, Dollar Firms Ahead Of NFP 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 21:30 AUD AiG Performance of Construction Index Mar 37.9 42.7 00:30 AUD Retail Sales M/M Feb F 0.50% 0.40% -0.30% 01:45 CNY Caixin Services PMI Mar 43 39.6 26.5 07:15 EUR Spain Services PMI Mar 23 25 52.1 07:45 EUR Italy Services PMI Mar F 17.4 21 52.1 07:50 EUR France Services PMI Mar F 27.4 29 29 07:55 EUR Germany Services PMI Mar F 31.7 34.3 34.5 08:00 EUR Eurozone Services PMI Mar F 26.4 28.4 28.4 08:30 GBP Services PMI Mar F 34.5 35.4 35.7 09:00 EUR Retail Sales M/M Feb 0.90% 0.10% 0.60% 0.70% 12:30 USD Nonfarm Payrolls Mar -701K -123K 273K 275 K 12:30 USD Average Hourly Earnings M/M Mar 0.40% 0.20% 0.30% 12:30 USD Unemployment Rate Mar 4.40% 4.00% 3.50% 13:45 USD Services PMI Mar F 39.1 39.1 14:00 USD ISM Non-Manufacturing PMI Mar 48 57.3

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