Action Insight Mid-Day Report 4-9-20

Dollar and Loonie Pressured after Poor Job Data

Action Insight Mid-Day Report 4-9-20 Dollar and Loonie Pressured after Poor Job Data Canadian and US Dollars are both trading as the weakest ones today, after release of job data. US initial claims stood over 6m level for the second week while Canada lost more than 1m jobs in March. Meanwhile, Australian Dollar is trading as the strongest one, following higher stock markets, followed by Sterling. There are two events risk that could trigger more volatility ahead of the long weekend, including OPEC++ decision on production cut, as well as EU decisions on coronavirus rescue. Technically, Gold's rally today suggests that large rise fro m1451.16 is resuming. Next target is 61.8% projection of 1451.16 to 1644.67 from 1567.78 at 1687.36. As such rise is seen as the second leg of consolidation from 1703.28, we'd expect strong resistance around 1687.36 to limit upside to bring near term reversal. However, decisive break of 1703.28 will resume larger up trend. That would also be a signal of more downside pressure in Dollar. In Europe, currently, FTSE is up 1.71%. DAX is up 0.87%, CAC is up 0.49%. German 10-year yield is down -0.0025 at -0.330. Earlier in Asia, Nikkei dropped -0.04%. Hong Kong HSI rose 1.38%. China Shanghai SSE rose 0.37%. Singapore Strait Times rose 1.26%. Japan 10-year JGB yield dropped -0.0003 to 0.017. Full Report Here Canada lost one million jobs, unemployment rate jumped to 7.8% US initial jobless claims dropped to 6.6m, continuing claims more than... ECB Minutes: Unanimous agreement on bold and decisive actions to counter... EU finance minister to reconvene meeting on coronavirus rescue ECB Lagarde urges Europe not to get fixated with coronabonds UK GDP dropped -0.1% in February, no growth before coronavirus outbreak RBA: Australia financial system well placed to manage coronavirus pandemic risks BoJ Kuroda: Economic outlook is extremely uncertain Fed minutes: All participants viewed near-term outlook as deteriorated sharply Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol FOMC Minutes Revealed Rationale for Emergency Cuts and QE Inifinity US Crude Oil Inventory Made the Biggest Increase Since 2017 Aussie Gained as RBA Hinted the Possibility of Easing the Pace... Central Bank Views | China Watch | Oil N' Gold | Special Topics EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.0822; (P) 1.0862; (R1) 1.0894; More... No change in EUR/USD's outlook for now. Further rise is mildly in favor as rise from 1.0768 is seen as the third leg of the corrective pattern from 1.0635. Intraday bias stays on the upside for 61.8% retracement of 1.1496 to 1.0635 at 1.1167. On the downside, break of 1.0768 will resume the fall to retest 1.0635 low instead. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings AUDJPY Attempts to Turn Neutral as Bulls Keep Control CHI50 Stock Index Retreats to Meet Supportive Trendline EURCHF Edges Sideways In Very Short-Term, Strongly Negative In Medium Term USD/JPY Outlook: The Upside Remains Capped With Risk Of Fresh Weakness If US Jobless Claims Hurt Dollar EURUSD Consolidates As Momentum Evaporates NZDUSD Cautiously Raises Bullish Flag USDJPY Fluctuates Near 109.00, Capped By 23.6% Fibonacci Oil Firms As OPEC Hypes Deal, Stocks Cheer Markets Are Growing InThe Hope Of Politicians All Eyes On OPEC+ Decision, As Fed Stands Ready To Cut More Oil Bulls Are Betting On OPEC+ Production Curb, Will It Be Enough? Fundamental Analysis | Technical Analysis In-depth Reports FOMC Minutes Revealed Rationale for Emergency Cuts and QE Inifinity Virus Containment Could Spell Trouble for the Dollar Australia's Exceptional Expansion: All Good Things Must Come To An End Is this a Light at the End of the Stock Tunnel or Just a Flashlight? Australia: JobKeeper Payment to Reduce Peak Unemployment Rate from 17% to 9% COVID-19: A Black Swan or a Group of Black Swans? Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 23:01 GBP RICS Housing Price Balance Mar 11% 14% 29% 06:00 GBP GDP M/M Feb -0.10% 0.10% 0.00% 0.10% 06:00 GBP Index of Services 3M/3M Feb 0.20% 0.30% 0.00% 06:00 GBP Industrial Production M/M Feb 0.10% 0.30% -0.10% 0.20% 06:00 GBP Industrial Production Y/Y Feb -2.80% -2.80% -2.90% -2.80% 06:00 GBP Manufacturing Production M/M Feb 0.50% 0.30% 0.20% 0.40% 06:00 GBP Manufacturing Production Y/Y Feb -3.90% -3.90% -3.60% -3.70% 06:00 GBP Goods Trade Balance (GBP) Feb -11.5B -6.0B -3.7B -5.8B 08:00 EUR Italy Industrial Output M/M Feb -1.20% 3.70% 3.60% 11:30 EUR ECB Monetary Policy Meeting Accounts 12:00 GBP NIESR GDP Estimate Mar 0.20% 12:30 USD PPI M/M Mar -0.20% -0.30% -0.60% 12:30 USD PPI Y/Y Mar 0.70% 1.80% 1.30% 12:30 USD PPI Core M/M Mar 0.20% 0.00% -0.30% 12:30 USD PPI Core Y/Y Mar 1.40% 1.70% 1.40% 12:30 USD Initial Jobless Claims (Apr 3) 6606K 6 648K 12:30 CAD Net Change in Employment Mar -1010.7 K 30.3K 12:30 CAD Unemployment Rate Mar 7.80% 5.60% 14:00 USD Michigan Consumer Sentiment Index Apr P 75 89.1 14:00 USD Wholesale Inventories Feb F -0.20% -0.50% 14:30 USD Natural Gas Storage 23B -19B

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