Action Insight Mid-Day Report 5-1-20

May Starts in Risk Aversion, Yen and Franc Surge

Action Insight Mid-Day Report 5-1-20 May Starts in Risk Aversion, Yen and Franc Surge Yen and Swiss Franc surge broadly today as risk aversion seems to be back as May starts. Warnings from Amazon and Apple are cited as the reason for the decline in US futures. On the other hand, Chinese is trading sharply lower on concerns that US President Donald Trump would step up tariffs wars with China, and impose restrictions on government retirement fund's investment in Chinese stocks. Australian Dollar is the worst performing one for today, followed by New Zealand Dollar, for these reasons. Technically, AUD/USD's breach of 0.6444 resistance turned support should confirm short term topping. Focus will turn to 0.6253 support for indication of near term bearish reversal. Similarly, AUD/JPY is eyeing 67.29 support for indication of near term bearish reversal too. EUR/USD is pressing 1.0990 resistance for the moment, break will target 111.47 resistance as consolidation pattern form 1.0635 extends. Full Report Here ECB: GDP to trough at -15%, foreign demand to drop -19%... UK PMI manufacturing finalized at 32.6, production, new orders, employment, new... Australia AiG manufacturing dropped to 35.8 as unusual surge for manufactured... BoJ minutes: Uncertain whether economy would recover strongly after coronavirus pandemic Japan PMI manufacturing finalized at 41.9, suggests output droppe Japan Nishimura to avoid deflation return as Tokyo core CPI turned... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol Crude Oil Selloff Could Resume in Weeks as Cushing Approaches Full... Fed Markedly Downgraded Economic Assessments on Sharp Decline in Activities and... BOJ's QE Expansion Likely Ineffective Despite Pledge of Unlimited Purchases Central Bank Views | China Watch | Oil N' Gold | Special Topics USD/CHF Mid-Day Outlook Daily Pivots: (S1) 0.9609; (P) 0.9684; (R1) 0.9729; More... Intraday bias in USD/CHF remains on the downside at this point. Fall from 0.9802 is seen as the third leg of the corrective pattern form 0.9901. Break of 0.9592 support will target 0.9502 next. But downside should be contained by 61.8% retracement of 0.9181 to 0.9901 at 0.9456 to rebound. On the upside, above 0.9700 minor resistance will turn bias neutral first. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings What A Strange Week EURJPY Maintains Negative Tone Despite Bulls' Efforts USD/JPY Outlook: Bears Regain Control After Short Recovery Was Capped By Daily Cloud Top GBPUSD Outlook: Cable Pulls Back After Bulls Failed At 200DMA Trump Reignites China Feud, Stocks Fall On Data, ECB And Earnings Blows EU Indices Mostly Closed For Labor Day | TA Focus On Ryanair Australian Manufacturing PMI Is Facing A Drop NZDUSD Cautiously Bullish Above Very Short-Term Trend Line And MAs Fundamental Analysis | Technical Analysis In-depth Reports China Outlook: From Output To Demand Crisis, CNY Stability Set To Continue Fed Markedly Downgraded Economic Assessments on Sharp Decline in Activities and Surge in Unemployment Crude Reality Monitoring The International Impact Of COVID-19 RBNZ OCR to Go Negative Later this Tear The RBA's Target Cash Rate is Likely to Hold at 0.25% Until End 2023 Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 23:50 JPY Tokyo CPI Core Y/Y Apr -0.10% 0.10% 0.40% 00:30 JPY Jibun Bank Manufacturing PMI Apr F 41.9 43.7 43.7 01:30 AUD PPI Q/Q Q1 0.20% 0.30% 01:30 AUD PPI Y/Y Q1 1.30% 1.40% 06:30 AUD RBA Commodity Index SDR Y/Y Apr -8.10% -10.20% -10.70% 08:30 GBP Manufacturing PMI Apr F 32.6 32.8 32.9 08:30 GBP Mortgage Approvals Mar 56K 59K 74K 08:30 GBP M4 Money Supply M/M Mar 2.80% 0.20% 0.30% 0.40% 13:30 CAD Manufacturing PMI Apr 46.1 13:45 USD Manufacturing PMI Apr F 36.9 36.9 14:00 USD ISM Manufacturing PMI Apr 36.7 49.1 14:00 USD ISM Manufacturing Prices Paid Apr 30.7 37.4 14:00 USD ISM Manufacturing Employment Index Apr 43.8 14:00 USD Construction Spending M/M Mar -3.90% -1.30%

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