Action Insight Mid-Day Report 5-12-20

Dollar Tumbles on Record Core CPI Decline, and Improving Sentiments

Action Insight Mid-Day Report 5-12-20 Dollar Tumbles on Record Core CPI Decline, and Improving Sentiments Dollar is sold off notably in early US session after data showed record decline in core inflation reading. In the background, sentiments also improved mildly on WHO's "potentially positive data" comments. Following Dollar, Canadian is the second weakest for the day, then Yen. On the other hand, New Zealand Dollar is the strongest one, followed by Australian Dollar. Aussie has somewhat left the news of China's ban on four abattoirs behind. Technically, focus is back on 1.0895 minor resistance in EUR/USD with today's recovery. Break will extend the corrective pattern from 1.0635 with another rising leg, possibly through 1.1019 resistance. Similarly USD/CHF is eyeing 0.9681 minor support and break will extend the corrective pattern from 0.9901 with another falling leg, possibly through 0.9588 support. In Europe, currently, FTSE is up 1.10%. DAX is up 0.28%. CAC is down -0.28%. German 10-year yield is up 0.0205 at -0.487. Earlier in Asia, Nikkei dropped -0.12%. Hong Kong HSI dropped -1.45%. China Shanghai SSE dropped -0.11%. Singapore Strait Times dropped -0.90%. Japan 10-year JGB yield dropped -0.0154 to -0.005. Full Report Here US CPI slowed to 0.3%, core CPI dropped to 1.4% WHO sees potentially positive data regarding coronavirus treatment BoE Broadbent: Quite possible that more monetary easing will be needed BoJ Kuroda: Near term focus is to smoothen corporate financing and... Australia NAB business conditions dropped to -34, broad-based deterioration across industries China bans four Australian abattoirs as tensions rise Trump rejects trade deal renegotiation with China US Navarro: A bill has to come due for China Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol China's Inflation Slowed Further in April, Giving Room for Further Easing RBNZ to Maintain Dovish Tone in May, Preparing for QE Expansion Risk Rally Inconclusive, Dollar Index and Gold Range Bound Central Bank Views | China Watch | Oil N' Gold | Special Topics USD/CHF Mid-Day Outlook Daily Pivots: (S1) 0.9704; (P) 0.9720; (R1) 0.9740; More... Intraday bias in USD/CHF stays neutral with focus on 0.9681 minor support. Break will extend the corrective pattern with another falling leg. Intraday bias will be turned to the downside for 0.9588 support first. But downside should be contained by 61.8% retracement of 0.9181 to 0.9901 at 0.9456 to rebound. On the upside, break of 0.9802 will target a test on 0.9901 high. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings US Futures Consolidating, Watch PNC, BLK, TSLA, DUK, IFF UK Economy Set For Big Contraction As Johnson's Lockdown Policy Descends Into Chaos USDCAD In Sideways Market, Weakens Below Moving Averages AUD/USD Outlook: Aussie Jumps After Repeated Downside Rejection But Remains Within Three-Day Congestion RBNZ's Interest Rate Decision Eyed WTI Futures Capped By 61.8% Fibonacci, 200-Period SMA Flattens Fed Talks Down Negative Rates, Dollar Likes It EURJPY Tackles Mid-Band To Accelerate Pullback GBPUSD Double Top Formation At 1.2640, Neutral Bias Beef War Between Australia And China Fundamental Analysis | Technical Analysis In-depth Reports China's Inflation Slowed Further in April, Giving Room for Further Easing What to Expect from CCP's Two Sessions? Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 01:30 AUD NAB Business Confidence Apr -46 -66 01:30 AUD NAB Business Conditions Apr -34 -21 01:30 CNY CPI Y/Y Apr 3.30% 3.70% 4.30% 01:30 CNY PPI Y/Y Apr -3.10% -2.60% -1.50% 05:00 JPY Leading Economic Index Mar P 83.8 84.3 91.7 91.9 10:00 USD NFIB Business Optimism Index Apr 90.9 86.7 96.4 12:30 USD CPI M/M Apr -0.80% -0.70% -0.40% 12:30 USD CPI Y/Y Apr 0.30% 0.80% 1.50% 12:30 USD CPI Core M/M Apr -0.40% -0.20% -0.10% 12:30 USD CPI Core Y/Y Apr 1.40% 1.70% 2.10%

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