Action Insight Mid-Day Report 5-19-20

Euro Surges of Recovery Fund Hope, Yen Tumbles

Action Insight Mid-Day Report 5-19-20 Euro Surges of Recovery Fund Hope, Yen Tumbles Yen, Dollar and Swiss Franc remain generally weak today eventual risk rally starts to take a breather in European session. On the other hand, currency market have some what shifted from commodity currencies to Euro and Sterling. Euro is lifted by optimism on the Franco-German recovery fund plan. Sterling is boosted by UK's new, post-Brexit, tariff regime. Technically, weakness in Yen is the clearest in the markets for today. USD/JPY's break of 107.76 resistance suggests resumption of rebound from 105.98, for 109.38 resistance. EUR/JPY's break of 117.77 resistance should take the rebound from 114.42 to 121.14. 133.18 resistance in GBP/JPY will be a focus today and break will align the near term bullish outlook with USD/JPY and EUR/JPY. In Europe, currently, FTSE is down -0.47%. DAX is down -0.17%. CAC is down -0.62%. German 10-year yield is up 0.0323 at -0.439. Earlier in Asia, Nikkei rose 1.49%. Hong Kong HSI rose 1.89%. China Shanghai SSE rose 0.81%. Singapore Strait Times rose 1.66%. Japan 10-year JGB yield rose 0.0111 to 0.001. Full Report Here German Maas very confident on EU support for Franco-German recovery plan German ZEW rose to 46.0, optimism is growing, but catching-up will... 60% trade will come into UK tariff free with new UKGT... UK claimant counts jumped 8655k to 2.1m in April RBNZ Bascand: We can re-evaluate if more stimulus is needed in... Coronavirus job losses in Australia slowed RBA minutes: Best course of action was to maintain currency policy... Powell: Fed committed to use full range of tools as part... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol Crude Oil Price Supported by Improved Fundamentals; Upside Limited CFTC Commitments of Traders report – Traders Trimmed Bets on USD... Negative Interest Rate Expectations Drove Markets, Risk Reversal TBC Soon Central Bank Views | China Watch | Oil N' Gold | Special Topics USD/JPY Mid-Day Outlook Daily Pivots: (S1) 107.08; (P) 107.29; (R1) 107.51; More.. USD/JPY's rise from 105.98 short term bottom resumes by taking out 107.76 resistance. Intraday bias is turned back to the upside for 109.38 resistance. As noted before, corrective fall from 111.71 should have already completed at 105.98. Break of 109.38 will target 111.71 high. However, break of 106.74 minor support will dampen the bullish view and turn bias back to the downside. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings A Shot in the Arm for Stocks US Futures Flat, Watch WMT, HD, DIS, KSS, BIDU, WST, CCL US Flash PMIs May Bring Glimmer Of Hope As Fed Minutes Likely To Be Downcast Markets' Sentiment Emotionally Driven EURCHF Claims Largest Daily Gain In More Than A Year, 1.0652 Next In Target WTI Futures Retreat After The Jump To 6-Week High At 33.05 Vaccine Hopes Power Markets Higher, Can Powell Add More Fuel? Waiting For ZEW GBPUSD Attempting To End Bearish Trend Formation EURJPY Rests Near Descending Line, Suggesting Upside Tendency USDCAD In Horizontal Mode, Dives Below Flat MA's Fundamental Analysis | Technical Analysis In-depth Reports UK: Keep Cautious and Carry On With Interest Rates At Zero, What Will Drive FX Now? Could the U.S. Economy Be Facing Deflation? What to Expect from CCP's Two Sessions? Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 22:45 NZD PPI Input Q/Q Q1 -0.30% 0.10% 0.30% 22:45 NZD PPI Output Q/Q Q1 0.10% 0.40% 01:30 AUD RBA Minutes 04:30 JPY Industrial Production M/M Mar F -3.70% -3.70% -3.70% 06:00 GBP ILO Unemployment Rate 3M Mar 3.90% 4.40% 4.00% 06:00 GBP Average Earnings Including Bonus 3M/Y Mar 2.40% 2.70% 2.80% 06:00 GBP Average Earnings Excluding Bonus 3M/Y Mar 2.70% 2.70% 2.90% 06:00 GBP Claimant Count Change Apr 856.5K 12.1K 06:00 GBP Claimant Count Rate Apr 5.80% 3.50% 09:00 EUR Germany ZEW Economic Sentiment May 51 33.5 28.2 09:00 EUR Germany ZEW Current Situation May -93.5 -87.8 -91.5 09:00 EUR Eurozone ZEW Economic Sentiment May 46 27.4 25.2 12:30 USD Building Permits Apr 1.07M 1.00M 1.35M 1.36M 12:30 USD Housing Starts Apr 0.89M 0.95M 1.22M 1.28M 14:00 USD Fed's Chair Powell testifies

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