Action Insight Mid-Day Report 5-28-20

Dollar Mildly Lower after Poor Durable Orders, Euro Extending Gains

Action Insight Mid-Day Report 5-28-20 Dollar Mildly Lower after Poor Durable Orders, Euro Extending Gains Dollar is trading a touch softer in early US session after poor durable goods orders. Euro, on the other hand, is trying to extend the EU stimulus triggered gains. Overall, movements in the forex markets today are relatively limited. Yen and the greenback remain the weakest for the week while commodity currencies are strongest. Directions in other markets are also relatively unclear with US stocks opening higher but DOW struggles to extend rally through 25750 handle. Technically, Euro's rally will continue to be a focus, with attention on 0.9000 resistance in EUR/GBP, 1.6763 resistance in EUR/AUD and 1.5142 resistance in EUR/CAD. EUR/USD is still some way below key near term fibonacci resistance at 1.1167, and thus, there is room for more upside. In Europe, currently, FTSE is up 1.12%. DAX is up 0.73%. CAC is up 1.29%. German 10-yaer yield is down -0.0053 at -0.417. Earlier in Asia, Nikkei rose 2.32%. Hong Kong HSI dropped -0.72%. China Shanghai SSE rose 0.33%. Singapore Strait Times dropped -0.17%. Japan 10-year JGB yield dropped -0.0031 to -0.001. Full Report Here BoE Saunders: Safer to err on the side of easing somewhat... US Q1 GDP contraction revised down to -5.0% annualized US durable goods orders dropped -17.2%, ex-transport orders dropped -7.4% US initial jobless claims dropped again to 2.1m, continuing claims dropped... Eurozone economic sentiment rose slgihtly to 67.5, employment expectations jumped Ifo: Germany business think they will most likely return to normal... HSI, Yuan down as Pompeo said HK no longer warrants special... New Zealand ANZ Business Confidence rose to -41.8, recovery going to... RBA Lowe: Economy better than baseline, negative rates extraordinarily unlikely Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol Gold will Regain Momentum after Correction, Supported by Low Yield and... HKD Weakened Despite Widening HIBOR-LIBOR Spread; Hong Kong's Autonomy at Risk... CFTC Commitments of Traders – NET SHORT of GBP Futures Jumped... Central Bank Views | China Watch | Oil N' Gold | Special Topics EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.0951; (P) 1.0991; (R1) 1.1048; More... EUR/USD's rally form 1.0774 is still in progress and intraday bias stays on the upside. It's seen as a rising leg in the consolidation pattern from 1.0635. Next target is 1.1147 resistance. But upside should be limited by 61.8% retracement of 1.1496 to 1.0635 at 1.1167. On the downside, below 1.0991 minor support will turn intraday bias neutral first. Break of 1.0870 will turn bias to the downside for 1.0774 support. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings US: Only Minor Revisions to Q1's Contraction; Corporate Profits See Biggest Decline Since the Financial Crisis EURJPY's Ascent Retraces, Loading for Another Run Up US Dollar Index Holds in Consolidation after March Peak US Futures Mixed, Watch HPQ, BA, TOL, NTAP, ADSK EU Stimulus Lifts Stocks WTI OIL Outlook: Oil Remains In Defensive After 5.7% Drop On Surprise Crude Stockpiles Build USD Remains Firm On US-Sino Tensions Hong Kong Tensions Sink Yuan But Stocks Yet To Flinch AUDUSD Attempts To Conquer Capping 200-Day SMA EURUSD Trades Around 2-Month Peak, Turns Bias To Bullish WTI Oil Futures Lose Some Shine But Uptrend Still Intact Fundamental Analysis | Technical Analysis In-depth Reports Gold will Regain Momentum after Correction, Supported by Low Yield and US-China Tensions Have Stocks 'Gotten Over' the Virus? Canadian Inflation in a Post-Pandemic World HKD Weakened Despite Widening HIBOR-LIBOR Spread; Hong Kong's Autonomy at Risk as China Seeks to Impose New Law Australia's Spat With China May Spell Doom for its Economy and the Aussie A Matter Of When, Not If – Updated Forecasts Of The RBNZ's OCR And LSAP Soft Japanese Economy, Subdued Yen With Interest Rates At Zero, What Will Drive FX Now? Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 01:00 NZD ANZ Business Confidence May -41.8 -45.6 01:30 AUD Private Capital Expenditure Q1 -1.50% -2.70% -2.80% -2.60% 09:00 EUR Eurozone Economic Sentiment Indicator May 67.5 70.5 67 64.9 09:00 EUR Eurozone Industrial Confidence May -27.5 -25.4 -30.4 -32.5 09:00 EUR Eurozone Services Sentiment May -43.6 -28.4 -35 -38.6 09:00 EUR Eurozone Consumer Confidence May -18.8 -18.8 -18.8 -22 09:00 EUR Eurozone Business Climate May -2.43 -1.81 -1.99 12:00 EUR Germany CPI M/M May P -0.10% -0.10% 0.40% 12:00 EUR Germany CPI Y/Y May P 0.60% 0.60% 0.90% 12:30 CAD Current Account (CAD) Q1 -11.1B -10.2B -8.8B -9.3B 12:30 USD Initial Jobless Claims (May 22) 2123K 2438K 2446K 12:30 USD GDP Annualized Q1 P -5.00% -4.80% -4.80% 12:30 USD GDP Price Index Q1 P 1.40% 1.30% 12:30 USD Durable Goods Orders Apr -17.20% -18.10% -15.30% -16.60% 12:30 USD Durable Goods Orders ex Transportation Apr -7.40% -14.00% -0.60% -1.70% 14:00 USD Pending Home Sales M/M Apr -21.80% -15.00% -20.80% 14:30 USD Natural Gas Storage 113B 81B 15:00 USD Crude Oil Inventories -2.5M -5.0M

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