Action Insight Mid-Day Report 5-29-20

Euro Power Continues, Follow by Yen on Mild Risk-Off

Action Insight Mid-Day Report 5-29-20 Euro Power Continues, Follow by Yen on Mild Risk-Off Markets are in mild risk off mode before weekly close, awaiting US President Donald Trump's "interesting" and "powerful" measures on China. Though, this time, Euro is boosted as the strongest one, followed by Yen. Dollar and Swiss Franc are the weakest for today. Overall, Euro is staying as the best performer for the week, cheering EU's recovery plan. Dollar and Yen are the weakest ones. Technically, EUR/CHF's break of 1.0710/15 cluster resistance is a signal medium term bottoming. Further rise would be seen to 1.0811 key support turned resistance to confirm. EUR/GBP's rally from 0.8670 is in progress for 0.9182 fibonacci resistance. Focus will now be on 1.5322 resistance in EUR/CAD and firm break will bring stronger rise to 1.5532. Break of 1.6763 resistance will also bring stronger rise to 1.7194 resistance. In Europe, FTSE is down -0.95% currently. DAX is down -0.70%. CAC is down -0.26%. German 10-year JGB yield is down -0.029 at -0.446. Earlier in Asia, Nikkei dropped -0.18%. Hong Kong HSI dropped -0.74%. China Shanghai SSE rose 0.22%. Singapore Strait Times dropped -0.18%. Japan 10-year JGB yield rose 0.0064 to 0.007. Full Report Here Canada GDP contracted -7.2% in Mar, prelim data points to -11%... US personal income grew 10.5% in Apr, spending dropped -13.6 Eurozone CPI slowed to 0.1% yoy, ECB Visco warns of prices-demand... France Q1 GDP revised down to -5.3%, consumer spending dropped -20.2%... Swiss KOF dropped to 53.2, manufacturing continues to have strongest negative... New Zealand consumer confidence improved to 97.3, success in fighting coronavirus Japan industrial production plunged -9.1% in April, auto sector particularly severe Fed Williams: Negative rates don't make sense given the situation Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol RBA to Send More Upbeat Economic Assessment in June Gold will Regain Momentum after Correction, Supported by Low Yield and... HKD Weakened Despite Widening HIBOR-LIBOR Spread; Hong Kong's Autonomy at Risk... Central Bank Views | China Watch | Oil N' Gold | Special Topics EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.1017; (P) 1.1055; (R1) 1.1119; More... EUR/USD rises to as high as 1.1145 so far today and intraday bias stays on the upside. We're still seeing price actions from 1.0635 as a corrective pattern. Upside should be limited by 61.8% retracement of 1.1496 to 1.0635 at 1.1167. On the downside, below 1.1008 resistance turned support will turn intraday bias to the downside for 1.0870 support. However, sustained break of 1.1167 will pave the way to 1.1496 key resistance next. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Perfect Storm for Trump US Futures Losing Some Ground, Watch COST, CRM, JWN, DELL, ULTA Gold Rises As Markets Brace For Trump News On China EUR/USD Outlook: Extension Above 1.11 Eyes Key Fibo Barrier At 1.1166 USD Weakens Before Trump's Response To China Cliff Notes: The Stages of Recovery Stocks Ease Off Ahead Of Trump's Hong Kong Decision, Dollar Skids After Fed Comments GBPUSD Turns Higher From 2-Month Low AUDJPY Rally Stalls Near 200-Day SMA, Trendline In Focus USDCAD Cautiously Bearish, Declines Below Base Of Range U.K. May Not Be Expecting A Deal Fundamental Analysis | Technical Analysis In-depth Reports ECB Research: PEPP'in It Up Australia's Risks With Its Exports to China 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 23:30 JPY Tokyo CPI Core Y/Y May 0.20% -0.20% -0.10% 23:30 JPY Unemployment Rate Apr 2.60% 2.70% 2.50% 23:50 JPY Industrial Production M/M Apr P -9.10% -5.10% -3.70% 23:50 JPY Retail Trade Y/Y Apr -13.70% -11.50% -4.70% 01:30 AUD Private Sector Credit M/M Apr 0.00% 0.60% 1.10% 05:00 JPY Housing Starts Y/Y Apr -12.90% -16.00% -7.60% 05:00 JPY Consumer Confidence Index May 24 19.2 21.6 06:00 EUR Germany Import Price Index M/M Apr -1.80% -1.50% -3.50% 06:00 EUR Germany Retail Sales M/M Apr -5.30% -11.00% -5.60% 06:45 EUR France GDP Q/Q Q1 -5.30% -5.80% -5.80% 08:00 EUR Eurozone M3 Money Supply Y/Y Apr 8.30% 7.60% 7.50% 08:00 CHF KOF Leading Indicator May 53.2 70.2 63.5 59.7 09:00 EUR Eurozone CPI Y/Y May P 0.10% 0.20% 0.30% 09:00 EUR Eurozone CPI - Core Y/Y May P 0.90% 0.90% 0.90% 12:30 CAD Raw Material Price Index Apr -13.40% -23.90% -15.60% 12:30 CAD Industrial Product Price M/M Apr -2.30% -2.00% -0.90% 12:30 CAD GDP Annualized Q/Q Q1 -8.20% 0.30% 0.60% 12:30 CAD GDP M/M Mar -7.20% -9.00% 0.00% 12:30 USD Personal Income M/M Apr 10.50% -7.00% -2.00% -2.20% 12:30 USD Personal Spending Apr -13.60% -12.60% -7.50% -6.90% 12:30 USD PCE Price Index M/M Apr -0.50% -0.30% -0.20% 12:30 USD PCE Price Index Y/Y Apr 0.50% 1.30% 12:30 USD Core PCE Price Index M/M Apr -0.40% -0.10% 0.00% 12:30 USD Core PCE Price Index Y/Y Apr 1.00% 1.70% 12:30 USD Wholesale Inventories Apr P 0.40% -0.80% -1.00% 12:30 USD Goods Trade Balance (USD) Apr -69.68 B -64.1B -64.2B -64.98 B 13:45 USD Chicago PMI May 40 35.4 14:00 USD Michigan Consumer Sentiment Index May F 73.7 73.7

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