Action Insight Mid-Day Report 5-4-20

Euro Weighed Down by Sentiment Indicators, Markets in Mild Risk-Off

Action Insight Mid-Day Report 5-4-20 Euro Weighed Down by Sentiment Indicators, Markets in Mild Risk-Off US-China tension continues to be a major theme today, driving global stocks and US futures down. Developments are happening on many fronts. There will be proposed law changes to allow private entities to sue China for coronavirus damages. Investment of federal retirement funds in Chinese stocks could be blocked. President Donald Trump might revert to tariffs as punishments. Also, it's reported that the administration is turbo-charging the initiative to move the global supply chain out of China. In the currency markets, Canadian Dollar is currently the strongest one, followed by Yen and Dollar. New Zealand Dollar is the weakest, followed by Sterling and Euro. The common currency is somewhat weighed down by poor sentiment indicator. Markets are trying to reverse April's moves. Yet, it might take more time to confirm if risk aversion is really back. 22941 support in DOW is a key near term level to defend, which DOW is still quite far above. 67.29 support in AUD/JPY is another level to watch. In Europe, currently, FTSE is flat. DAX is down -3.55%. CAC is down -3.97%. German 10-year yield is up 0.039 at -0.549. Earlier in Asia, Hong Kong HSI dropped -4.18%. Singapore Strait Times dropped -2.31%. Japan and China were on holiday. Full Report Here Eurozone Sentix investor confidence improved to -41.8, current situation hit all... Eurozone PMI manufacturing finalized at 33.4, any recovery will be frustratingly... S&P affirms New Zealand's rating with positive outlook Trump stepped up criticism on China and promised very conclusive report,... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol RBA to Stay on Hold in May. Economic Forecasts to be... BOE to Keep Stimulus Measures Unchanged in May. Could Announce QE... From Coronavirus Lockdown Exit to New US-China Tariff war Central Bank Views | China Watch | Oil N' Gold | Special Topics EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.0937; (P) 1.0978; (R1) 1.1020; More... Intraday bias in EUR/USD is turned neutral with 4 hour MACD crossed below signal line. Another rise is mildly in favor as long as 1.0833 minor support holds. Corrective pattern from 1.0635 is in its third leg. Above 1.1019 will target 1.1147 resistance. But upside should be limited by 61.8% retracement of 1.1496 to 1.0635 at 1.1167. On the downside, break of 1.0833 will turn bias back to the downside for 1.0727 support and then 1.0635 low. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings US 500 Index Stalls after Fading ahead of 2,986 Border US Futures Continue to Fall, Watch BRK/B, TSN, QCOM, HON Risk Off Prevails As US-China Tension Adds To Coronavirus Concerns AUD Relents Ground Ahead Of RBA's Interest Rate Decision Sentiment Fading Fast AUD/USD Outlook: Aussie Dips To One-Week Low As US/China Tensions Sour Risk Sentiment AUDUSD Pauses Bearish Structure At Ichimoku Cloud, Penetrates Uptrend Line Specter Of Trade War Returns To Haunt Stocks EURUSD Returns Below 1.0980 Despite Respectful Rally USDJPY Continues Its Move Within Descending Channel In Near Term Gold Appears To Be Gaining Confidence Dollar Lifted By Trump And Pompeo Fundamental Analysis | Technical Analysis In-depth Reports China Outlook: From Output To Demand Crisis, CNY Stability Set To Continue Crude Reality 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 1:00 AUD TD Securities Inflation M/M Apr -0.10% 0.20% 1:30 AUD ANZ Job Advertisements Apr -53.10% -10.30% 1:30 AUD Building Permits M/M Mar -4.00% -15.00% 19.90% 7:30 CHF SVME PMI Apr 40.7 34.1 43.7 7:45 EUR Italy Manufacturing PMI Apr 31.1 30 40.3 7:50 EUR France Manufacturing PMI Apr F 31.5 31.5 31.5 7:55 EUR Germany Manufacturing PMI Apr F 34.5 34.4 34.4 8:00 EUR Eurozone Manufacturing PMI Apr F 33.4 33.6 33.6 8:30 EUR Eurozone Sentix Investor Confidence May -41.8 -30 -42.9 14:00 USD Factory Orders M/M Mar -9.50% 0.00%

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