Action Insight Mid-Day Report 5-6-20

Dollar Firm Despite Historic ADP Job Loss, But Yen Stronger

Action Insight Mid-Day Report 5-6-20 Dollar Firm Despite Historic ADP Job Loss, But Yen Stronger Yen is staying as the strongest one today while the financial markets are generally mixed. Dollar is not too bothered by the ADP report which showed -20m private job losses. It's currently trading as the second strongest, followed by Australian. Sterling is currently the weakest ones with Euro, after poor data and European commission forecasts. But Canadian Dollar has the potential to overtake as WTI crude oil is starting to pare back this week's gains. Technically, GBP/JPY's break of 131.90 support suggests completion of corrective rebound from 123.94. CAD/JPY also breaks 75.40 temporary low and it's heading back towards 73.86 low. Together with USD/JPY and EUR/JPY, the developments suggest more upside in the Yen ahead. 67.29 support in AUD/JPY and 63.73 support in NZD/JPY are to be watched for more confirmation. In Europe, currently, FTSE is up 0.47%. DAX is down -0.42%. CAC is down -0.52%. German 10-year yield is up 0.0496 at -0.527. Earlier in Asia, Hong Kong HSI rose 1.13%. China Shanghai SSE rose 0.63%. Singapore Strait Times rose 0.75%. Japan remained on holiday. Full Report Here US ADP jobs lost -20m, double total of Great Recession European Commission forecasts -7.7% contraction in Eurozone GDP this year Eurozone retail sales dropped -11.2% in March, EU dropped -10.4% UK PMI construction dropped to 8.2, prospect of severe supply chain... Eurozone PMI composite finalized at 13.6, suggests -7.5% quarterly GDP contraction Australia retail sales rose 8.5% with heavy impact from coronavirus New Zealand employment grew 0.7% in Q1, robust before coronavirus RBNZ: GDP to be lowered by 37 by level 4 coronavirus... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol BOE to Keep Stimulus Measures Unchanged in May. Could Announce QE... CFTC Commitments of Traders – Bets on Higher Safe Haven Currencies... 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) 1.0798; (P) 1.0862; (R1) 1.0898; More... Intraday bias in EUR/USD stays on the downside for 1.0727 support. Break will target 1.0635 low. On the upside, above 1.0895 minor resistance will turn intraday bias neutral first. After all, corrective pattern from 1.0635 low is still in progress and could extend. But in case of rebound, upside should be by 61.8% retracement of 1.1496 to 1.0635 at 1.1167. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings US Futures Gaining Ground, Watch DIS, GM, SHOP, CVS, OXY, ATVI EURGBP Still Range-Bound, Directional Signals Conflict USD Comes Out On Top Even Though Signals Of Economic Deterioration Persist GBPJPY Records New Six-Week Low, Breaking Consolidation Area EUR/USD Outlook: Steep Fall Probes Below 1.08 Handle German Ultimatum Sinks Euro, Yen Capitalizes Gold Struggles In Symmetrical Triangle, Neutrality Holds NZDUSD Keeps Buying Interest After Bouncing On Trendline USDJPY Loses Ground, Magnetized By Lower Bollinger Band Singapore Dollar Eases On Downbeat Data EUR Is Searching For Light 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 22:45 NZD Employment Change Q1 0.70% -0.20% 0.00% 0.10% 22:45 NZD Unemployment Rate Q1 4.20% 4.20% 4.00% 22:45 NZD Labour Cost Index Q/Q Q1 0.30% 0.50% 0.60% 01:30 AUD Retail Sales M/M Mar 8.50% 8.20% 8.20% 06:00 EUR Germany Factory Orders M/M Mar -15.60% -9.00% -1.40% -1.20% 07:45 EUR Italy Services PMI Apr 10.8 8 17.4 07:50 EUR France Services PMI Apr F 10.2 10.4 10.4 07:55 EUR Germany Services PMI Apr F 16.2 15.9 15.9 08:00 EUR Eurozone Services PMI Apr F 12 11.7 11.7 08:30 GBP Construction PMI Apr 8.2 39.3 09:00 EUR Eurozone Retail Sales M/M Mar -11.20% -12.00% 0.90% 0.60% 09:00 EUR Eurozone Retail Sales Y/Y Mar -9.20% -10% 3% 2.50% 12:15 USD ADP Employment Change Apr -20236K -13050K -27K -149K 14:30 USD Crude Oil Inventories 8.5M 9.0M

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