Action Insight Mid-Day Report 5-7-20

Yen Dips on Higher Stocks and Oil, Dollar Shrugs Job Numbers

Action Insight Mid-Day Report 5-7-20 Yen Dips on Higher Stocks and Oil, Dollar Shrugs Job Numbers Risk sentiments seem to have firm up again today despite rather poor economic data. Major stock indices in Europe are in black while US futures point to higher open. WTI crude oil is also extending recent rebound, with June contract now above 26.2. Commodity currencies are generally higher as led by Australian Dollar. Yen and Swiss Franc are the weakest ones, followed by Euro. Sterling's post BoE rebound faded quickly. Dollar also shrugs off another set of huge jobless claims numbers and stays mixed. Technically, while Euro and Swiss Franc stay generally weak, there is no follow through selling. Focus might now turn to commodity Yen crosses for gauging the underlying strength of risk rally. In particular, AUD/JPY is now eyeing 68.98 minor resistance. Break will indicate completion of pull back from 70.16. With 67.29 support defended, near term bullishness is retained. Further rise would be seen back to 70.16 high. CAD/JPY is also eyeing 76.13 minor resistance. Break will suggests short term bottoming and bring stronger rebound towards 77.25 resistance and above. In Europe, currently, FTSE is up 1.08%. DAX is up 0.95%. CAC is up 1.27%. German 10-year yield is down -0.027 at -0.529. Earlier in Asia, Nikkei rose 0.28%. Hong Kong HSI dropped -0.65%. China Shanghai SSE dropped -0.23%. Singapore Strait Times rose 0.75%. Japan 10-year JGB yield rose 0.0231 to -0.000. Full Report Here Fed Kashkari: Recovery looks like it's going to be slow US initial jobless claims dropped to 3169k, continuing claims rose to... EU Hogan: UK not approaching Brexit negotiations with a plan to... ECB Makhlouf: German court ruling won't get in the way of... BoE Bailey: The Bank will act as necessary to deliver the... BoE keeps rate at 0.1%, asset purchase at 645B, two members... China Caixin PMI composite rose to 47.6, March rebound not sustainable Australia AiG services dropped to 27.1 in Apr, trade surplus swelled... Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol Crude Oil Price Recovers as US Stockbuild Slowed and OPEC+ Began... 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 GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.2299; (P) 1.2375; (R1) 1.2414; More.... GBP/USD's recovery quickly faded today and it's still staying well inside range of 1.2247/2647. Intraday bias stays neutral first. Further rise remains in favor as long as 1.2247 support holds. Break of 1.2647 will resume the rise from 1.1409 to 1.3200 resistance. On the downside, break of 1.2247 support will indicate completion of rebound from 1.1409. Intraday bias will be turned back to the downside for retesting 1.1409 low. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Canada's Jobless Rate To Skyrocket, May Fuel Negative Rate Speculation EUR/USD Outlook: Bears Set to Extend as Studies and Fundamentals Maintain Negative Sentiment US Futures Rebounding ahead of Jobless Claims Data, Watch PYPL, BMY, DXCM, DPZ Investors Growing In Confidence US 100 Index Targets 9,155 Peak As Bulls Strengthen Market Update: Stocks Rise, Lira Slumps And Pound Whipsaws USDCHF's Gains Struggle Within A Sideways Structure EURTRY Skyrockets To Fresh Record High At 7.8276 Chart To Watch: USD/TRY AUD/USD Outlook: Aussie Rises On Solid Local/Chinese Data Yen Smiles As Stocks Struggle For Direction AUDUSD Lands On 20-Day MA, Keeps Uptrend Safe EURUSD Trades Near 1.0800, Neutral Mode Sustains WTI Futures' Correction Calms Ahead Of The 50-Day SMA It's A Grim Outlook So Wall Street Is Too Optimistic AUD Is Taking Advantage Of China's Exports Growth 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 22:30 AUD AiG Performance of Services Index Apr 27.1 38.7 23:50 JPY Monetary Base Y/Y Apr 2.30% 4.50% 2.80% 01:30 AUD Trade Balance (AUD) Mar 10.60B 6.40B 4.36B 01:45 CNY Caixin Services PMI Apr 44.4 43 03:00 NZD RBNZ Inflation Expectations Q/Q Q2 1.24% 1.93% 03:10 CNY Trade Balance (CNY) Apr 318B 139B 03:10 CNY Imports Y/Y (CNY) Apr -10.20% 2.40% 03:10 CNY Exports Y/Y (CNY) Apr 8.20% -3.50% 03:10 CNY Trade Balance (USD) Apr 45.3B 19.9B 03:10 CNY Imports (USD) Y/Y Apr -14.20% -0.90% -1.00% 03:10 CNY Exports (USD) Y/Y Apr 3.50% -6.60% 06:00 GBP BoE Interest Rate Decision 0.10% 0.10% 0.10% 06:00 GBP BoE Asset Purchase Facility May 645B 645B 645B 06:00 GBP MPC Official Bank Rate Votes 0--0--9 0--0--9 0--0--9 06:00 GBP MPC Asset Purchase Facility Votes 2--0--7 0--0--9 0--0--9 06:00 EUR Germany Industrial Production M/M Mar -9.20% -7.00% 0.30% 06:45 EUR France Trade Balance (EUR) Mar -3.3B -5.2B -5.0B 06:45 EUR France Industrial Output M/M Mar -16.20% -10.50% 0.90% 0.80% 07:00 CHF Foreign Currency Reserves (CHF) Apr 800B 766B 08:00 EUR Italy Retail Sales M/M Mar -20.50% 0.80% 11:30 USD Challenger Job Cuts Y/Y Apr 1576.90% 266.90% 12:30 USD Initial Jobless Claims (May 1) 3169K 3839K 3846K 12:30 USD Nonfarm Productivity Q1 P -2.50% -5.40% 1.20% 12:30 USD Unit Labor Costs Q1 P 4.80% 5.80% 0.90% 14:00 CAD Ivey PMI Apr 24.3 26 14:30 USD Natural Gas Storage 112B 70B

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