Action Insight Daily Report 6-16-20

Another U-Turn in Sentiments on Fed, Dollar Back Under Pressure

Action Insight Daily Report 6-16-20 Another U-Turn in Sentiments on Fed, Dollar Back Under Pressure Sentiments took another U-turn as Fed did the trick again, with expansion of its asset purchases. Asia markets surge broadly, following the strong rebound in US overnight. Dollar, Yen and Swiss Franc are back under pressure. But New Zealand Dollar is the worst performing one for today so far, driven by re-emergency of coronavirus cases in the country. Sterling is so far the strongest one for today, followed by Euro and then Aussie. Technically, Dollar's rebound seems to be over for now. EUR/USD breached 1.1340 minor resistance, GBP/USD breached 1.2653 minor resistance. USD/CAD also breached 4 hour 55 EMA. There is no clear sign of down trend resumption yet. But eyes would be back on 1.1422 short term top in EUR/USD. Meanwhile, as USD/JPY's recovery is staying to lose momentum too, a retest of 106.57 temporary low could be seen soon if rejection by 4 hour 55 EMA is confirmed. In Asia, Nikkei closed up 4.88%. Hong Kong HSI is up 2.57%. China Shanghai SSE is up 1.44%. Singapore Strait Times is up 2.28%. Japan 10-year JGB yield is up 0.010 at 0.017. Overnight< DOW rose 0.62%. S&P 500 rose 0.83%. NASDAQ rose 1.43%. 10-year yield rose 0.003 to 0.702. Full Report Here UK unemployment rate unchanged at 3.9% in Apr, claimant count surged... BoJ stands pat, economy to remain severe, CPI to stay negative RBA: Downturn shallower than expected, accommodative approach to stay Risk sentiments reversed after Fed expands debt purchase Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol BOE to Expand QE and Discuss Negative Rates HKD Supported by Low US Yield and Seasonal Factors, Despite Huge... CFTC Commitments of Traders – Renewed Coronavirus Concerns may Lead to... Central Bank Views | China Watch | Oil N' Gold | Special Topics GBP/USD Daily Outlook Daily Pivots: (S1) 1.2504; (P) 1.2554; (R1) 1.2654; More.... GBP/USD's breach of 1.2653 minor resistance argues that pull back from 1.2813 short term top has completed at 1.2454, after drawing support from 55 day EMA. Intraday bias is back on the upside for retesting 1.2813. Firm break there will resume larger rise from 1.1409. On the downside, though, sustained break of 55 day EMA will argue that whole rebound from 1.1409 has completed. In this case, deeper decline would be seen to 1.2065 support for confirmation. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Japan Is Expanding Its Lending Program Currencies: (Hope) On Additional Stimulus Eases USD Bid RBA Board Minutes for June Present No Surprises Federal Reserve Rides To The Rescue GBP/USD Holding Key Supports And Showing Positive Signs Gold Intraday: Drifting Sideways Asia Morning: U.S. Stocks Rebound As Fed Buys Corporate Bonds USD Under Pressure Against The EUR Dollar Index: Can Last Week's Rally Extend Toward 98.00? Currency Pair of the Week: EUR/GBP Powell Testimonies and US Retail Sales to Set Market Tone Fundamental Analysis | Technical Analysis In-depth Reports HKD Supported by Low US Yield and Seasonal Factors, Despite Huge Political Uncertainty Ahead Gold Rally: Worth to Hold Your Breath How the Stock Market Took Over the FX Market So How Is That Phase One US-China Trade Agreement Going? Gold will Regain Momentum after Correction, Supported by Low Yield and US-China Tensions Australia's Risks With Its Exports to China Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 21:00 NZD Westpac Consumer Survey Q2 97.2 104.2 1:30 AUD House Price Index Q/Q Q1 1.60% 2.70% 3.90% 1:30 AUD RBA Meeting Minutes 3:00 JPY BoJ Monetary Policy Statement 5:45 CHF SECO Economic Forecasts 6:00 GBP ILO Unemployment Rate (3M) Apr 3.90% 4.50% 3.90% 6:00 GBP Average Earnings Including Bonus 3M/Y Apr 1.00% 1.30% 2.40% 2.30% 6:00 GBP Average Earnings Excluding Bonus 3M/Y Apr 1.70% 1.80% 2.70% 6:00 GBP Claimant Count Rate May 7.80% 5.80% 6:00 GBP Claimant Count Change May 528.9K 370.0K 856.5K 1032.7K 6:00 EUR Germany CPI M/M May F -0.10% -0.10% -0.10% 6:00 EUR Germany CPI Y/Y May F 0.60% 0.60% 0.60% 9:00 EUR Germany ZEW Economic Sentiment Jun 60 51 9:00 EUR Germany ZEW Current Situation Jun -84.8 -93.5 9:00 EUR Eurozone ZEW Economic Sentiment Jun 53.4 46 12:30 USD Retail Sales M/M May 7.60% -16.40% 12:30 USD Retail Sales ex Autos M/M May 5.10% -17.20% 12:30 CAD Foreign Securities Purchases (CAD) Apr -9.78B 13:15 USD Industrial Production M/M May 2.50% -11.20% 13:15 USD Capacity Utilization May 66.50% 64.90% 14:00 USD Fed's Chair Powell testifies 14:00 USD Business Inventories Apr -0.40% -0.20% 14:00 USD NAHB Housing Market Index Jun 43 37

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