Action Insight Mid-Day Report 6-11-20

Markets Back in Risk Aversion on Fear of Coronavirus Second Wave

Action Insight Mid-Day Report 6-11-20 Markets Back in Risk Aversion on Fear of Coronavirus Second Wave The financial markets are suddenly in deep risk aversion today, particular on fear of a second wave of coronavirus pandemic. A John Hopkins Center senior scholar has already warned that "there is a new wave coming in" parts of the US. In the currency markets, Australian Dollar is trading as the weakest one, leading other commodity currencies lower. On the other hand, Yen and Swiss France are the strongest ones, followed by Dollar. Technically, AUD/JPY broke 74.40 minor support to confirm short term topping at 76.78. CAD/JPY broke 79.95 minor support to confirm short term topping at 81.91. Now, a focus will be on 0.6898 minor support in AUD/USD and break will also confirm short term topping. USD/CAD could also have a take on 1.3572 minor resistance to confirm short term bottoming too. In Europe, currently, FTSE is down -2.91%. DAX is down -2.90%. CAC is down -3.17%. German 10-year yield is down -0.0795 at -0.406. Earlier in Asia, Nikkei dropped -2.82%. Hong Kong HSI dropped -2.27%. China Shanghai SSE dropped -0.78%. Singapore Strait Times dropped -3.44%. Japan 10-year JGB yield dropped -0.0183 to 0.006. Full Report Here US initial jobless claims dropped to 1.54m, continuing claims dropped to... ECB Lane: PEPP has proven to be particular effect in current... BoJ watching developments in Hong Kong and Asia financial markets Japan large industries BSI dropped to -47.6 in Q2, worst in... Gold finished correction, extending up trend through 1765 high Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol FOMC Signals to Increase Asset Purchases in Coming Months Pick-up in US Oil Inventory and OPEC+'s Compliance Problem have Capped... China's Inflation Declined to Lowest in Over a Year; Trade Data... Central Bank Views | China Watch | Oil N' Gold | Special Topics GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.2699; (P) 1.2756; (R1) 1.2805; More.... Intraday bias in GBP/USD remains neutral for the moment. On the downside, break of 1.2618 minor support will indicate short term topping at 1.2813, ahead of 61.8% projection of 1.1409 to 1.2647 from 1.2065 at 1.2830. Intraday bias will be turned back to the downside for 55 day EMA (now at 1.2457). Sustained break there will argue that whole rebound from 1.1409 has completed. On the upside, firm break of 1.2830 will extend the rise from 1.1409 to 100% projection at 1.3303. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings US Futures Falling, Watch AMZN, GRUB, DAL, REGN Stocks Drop But Downside Limited Given A Dovish Fed Flurry Of UK Data Eyed, Can The Pound Keep Going? USDCHF Set For A Painful Weekly Close, Enters Oversold Zone EURJPY Dives Within Ichimoku Cloud, Bearish Cross Within SMAs GBP/USD Outlook: Bulls Taking a Breather on Fading Risk Mode As Correction Starts, Indices May Lose More Than 10% Dovish Fed Won't Be Enough To Extend The Current Bull Market Fed Walks The Dovish Line, But Markets Want More EURUSD's Bullish Hike Takes A Breather AUDUSD Rally Looks Overbought Near December's Highs WTI Futures On A Sideline Move Below 3-Month Peak Worst Nightmare Becomes Reality Fundamental Analysis | Technical Analysis In-depth Reports FOMC Signals to Increase Asset Purchases in Coming Months Effects of U.S. Supply Chain Re-Orientation: Part II Charting a Course for Recovery So How Is That Phase One US-China Trade Agreement Going? Brexit Monitor: No Major Breakthrough Expected Before 1 July Effects of U.S. Supply Chain Re-Orientation: Part I 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 23:01 GBP RICS Housing Price Balance May -32% -24% -21% 01:00 AUD Consumer Inflation Expectations Jun 3.30% 3.40% 08:00 EUR Italy Industrial Output M/M Apr -19.10% -25.80% -28.40% 12:30 USD PPI M/M May 0.40% 0.10% -1.30% 12:30 USD PPI Y/Y May -0.80% -1.10% -1.20% 12:30 USD PPI Core M/M May -0.10% -0.10% -0.30% 12:30 USD PPI Core Y/Y May 0.30% 0.90% 0.60% 12:30 USD Initial Jobless Claims (Jun 5) 1542K 1877K 1897K 14:30 USD Natural Gas Storage 93B 102B

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