Action Insight Mid-Day Report 6-12-20

Yen and Franc Digest Gains and Risk Markets Recovery Mildly

Action Insight Mid-Day Report 6-12-20 Yen and Franc Digest Gains and Risk Markets Recovery Mildly Risk markets recover mildly today after yesterday's sharp decline. DOW future is currently up over 500 pts ahead of open, but well short of yesterday's -1800pts decline. Yen and Swiss Franc turn softer today, followed by Dollar, while commodity currencies recover. For the week, though, Yen and Swiss Franc remain the strongest ones while Aussie continues to lead other commodity currencies as the worst performing. Trading might turn subdue as investors will take the weekend to see how close the second wave of coronavirus pandemic is. Technically, 1.1241 minor support in EUR/USD would be a focus before close. Break would indicate short term toping and could help Dollar gain some more ground elsewhere. Gold is also recovering after brief retreat and focus is on 1745.14 resistance. Break will further affirm the case of up trend resumption and target a test on 1765.25 high. In Europe, currently, FTSE is up 0.97%. DAX is up 0.72%. CAC is up 1.76%. German 10-year yield is down -0.0155 at -0.426. Earlier in Asia, Nikkei dropped -0.75%. Hong Kong HSI dropped -0.73%. China Shanghai SSE dropped -0.04%. Singapore Strait Times dropped -0.72%. Japan 10-year JGB yield rose 0.0109 to 0.016. Full Report Here Eurozone industrial production dropped -17.1% in Apr, much worse than 3-4%... UK GDP shrank record -20.4% in Apr, virtually all areas hit Japan Aso: We've succeeded in putting a floor on the economy New Zealand BusinessNZ PMI recovered to 39.7, negative tone remains evident HSI gapped down on risk aversion, but selling eased DOW in third leg of medium term correction after -6.9% fall 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 EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.1258; (P) 1.1331; (R1) 1.1373; More.... Intraday bias in EUR/USD stays neutral as range trading continues. On the upside, above 1.1422 will target 1.1496 key resistance. Decisive break there will carry larger bullish implications. On the downside, break of 1.1241 support will now indicate short term topping, and turn bias to the downside for 55 day EMA (now at 1.1035). Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings US Futures Bounce, Watch ADBE, TSLA, GM, PVH, LULU Stocks, Oil And Gold: My Latest Views GBPUSD Tries To Overcome 1.2640 Roof, Still Bullish Buy The Dip? USD's Safe Haven Qualities Shine Once Again Risk-Off: Equities Down, Treasuries And USD Up. UK GDP Slumps 20.4% US 30 Index Cautiously Bullish At Ascending Trend Line USDCAD Could Gear Up Above 20-Day SMA GBPJPY Seems To Be Looking For Recovery After Steep Losses Markets Plummet As Second Wave Fears Grip Investors U.K. April Monthly GDP Fell 20.4% The Pullback From Insanity 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 22:30 NZD BusinessNZ Manufacturing Index May 39.7 26.1 4:30 JPY Industrial Production M/M Apr F -9.80% -9.10% -9.10% 6:00 GBP GDP M/M Apr -20.40% -18.70% -5.80% 6:00 GBP Industrial Production M/M Apr -20.30% 15.00% -4.20% 6:00 GBP Industrial Production Y/Y Apr -24.40% -19.30% -8.20% 6:00 GBP Manufacturing Production M/M Apr -24.30% -15.00% -4.60% 6:00 GBP Manufacturing Production Y/Y Apr -28.50% -19.90% -9.70% 6:00 GBP Index of Services 3M/3M Apr -9.90% -2.00% -1.90% 6:00 GBP Goods Trade Balance (GBP) Apr -7.5B -11.0B -12.5B 8:30 GBP Consumer Inflation Expectations 2.90% 3.00% 9:00 EUR Eurozone Industrial Production M/M Apr -17.10% -20.00% -11.30% -11.90% 12:30 CAD Capacity Utilization Q1 79.80% 78.30% 81.20% 12:30 USD Import Price Index M/M May 1.00% -0.20% -2.60% 13:00 GBP NIESR GDP Estimate May -11.80% 14:00 USD Michigan Consumer Sentiment Index Jun P 75 72.3

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