Action Insight Mid-Day Report 6-16-20

Selling Focus Turns to Euro as Dollar Turns Mixed

Action Insight Mid-Day Report 6-16-20 Selling Focus Turns to Euro as Dollar Turns Mixed Dollar turns mixed in early US session as selloff turns to Euro today. New Zealand Dollar is the second weakest as the country's coronavirus -free days ended. Yen, Dollar and Swiss Fran are not performing well, though, as markets remains in strong risk-on mode. On the other hand, Sterling is currently the strongest ones, followed by Canadian. Focus will turn to Fed Chair Jerome Powell's testimony, but he's unlikely to give Dollar any lift. Technically, it remains to be seen in Euro's weakness today will sustain. In particular, EUR/GBP's focus is back on 0.8866 support with today's decline. Break will indicate completion of rebound from 0.8670 and bring near term reversal. EUR/JPY's recovery is limited below 122.91 minor resistance so far. Break of 120.25 temporary low will resume the decline from 124.43. EUR/CAD is also pressing 4 hour 55 EMA. Sustained break will start another leg in recent sideway trading, towards 1.5054 support. Currently in Europe, FTSE is up 3.50%. DAX is up 3.82%. CAC is up 3.46%. German 10-year yield is up 0.0292 at -0.415. Earlier in Asia, Nikkei rose 4.88%. Hong Kong HSI rose 2.39%. China Shanghai SSE rose 1.44%. Singapore Strait Times rose 2.03%. Japan 10-year JGB yield rose 0.0147 to 0.022. Full Report Here Fed Powell: Indicators point to stabilization and some modest rebound in... US retail sales rose 17.7% in May, ex-auto sales rose 12.4% Germany ZEW rose to 63.4, s growing confidence that the economy... 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 EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.1254; (P) 1.1294; (R1) 1.1360; More.... Intraday bias in EUR/USD is turned neutral again and the recovery lost momentum well below 1.1422 resistance. On the upside, break of 1.1422 will resume whole rebound from 1.0635 and target 1.1495 key resistance next. On the downside, break of 1.1212 will resume the fall from 1.1422 to 38.2% retracement of 1.0635 to 1.1422 at 1.1121. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings EUR/USD Outlook: Euro in Defensive after Surprise Retail Sales Beat Inflates Dollar JP 225 Index Restores Positive Tone with Bounce off 23.6% Fibonacci US Dollar Index Stops Below 23.6% Fibo; Negative Risks Not Faded Yet US: Retail Sales Surge in May as Consumers Come Flooding Back US Futures remain firm, watch AAPL, NVDA, QCOM Fed To The Rescue Once Again EURCHF Stuck Under The 200-Day SMA, May Edge Sideways USD Weakens As Fed Buys Corporate Bonds USDCAD Stalls Above 23.6% Fibo, Neutral In Very Short Term AUD/USD Outlook: Aussie Pulls Back As News From N.Korea, India Soured Sentiment EURJPY Bounces On 20-Day SMA But Caution Remains GBPUSD Up Against Restraining 200-Day SMA WTI Futures Fail To Conquer 40-SMA, Holds Within Narrow Bollinger Band Risk-On Back In Play As Fed Goes Overkill With Stimulus Fed To The Rescue. Go Out And Buy 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 01:30 AUD House Price Index Q/Q Q1 1.60% 2.70% 3.90% 01:30 AUD RBA Meeting Minutes 03:00 JPY BoJ Monetary Policy Statement 05:45 CHF SECO Economic Forecasts 06:00 GBP ILO Unemployment Rate (3M) Apr 3.90% 4.50% 3.90% 06:00 GBP Average Earnings Including Bonus 3M/Y Apr 1.00% 1.30% 2.40% 2.30% 06:00 GBP Average Earnings Excluding Bonus 3M/Y Apr 1.70% 1.80% 2.70% 06:00 GBP Claimant Count Rate May 7.80% 5.80% 06:00 GBP Claimant Count Change May 528.9K 370.0K 856.5K 1032.7K 06:00 EUR Germany CPI M/M May F -0.10% -0.10% -0.10% 06:00 EUR Germany CPI Y/Y May F 0.60% 0.60% 0.60% 09:00 EUR Germany ZEW Economic Sentiment Jun 63.4 60 51 09:00 EUR Germany ZEW Current Situation Jun -83.1 -84.8 -93.5 09:00 EUR Eurozone ZEW Economic Sentiment Jun 58.6 53.4 46 12:30 USD Retail Sales M/M May 17.70% 7.60% -16.40% -14.70% 12:30 USD Retail Sales ex Autos M/M May 12.40% 5.10% -17.20% -15.20% 12:30 CAD Foreign Securities Purchases (CAD) Apr 49.04B 5.00B -9.78B -9.82B 13:15 USD Industrial Production M/M May 1.40% 2.50% -11.20% -12.50% 13:15 USD Capacity Utilization May 64.80% 66.50% 64.90% 64.00% 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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