Action Insight Daily Report 7-15-20

Coronavirus Vaccine Hopes Prompt Full Risk-On, Dollar and Swiss Franc Dive

Action Insight Mid-Day Report 7-15-20 Coronavirus Vaccine Hopes Prompt Full Risk-On, Dollar and Swiss Franc Dive Markets are in strong risk-on mode again on coronavirus vaccine hopes. Moderna group said earlier that the vaccine candidate produced a robust immune system response in a large group of people. Next will be a decisive clinical trial in July. Major indices in Asia and Europe record strong gains, except China and Hong Kong. DOW future is also up more than 500pts just ahead of open. In the currency markets, Australian Dollar is currently the strongest one followed by New Zealand and Sterling. Swiss Franc takes the lead lower, followed by Dollar. Technically, Dollar will be testing key support level against Euro and Aussie very soon. These levels are 1.1496 resistance in EUR/USD and 0.7064 in AUD/USD. Sustained break of these level will medium term bullish implications. Gold is still struggling to break through 1817.91 short term top as sideway trading continues. But any downside acceleration in the greenback could easily push gold through this resistance level. In Europe, currently, FTSE is up 1.95%. DAX is up 1.71%. CAC is up 2.34%. Germany 10-year yield is up 0.0126 to -0.431. Earlier in Asia, Nikkei rose 1.59%. Hong Kong HSI rose 0.01%. China Shanghai SSE dropped -1.56%. Singapore Strait Times rose 1.10%. Japan 10-year JGB yield dropped -0.0015 to 0.024. Full Report Here US Empire State manufacturing rose to 17.2, but 6-month outlook dropped... BoE Tenreyro: GDP to follow an interrupted or incomplete V-shaped trajectory UK CPI accelerated to 0.6% in June, core CPI up to... BoJ stands pat, forecasts deeper contraction in 2020 Australia Westpac consumer sentiment dropped -6.1% on coronavirus resurgence Fed Bullard: Granular risk-based health policy needed to avoid depression Fed Kaplan: We would see a rebound from the deep hole... Fed Brainard: Thick fog of uncertainty calls for sustained commitment to... NIESR: UK economy to grow 8-10% in Q3, V-shaped recovery doubtful Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol ECB Preview – Sounding Cautiously Optimistic on Economic Recovery BOC to Turn More Upbeat about Economic Recovery, While Caution about... BOJ Preview: Maintaining Negative Rates and QE, while Downgrading Economic Forecasts Central Bank Views | China Watch | Oil N' Gold | Special Topics EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.1346; (P) 1.1377; (R1) 1.1430; More.... EUR/USD's rally accelerates to as high as 1.1447 so far today. Intraday bias remains on the upside for 1.1496 key resistance first. Firm break there will carry larger bullish implications and target 61.8% projection of 1.0774 to 1.1422 from 1.1168 at 1.1568 first. On the downside, break of 1.1374 minor support will turn intraday bias neutral first. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings US Futures Rise – Watch GS, UNH, BK, MRNA A Booster From Moderna EURGBP Reclaims Ascent, Salvaged By 50-Day SMA USD/JPY Outlook: Another Bull-Trap Sparks Fresh Acceleration Lower Oil In Holding Pattern Ahead Of OPEC Meeting Risk ON As Vaccine Hopes Offset Other Concerns ECB To Hold Fire As Eurozone Outlook Brightens, But Divisions May Jolt Euro NZDUSD Struggles To Advance, Drifts Sideways USDJPY Consolidates, Confirmed By Flat SMAs And Indicators WTI Futures' Positive Picture Slows, Edges Sideways Euro Surges, Stocks Bounce Back Amid Fresh Vaccine Hopes USD Index Outlook: Dollar Falls To One-Month Low On Rising Risk Appetite Fundamental Analysis | Technical Analysis In-depth Reports US China Trade Agreement Update - Not Impossible? Is the 'Party' in Gold Just Getting Started? Fear Gauge and Gold are Still Flashing Red; Are Stocks Finally Taking Note? Policy Divergence Continues to Support AUDNZD Strength Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 00:30 AUD Westpac Consumer Confidence Jul -6.10% 6.30% 03:00 JPY BoJ Interest Rate Decision -0.10% -0.10% -0.10% 03:00 JPY BoJ Monetary Policy Statement 06:00 GBP CPI M/M Jun 0.10% 0.00% 0.00% 06:00 GBP CPI Y/Y Jun 0.60% 0.50% 0.50% 06:00 GBP Core CPI Y/Y Jun 1.40% 1.20% 1.20% 06:00 GBP RPI M/M Jun 0.20% 0.20% -0.10% 06:00 GBP RPI Y/Y Jun 1.10% 1.10% 1.00% 06:00 GBP PPI Input M/M Jun 2.40% 4.50% 0.30% 0.90% 06:00 GBP PPI Input Y/Y Jun -5.40% -6.00% -10% -9.40% 06:00 GBP PPI Output M/M Jun 0.30% 0.20% -0.30% -0.20% 06:00 GBP PPI Output Y/Y Jun -0.80% -0.90% -1.40% -1.20% 06:00 GBP PPI Core Output M/M Jun 0.00% 0.00% 06:00 GBP PPI Core Output Y/Y Jun 0.50% 0.60% 0.60% 12:30 CAD Manufacturing Sales M/M May 10.70% 8.60% -28.50% -27.90% 12:30 USD Empire State Manufacturing Index Jul 17.2 7.85 -0.2 12:30 USD Import Price Index M/M Jun 1.40% 1.00% 1.00% 0.80% 13:15 USD Industrial Production M/M Jun 4.30% 1.40% 14:00 CAD BoC Interest Rate Decision 0.25% 0.25% 14:30 USD Crude Oil Inventories -1.3M 5.7M 15:00 CAD BOC Press Conference 18:00 USD Fed's Beige Book

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