Monday, December 2, 2013

Action Insight Mid-Day 12-2-13

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Action Insight Market Overview	Markets Snapshot
Mid-Day Report: Euro Tumbles on Diverging Outlook, Sterling Firm Euro weaken sharply today even though there were some positive economic data released. Eurozone PMI manufacturing was revised higher to 51.6 in November, up from initial reading of 51.5. That was the highest reading in more than two years since June 2011. Also, that's the fifth straight month that the index stayed above 50 in expansionary region. Italian PMI manufacturing also improved to 51.4 in November. However, markets seemed to be worried about diverging developments in the Eurozone. Spain manufacturing PMI tumbled sharply to 48.6 versus expectation of a rise to 51.3. That was a big disappointment as the Spanish factory sector is back in contraction. French PMI manufacturing also tumbled to a five month low of 48.3, staying below 50 for the 21st consecutive months. Full Report Here...
Featured Technical Report
USD/CHF Mid-Day Outlook Daily Pivots: (S1) 0.9034; (P) 0.9053; (R1) 0.9078; More... The strong rebound today, with break of 0.9092, suggests that corrective pull back from 0.9249 has already completed at 0.9018 after breaching 61.8% retracement of 0.8889 to 0.9249 at 0.9027. Intraday bias is back on the upside for 0.9191 resistance first. Break will strongly suggest that rise from 0.8889 is resuming for another high above 0.9249. On the downside, in case of another fall, we'd continue to expect strong support ahead of 0.8889 to bring rebound. Read more... EURUSD Technical Outlook USDJPY Technical Outlook GBPUSD Technical Outlook USDCHF Technical Outlook USDCAD Technical Outlook AUDUSD Technical Outlook EURJPY Technical Outlook EURGBP Technical Outlook EURCHF Technical Outlook GBPJPY Technical Outlook

Economic Indicators Update

GMT	Ccy	Events	Actual	Consensus	Previous	Revised
21:45	NZD	Terms of Trade Index Q/Q Q3	7.50%	2.90%	4.90%	4.70%
23:30	AUD	TD Securities Inflation M/M Nov	0.20%		0.10%
23:50	JPY	Capital Spending Q3	1.50%	2.80%	0.00%
0:30	AUD	Building Approvals M/M Oct	-1.80%	-5.00%	14.40%	-16.90%
0:30	AUD	Building Approvals Y/Y Oct	23.10%	17.00%	18.60%	22.20%
1:45	CNY	HSBC/Markit Manufacturing PMI Nov	50.8	50.5	50.9
8:30	CHF	SVME PMI Nov	56.5	54	54.2
8:45	EUR	Italian PMI Manufacturing Nov	51.4		50.7
9:00	EUR	Eurozone PMI Manufacturing Nov F	51.6	51.5	51.5
9:30	GBP	PMI Manufacturing Nov	58.4	56.2	56	56.5
15:00	USD	ISM Manufacturing Nov		55	56.4
15:00	USD	ISM Prices Paid Nov		55	55.5
15:00	USD	Construction Spending M/M Oct		0.40%

Orders and Options Watch

US Session: Orders and Options Watch

EUR: Despite intra-day brief bounce to 1.3616, the single currency has retreated sharply after faltering below Friday's high of 1.3622 and bids at 1.3575-80, 1.3565 and 1.3550 were filled, however, some buy orders are still seen at 1.3510-20, fresh demand should emerge from 1.3495 down to 1.3475 with stops building up below 1.3470-75 and 1.3450. On the upside offers are lowered to 1.3560-80 area, mixture of offers and stops is seen at 1.3620-25, selling interest is still seen around 1.3640-50 (stops above barrier at 1.3650), offers are reported at 1.3670, 1.3700 and further out at 1.3750.

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Forex Trade Ideas

Trade Idea Update: GBP/USD - Buy at 1.6315

Cable's retreat after intra-day initial rise to 1.6443 suggests consolidation below this level would bee seen and pullback to the upper Kumo (now at 1.6344) cannot be ruled out, however, support at 1.6315 (Friday's low) should limit downside and bring another upmove later, a break of said resistance at 1.6443 would signal recent upmove is still in progress and may extend further gain to 1.6450, then 1.6475-80

Trade Idea Update: EUR/USD - Hold short entered at 1.3550

As the single currency has retreated again after faltering below Friday's high of 1.3622, suggesting a temporary top is possibly formed and consolidation with downside bias is seen for weakness to 1.3515-20 but only break of support at 1.3490 (last week's low) would confirm and bring retracement of recent upmove to 1.3470, then towards 1.3435-40