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Action Insight Market Overview	Markets Snapshot
Daily Report: Aussie Dragged Down by Chinese PMI Miss, Loonie Stays Pressured Asian markets are mostly lower following weak manufacturing data from China. The flash reading of HSBC China manufacturing PMI unexpectedly dropped to 49.6 in January versus consensus of 50.4. That;s also the first contraction reading in six months. HSBC chief economist for China noted that the "marginal contraction" was "mainly dragged by cooling domestic demand conditions". And, that "implies softening growth momentum for manufacturing sectors". HSBC urged China to tilt policy towards support growth to "avoid repeating growth deceleration seen in 1H 2013". The final HSBC manufacturing PMI will be released on January 30, to be followed by the official manufacturing PMI on February 1. Also released from China, conference board leading indicator rose 0.4% in December. Full Report Here...
Featured Technical Report
USD/CAD Daily Outlook Daily Pivots: (S1) 1.0996; (P) 1.1043; (R1) 1.1134; More... USD/CAD's rally continues today and reaches as high as 1.1155 so far, and met mentioned target of 161.8% projection of 1.0013 to 1.0608 from 1.0181 at 1.1144 already. Intraday upside momentum remains strong and bias stays on the upside. Next target will be long term retracement level at 1.1235. On the downside, break of 1.0953 minor support is needed to indicate short term topping. Otherwise, outlook will stay bullish in case of retreat. 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

FX Outlook 2014

GBP To Outperform Euro, Underperform USD

Strong economic growth in the UK should support GBP against other key European currencies, resulting in our forecasts that the pound would strengthen against both the euro and the defensive Swiss franc. UK's job market has improved significantly and the BOE would likely revised lower its threshold of unemployment rate that might lead the consideration of a rate hike. Yet, the revision should only have short-term, if any, negative impacts, on sterling. With domestic demand the key driver of recent growth, the economic environment in the country should allow greater tolerance of currency strength. We remain cautious in GBPUSD, anticipating the pair to fall this year amid expectations that US' growth would be stronger. Moreover, the Fed's kickoff of QE tapering vs BOE's sidelined stance could widen the yield differential.

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2014 Elliott Wave Forecast

Economic Indicators Update

GMT	Ccy	Events	Actual	Consensus	Previous	Revised
21:30	NZD	Business NZ Manufacturing Index Dec	56.4		56.7	57
0:00	AUD	Consumer Inflation Expectation Jan	2.30%		2.10%
1:45	CNY	HSBC/Markit Flash Manufacturing PMI Jan	49.6	50.4	50.5
2:00	CNY	Conference Board Leading Index Dec	0.4		1.4
5:00	JPY	BoJ Monthly Report
8:00	EUR	French PMI Manufacturing Jan P		47.6	47
8:00	EUR	French PMI Services Jan P		48.2	47.8
8:30	EUR	German PMI Manufacturing Jan A		54.4	54.3
8:30	EUR	German PMI Services Jan A		53.9	53.5
9:00	EUR	Eurozone Current Account (EUR) Nov		19.2B	21.8B
9:00	EUR	Eurozone PMI Manufacturing Jan A		53	52.7
9:00	EUR	Eurozone PMI Services Jan A		51.4	51
9:00	EUR	Eurozone PMI Composite Jan A		52.4	52.1
11:00	GBP	CBI Reported Sales Jan			34
13:30	CAD	Retail Sales M/M Nov		0.30%	-0.10%
13:30	CAD	Retail Sales Less Autos M/M Nov		0.40%	0.40%
13:30	USD	Initial Jobless Claims (JAN 18)		331K	326K
14:00	USD	House Price Index M/M Nov		0.30%	0.50%
15:00	EUR	Eurozone Consumer Confidence Jan A		-12.6	-13.6
15:00	USD	Existing Home Sales Dec		4.95M	4.90M
15:00	USD	Leading Indicators Dec		0.10%	0.80%
15:30	USD	Natural Gas Storage			-287B
16:00	USD	Crude Oil Inventories			-7.7M

Orders and Options Watch

US Session: Orders and Options Watch

GBP: The British pound has rallied in London on stronger-than-expected UK job report, offers at 1.6490-1.6520 area, 1.6545 and 1.6575 were filled, however, more sell orders are still seen from 1.6590 up to 1.6610 (more stops above). On the downside, bids are raised to 1.6520-30 and also in good size at 1.6490-00, more buy orders are noted at 1.6450 and 1.6435, fresh demand should emerge from 1.6410 down to 1.6390.

Trade Idea Wrap-up: GBP/USD - Buy at 1.6480

As the British pound has maintained a firm undertone after intra-day rally, suggesting early uptrend has resumed and a retest of recent high of 1.6604 would be seen, above there would confirm and extend further gain to 1.6640-50 but near term overbought condition should prevent sharp move beyond 1.6670-75 and reckon 1.6695-00 should hold from here, bring correction later.

Trade Idea Wrap-up: EUR/USD - Hold short entered at 1.3580

Current rebound suggests caution on our bearishness but as long as intra-day resistance at 1.3584 holds, bearishness remains for recent decline to resume after consolidation, below support at 1.3508 would confirm recent decline from 1.3894 top has resumed for weakness to 1.3480-85 (61.8% projection of 1.3894-1.3548 measuring from 1.3699) but oversold condition should limit downside and 1.3450 would hold