Wednesday, March 5, 2014

Action Insight Mid-Day Report 3-5-14

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Action Insight Market Overview	Markets Snapshot
Mid-Day Report: Dollar Steady Despite Weak Job Data Dollar is steady in early US session despite weak job data. The ADP employment report showed just 139k growth in February versus consensus of 150k. Prior month's figure was also revised sharply lower from 175k to 127k. Elsewhere, UK PMI services dropped slightly to 58.2 in February, above expectation of 58.0, BRC shop price dropped -1.4% yoy in February. Eurozone GDP was left unrevised at 0.3% qoq in Q4, retail sales rose 1.6% mom in January versus expectation of 0.9% mom. Eurozone PMI services was revised higher to 52.6 in February. Italian PMI services improved to 52.9 in February versus expectation of 50.6. Australian GDP rose more than expected by 0.8% qoq in Q4. Full Report Here...
Featured Technical Report
GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.6630; (P) 1.6673; (R1) 1.6706; More... GBP/USD recovers today but stays in range below 1.6822 and intraday bias remains neutral. The current consolidation could extend further. On the downside, below 1.6583 will bring deeper fall to 61.8% retracement of 1.6251 to 1.6822 at 1.6469. Meanwhile, decisive break of 1.6822 will confirm resumption of larger up trend from 1.4813 to 1.7043 key resistance next. 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
00:01	GBP	BRC Shop Price Index Y/Y Feb	-1.40%		-1.00%
00:30	AUD	GDP Q/Q Q4	0.80%	0.70%	0.60%
08:45	EUR	Italian PMI Services Feb	52.9	50.6	49.4
09:00	EUR	Eurozone PMI Services Feb F	52.6	51.7	51.7
09:30	GBP	PMI Services Feb	58.2	58	58.3
10:00	EUR	Eurozone Retail Sales M/M Jan	1.60%	0.90%	-1.60%
10:00	EUR	Eurozone GDP Q/Q Q4 P	0.30%	0.30%	0.30%
13:15	USD	ADP Employment Change Feb	139K	150K	175K	127K
15:00	CAD	BoC Rate Decision		1.00%	1.00%
15:00	USD	ISM Non-Manufacutring Composite Feb		53.7	54
15:30	USD	Crude Oil Inventories			0.1M
19:00	USD	Fed's Beige Book

Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency met renewed selling interest around indicated level of 1.3750 and has slipped again and bids at 1.3710-20 were filled, however, buy orders are still seen at 1.3700, mixture of bids and stops is located at 1.3690, fresh demand should emerge around 1.3675 and 1.3650 (more stops below 1.3640), buying interest is expected at 1.3630 and 1.3600-10. On the upside, offers remain at 1.3750, 1.3780-85 and 1.3800-10, sell orders are tipped at 1.3825-30 (some stops above), 1.3850 (more stops above barrier at 1.3850) and 1.3875, selling interest is expected at 1.3890-00 with buy stop orders tipped above barrier at 1.3900.

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Forex Trade Ideas

Trade Idea Update: USD/CHF - Buy at 0.8850

As the greenback has maintained a firm undertone after this week's rally from 0.8777, suggesting near term upside risk remains for this rebound to bring retracement of recent decline and gain to 0.8900, then previous resistance at 0.8930 cannot be ruled out, however, break of latter level is needed to retain bullishness

Trade Idea Update: EUR/USD - Sell at 1.3760

Euro's retreat after meeting renewed selling interest at 1.3781 (a small shooting star was formed on the hourly chart) suggests top is possibly formed at 1.3825 late last week and consolidation with mild downside bias is seen for the fall from 1.3825 to bring retracement of recent upmove, further weakness to 1.3690-95 would be seen