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Action Insight Market Overview	Markets Snapshot
Daily Report: Yen Firm as Stocks Pulled Back, GDP Strong; Europeans Weak ahead of GDP The Japanese yen pared back much of this week's losses as stocks pulled back from record highs and is being supported by strong GDP reading. DOW and S&P 500 lost some ground by dropping -101.47 pts and -8.92 pts respectively after making historical close earlier this week. Asian equities followed and are trading mildly in red. Data released from Japan showed sharp increase of 1.5% qoq in Q1. The annualized, seasonally adjusted growth rate was an impressive 5.9%. Economists noted that rush purchases ahead of the April sales tax hike boosted Q1 GDP as expected. In particular, consumption on durable items was notably strong. BoJ governor Kuroda said today that business are making smooth progress in passing the April's sales tax hike to consumer. And, lending to small business has turned positive. He remained confident that inflation will hit 2% target in fiscal 2015. Technically, yen crosses are rather mixed. Clear weakness is seen in EUR/JPY and GBP/JPY. USD/JPY is stuck in range with a bearish outlook. But AUD/JPY is bounded in range with a bullish outlook. Full Report Here...
Featured Technical Report
EUR/JPY Daily Outlook Daily Pivots: (S1) 139.36; (P) 139.82; (R1) 140.17; More... EUR/JPY's fall resumed after brief consolidations and reaches as low as 139.45 so far and intraday bias is back on the downside. We're favoring the case that rebound from 136.22 has completed at 143.78 already. And, the consolidation pattern from 145.68 has started the third leg down. Deeper decline should be see back to 136.22 support and below. Above 140.94 minor resistance will turn bias neutral and bring consolidations again before staging another fall. 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
22:30	NZD	Business NZ Manufacturing Index Apr	55.2		58.4	58
23:50	JPY	GDP Q/Q Q1 P	1.50%	1.00%	0.20%
23:50	JPY	GDP Deflator Y/Y Q1 P	0.00%	-0.10%	-0.30%
23:50	JPY	Tertiary Industry Index M/M Mar	2.40%	2.40%	-1.00%	-0.90%
4:25	JPY	Consumer Confidence Index Apr			37.5
5:30	EUR	French GDP Q/Q Q1 P		0.10%	0.30%
6:00	EUR	German GDP Q/Q Q1 P		0.70%	0.40%
7:15	CHF	Producer & Import Prices M/M Apr		0.00%	0.00%
7:15	CHF	Producer & Import Prices Y/Y Apr		-0.80%	-0.70%
8:00	EUR	ECB Monthly Bulletin
8:00	EUR	Italian GDP Q/Q Q1 P		0.20%	0.10%
9:00	EUR	Eurozone CPI M/M Apr		0.20%	0.90%
9:00	EUR	Eurozone CPI Y/Y Apr F		0.70%
9:00	EUR	Eurozone CPI - Core Y/Y Apr F		1.00%	1.00%
9:00	EUR	Eurozone GDP Q/Q Q1 A		0.40%	0.20%
12:30	USD	CPI M/M Apr		0.30%	0.20%
12:30	USD	CPI Y/Y Apr		2.00%	1.50%
12:30	USD	CPI Core M/M Apr		0.10%	0.20%
12:30	USD	CPI Core Y/Y Apr		1.70%	1.70%
12:30	USD	Initial Jobless Claims (MAY 10)		320K	319K
12:30	USD	Empire State Manufacturing May		6	1.29
12:30	CAD	Manufacturing Shipments M/M Mar		0.10%	1.40%
13:00	USD	Net Long-term TIC Flows Mar		$30.0B	$85.7B
13:15	USD	Industrial Production Apr		0.00%	0.70%
13:15	USD	Capacity Utilization Apr		79.20%	79.20%
14:00	USD	NAHB Housing Market Index May		49	47
14:00	USD	Philly Fed Survey May		14	16.6
14:30	USD	Natural Gas Storage			74B

Orders and Options Watch

US Session: Orders and Options Watch

GBP: The British pound tumbled today on BOE Quarterly Inflation report as well as comments from Carney, bids at 1.6850, 1.6825-35, 1.6800 and 1.6785 were filled, however, more buy orders are tipped at 1.6750-55 and 1.6730, fresh demand should emerge around 1.6700. On the upside, offers are lowered to 1.6800-10 and in good size at 1.6840-50, followed by mixture of offers and stops located at 1.6875-85, fresh sell orders are expected at 1.6900-10 and 1.6925.

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Forex Trade Ideas

Trade Idea: EUR/GBP - Sell at 0.8210

Despite intra-day resumption of decline to 0.8127, as the single currency found good support there and has staged a strong rebound on sterling's broad-based weakness, suggesting minor low is formed there and consolidation above this level would be seen with initial upside risk for retracement to 0.8210-20, however, resistance at 0.8249 should cap upside and bring another decline later. A break of said support would signal recent decline is still in progress

Trade Idea: USD/CAD - Sell at 1.0980

Although near term sideways trading is likely to continue, near term upside risk remains for the rebound from 1.0814 (last week's low) to bring retracement of recent decline, above resistance at 1.0925 would extend this rebound to 1.0950-60, however, reckon upside would be limited to 1.0985-90 and resistance at 1.1006 should cap upside and bring another decline later. A break of said support at 1.0814 would extend the decline from 1.1279 (wave iii top) for a stronger correction of early upmove to 1.0800, then towards 1.0730-40