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Action Insight Market Overview	Markets Snapshot
Daily Report: Dollar Rally Limited by FOMC Minutes Dollar's rally attempt lost momentum after release of FOMC minutes for April 29-30 meeting. The minutes were considered a bit dovish by the markets with indication that Fed isn't in hurry to start normalization of interest rates. Exit strategies from QE were discussed and its generally agreed that a mix of tools would be used to normalize rates. The mix includes overnight reverse-repurchase agreements, term deposit facilities and interest on excess reserves. And, there was consensus that Fed would need to improve the forward guidance on the path of interest rates. Regarding the economy, Q1 real GDP growth was "slower than in the projections for the March meeting". But, Fed's staff assessment was the that weakness in Q1 was "largely transitory" and there would only be little revision to Q2 growth projections. "Unemployment rate was expected to decline gradually to the staff's estimate of its longer-run natural rate." Staff projections for inflation was "basically unchanged" and inflation would remains below 2% target "over the next few years". Risks to staff projections were "roughly balanced". Full Report Here...
Featured Technical Report
USD/CHF Daily Outlook Daily Pivots: (S1) 0.8896; (P) 0.8931; (R1) 0.8965; More.... USD/CHF edges higher to 0.8965 but still struggles to stay firm above 0.8952 resistance. Intraday bias remains neutral first. Focus stays on 0.8952. Decisive break there will complete a double bottom (0.8698, 0.8702) and will indicate trend reversal. In such case, stronger rise should be seen to 0.9156 resistance for confirmation. On the downside, below 0.8882 minor support will retain the view that price action from 0.8698 is merely a consolidation pattern and will turn bias back to the downside for retesting 0.8698 support instead. 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
1:00	AUD	Consumer Inflation Expectations May	4.40%		2.40%	4.20%
1:45	CNY	HSBC Manufacturing PMI May P	49.7	48.3	48.1
7:00	EUR	French Manufacturing PMI May P		51	51.2
7:00	EUR	French Services PMI May P		50.2	50.4
7:30	EUR	German Manufacturing PMI May P		54	54.1
7:30	EUR	German Services PMI May P		54.5	54.7
8:00	EUR	Eurozone Manufacturing PMI May P		53.2	53.4
8:00	EUR	Eurozone Services PMI May P		53	53.1
8:30	GBP	GDP Q/Q Q1 P		0.80%	0.80%
8:30	GBP	GDP Y/Y Q1 P		3.10%	3.10%
8:30	GBP	Index of Services 3M/3M Mar		0.90%	0.90%
8:30	GBP	Public Sector Net Borrowing (GBP) Apr		3.4B	4.9B
10:00	GBP	CBI Trends Total Orders May		3	-1
12:30	CAD	Retail Sales M/M Mar		0.30%	0.50%
12:30	CAD	Retail Sales Less Autos M/M Mar		0.30%	0.60%
12:30	USD	Initial Jobless Claims (May 17)		310K	297K
14:00	USD	Existing Home Sales Apr		4.68M	4.59M
14:00	USD	Leading Indicators Apr		0.30%	0.80%
14:30	USD	Natural Gas Storage			105B

Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency met renewed selling interest at 1.3723 and has fallen again, bids from 1.3700 down to 1.3675 and 1.3660 were filled, mixture of bids and stops at 1.3640-50 is now in focus, more buy orders are located at 1.3625 and 1.3600-10 with more stops expected below figure. On the upside, offers are lowered to 1.3680-85 and 1.3720-30 with stops placed above 1.3735, more sell orders are expected at 1.3745-55, 1.3770 and 1.3780-85 (stops above), selling interest in good size is located at 1.3800-05 (stops above), 1.3825-35 and further out at 1.3850.

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Forex Trade Ideas

Trade Idea: USD/CAD - Buy at 1.0905

As the greenback found renewed buying interest at 1.0850 earlier this week and has staged a strong rebound, suggesting low is possibly formed at 1.0814 and consolidation with upside bias is seen for gain to 1.0985-90 and possibly test of resistance at 1.1006, however, a daily close above this level is needed to add credence to this view, bring subsequent gain towards previous resistance at 1.1053. Looking ahead, only a sustained breach above this level (b leg top of wave iv) would signal the c leg as well as larger degree wave iv has ended

Trade Idea Wrap-up: EUR/USD - Sell at 1.3700

As the single currency has slipped after meeting renewed selling interest at 1.3723, bearishness is seen for a retest of last week's low of 1.3648, break there would extend recent decline from 1.3993 top to 1.3620-25 (61.8% projection of 1.3993-1.3745 measuring from 1.3775) and then towards 1.3600 which is likely to hold on first testing due to near term oversold condition, risk from there is seen for a rebound later.