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Daily Report: Dollar Stays Soft after Yellen, ECB Watched Today Dollar stays soft after Fed chair Yellen's dovish speech overnight. In a testimony to the Joint Economic Committee to Congress, Yellen reiterated that "a high degree of monetary accommodation remains warranted." Nonetheless, she remained optimistic on the economy as "with the harsh winter behind us, many recent indicators suggest that a rebound in spending and production is already underway." Meanwhile, she noted that there is "no mechanical formula or timetable" for when interest rate hike will happen but maintained that rates will stay near zero for a "considering time" after ending QE. The dollar index dropped to as low as 79.06 earlier this week and recovered slightly since then. Outlooks bearish and we'd expect the index to have a test on 2013 low of 79.00 soon and a decisive break there will carry larger bearish implications. Meanwhile, stocks staged strong rebound overnight and we'd possibly see DOW retest historical high too. Full Report Here...
Featured Technical Report
EUR/GBP Daily Outlook Daily Pivots: (S1) 0.8193; (P) 0.8203; (R1) 0.8214; More... Intraday bias in EUR/GBP remains neutral for the moment. While downside momentum is unconvincing, with 0.8258 resistance intact, fall from 0.8399 is expected to continue. Below 0.8193 will target 0.8157 key support level. The cross is staying inside medium term falling channel and decisive break of 0.8157 will carry larger bearish implications. On the upside, break of 0.8258 will indicate completion of the fall from 0.8399 and will bring rebound back to 0.8309 first. 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
23:01	GBP	RICS House Price Balance Apr	54%	55%	57%
1:30	AUD	Employment Change Apr	14.2K	7.5K	18.1K	21.9K
1:30	AUD	Unemployment Rate Apr	5.80%	5.90%	5.80%
5:45	CHF	SECO Consumer Confidence Apr		3	2
6:00	EUR	German Industrial Production M/M Mar		0.20%	0.40%
7:15	CHF	CPI M/M Apr		0.10%	0.40%
7:15	CHF	CPI Y/Y Apr		0.10%	0.00%
11:00	GBP	BoE Rate Decision		0.50%	0.50%
11:00	GBP	BoE Asset Purchase Target May		375B	375B
11:45	EUR	ECB Rate Decision		0.25%	0.25%
12:15	CAD	Housing Starts Apr		177K	156.8K
12:30	CAD	New Housing Price Index M/M Mar		0.20%	0.20%
12:30	USD	Initial Jobless Claims		328K	344K
14:30	USD	Natural Gas Storage			82B

Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency remained confined within narrow range, whilst some offers at 1.3935 were filled, sell orders are still noted at 1.3950 and 1.3965-75, followed by mixture of offers and stops in good size at 1.4000-10. On the downside, bids remain at 1.3900-10, 1.3875-85 and 1.3850, more buy orders are tipped at 1.3825-35, mixture of bids and stops remains at 1.3800, more buy orders are expected at 1.3775 and 1.3750-60 (more stops below both levels).

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Forex Trade Ideas

Trade Idea Wrap-up: GBP/USD - Buy at 1.6940

Cable's near term sideways trading is likely to continue and with the Tenkan-Sen crossing below the Kijun-Sen, initial pullback to 1.6942 (38.2% Fibonacci retracement of 1.6854) cannot be ruled out, however, renewed buying interest should emerge above the upper Kumo (now at 1.6933) and bring another rise later, above psychological resistance at 1.7000 would extend gain towards previous chart resistance at 1.7044

Trade Idea Wrap-up: EUR/USD - Buy at 1.3900

As the single currency has remained confined within narrow range, retaining our view that near term sideways trading would continue and although pullback to 1.3895-00 cannot be ruled out, reckon previous resistance at 1.3889 would turn into support and limit downside, bring another rise later to recent high of 1.3967 but overbought condition should prevent sharp move beyond psychological resistance at 1.4000