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Action Insight Market Overview	Markets Snapshot
Mid-Day Report: Sterling Plummets after BoE Inflation Report Sterling tumbles sharply today as markets pushed back bets on BoE rate hike after the central bank's Quarterly Inflation Report. Before the report, markets were pricing in the first hike in the first quarter of next year. But now, markets are expecting BoE to keep rates unchanged through April 2015. There was also mild pressure from the slightly disappointing job data. GBP/USD drops through key near term support of 1.6819 and now raises the chance of larger trend reversal. GBP/JPY also breaks 171.21 support to resume this week's fall from 173.46. EUR/GBP also stages a strong recovery after hitting a fibonacci projection level. Elsewhere Euro remains generally soft on expectation of further policy easing from June. Yen strengthens broadly as risk market rally seems to be losing momentum. Dollar is mixed and received little inspiration from PPI release. Full Report Here...
Featured Technical Report
GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.6801; (P) 1.6842; (R1) 1.6865; More... GBP/USD's decline resumes and drops to as low as 1.6757 so far in early US session. The strong break of 1.6819 support firstly confirmed short term topping at 1.6995 on bearish divergence condition in 4 hours MACD. Also, considering bearish divergence condition in daily MACD, the larger trend could be reversal just ahead of 1.7043 key resistance. Intraday bias is now on the downside for 1.6654 support first. Break will target 1.6465 key support next. On the upside, break of 1.6873 is needed to indicate short term bottoming. Otherwise, outlook will now stays cautiously bearish. 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
22:45	NZD	Retail Sales Q/Q Q1	0.70%	0.90%	1.20%	1.40%
23:50	JPY	Domestic CGPI Y/Y Apr	4.10%	4.00%	1.70%
06:00	EUR	German CPI M/M Apr F	-0.20%	-0.20%	-0.20%
06:00	EUR	German CPI Y/Y Apr F	1.30%	1.30%	1.30%
06:00	JPY	Machine Tool Orders Y/Y Apr P	48.80%		41.80%
08:30	GBP	ILO Unemployment Rate 3M Mar	6.80%	6.80%	6.90%
08:30	GBP	Claimant Count Rate Apr	3.30%	3.30%	3.40%
08:30	GBP	Jobless Claims Change Apr	-25.1K	-30.0K	-30.4K	-30.6K
09:00	CHF	ZEW (Expectations) May	7.4		7
09:00	EUR	Eurozone Industrial Production M/M Mar	-0.30%	-0.30%	0.20%
09:30	GBP	BoE Inflation Report
12:30	USD	PPI M/M Apr	0.60%	0.20%	0.50%
12:30	USD	PPI Y/Y Apr	2.10%	1.70%	1.40%
12:30	USD	PPI Core M/M Apr	0.50%	0.20%	0.60%
12:30	USD	PPI Core Y/Y Apr	1.90%	1.40%	1.40%
14:30	USD	Crude Oil Inventories			-1.8M

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 Update: GBP/USD - Sell at 1.6840

Despite intra-day rebound to 1.6875, the British pound met renewed selling interest right at the lower Kumo and has dropped sharply on release of BOE’s Quarterly Inflation Report, suggesting the decline from 1.6996 top is still in progress and near term downside risk remains for further weakness to 1.6750, then 1.6720-25, however, near term oversold condition should limit downside to 1.6690-00, risk from there is seen for a rebound later.

Trade Idea Update: USD/CHF - Buy at 0.8820

As the greenback has eased after rising to 0.8909 yesterday, minor consolidation is in store and pullback to support at 0.8883, then the Ichimoku cloud bottom (now at 0.8857) but reckon 0.8820 should limit downside and bring another rise later, break of said resistance would extend the rise from last week's low of 0.8703 for further gain to previous chart resistance at 0.8953, however, break there is needed to retain bullishness and signal another leg of major correction from recent low of 0.8699 low is underway