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Action Insight Market Overview	Markets Snapshot
Mid-Day Report: Sterling Edges Higher on Inflation, But Lacks Follow Through Momentum Sterling edges higher today after release of stronger than expected consumer inflation data. CPI accelerated to 1.8% yoy in April versus expectation of 1.7% yoy. Core CPI rose to 2.0% yoy versus expectation of 1.8% yoy. On the other hand, RPI was unchanged at 2.5% yoy versus expectation of a rise to 2.6% yoy. PPI input rose to -5.5% yoy, missing expectation of -4.9% yoy. PPI output rose to 0.6% yoy, missing expectation of 0.7% yoy. PPI output core rose to -5.5% yoy, also missed expectation of -4.9% yoy. Also released from UK, DCLG house price rose 8.0% yoy versus expectation of 9.6% yoy. GBP/USD spiked to 1.6864 but quickly retreated back to range around 1.6830. EUR/GBP dipped to 0.81260 but also quickly recovered. Today's inflation shouldn't alter the expectation of rate hike from BoE and the central bank should still maintain its stance as implied in the quarterly inflation report. That is, there is no imminent need for hike. Full Report Here...
Featured Technical Report
GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.6796; (P) 1.6820; (R1) 1.6836; More... The recovery from 1.6731 extends higher today but outlook is unchanged. Such recovery is viewed as as correction only and is expected to be limited by 1.6902 resistance and bring fall resumption. As noted before, prior break of 1.6819 support is taken as a sign of trend reversal on bearish divergence condition in daily MACD, ahead of 1.7043 key resistance. Below 1.6731 will target 1.6654 support first. Break will target 1.6465 key support next for confirmation. But break above 1.6902 will dampen this view and turn focus back to 1.6995 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
00:00	AUD	Conference Board Leading Index Mar	0.00%		0.30%	0.20%
01:30	AUD	RBA Minutes
04:30	JPY	All Industry Activity Index M/M Mar	1.50%	1.60%	-1.10%
06:00	EUR	German PPI M/M Apr	-0.10%	0.00%	-0.30%
06:00	EUR	German PPI Y/Y Apr	-0.90%	-0.90%	-0.90%
08:30	GBP	DCLG UK House Prices Y/Y Mar	8.00%	9.60%	9.10%
08:30	GBP	CPI M/M Apr	0.40%	0.30%	0.20%
08:30	GBP	CPI Y/Y Apr	1.80%	1.70%	1.60%
08:30	GBP	Core CPI Y/Y Apr	2.00%	1.80%	1.60%
08:30	GBP	RPI M/M Apr	0.40%	0.50%	0.20%
08:30	GBP	RPI Y/Y Apr	2.50%	2.60%	2.50%
08:30	GBP	PPI Input M/M Apr	-1.10%	-0.20%	-0.60%	-0.40%
08:30	GBP	PPI Input Y/Y Apr	-5.50%	-4.90%	-6.50%	-6.30%
08:30	GBP	PPI Output M/M Apr	0.00%	0.20%	0.20%
08:30	GBP	PPI Output Y/Y Apr	0.60%	0.70%	0.50%
08:30	GBP	PPI Output Core M/M Apr	0.00%	0.10%	0.10%
08:30	GBP	PPI Output Core Y/Y Apr	-5.50%	-4.90%	-6.30%
12:30	CAD	Wholesale Sales M/M Mar	-0.40%	0.40%	1.10%

Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency slipped briefly to 1.3678 and bids at 1.3680-1.3700 area were filled but bids are still noted at 1.3670-75 (stops below), more buy orders are located at 1.3650-60 (stops below 1.3640-45) and 1.3625, mixture of bids and stops is tipped at 1.3600-10. On the upside, offers are still seen at 1.3730-55 area, 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 Update: USD/CHF - Hold long entered at 0.8890

The greenback found support just above 0.8900 level and has rebounded, retaining our bullishness and consolidation with upside bias remains for another test of resistance at 0.8960 (last week's high), however, break there is needed to confirm recent rise from 0.8699 low has resumed for gain to 0.8975-80, then towards psychological resistance at 0.9000 but overbought condition should prevent sharp move beyond latter level and reckon 0.9040-50 would hold

Trade Idea Update: USD/JPY - Hold short entered at 101.60

Although the greenback rebounded after falling to 101.10 yesterday, reckon resistance at 101.67 (Friday's high) would limit upside and bring another decline later, below said support at 101.10 would signal early decline from 105.44 (2014 high) has resumed and further fall to 100.95-00, then retest of previous support at 100.76 would be seen, however, oversold condition should prevent sharp fall below 100.40-50 and reckon psychological support at 100.00 would hold