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Action Insight Market Overview	Markets Snapshot
Mid-Day Report: Sterling Jumps on Retail Sales, FOMC Minutes Next Sterling soars in European session today after BoE minutes and stronger than expected retail sales data. The BOE minutes for the May meeting unveiled that while members voted 9-0 for no change in policy, maintaining the Bank rate at a record low of 0.5% and the asset purchase program at 375B pounds, some were getting closer to support a rate hike as economic activities gathered momentum. Yet, in the meantime, all members agreed that 'it would be necessary to see more evidence of slack reducing before an increase in Bank rate would be warranted'. Full Report Here...
Featured Technical Report
EUR/GBP Mid-Day Outlook Daily Pivots: (S1) 0.8117; (P) 0.8136; (R1) 0.8154; More... EUR/GBP's decline accelerates today and reaches as low as 0.8090 so far. Intraday bias remains on the downside and current fall should now target 100% projection of 0.8584 to 0.8157 from 0.8399 at 0.7972. On the upside, break o f0.8183 resistance is needed to indicate short term bottoming. Otherwise, outlook will stay bearish even in case of recovery. 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
23:50	JPY	Trade Balance (JPY) Apr	-0.84T	-0.60T	-1.71T	-1.63T
0:30	AUD	Westpac Consumer Confidence May	-6.80%		0.30%
1:30	AUD	Wage Cost Index Q/Q Q1	0.70%	0.70%	0.70%
3:40	JPY	BoJ Monetary Policy Statement
8:00	EUR	Eurozone Current Account (EUR) Mar	18.8B	24.2B	21.9B	21.8B
8:30	GBP	Bank of England Minutes	0--0--9	0--0--9	0--0--9
8:30	GBP	Retail Sales M/M Apr	1.30%	0.40%	0.10%	0.50%
14:00	EUR	Eurozone Consumer Confidence Mar A	-7	-8	-9
14:30	USD	Crude Oil Inventories			0.9M
18:00	USD	FOMC Minutes

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 Update: 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.

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

Despite intra-day initial fall to 100.82, as the greenback held above previous support at 100.76 and has rebounded in part due to dollar's broad-based strength, suggesting caution on our bearishness and intra-day resistance at 101.39 needs to hold to retain downside bias for early decline from 105.44 (2014 high) to bring test of 100.76-82 support, break there would extend weakness towards 100.50, however, oversold condition should prevent sharp fall below 100.30-35