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Action Insight Market Overview	Markets Snapshot
Mid-Day Report: Dollar Stays Firm after Mixed Job Data, Euro Weighed Down by PMIs Dollar remains mildly firm against other major currencies in spite of mixed job data. Initial jobless claims rose to 326k in the week ended May 17, versus consensus of 310k. Continuing claims, however, dropped by 13k to 2.65m in the week ended May 10, hitting the lowest level since 2007. Nonetheless, dollar's momentum is being limited since yesterday's FOMC minutes. The minutes, attributed weakness in the first quarter GDP growth mostly to extreme weather. Therefore, while they revised lower the growth outlook for 1H14, the full year forecast stayed unchanged. The members in general expected economic growth to pick up continuously, yet gradually. They believed slack capacity remained elevated while inflation was still low. Concerning the normalization of monetary policy, the central bank discussed tools such as overnight reverse repo facility, IOER and term deposits Full Report Here...
Featured Technical Report
EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.3638; (P) 1.3681 (R1) 1.3727; More.... Intraday bias in EUR/USD remains on the downside with 1.3733 minor resistance intact. Recent development suggests that the larger up trend has completed at 1.3993 on bearish divergence condition in daily MACD, with break of channel support. Further fall should be seen to 1.3476 key support level for confirmation of this bearish case. On the upside, above 1.3733 resistance will indicate short term bottoming and bring consolidations 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
01:00	AUD	Consumer Inflation Expectations May	4.40%		2.40%	4.20%
01:45	CNY	HSBC Manufacturing PMI May P	49.7	48.3	48.1
07:00	EUR	French Manufacturing PMI May P	49.3	51	51.2
07:00	EUR	French Services PMI May P	49.2	50.2	50.4
07:30	EUR	German Manufacturing PMI May P	52.9	54	54.1
07:30	EUR	German Services PMI May P	56.4	54.5	54.7
08:00	EUR	Eurozone Manufacturing PMI May P	52.5	53.2	53.4
08:00	EUR	Eurozone Services PMI May P	53.5	53	53.1
08:30	GBP	GDP Q/Q Q1 P	0.80%	0.80%	0.80%
08:30	GBP	GDP Y/Y Q1 P	3.10%	3.10%	3.10%
08:30	GBP	Index of Services 3M/3M Mar	0.90%	0.90%	0.90%	0.80%
08:30	GBP	Public Sector Net Borrowing (GBP) Apr	9.6B	3.4B	4.9B	6.1B
10:00	GBP	CBI Trends Total Orders May	0	3	-1
12:30	CAD	Retail Sales M/M Mar	-0.10%	0.30%	0.50%
12:30	CAD	Retail Sales Less Autos M/M Mar	0.10%	0.30%	0.60%
12:30	USD	Initial Jobless Claims (May 17)	326K	310K	297K	298K
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 traded narrowly and buy orders are still seen from 1.3650 down to 1.3630, followed by mixture of bids and stops at 1.3620-30, fresh demand is seen at 1.3600-10 with more stops expected below figure. On the upside, offers are reported at 1.3690-00 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: GBP/USD - Buy at 1.6850

Yesterday's rally to 1.6921 suggests the fall from 1.6996 has ended at 1.6732 and near term upside bias is seen for the rise from 1.6732 to extend further gain to 1.6938, then 1.6950, however, near term overbought condition should prevent sharp move beyond resistance at 1.6975 and price should falter well below said recent high of 1.6996 and bring another decline later.

Trade Idea Update: EUR/USD - Sell at 1.3700

As the single currency broke below last week's low of 1.3648, lack of follow through selling and the rebound from 1.3635 in NY suggest consolidation would be seen but upside should be limited to the Ichimoku cloud (now at 1.3699-1.3706) and bring another decline later, break of said support at 1.3635 would extend recent decline from 1.3993 top towards 1.3600, however, loss of downward momentum should prevent sharp fall below 1.3560-65