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Daily Report: Euro Dips as IMF Urged QE While Euro recovered against other major currencies, it extended recent decline agains Swiss Franc, with EUR/CHF breaching a near term support level of 1.2162. The IMF urged ECB to consider buying assets including soveriegn bonds on a large scale to counter the stubbornly low inflation. IMF cheif Lagarde said that "inflation is worryingly low across the euro-area countries." She welcomed recent stimulus measures announced by ECB, but she emphasized that "we are not at the end of the road."In a report, IMF note that new asset purcahses would "boost confidence, improve corporate and household balance sheets, and stimulate bank lending." Full Report Here...
Featured Technical Report
EUR/CHF Daily Outlook Daily Pivots: (S1) 1.2150; (P) 1.2167; (R1) 1.2184; More... The breach of 1.2162 support suggests deeper decline is underway in EUR/CHF. Intraday bias is on the downside for 1.2140 support first. Break will target 1.2103 low and below. We'd expect strong support below 1.21 handle to contain downside and bring rebound. On the upside, above 1.2191 resistance will turn bias back to the upside to extend recent sideway consolidation. But still, as long as 1.2249 resistance holds, an eventual downside breakout is expected. 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
6:00	EUR	German PPI M/M May	-0.20%	0.00%	-0.10%
6:00	EUR	German PPI Y/Y May	-0.80%	-0.70%	-0.90%
8:00	EUR	Current Account Apr		19.4B	18.8B
8:30	GBP	Public Sector Net Borrowing May		11.8B	9.6B
12:30	CAD	CPI M/M May		0.20%	0.30%
12:30	CAD	CPI Y/Y May		2.10%	2.00%
12:30	CAD	BoC CPI Core M/M May		0.20%	0.20%
12:30	CAD	BoC CPI Core Y/Y May		1.50%	1.40%
12:30	CAD	Retail Sales M/M Apr		0.40%	-0.10%
12:30	CAD	Retail Sales ex Autos M/M Apr		0.30%	0.10%
14:00	EUR	Consumer Confidence Jun A		-6.5	-7.1

Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency extended this week's rise and offers at 1.3640 were filled, however, sell orders are still noted at 1.3650 and 1.3670 with stops building up above latter level, selling interest is tipped further out at 1.3690-00 with more stops expected above figure. On the downside, bids remain at 1.3600 and 1.3685-90, more buy orders are reported at 1.3575, 1.3555 and 1.3540, fresh demand should emerge around 1.3500-20 area with stops placed below 1.3500.

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Forex Trade Ideas

Trade Idea: EUR/USD - Buy at 1.3580

As the single currency rebounded after finding support at 1.3602 yesterday, as euro has retreated in European morning after faltering below yesterday's high of 1.3643, suggesting further consolidation below this level would bee seen and pullback to the upper Kumo (now at 1.3581) cannot be ruled out but renewed buying interest should emerge there and bring another rise later. A break of said resistance at 1.3643 would extend the rise from 1.3503 for gain to 1.3677 resistance

Trade Idea: USD/JPY - Sell at 102.10

The greenback has remained confined within narrow range but still reckon the Ichimoku cloud top (now at 102.11) would limit upside and bring another decline, a break of 101.70-75 would signal the fall from 102.80 has resumed for retest of 101.61 (last week's low), then towards key support at 101.43, having said that, break there is needed to confirm the rise from 100.82 has ended at 102.80 earlier and further decline towards 101.10-20 would follow.