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Action Insight Market Overview	Markets Snapshot
Mid-Day Report: Euro Tumbles Broadly on Dovish Comments from ECB Officials Euro drops broadly after comments from an ECB officials confirmed the stance to continue with loose monetary policies to counter prolonged low inflation. ECB governing council member and Finnish central bank head Liikanen said that ECB is "conscious about the risks of a prolonged period of low inflation to price stability and recovery". He noted last week's rate cut and other measures affirmed ECB's "determination and capacity to act." Another governing council member, Makuch, Slovakia central bank chief, said that "there is room for a further cut in the benchmark rate, and of course space for adjustment of the corridor or keeping the corridor with the new benchmark rate." Technically, EUR/USD is holding above 1.3502 low and thus keeping bias neutral. However, the common currency is seen rather weak against Sterling, and even more so against Aussie. Full Report Here...
Featured Technical Report
GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.6779; (P) 1.6805; (R1) 1.6827; More... GBP/USD's fall from 1.6845 extends lower today but it stays above 1.6692 support. Intraday bias remains neutral first. We're slightly favoring the case that rise form 1.4813 has completed 1.6995 on bearish divergence condition in daily MACD. Below 1.6692 will turn bias to the downside for 1.6465 key support and break will confirm this bearish case. Meanwhile, above 1.6921 will argue that another high above 1.6995, possibly to 1.7043 and above, before reversal. 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
23:01	GBP	BRC Sales Monitor Y/Y May	0.50%	1.60%	4.20%
23:50	JPY	Japan Money Stock M2+CD Y/Y May	3.30%	3.20%	3.40%	3.50%
23:50	JPY	Tertiary Industry Index M/M Apr	-5.40%	-3.50%	2.40%
01:30	AUD	Home Loans Apr	0.00%	0.20%	-0.90%	-0.80%
01:30	AUD	NAB Business Confidence May	7		6	7
01:30	CNY	CPI Y/Y May	2.50%	2.40%	1.80%
01:30	CNY	PPI Y/Y May	-1.40%	-1.50%	-2.00%
05:45	CHF	Unemployment Rate May	3.20%	3.10%	3.20%
06:00	JPY	Machine Tool Orders Y/Y May P	24.10%		48.70%
07:15	CHF	Retail Sales (Real) Y/Y Apr	0.40%	3.50%	3.00%	3.40%
08:30	GBP	Industrial Production M/M Apr	0.40%	0.40%	-0.10%	0.10%
08:30	GBP	Industrial Production Y/Y Apr	3.00%	2.80%	2.30%	2.50%
08:30	GBP	Manufacturing Production M/M Apr	0.40%	0.40%	0.50%
08:30	GBP	Manufacturing Production Y/Y Apr	4.40%	4.00%	3.30%
14:00	GBP	NIESR GDP Estimate May	0.90%		1.00%	1.10%
14:00	USD	Wholesale Inventories Apr	1.10%	0.50%	1.10%
23:50	JPY	BSI Large Manufacturing Q/Q Q2		14.1	12.5
23:50	JPY	Domestic CGPI M/M May		0.10%	2.80%

Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency met fresh selling from European players and bids at 1.3550-60 were filled, however, buy orders are still noted at 1.3525-30, mixture of bids and stops is located at 1.3500 with buyers expected around 1.3475 and 1.3450. On the upside, offers are lowered to 1.3580, 1.3610 and 1.3625-30, sell orders in good size are tipped at 1.3645-50, 1.3665-75 and 1.3680-1.3700 area with stops expected above barrier at figure.

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Forex Trade Ideas

Trade Idea Update: GBP/USD - Buy at 1.6740

Yesterday's retreat from 1.6832 has retained our view that further consolidation below last week's high of 1.6846 would be seen and another fall 1.6750 cannot be ruled out, however, reckon 1.6735-40 would limit downside and bring another rise later, above said resistance would add credence to our view that a temporary low has been formed at 1.6693 late last month and bring retracement of recent decline to 1.6860

Trade Idea Update: EUR/USD - Hold long entered at 1.3560

Current selloff has dampened our bullishness and 1.3525-30 needs to hold to retain prospect of another rebound, above intra-day resistance at 1.3602 would signal the fall from 1.3677 has ended and bring a stronger rebound to the Ichimoku cloud top (now at 1.3650), then towards last week's high of 1.3677, once this resistance is penetrated, this would extend the rebound from 1.3503 for retracement of recent selloff to 1.3700-10