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Action Insight Market Overview	Markets Snapshot
Mid-Day Report: Sterling Firm in Otherwise Ranging Markets Other than firmness in Sterling, there is no clear direction in the markets today. Most pairs are stuck in tight range. Economic data from US are mixed but provide little inspiration anyway. Empire state manufacturing index rose to 19.3 in June versus expectation of a fall to 15.7. TIC report unexpected recorded USD -24.2b outflow in capital in April versus expectation of USD 41.3b inflow. Industrial production rose 0.6% mom in May versus expectation of 0.6% while capacity utilization rose to 79.1%. Canadian foreign securities transactions rose to CAD 10.13b in April. Eurozone CPI was finalized at 0.5% yoy in May with core CPI at 0.75 yoy. UK right move house price index rose 0.1% mom in June. Full Report Here...
Featured Technical Report
USD/CHF Mid-Day Outlook Daily Pivots: (S1) 0.8969; (P) 0.8990; (R1) 0.9020; More.... Intraday bias remains neutral for the moment. We're still slightly favoring the case that a short term top is formed at 0.9036. Below 0.8907 minor support will turn bias to the downside for retesting 0.8698/8702 support zone. However, above 0.9036 will invalidate our view and bring stronger rise to 0.9156 resistance 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
23:01	GBP	BoE Quarterly Bulletin
23:01	GBP	Rightmove House Price Index M/M Jun	0.10%		3.60%
05:00	JPY	BOJ Monthly Report
09:00	EUR	CPI M/M May	-0.10%	-0.10%	0.20%
09:00	EUR	CPI Y/Y May	0.50%	0.50%	0.50%
09:00	EUR	CPI - Core Y/Y May	0.70%	0.70%	0.70%
12:30	CAD	Foreign Securities Purchases (CAD) Apr	10.13B	$4.27B	$-1.23B	1.41B
12:30	USD	Empire State Manufacturing Index Jun	19.3	15.7	19.01
13:00	USD	Net Long-Term TIC Flows Apr	-24.2B	$41.3B	$4.0B	4.1B
13:15	USD	Industrial Production M/M May	0.60%	0.40%	-0.60%
13:15	USD	Capacity Utilization May	79.10%	78.80%	78.60%
14:00	USD	NAHB Housing Market Index Jun		47	45

Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency found decent demand just above last week's low of 1.3512 and has rebounded quite strongly, offers at 1.3560 were filled but sell orders are still noted at 1.3580-85 and 1.3600-10, more selling interest is tipped at 1.3625 and 1.3640-50, some sellers are expected further out at 1.3665-75 and 1.3680-1.3700 area. On the downside, bids are raised to 1.3530 and in good size at 1.3500-10 with sizeable stops building up below 1.3500, more buying interest is located at 1.3475 and 1.3450, fresh demand should emerge further out at 1.3435 and 1.3400-20 area.

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Forex Trade Ideas

Trade Idea Update: GBP/USD - Sell at 1.7030 or Buy at 1.6890

Although cable has eased after intra-day brief rise above 1.7000 psychological level, break of 1.6940-45 is needed to signal top is possibly formed, bring retracement to the Ichimoku cloud top (now at 1.6915) but reckon 1.6890-00 would limit downside and bring another rise later. Above intra-day resistance at 1.7011 would extend recent upmove towards previous resistance at 1.7044 (2009 high) but loss of upward momentum should limit upside to 1.7050-60

Trade Idea Update: USD/JPY - Sell at 102.40

Although the greenback has retreated after meeting resistance at 102.14 on Friday, reckon last week's low at 101.61 would hold on first testing and risk remains for another rebound, above said resistance would bring recovery to 102.35-40 before prospect of another decline later. A break of said support at 101.61 would extend the fall from 102.80 towards key support at 101.43, having said that, below there is needed to confirm the rise from 100.82 has ended at 102.80