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Action Insight Market Overview	Markets Snapshot
Mid-Day Report: Sterling Mildly Lower after BoE Minutes, FOMC Next Sterling weakens mildly today as BoE minutes for June meeting revealed that policy makers voted unanimously to keep rates unchanged at 0.50% and maintain the asset purchase size at GBP 375b. The minutes noted that "all members agreed that, in the absence of other inflationary pressures, it would be necessary to see more evidence of slack being absorbed before an increase in Bank Rate would be warranted." And, it warned that "a premature rise "could be associated with considerable costs in terms of lost output." However, some analysts noted that underneath the voting, the minutes showed a gradual chance in the tone of the MPC. In particular, the minutes noted that "the relatively low probability attached to a Bank Rate increase this year implied by some financial market prices was somewhat surprising". All in all, the minutes didn't provide enough "hawkishness" for markets to push Sterling further higher. And, traders would probably hold their bets back before another set of growth and inflation data from UK. Full Report Here...
Featured Technical Report
GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.6937; (P) 1.6962; (R1) 1.6988; More... Intraday bias in GBP/USD remains neutral as the consolidation from 1.7010 temporary top continues. Downside of consolidation should be contained above 1.6845 resistance turned support and bring rally resumption. The larger rally from 1.4813 is still in progress and above 1.7010 will target 1.7043 key resistance. We'll look for reversal signal again above 1.7043 and as GBP/USD approaches long term fibonacci level of 1.7332. 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
22:45	NZD	Current Account Q/Q Q1	$1.41B	$1.42B	$-1.43B	$'-1.51B
23:50	JPY	BoJ Minutes
23:50	JPY	Trade Balance (JPY) May	-0.86T	-1.01T	-0.84T	-0.88T
00:00	AUD	Leading Indicator Apr	-0.10%		0.00%
00:30	AUD	Westpac Leading Index M/M May	0.10%		-0.50%
08:30	GBP	BoE Minutes	0--0--9	0--0--9	0--0--9
09:00	CHF	ZEW Expectations Jun	4.8	10	7.4
12:30	CAD	Wholesale Sales M/M Apr	1.20%		-0.40%	0.30%
12:30	USD	Current Account Q1	-111B	$-95.9B	$-81.1B	-87B
14:30	USD	Crude Oil Inventories			-2.6M
18:00	USD	FOMC Rate Decision		0.25%	0.25%
18:30	USD	FOMC press conference

Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency recovered ahead of FOMC, offers at 1.3570 were filled but sell orders are still noted from 1.3580 up to 1.3610, 1.3625 and 1.3640-50, selling interest is tipped further out at 1.3680-1.3700 region. On the downside, bids are raised to 1.3540 and 1.3500-20 area with stops building up below 1.3500, more buy orders are expected at 1.3475, 1.3450 and 1.3435, fresh demand should emerge around 1.3410-20 with mixture of bids and stops located at 1.3400.

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Forex Trade Ideas

Trade Idea Update: USD/CHF - Hold short entered at 0.8990

As the greenback has retreated after holding below yesterday's high of 0.9005, retaining our near term bearishness and further consolidation below this week's high of 0.9013 would be seen with downside bias for test of 0.8960, break there would confirm the rebound from 0.8908 has ended and extend weakness to 0.8920, however, break of said support at 0.8908 is needed to signal another leg of decline from 0.9037 is underway

Trade Idea Update: USD/JPY - Sell at 102.50

Although the greenback has retreated after intra-day initial rise to 102.31 and consolidation below this level is seen, break of 101.90 is needed to confirm top is formed and bring another test of support at 101.61 (last week's low), below there would extend the fall from 102.80 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 101.20 would follow.