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Action Insight Market Overview	Markets Snapshot
Mid-Day Report: Stock Retreats on ISM Disappointment, Dollar Range Bound S&P 500 edged to new record high of 1925.09 in early US session but turned negative after disappointing data from US. The ISM manufacturing index dropped to 53.2 in May versus expectation of a rise to 55.5. The details were also weak with deterioration in production, new orders, inventories and supplier deliveries. And more importantly, the employment component dropped from 54.7 to 51.9. Price paid, on the other hand, jumped sharply to 60. Also released in US, construction spending rose 0.2% mom in April. In the currency markets, EUR/USD, GBP/USD and USD/CHF are stuck in tight range. USD/JPY edged higher today but lacks follow through momentum so far. Full Report Here...
Featured Technical Report
USD/JPY Mid-Day Outlook Daily Pivots: (S1) 101.53; (P) 101.69; (R1) 101.88; More... USD/JPY's rebound from 100.82 extends to as high as 102.28 so far today but is held below 102.36 resistance. Intraday bias stays neutral first. As long as 102.36 resistance holds, deeper decline is still expected. Below 101.42 will target 100.75 key support. Break there will confirm resumption of whole decline from 105.41 and should target 100% projection of 104.12 to 101.32 from 103.01 at 100.21 However, note again that 100.61/75 represents a key support zone. And, bullish convergence condition is seen in 4 hours MACD. Break of 102.36 will indicate near term bottoming and turn bias back to the upside for 103.01 and above. 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
23:50	JPY	Capital Spending Q1	7.40%	5.80%	4.00%
00:30	AUD	TD Securities Inflation M/M May	0.30%		0.40%
01:30	AUD	Building Approvals M/M Apr	-5.60%	2.00%	-3.50%	-4.80%
01:35	JPY	Manufacturing PMI May F	49.9	49.9	49.9
07:30	CHF	SVME-PMI May	52.5	55.5	55.8
08:00	EUR	Eurozone Manufacturing PMI May F	52.2	52.5	52.5
08:30	GBP	PMI Manufacturing May	57	57	57.3
08:30	GBP	Mortgage Approvals Apr	62.9K	64.5k	67.1K	66.6K
08:30	GBP	M4 Money Supply M/M Apr	-0.20%	0.30%	-2.30%
12:00	EUR	German CPI M/M May P	-0.10%	0.10%	-0.20%
12:00	EUR	German CPI Y/Y May P	0.90%	1.10%	1.30%
14:00	USD	ISM Manufacturing May	53.2	55.5	54.9
14:00	USD	ISM Prices Paid May	60	56.9	56.5
14:00	USD	Construction Spending M/M Apr	0.20%	0.70%	0.20%

Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency absorbed bids at 1.3600 but buy orders are still noted at 1.3575-85, more bids are tipped further out at 1.3550-60 (stops below barrier at 1.3550), fresh demand should emerge around 1.3525 and 1.3500 (another barrier). On the upside, offers are seen from 1.3635 up to 1.3665 with stops placed above 1.3670, more sell orders are expected at 1.3680-1.3700 area, selling interest is tipped further out at 1.3715 and 1.3730 with stops placed above 1.3735.

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Forex Trade Ideas

Trade Idea Update: EUR/USD - Hold long entered at 1.3620

Although the single currency has retreated after running into resistance at 1.3650 on Friday, as long as last week's low at 1.3586 holds, further consolidation would be seen with mild upside bias for another rebound, above said resistance would bring test of indicated resistance at 1.3669, however, break of this last week's high is needed to add credence to our view that low is formed, bring retracement of recent decline to 1.3700, then towards previous resistance at 1.3734

Trade Idea Update: USD/JPY - Buy at 101.60

Current breach of previous resistance at 102.14 confirms the rise from 100.82 is still in progress and further gain to previous resistance at 102.36 would be seen, break there would encourage for headway to 102.49-50 (61.8% projection of 100.82-102.05 measuring from 101.73) and possibly towards 102.75-80, however, near term overbought condition should limit upside and price should falter well below resistance at 103.02.