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Mid-Day Report: Euro Ignores Weak Data, Recovering ahead of ECB Euro recovers today despite weak economic data. CPI dropped back to 0.5% yoy in May. The data argued that the rise from rise from March's 0.5% yoy to April's 0.7% yoy was merely a blip. And, the reading is now back to the lowest level since November 2009. The data solidified the case for ECB to loosen policies further on Thursday, possibly by cutting all three interest rates as well as adopt measures to boost liquidity However, it's been mentioned before that downside momentum in Euro has been diminishing since last week. And traders seemed to be cautious and are finally lightening up positions ahead of the ECB meeting. Also released from Eurozone, unemployment rate dropped to 11.7% in April versus consensus of 11.8%, hitting the lowest level since October 2012. There were an additional 76k of people lost their jobs for the month. Over the year, 487k additional people were unemployed. Released from UK, construction PMI dropped to 60 in May versus expectation of 61.0. Full Report Here...
Featured Technical Report
EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.3577; (P) 1.3606 (R1) 1.3625; More.... EUR/USD recovers today as the consolidation from 1.3585 temporary low continues. Intraday bias remains neutral for the moment. Further recovery cannot be ruled out. But we'd expect upside to be limited by 1.3733 resistance and bring fall resumption. Current development is favoring the case of trend reversal on bearish divergence in daily MACD. Below 1.3585 will target 1.3476 key support for confirmation of this bearish case. However, break of 1.3733 will dampen this view and bring rebound first. 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	Terms of Trade Index Q/Q Q1	1.80%	2.00%	2.30%	2.50%
23:50	JPY	Monetary Base Y/Y May	45.60%	51.20%	48.50%
1:00	CNY	Non-manufacturing PMI May	55.5		54.8
1:30	AUD	Retail Sales M/M Apr	0.20%	0.30%	0.10%
1:30	AUD	Current Account Balance (AUD) Q1	-5.7B	-7.0B	-10.1B	-11.7B
1:30	JPY	Labor Cash Earnings Y/Y Apr	0.90%		0.70%
1:45	CNY	HSBC China Manufacturing PMI May F	49.4	49.7	49.7
4:30	AUD	RBA Rate Decision	2.50%	2.50%	2.50%
8:30	GBP	Construction PMI May	60	61	60.8
9:00	EUR	Eurozone CPI Estimate Y/Y May	0.50%	0.60%	0.70%
9:00	EUR	Eurozone Unemployment Rate Apr	11.70%	11.80%	11.80%
14:00	USD	Factory Orders Apr		0.50%	1.10%

Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency rebounded today as some traders pre-positioned ahead of ECB, offers at 1.3615-25 and 1.3640-45 were filled but more sell orders are still seen at 1.3655-65 and from 1.3680 up to 1.3700. selling interest is tipped further out at 1.3715 and 1.3730 with stops placed above 1.3735. On the downside, bids are now noted at 1.3600-10 and decent demand remains at 1.3575-85, more bids are tipped further out at 1.3550-60 (stops below barrier at 1.3550), 1.3525 and 1.3500 (another barrier).

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Forex Trade Ideas

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

As the single currency has rebounded after holding above support at 1.3586, retaining our view that further consolidation above this level would be seen and test of Friday's high of 1.3650 is likely but break of resistance at 1.3669 (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 which is likely to hold from here.

Trade Idea Update: USD/JPY - Buy at 101.70

Yesterday's rally above previous resistance at 102.14 confirms the rise from 100.82 is still in progress and further gain to 102.48-50 (50% Fibonacci retracement of 104.13-100.82) and possibly towards 102.75-87 (100% projection of 100.82-102.14 measuring from 101.43 and 61.8% Fibonacci retracement) would be seen, however, near term overbought condition should limit upside and price should falter below resistance at 103.02.