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Action Insight Market Overview	Markets Snapshot
Mid-Day Report: Euro Hammered as ECB Cut Rates, Signaled QE Euro drops sharply today after ECB finally delivered what has been expected, cutting all of the three main interest rates. In particular, the deposit rate was lowered into negative territory for the first time in history. And, that made ECB the first major central bank to charge fees on deposits. ECB lowered all three interest rates. The main refinancing rate was cut by 10 bps to 0.15%. Deposit rate was lowed by 10bps to -0.10%, into negative territory. Marginal lending facility rate was lowered by 35bps to 0.40%. Full Report Here...
Featured Technical Report
EUR/AUD Daily Outlook Daily Pivots: (S1) 1.4631; (P) 1.4674; (R1) 1.4697; More... EUR/AUD's strong break of 1.4563 support confirmed resumption of whole decline from 1.5831. Intraday bias is back on the downside. Current fall is viewed as a correction of the larger down trend and should now target medium term fibonacci level at 1.4216. We'll look for reversal there. On the upside, above 1.4750 resistance is needed to be the first sign of reversal. Otherwise, near term outlook will stay bearish even in case of recovery. 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
01:30	AUD	Trade Balance (AUD) Apr	-122M	510M	731M
01:45	CNY	HSBC China Services PMI May	50.7		51.4
08:10	EUR	Eurozone Retail PMI May	49.9		51.2
09:00	EUR	Eurozone Retail Sales M/M Apr	0.40%	0.00%	0.30%	0.10%
11:00	GBP	BoE Rate Decision	0.50%	0.50%	0.50%
11:00	GBP	BoE Asset Purchase Target	375B	375B	375B
11:30	USD	Challenger Job Cuts Y/Y May	45.50%		5.70%
11:45	EUR	ECB Rate Decision	0.15%	0.10%	0.25%
11:45	EUR	ECB Deposit Facility Rate	-0.10%	-0.10%	0.00%
11:45	EUR	ECB Marginal Lending Facility	0.40%	0.60%	0.75%
12:30	USD	Initial Jobless Claims (MAY 31)	312K	313K	300K	304K
12:30	CAD	Building Permits M/M Apr	1.10%	4.00%	-3.00%	-3.20%
14:00	CAD	Ivey PMI May	48.2	56	54.1
14:30	USD	Natural Gas Storage	119B	116B	114B

Orders and Options Watch

US Session: Orders and Options Watch

EUR: Although the single currency rebounded as ECB cut rates less than expected, euro quickly turned back south as Draghi gave dovish comments in the subsequent press conference and signal the central bank will keep rates low for an extended period of time. Bids at 1.3570-90, 1.3550-60 and 1.3525 were filled, however, buy orders are still noted at 1.3500 with stops placed below figure, fresh demand should emerge at 1.3475 and 1.3450. On the upside, offers are lowered to 1.3600-20 area and sizeable offers remain at 1.3645-50 with stops building up above 1.3655-65, more sell orders are located 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: GBP/USD - Buy at 1.6750

Although the British pound retreated from 1.6793 to 1.6723, as cable found support there and has rebounded again, suggesting further consolidation above last week's low of 1.6693 would be seen with mild upside bias for another rebound to 1.6810-15 (61.8% Fibonacci retracement of 1.6882-1.6693), break there would add credence to our view that low has been formed at 1.6693, bring retracement of recent decline to 1.6845-50

Trade Idea Update: USD/JPY - Buy at 102.20

As the greenback has retreated again after faltering below this week's high of 102.80, retaining our view that consolidation would be seen and pullback to 102.30 cannot be ruled out, however, previous resistance at 102.14 should limit downside and bring another rise later, break of said resistance at 102.80 would extend recent upmove from 100.82 to resistance at 103.02 but overbought condition should prevent sharp move beyond 103.55-60