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Action Insight Market Overview	Markets Snapshot
Mid-Day Report: Yen Surges as Portugal Woe Hits Markets, BoE on Hold The Japanese yen jumps sharply today as markets are hit by risk aversion over trouble in Portugal. At the time of writing, European indices are broadly lower, with DX lowing over -1.5%, CAC losing over -1.7% and FTSE losing over -0.8%. US futures also point to sharply lower open. It's reported that the parent company of a Portuguese bank delayed payments on some short-term debts and the news triggered selloff in shares of banks across southern Europe. USD/JPY took out 101.23 near term support and is heading back to 100.65/82 key support zone. Released from US, initial jobless claims dropped to 304k in the week ended July 5, below expectation of 316k. The four week moving average dropped from 315k to 312k. Continuing claims rose 10k to 2.58m in the week ended June 28. Full Report Here...
Featured Technical Report
USD/JPY Mid-Day Outlook Daily Pivots: (S1) 101.44; (P) 101.64; (R1) 101.85; More... USD/JPY drops sharply today and took out 101.23 support. Intraday bias remains on the downside for 100.65/82 key support zone. Decisive break there will have larger bearish implications and will target 96.56 support next. On the upside, above 101.44 minor resistance will argue that recent sideway trading is going to extend and will turn bias neutral 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
22:30	NZD	Business NZ Manufacturing Index Jun	53.3		52.7	52.6
23:01	GBP	RICS House Price Balance Jun	53%	55%	57%	56%
23:50	JPY	Domestic CGPI M/M Jun	0.20%	0.10%	0.30%
23:50	JPY	Tertiary Industry Index M/M May	0.90%	1.70%	-5.40%	-5.70%
23:50	JPY	Machine Orders M/M May	-19.50%	0.70%	-9.10%
01:30	AUD	Employment Change Jun	15.9K	12.0K	-4.8K
01:30	AUD	Unemployment Rate Jun	6.00%	5.90%	5.80%
05:00	JPY	Consumer Confidence Index Jun	41.1	40.3	39.3
08:00	EUR	ECB Monthly Bulletin
08:30	GBP	Visible Trade Balance (GBP) May	-9.2B	-9.0B	-8.9B	-8.8B
11:00	GBP	BoE Rate Decision	0.50%	0.50%	0.50%
11:00	GBP	BoE Asset Purchase Target Jul	375B	375B	375B
12:30	CAD	New Housing Price Index M/M May	0.10%	0.20%	0.20%
12:30	USD	Initial Jobless Claims (JUL 5)	304K	316K	315K
14:00	USD	Wholesale Inventories May	0.5%	0.60%	1.10%
14:30	USD	Natural Gas Storage	93B	92B	100B

Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency dropped today on risk aversion, bids at 1.3600-10 were filled but buy orders are still noted at 1.3575-80, mixture of bids and stops is located at 1.3560 (stops below), fresh demand should emerge around 1.3540-50 and further out at 1.3500-20 area with more stops placed below 1.3500. On the upside, offers are lowered to 1.3620 and in good size at 1.3650-55, more sell orders are reported at 1.3670-80 and 1.3700 (stops above), sellers are waiting further out at 1.3725 and 1.3750.

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Forex Trade Ideas

Trade Idea Update: USD/CHF - Hold long entered at 0.8910

As the greenback has rebounded after intra-day brief fall to 0.8902, retaining our bullishness and consolidation with upside bias remains for test of yesterday's high at 0.8938, break there would bring test of indicated resistance at 0.8959, break there would signal the rise from 0.8856 has resumed and add credence to our view that recent erratic fall from 0.9037 top has ended at 0.8856 earlier last week, bring further gain to 0.8975

Trade Idea Update: EUR/USD - Hold short entered at 1.3640

Although the single currency edged higher earlier today, euro met renewed selling interest at 1.3651 and has retreated in European morning, retaining our bearishness and break of 1.3600 would signal the rebound from this week's low of 1.3576 has ended at 1.3651 and bring weakness towards said support at 1.3576, break there would add credence to our view that the entire correction from 1.3503 has ended at 1.3700 last week, bring further decline to 1.3535-40