Action Insight Mid-Day Report 5-21-10

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Mid-Day Report: Forex Markets Remain Steady in Consolidation While global stocks continue tumbling, the forex markets remain relatively steady. Some renewed buying is seen in Yen into US session but major yen crosses are stuck in range so far. Canadian dollar is also steady after solid economic data. Canadian CPI rose 0.3% mom, 1.8% yoy in April, above expectation of 0.2% mom, 1.7% yoy. Core CPI also beat expectation by rising 0.3% mom, 1.9% yoy. Retail sales rose much more than expected by 2.1% mom in March with ex-auto sales rose 1.7% mom. Full Report Here...
Featured Technical Report
USD/JPY Mid-Day Outlook Daily Pivots: (S1) 88.46; (P) 90.17; (R1) 91.37; More. Intraday bias in USD/JPY remains on the downside with 90.92 minor resistance intact. Current fall from 93.62 is still expected to continue to retest 88.13 support next. On the upside, above 90.92 minor resistance will argue that fall form 93.62 is completed and will flip intraday bias back to the upside for this resistance. 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

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GMT Ccy Events Actual Consensus Previous Revised 03:40 JPY BoJ Interest Rate Decision 0.10% 0.10% 0.10% 06:00 EUR German GDPQ/Q Q1 F 0.20% 0.20% 0.20% 07:30 EUR German PMI Services May A 53.7 55.4 55.2 07:30 EUR German PMI Manufacturing May A 58.3 61.1 61.5 08:00 EUR German IFO - Expectations May 103.7 103.5 104 08:00 EUR German IFO - Business Climate May 101.5 101.9 101.6 08:00 EUR German IFO - Current Assessment May 99.4 100 99.3 08:00 EUR Eurozone PMI Services May A 56 55.6 55.6 08:00 EUR Eurozone PMI Manufacturing May A 55.9 57.4 57.6 08:00 EUR Eurozone Current Account (EUR) Mar 1.7B -2.7B -3.9B -4.5B 08:30 GBP Major Banks Mortgage Approvals Apr 47K 53K 52K 51K 08:30 GBP Public Sector Net Borrowing (GBP) Apr 10B 10.9B 23.5B 18B 08:30 GBP M4 Money Supply M/M Apr P 0.00% 0.30% 0.20% 0.10% 08:30 GBP M4 Money Supply Y/Y Apr P 3.30% 3.80% 3.60% 3.50% 11:00 CAD CPI M/M Apr 0.30% 0.20% 0.00% 11:00 CAD CPI Y/Y Apr 1.80% 1.70% 1.40% 11:00 CAD BoC CPI Core M/M Apr 0.30% 0.20% -0.20% 11:00 CAD BoC CPI Core Y/Y Apr 1.90% 1.80% 1.70% 12:30 CAD Retail Sales M/M Mar 2.10% 0.00% 0.50% 12:30 CAD Retail Sales Less Autos M/M Mar 1.70% 0.40% -0.10%
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