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| Action Insight | Candlesticks Trades | Markets Summary | Action Bias | Top Movers | Daily Technicals |
| Calendar | Elliott Wave Trades | Markets Volatility | Pivot Points | Heat Map | Daily Fundamentals |
| Action Insight Market Overview | Markets Snapshot |
Mid-Day Report: Dollar and Yen Strike Back on Poor Housing Data, Widening European Bond SpreadDollar and yen strike back in early US session on much worse than expected new residential construction data from US. Housing starts fell -10% to 593 annualized rate in May, the lowest level this year. Building permits dropped -9.9% to 574k annualized rate. Both were way off expectations of 650k and 625k respectively. NAHB housing market index also dropped sharply by -5 pts to 17 in June as released yesterday. Investors are concerned on whether the dip in housing sector is temporary due to expiration of tax credit or it's the start of another down turn. PPI in US slowed less than expected to 5.3% yoy in May with core PPI up more than expected to 1.3% yoy. Industrial production rose 1.2% mom in May with capacity utilization up to 74.7% |
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| Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 91.12; (P) 91.41; (R1) 91.73; More. USD/JPY dips mildly today but is still staying in tight range and intraday bias remains neutral. As noted before, price actions from 88.25 are treated as consolidation to fall for 94.97 only. Below 90.83 minor support will argue that such consolidation has possibly completed and will bring decline to 88.25 support for confirmation. On the upside, in case of another rise, we'd continue to expect strong resistance below 93.62 to conclude the rebound from 88.97 and bring another fall. |
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| Special Report |
UK Government Will Likely Cut More Than Labor Despite OBR Revised Down Deficit ForecastsThe Office of Budget Responsibility (OBR) forecast UK's budget deficit will narrow more than previously expected despite slower economic growth. Cyclically-adjusted, deficit forecasts are however, higher than Labour Party's projections made in March. We expect to see a sizeable degree of fiscal tightening still seems likely in the emergency Budget on June 22. SNB to Keep Rates Unchanged. Focus on the Stance to Intervene CHFThe SNB will likely keep the 3-month LIBOR target at 0.25% at the meeting on Thursday. However, the market will focus on the central bank's stance on FX intervention as the euro has tumbled due to sovereign crisis in the Eurozone. The SNB may also revise up its forecasts for growth and inflation given robustness in economic data in recent months. Indeed, whether policymakers will actively implement intervention depends on the inflationary outlook. |
| Economic Indicators Update |
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Trade Idea Update: EUR/USD – Sell at 1.2400Although the intra-day retreat from 1.2354 just tested the Kijun-Sen as suggested in our previous update, below the Ichimoku cloud top (now at 1.2225) is needed to signal temporary top has been formed and bring correction to 1.2168-72 (previous support and the current level of the Ichimoku cloud bottom), otherwise, one more rise to 1.2390/00 cannot be ruled out. Trade Idea Update: USD/CHF – Sell at 1.1410Dollar's rebound after intra-day brief fall to 1.1278 suggests consolidation would be seen with mild upside bias for retracement to the Kijun-Sen (now at 1.1373), however, renewed selling interest should emerge below the Ichimoku cloud bottom (now at 1.1427) and the flat ground Ichimoku cloud top (now at 1.449) should hold, bring another decline later. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: EUR/GBP – Buy at 0.8250Euro's near term sideways trading is expected to continue and above this week's high at 0.8359 is needed to signal low has been formed at 0.8210 earlier as wave v and bring stronger rebound to 0.8380/90, break there would confirm and then stronger correction to 0.8425/30 (approx. 38.2% Fibonacci retracement of 0.8774 to 0.8210) would follow. Trade Idea: USD/CAD – Buy at 1.0160Although intra-day rebound after holding above yesterday's low at 1.0242 suggests further consolidation above this week's low at 1.0225 would be seen, above 1.0362 (yesterday's high) is needed to suggest low has been formed and bring stronger rebound to 1.0390, then towards 1.0510/20. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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