Friday, July 1, 2011

Action Insight Mid-Day Report 7-1-11

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Action Insight Market Overview Markets Snapshot

Mid-Day Report: Dollar Mildly up against Yen, Swissy after Strong ISM Manufacturing

Manufacturing data is the main driver in the markets today. Risk appetite, as well as the greenback are given a boost by stronger than expected ISM manufacturing index. The index rose to 55.3 in May versus consensus of a fall to 51.5. Strength is seen broadly in most components, in particular with employment climbed from 58.2 to 59.9. The US recovery slowed a bit in Q2 but is possibly regaining momentum into Q3. DOW rose more than 100 pts with support from the data while the Japanese yen is broadly lower. Dollar is lifted mildly but there is no follow through selling so far.

Full Report Here...


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Featured Technical Report

USD/CHF Mid-Day Outlook

Daily Pivots: (S1) 0.8318; (P) 0.8391; (R1) 0.8477; More.

USD/CHF rises sharply to as high as 0.8524 so far and intraday bias remains on the upside for 0.8550 resistance first. Break will put 55 days EMA (now at 0.8619) into focus. On the downside, though, below 0.8392 minor support will indicate that rebound from 0.8275 is possibly offer and will flip bias back to the downside for retesting this support.

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GMT Ccy Events Actual Consensus Previous Revised
23:30 JPY Household Spending Y/Y May -1.90% -1.70% -3.00%
23:30 JPY Unemployment Rate May 4.50% 4.80% 4.70%
23:30 JPY Tokyo Core CPI Y/Y Jun 0.10% 0.20% 0.10%
23:30 JPY National Core CPI Y/Y May 0.60% 0.50% 0.60%
23:50 JPY Tankan Large Manufacturers Index Q2 -9 -7 6
23:50 JPY Tankan Non-Manufacturing Index Q2 -5 -4 3
01:00 CNY PMI Manufacturing Jun 50.9 51.5 52
07:30 CHF SVME-PMI Jun 53.4 57.8 59.2
08:00 EUR Eurozone PMI Manufacturing Jun F 52 52 52
08:30 GBP PMI Manufacturing Jun 51.3 52.3 52.1
09:00 EUR Eurozone Unemployment Rate May 9.90% 9.90% 9.90%
13:55 USD U. of Michigan Confidence Jun F 71.5 72 71.8
14:00 USD Construction Spending M/M May -0.60% 0.00% 0.40%
14:00 USD ISM Manufacturing Jun 55.3 51.5 53.5
14:00 USD ISM Prices Paid Jun 68 72 76.5
Forex Trade Ideas

Next Candlesticks and Ichimoku Trade Idea update will be made on Monday 4 July.

Candlesticks Intraday Trade Ideas Update Schedule (GMT):
1st Update: 0630 - 0700; 2nd Update: 0930 - 1000; 3rd Update: 1230 - 1300; 4th Update: 1500 - 1530
Pairs Covered: EUR/USD, USD/JPY, GBP/USD, USD/CHF

Elliott Wave Daily Trade Ideas Update Schedule (GMT):
AUD/USD, EUR/JPY: 0800 - 0830; EUR/GBP, USD/CAD: 1330 - 1400

Suggested Readings

Fundamental Highlights

Technical Highlights


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