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Action Insight Market Overview	Markets Snapshot
Daily Report: Kiwi Plummets after RBNZ Rate Cut, Aussie Rebounds on Job New Zealand dollar tumbled after RBNZ cut the official cash rate by 25bps to 3.25%. That was seen as a surprised move by some traders. More importantly, the central bank maintained easing bias after the rate cut. The central bank noted in the statement that fall in commodity prices since mid last year was "more pronounced". Income and demand growth will slow due to weak prospect for dairy prices and rebound in petrol prices. Inflation was subdued and is expected to return to mid-point later than expected. Regarding exchange rate, RBNZ expected "further significant downward adjustment is justified." And, the central bank expected "further easing may be appropriate" depending on incoming data. NZD/USD resumed recent down trend and is heading to 0.7 handle. Full Report Here...
Featured Technical Report
AUD/USD Daily Outlook Daily Pivots: (S1) 0.7669; (P) 0.7726; (R1) 0.7818; More... At this point, AUD/USD is still bounded in sideway trading above 0.7597 temporary low. With 0.7839 resistance intact, near term outlook stays bearish. We're holding on to the view that consolidation pattern from 0.7625 has completed at 0.8161 already and larger down trend is possibly resuming. Below 0.7597 will target 0.7532 first. Break will target 61.8% projection of 0.8910 to 0.7625 from 0.8161 at 0.7367 next. However, above 0.7839 will suggest that consolidation pattern from 0.7625 is extending with another rise towards 0.8161 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

Economic Indicators Update

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GMT	Ccy	Events	Actual	Consensus	Previous
21:00	NZD	RBNZ Rate Decision	3.25%	3.50%	3.50%
23:01	GBP	RICS House Price Balance May	34%	35%	33%
23:50	JPY	BSI Large Manufacturing Q/Q Q2	-6	3.2	2.4
01:00	AUD	Consumer Inflation Expectation Jun	3.00%		3.60%
01:30	AUD	Employment Change May	42.0K	15.2K	-2.9K
01:30	AUD	Unemployment Rate May	6.00%	6.20%	6.20%
05:30	CNY	Retail Sales Y/Y May		10.20%	10.00%
05:30	CNY	Industrial Production Y/Y May		6.10%	5.90%
05:30	CNY	Fixed Assets Ex Rural YTD Y/Y May		12.00%	12.00%
12:30	CAD	New Housing Price Index M/M Apr		0.20%	0.00%
12:30	CAD	Capacity Utilization Rate Q1		83.60%	83.60%
12:30	USD	Advance Retail Sales May		0.80%	0.00%
12:30	USD	Retail Sales Less Autos May		0.70%	0.10%
12:30	USD	Import Price Index M/M May		0.80%	-0.30%
12:30	USD	Initial Jobless Claims (JUN 6)		277K	276K
14:00	USD	Business Inventories Apr		0.10%	0.10%
14:30	USD	Natural Gas Storage			132B

Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency retreated after intra-day brief rise to 1.1386, offers are still noted at 1.1385, 1.1400 and 1.1430, selling interest is tipped further out at 1.1450, 1.1475 and 1.1500. On the downside, bids at 1.1300 and 1.1285 were filled but buy orders are still seen at 1.1250, 1.1230 and 1.1200, buying interest should emerge around 1.1185, 1.1150 and 1.1130, mixture of bids and stops is located at 1.1100.

Trade Idea: EUR/GBP - Buy at 0.7230

Euro's retreat after yesterday's brief breach of 0.7386 suggests consolidation below yesterday's high of 0.7389 would be seen and pullback to 0.7250 cannot be ruled out, however, reckon downside would be limited to 0.7220-25 (50% Fibonacci retracement of 0.7055-0.7389) and bring another rise later. Above 0.7365 resistance would bring retest of 0.7389 but break there is needed to extend the rebound from 0.7055 to 0.7420

Trade Idea: USD/CAD - Sell at 1.2350 or buy at 1.2100

As the greenback has fallen again after brief recovery, suggesting the fall from 1.2563 (last week's high) is still in progress for correction of the entire rise from 1.1920, hence downside bias is seen for weakness to 1.2150, then towards 1.2100, however, reckon 1.2050 would hold from here, bring rebound later. Above 1.2300-10 would bring recovery to 1.2350-55 but previous support at 1.2368 should turn into resistance and limit upside, bring another decline later.