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Action Insight Market Overview	Markets Snapshot
Mid-Day Report: Dollar Pared Gains on Obama Rumor Dollar pared back some of the post NFP gains on report that US president Barack Obama told G7 leaders that a strong dollar posed a problem to the country. White house denied the news in a statement and said Obama "made a point that he has made previously a number of times: that global demand is too weak and that G-7 countries need to use all policy instruments, including fiscal policy as well as structural reforms and monetary policy, to promote growth." Released from Canada, housing starts rose to 202k in May, building permits rose 11.6% mom in April. Full Report Here...
Featured Technical Report
USD/JPY Mid-Day Outlook Daily Pivots: (S1) 124.65; (P) 125.25; (R1) 126.16; More... Intraday bias in USD/JPY remains on the upside as recent rally continues. Further rise should be seen to 61.8% projection of 105.19 to 121.84 from 118.88 at 129.16 next. On the downside, break of 124.40 minor support will turn bias neutral and bring consolidations again before staging another rally. 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	Revised
23:50	JPY	Current Account (JPY) Apr	1.27T	1.45T	2.07T
23:50	JPY	GDP Q/Q Q1 F	1.00%	0.70%	0.60%
23:50	JPY	GDP Deflator Y/Y Q1 F	3.40%	3.40%	3.40%
02:25	CNY	Trade Balance May	$59.50B	$47.00B	$34.13B
05:00	JPY	Eco Watchers Survey: Current May	53.3	54.2	53.6
06:00	EUR	German Industrial Production M/M Apr	0.90%	0.60%	-0.50%	-0.40%
06:00	EUR	German Trade Balance (EUR) Apr	22.3B	18.1B	19.3B
08:30	EUR	Eurozone Sentix Investor Confidence Jun	17.1	18.9	19.6
12:15	CAD	Housing Starts May	202K	187K	181.8K	183K
12:30	CAD	Building Permits M/M Apr	11.60%	3.40%	11.60%

Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency rebounded again in European session in part due to higher German yield, offers at 1.1180-85, 1.1200 and 1.1220 were triggered, however, sell orders are still noted at 1.1225, 1.1250 and 1.1285, selling interest is tipped at 1.1300, 1.1320, 1.1350 and 1.1380, mixture of offers and stops is located at 1.1400. On the downside, bids are now seen at 1.1150-55 and 1.1115-20, buy orders are expected at 1.1100, 1.1080 and 1.1050, buying interest should emerge at 1.1035, 1.1020 and 1.1000, fresh demand is located around 1.0985, 1.0965 and 1.0950.

Trade Idea Update: EUR/USD - Sell at 1.1225

As the single currency has rebounded after dropping to 1.1050 on Friday after NFP, suggesting consolidation above this level would be seen and corrective bounce to 1.1200 cannot be ruled out, however, reckon the lower Kumo (now at 1.1230) would limit upside and bring another decline later. Below 1.1085-90 would bring another test of Friday's low at 1.1050, below there would add credence to our view that top has been formed at 1.1380 last week and downside bias remains for weakness to 1.1030-35

Trade Idea Update: USD/JPY - Exit long entered at 125.10 and buy at 124.75

Failure to extend intra-day rebound suggests consolidation would be seen and another test of minor support at 124.99 cannot be ruled out, however, reckon 124.70-75 would limit downside and bring another rise later, above 125.55-60 would signal pullback from 125.86 has ended, bring retest of this Friday's high, break there would extend medium term upmove to 126.00, then towards 126.30 but near term overbought condition should prevent sharp move beyond 126.50