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Action Insight Market Overview	Markets Snapshot
Mid-Day Report: Euro Reverses as New Greek Proposals Seen Unacceptable Euro reversed after initial gains today and and is trading broadly lower. It's reported that Greece submitted a new proposal yesterday to its international creditors to unlock the bailout funds. Two three-page documents were sent to European Economic Affairs Commissioner Pierre Moscovici. This was confirmed by European Commission spokesman Margaritis Schinas. Accord to Reuters, an unnamed EU official criticized that Greece's proposal was insufficient and unacceptable. Another official said that there was no solution for the dispute over pension reform while the plan on debt restructure was unacceptable. While some EU and ECB leaders urged an agreement with Greece as soon as possible, the negotiations would probably drag on till the end of the month. Full Report Here...
Featured Technical Report
EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.1147; (P) 1.1227 (R1) 1.1370; More.... EUR/USD's recovery was limited below 1.1379 temporary top and weakened today. Intraday bias remains neutral first. As long as 1.0818 support holds, rebound from 1.0461 is mildly in favor to extend to above 1.1466. But since it's viewed as a corrective move, we'd expect strong resistance from 38.2% retracement of 1.3993 to 1.0461 at 1.0181 and bring reversal. Meanwhile, break of 1.0818 will suggest that such corrective rise is completed and turn outlook bearish. 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
22:45	NZD	Manufacturing Activity Q1	-2.80%		-0.70%	-1.00%
23:01	GBP	BRC Retail Sales Monitor Y/Y May	0.00%		-2.40%
23:50	JPY	Japan Money Stock M2+CD Y/Y May	4.00%	3.60%	3.60%
1:30	AUD	NAB Business Confidence May	7		3
1:30	CNY	CPI Y/Y May	1.20%	1.30%	1.50%
1:30	CNY	PPI Y/Y May	-4.50%	-4.50%	-4.60%
1:30	AUD	Home Loans Apr	1.00%	-1.80%	1.60%	1.50%
5:00	JPY	Consumer Confidence May	41.4	41.9	41.5
5:45	CHF	Unemployment Rate May	3.30%	3.30%	3.30%
6:00	JPY	Machine Tool Orders Y/Y May P	15.00%		10.50%
7:15	CHF	CPI M/M May	0.20%	0.10%	-0.20%
7:15	CHF	CPI Y/Y May	-1.20%	-1.20%	-1.10%
8:30	GBP	Visible Trade Balance (Pounds) Apr	-8.6B	-10.0B	-10.1B
14:00	USD	Wholesale Inventories Apr	0.40%	0.10%	0.10%

Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency retreated after rising to 1.1345 earlier today and bids at 1.1250 and 1.1225-30 were filled but buy orders are still noted at 1.1200 and 1.1175-80, buying interest is tipped at 1.1150, 1.1115-25 and 1.1100, fresh demand should emerge around 1.1080 and 1.1050 (stops below). On the upside, offers are seen at 1.1285-90, 1.1310-15 and 1.1345-50, sell orders are expected at 1.1380 (stops above), mixture of offers and stops is located at 1.1400.

Trade Idea Update: USD/CHF - Sell at 0.9360

Yesterday's selloff below support at 0.9278 signals the fall from 0.9543 is still in progress and may extend weakness to 0.9237 (100% projection of 0.9543-0.9278 measuring from 0.9502), below there would bring further fall to 0.9200-10, however, near term oversold condition should prevent sharp decline below 0.9170-75 (1.236 times projection), risk from there is seen for a rebound later.

Trade Idea Update: USD/JPY - Sell at 124.80

Despite last week's rally to 125.86, the subsequent sharp retreat suggests a temporary top has possibly been formed there and consolidation with mild downside bias is seen for weakness towards support at 123.75, however, break of this level is needed to add credence to this view, bring retracement of recent upmove to 123.61, then towards 123.25-30.