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Mid-Day Report: Dollar Surges as Traders Await EU Summit on Greece Dollar surges broadly today while Euro dives through last week low of 1.0954 against the greenback. European indices also reversed earlier gains with DAX down -0.8%, CAC down -1% and FTSE down -0.3% at the time of writing. Traders are awaiting the emergency summit of Eurozone leaders in Brussels, where the Greek debt crisis will be discussed. Before that, Eurozone finance ministers will also meet first. Greek prime minister Alexis Tsipras will table a new bailout proposal. European Commission president Jean Claude Juncker said the summit will be a chance to get back to negotiation with Greece but "the solution is not going to come overnight". Eurogroup president Jeroen Dijsselbloem said that the "no" result in the Greek referendum basically meant that old proposals were rejected by Greek. And it's "going to be very difficult". Full Report Here...
Featured Technical Report
EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.0984; (P) 1.1040 (R1) 1.1110; More.... EUR/USD drops sharply today and the break of 1.0954 indicates resumption of fall from 1.1436. Intraday bias is back on the downside for 1.0818 support. As noted before, we're favoring the case that corrective rebound from 1.0461 has completed at 1.1466 already. Break of 1.081 will confirm this case and pave the way for a test on 1.0461 low. On the upside, above 1.1120 minor resistance will turn intraday bias neutral first. 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
04:30	AUD	RBA Rate Decision	2.00%	2.00%	2.00%
05:45	CHF	Unemployment Rate Jun	3.30%	3.30%	3.30%
06:00	EUR	German Industrial Production M/M May	0.00%	0.10%	0.90%	0.60%
07:00	CHF	Foreign Currency Reserves Jun	516.2B		517.5B
08:30	GBP	Industrial Production M/M May	0.40%	-0.20%	0.40%	0.30%
08:30	GBP	Industrial Production Y/Y May	2.10%	1.60%	1.20%
08:30	GBP	Manufacturing Production M/M May	-0.60%	0.10%	-0.40%
08:30	GBP	Manufacturing Production Y/Y May	1.00%	1.80%	0.20%	0.10%
12:30	CAD	Trade Balance (CAD) May	-3.34B	-2.5B	-2.97B
12:30	USD	Trade Balance May	-41.87B	-$42.00B	-$40.90B	-40.7B
14:00	GBP	NIESR GDP Estimate Jun	0.70%		0.60%

Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency continued to fall today and bids at 1.0960 and 1.0930 were filled but buy orders are still noted at 1.0900 and 1.0880, more buying interest is tipped at 1.0850 barrier and 1.0825, mixture of bids and stops is located at 1.0800. On the upside, offers are lowered to 1.0970 and 1.1000, sell orders are expected at 1.1025-30, 1.1050 and 1.1085, selling interest is tipped at 1.1100, 1.1120 and 1.1145-50, sellers are awaiting at 1.1180, 1.1200 and 1.1220-25.

Trade Idea Update: GBP/USD - Sell at 1.5530

As the British pound has tumbled today and broke below previous support at 1.5532, suggesting the decline from 1.5930 top is still in progress and may extend weakness to 1.5400, break there would signal early upmove has ended, then further fall to 1.5375 would be seen, however, reckon 1.5350 would hold from here due to near term oversold condition, bring rebound later.

Trade Idea Update: EUR/USD - Sell at 1.1030

As the single currency has fallen again, suggesting a retest of previous support at 1.0954 (last week's low) would be seen, however, break there is needed to confirm the fall from 1.1436 is still in progress and may extend weakness to 1.0900-10 but oversold condition should prevent sharp fall below 1.0875-80 and reckon 1.0850 would hold from here.