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Action Insight Market Overview	Markets Snapshot
Daily Report: Yen Mildly Lower as Japan Economy Contracted The Japan yen is mildly lower today as economic data showed that the economy contracted in Q2. GDP dropped -0.4% qoq, down from Q1's 1.0% qoq growth. Nonetheless, that was slightly better than expectation of -0.5% qoq fall. GDP deflator rose 1.6% yoy, much lower than prior quarter's 3.4% yoy and missed expectation of 2.1% yoy. There have been, to some degree, continuous speculation that BoJ would need to provide additional stimulus to boost the economy and inflation. On the other hand, some economists argue that if would be the government that's required to provide additional fiscal stimulus. In particular, Japan, like other Asian countries, could start to feel the impact of deeper slowdown in China's economy during the second half of the year. Markets would look into the next economic projections from BoJ to be released later in October, which would likely see some downward revisions in both GDP and inflation forecast. Nikkei in trading mildly higher by 70 pts at the time of writing. Full Report Here...
Featured Technical Report
USD/JPY Daily Outlook Daily Pivots: (S1) 124.07; (P) 124.29; (R1) 124.54; More... USD/JPY recovers mildly today abut stays in consolidation from 125.27. Intraday bias remains neutral for the moment. Main focus is on 123.00 support. Firm break there will extend the consolidation from 125.85 with another falling leg towards 120.40 support. Nonetheless, decisive break of 125.85 will confirm larger up trend resumption. 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
23:01	GBP	Rightmove House Prices M/M Aug	-0.80%		0.10%
23:50	JPY	GDP Q/Q Q2 P	-0.40%	-0.50%	1.00%
23:50	JPY	GDP Deflator Y/Y Q2 P	1.60%	2.10%	3.40%
7:15	CHF	Retail Sales (Real) Y/Y Jun		-0.60%	-1.80%
9:00	EUR	Eurozone Trade Balance (EUR) Jun		19.3B	21.2B
12:30	CAD	International Securities Transactions (CAD) Jun			-5.45B
12:30	USD	Empire State Manufacturing Aug		5	3.86
14:00	USD	NAHB Housing Market Index Aug		61	60
20:00	USD	Net Long-term TIC Flows Jun			$93.0B

Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency has retreated after meeting resistance at 1.1189, however, bids are still noted at 1.1125, 1.1100 and 1.1085, buy orders are reported at 1.1050, 1.1020, 1.1000, buying interest is tipped at 1.0985, 1.0965 and 1.0950. On the upside, offers remain at 1.1190-00 and 1.1220, selling interest is expected at 1.1245, 1.1265 and 1.1285, mixture of offers and stops is located at 1.1300.

Trade Idea: EUR/GBP - Buy at 0.7070

As the single currency has retreated after faltering below this week's high of 0.7170, suggesting consolidation below this level would be seen and below yesterday's low of 0.7101 would bring stronger pullback to 0.7070-75, however, support at 0.7038 would remain intact, bring another rise later. Above 0.7170 would adds credence to our view that another leg of corrective rise from 0.6936 low is underway for further gain towards 0.7200

Trade Idea: USD/CAD - Stand aside

Near term consolidation is likely to continue and reckon upside would be limited to 1.3100, bring another corrective fall towards support area at 1.2941-52, break there would signal temporary top has been formed at 1.3213 earlier, bring retracement of recent upmove in wave iv to 1.2900, then towards support at 1.2862 which is likely to hold from here, bring another rise later.