Action Insight Market Overview	Markets Snapshot
Risk Off Again on European Banking Risks, Poor US Economic Prospects Risk aversion strikes back at the market today as European banks shares lead selloff in risk assets on rumors that a unidentified banks has sought emergency US dollar loan of as much as USD 500m from ECB yesterday. Major European indices tumble with FTSE down more then -4% while DAX and CAC 40 drop more than -5%. US stock markets open deep in red with DOW drops as much as -500 pts in early trading. Gold jumps to new record high close to 1830 in response while 10 year US treasury yield breaches 2% briefly. Dollar and yen are broadly higher on safe haven flow but the swiss franc lags behind. Full Report Here...
Featured Technical Report
USD/CAD Mid-Day Outlook Daily Pivots: (S1) 0.9771; (P) 0.9808; (R1) 0.9843; More. USD/CAD's break of 0.9872 minor resistance suggests that consolidation from 1.0009 might be finished at 0.9774 already. Intraday bias is cautiously on the upside for a retest on 1.0009 first. Break will confirm resumption of rise from 0.9406.. Also, note that sustained trading above 0.9912 resistance will confirm double bottom reversal pattern (0.9444, 0.94056) and target 61.8% retracement of 1.0851 to 0.9406 at 1.0299. On the downside, even in case of another fall, we'll stay bullish as long as 0.9741 support holds. 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

Special Reports

BOE Voted Unanimously To Keep Rates Unchanged, First Time Since May 2010 The BOE minutes for the August meeting turned out to be more dovish than expected as 2 hawks, Spencer Dale and Martin Weale, stopped pushing for a rate hike, making the decision to hold the Bank Rate unchanged at 0.5% unanimous for the first time since May 2010. Adam Posen continued to favor expanding the asset-buying program by +50B pound to 250B pounds. The pound slid after the minutes as it's increasingly likely that the central bank will adopt further easing. Read more... France And Germany Rejected Joint Eurobonds, Focused On Economic Integration The Franco-German summit failed to deliver any feasible measures to contain the sovereign crisis in the near-term. The 2 nations ruled out joint issuance of Eurobonds for now and rejected expansion of the 440B-euro EFSF. Instead, the leaders pledged to defend the single currency and proposed new tax rules. The plan to tax financial transaction sent the euro and equities lower. Read more...

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GMT Ccy Events Actual Consensus Previous Revised 23:50 JPY Trade Balance (JPY) Jul -0.13T -0.12T -0.19T -0.20T 08:30 GBP Retail Sales M/M Jul 0.20% 0.40% 0.80% 1.00% 08:30 GBP Retail Sales Y/Y Jul -0.20% 0.10% 0.20% 08:30 GBP Retail Sales w/Auto Fuel M/M Jul 0.20% 0.30% 0.70% 0.80% 08:30 GBP Retail Sales w/Auto Fuel Y/Y Jul 0.00% 0.30% 0.40% 12:30 USD CPI M/M Jul 0.50% 0.20% -0.20% 12:30 USD CPI Y/Y Jul 3.60% 3.30% 3.60% 12:30 USD CPI Core M/M Jul 0.20% 0.20% 0.30% 12:30 USD CPI Core Y/Y Jul 1.80% 1.70% 1.60% 12:30 USD Initial Jobless Claims 408K 400K 395K 12:30 CAD Leading Indicators M/M Jul 0.20% 0.20% 0.20% 12:30 CAD Wholesale Sales M/M Jun 0.20% 0.00% 1.90% 14:00 USD Existing Home Sales Jul 4.67M 4.90M 4.77M 14:00 USD Leading Indicators Jul 0.50% 0.20% 0.30% 14:00 USD Philly Fed Survey Aug -30.7 3.9 3.2 14:30 USD Natural Gas Storage 50B 49B 25B
Forex Trade Ideas
Trade Idea: EUR/GBP – Target met and stand aside The single currency fell in line with our expectation yesterday and our short position entered at 0.8820 met indicated downside target at 0.8720 (with 100 points profit). Although the single currency has remained under pressure and weakness to support at 0.8663 is likely, break there is needed to signal the c leg of wave 2 is still in progress for a retest of 0.8644, then towards previous support at 0.8611 (wave a low). Read more... Candlesticks Intraday Trade Ideas Update Schedule (GMT): 1st Update: 0630 - 0700; 2nd Update: 0930 - 1000; 3rd Update: 1230 - 1300; 4th Update: 1500 - 1530 Pairs Covered: EUR/USD, USD/JPY, GBP/USD, USD/CHF Elliott Wave Daily Trade Ideas Update Schedule (GMT): AUD/USD, EUR/JPY: 0800 - 0830; EUR/GBP, USD/CAD: 1430 - 1500
Suggested Readings
Fundamental Highlights A Look at Today's US Price and Labor Data Europe's Bond Markets Stay Calm Amidst Equity Storm Japan Trade Balance and Comments on Intervention The Road Map to Fiscal Union London Session: Markets Wait For US Inflation Data Inflation Data Abounds, But Attention Remains On CHF-Peg Rumours Technical Highlights S&P500 in Bearish Continuation and Shows Renewed Fears of Double Dip FX Thoughts for the Day EUR/USD Cracking Channel Near 1.4380; Above 1.4250, Outlook Remains Bullish but a Choppy One AUD/USD Breaking Below a Wedge Correction after Hitting the 1.06 Target