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Action Insight Market Overview	Markets Snapshot
Euro Rebounds after Better-than-Expected U.S. NFP Although the single currency dropped to a 2-week low of 1.4055 against the greenback earlier today, euro continued to edge higher throughout the day on short-covering as European Central Bank started buying Portugal and Irish government bonds which eased pressure on Italian and Spanish peripheral debt. Rebound in Dow futures on the release of better-than-expected U.S. job reports also seen helping euro to rebound on risk appetite, U.S. Labor Department reported that non-farm payrolls increased to 117,000 versus market forecast of 98K and unemployment rate also came in lower at 9.1% from previous month’s and analysts’ expectations of 9.2%. Full Report Here...
Featured Technical Report
EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.3995; (P) 1.4183 (R1) 1.4278; More. With 1.4371 minor resistance intact, EUR/USD's choppy fall from 1.4537 is still in favor to continue. And current fall would possibly extend through 1.4014 support medium term trend line at 1.3819. On the upside, above 1.4371 will flip bias back to the upside and turn focus back to 1.4537 resistance. 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

ECB Extends Liquidity Injection, Reactivates SMP The ECB voted unanimously to keep the main refinancing rate unchanged at 1.5%. In the accompanying statement, the central bank also announced some liquidity injection measures. The most important news was that President Trichet signaled the Securities Market Program (SMP) has been re-activated. Concerning the monetary policy outlook, the ECB reiterated that it will monitor very closely all developments with respect to upside risks to price stability. This suggested no rate hike in the next meeting. Read more...

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GMT Ccy Events Actual Consensus Previous Revised 05:00 JPY Leading Index Jun P 103.2 103.4 99.6 99.4 07:15 CHF CPI M/M Jul -0.80% -0.60% -0.20% 07:15 CHF CPI Y/Y Jul 0.50% 0.70% 0.60% 08:30 GBP PPI Input M/M Jul 0.60% 0.70% 0.40% 08:30 GBP PPI Input Y/Y Jul 18.50% 18.70% 17.00% 16.80% 08:30 GBP PPI Output M/M Jul 0.20% 0.20% 0.10% 08:30 GBP PPI Output Y/Y Jul 5.90% 5.80% 5.70% 08:30 GBP PPI Output Core M/M Jul 0.30% 0.20% 0.20% 08:30 GBP PPI Output Core Y/Y Jul 3.30% 3.20% 3.20% 10:00 EUR German Industrial Production M/M Jun -1.10% 0.00% 1.20% 11:00 CAD Unemployment Rate Jul 7.20% 7.40% 7.40% 11:00 CAD Net Change in Employment Jul 7.1K 20.0K 28.4K 12:30 CAD Building Permits M/M Jun 2.10% -5.00% 20.90% 12:30 USD Change in Non-farm Payrolls Jul 117K 98K 18K 46K 12:30 USD Unemployment Rate Jul 9.10% 9.20% 9.20% 14:00 CAD Ivey PMI Jul 45.4 64.6 68.2
Forex Trade Ideas
Trade Idea Update: USD/CHF – Buy at 0.7640 Failure to extend intra-day rebound and the subsequent retreat from 0.7740 suggest further consolidation would be seen, however, as long as record low at 0.7610 (formed earlier this week) holds, mild upside bias remains for another rebound but break of yesterday’s high of 0.7801 is needed to retain bullishness and signal a temporary low has been formed, bring retracement of recent decline towards previous resistance at 0.7857. Read more... Trade Idea Update: EUR/USD – Sell again at 1.4180 Despite intra-day brief rise to 1.4220, as the single currency has retreated after the release of better-than-expected U.S. NFP and unemployment rate data, suggesting top is possibly formed and consolidation with downside bias is seen for weakness towards 1.4055, however, break there is needed to extend decline from 1.4537 top for weakness towards previous support at 1.4015 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 Waiting for the Bernanke Put U.S. Employment Beats Expectations with a Gain of 117K U.S. July Employment Stronger than Expected Canadian Employment Growth Less than Expected in July, Weighed Down by Education Component Canadian Labour Market Holds Up Well Through Global Economic Soft Patch Mixed Reaction from Dollar as Labor Market Soothes Pain The End Of Buying Time Is Here Technical Highlights EUR/USD's Battle Lines for the Post NFP Reaction GBPUSD - Consolidating With Upside Bias FX Thoughts for the Day USD/JPY - 81.50 Next Up !