Action Insight Market Overview	Markets Snapshot
Risk Aversion Continues after Disastrous German Auction, Fitch Warning on France Risk aversion continues to dominate the markets as a disastrous German bond auction sent European and US equities sharply lower. The German government managed to sell just of EUR 3.644b of 10 year bunds today, way short of it's maximum target of EUR 6b. Germany's Finance agency tried to affirm that there is no risk in financing the government's budget. But markets see it differently as today's poor auction showed that there is a deep mistrust of Euro, which is now even manifested in weak demand for German bunds. Nevertheless, some argued that the weak demand was due to reflectively much lower yields, which indicated that German bunds have been benefited from Fund flows from Italy and Spain and even Belgium and France. Full Report Here...
Featured Technical Report
EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.3461; (P) 1.3514 (R1) 1.3560; More. EUR/USD drops to as low as 1.3359 so far in early US session and the break of 1.3421 support confirms that decline from 1.4246 has finally resumed. Intraday bias is back on the downside and further all should now be seen to retest 1.3145 support next. On the upside, break of 1.3614 resistance is needed to signal short term bottoming. Otherwise, we'll stay cautiously bearish in EUR/USD even in case of recovery. 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

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GMT Ccy Events Actual Consensus Previous Revised 23:00 AUD Conference Board Leading Index Sep 0.10% -0.10% -0.20% 02:30 CNY HSBC Manufacturing PMI Nov A 48 51.1 51 08:00 EUR French PMI Manufacturing Nov P 47.6 47.6 48.5 08:00 EUR French PMI Services Nov P 49.3 44.5 44.6 08:30 EUR German PMI Manufacturing Nov P 47.9 48.2 49.1 08:30 EUR German PMI Services Nov P 51.4 50 50.6 09:00 EUR Eurozone PMI Manufacturing Nov P 46.4 46.5 47.1 09:00 EUR Eurozone PMI Services Nov P 47.8 46 46.4 09:30 GBP BoE Minutes 0--0--9 0--0--9 0--0--9 10:00 EUR Eurozone Industrial New Orders M/M Sep -6.40% -2.50% 1.90% 1.40% 13:30 USD Durable Goods Orders Oct -0.70% -1.00% -0.80% 13:30 USD Durables Ex Transportation Oct 0.70% 0.00% 1.70% 13:30 USD Personal Income Oct 0.40% 0.30% 0.10% 13:30 USD Personal Spending Oct 0.10% 0.30% 0.60% 13:30 USD PCE Deflator Y/Y Oct 2.70% 2.70% 2.90% 13:30 USD PCE Core M/M Oct 0.10% 0.10% 0.00% 13:30 USD PCE Core Y/Y Oct 1.70% 1.70% 1.60% 13:30 USD Initial Jobless Claims 393K 387K 388K 14:55 USD U. of Michigan Confidence Nov F 64.1 64.5 64.2 15:30 USD Crude Oil Inventories -0.3M -1.1M 17:00 USD Natural Gas Storage 19B
Orders and Options Watch
US Session: Orders and Options Watch EUR: The single currency slipped again today on terrible bund auction, stops below 1.3420 and 1.3400 were all triggered and price dropped to a 6-week low of 1.3372 and stops below 1.3365 are now in focus, however, some bids are noted at 1.3370 and further out at 1.3350 with more stops seen below 1.3300. On the upside, offers are reported at 1.3420-30 and also 1.3470-80 with stops building up above 1.3485/90 and further out at 1.3550 and 1.3570 (large). Option expires today include 1.3300 (200 mln) and 1.3500 (300 mln). Read more...
Forex Trade Ideas
Trade Idea Wrap-up: USD/CHF – Buy at 0.9130 As the greenback has rebounded on dollar’s broad-based strength, suggesting a test of indicated resistance at 0.9209 (this week’s high) would be seen, however, above there is needed to retain our bullishness and signal the correction from 0.9237 has ended at 0.9086, then further gain towards this level would be seen. Looking ahead, break there is needed to confirm recent rise from 0.8568 has resumed and extend gain to 0.9261 Read more... Trade Idea: EUR/GBP – Sell at 0.8695 Although the single currency has retreated after yesterday’s rise to 0.8665, as long as 0.8550 holds, near term upside risk remains for the rebound from 0.8486 to extend gain towards 0.8695/00 (61.8% Fibonacci retracement of 0.8831-0.8486), however, overbought condition should limit upside, bring another decline later. Below said support at 0.8550 would suggest top is possibly formed but break of previous support at 0.8518 is needed to confirm 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 This Situation Does Not Inspire Confidence U.S. Personal Spending Rises Less than Expected in October Durable Goods Orders Fall Off in October Euro Area: PMIs Improve But Continue to Signal Recession The Centre is Not Holding: German Bond Auction Falls Short Glimpse of BOE Division and Confusion, MPC Minutes Show German Bond Auction: the Black Swan on the Horizon Safe Havens Gain Momentum as Global PMI's Deteriorate Technical Highlights USD/JPY Establishes Short-term Bullish Momentum and Countertrend Trendline EUR/USD - A Look at Some Targets to the Downside FX Thoughts for the Day GBPUSD - Breaches The 1.5632 Level, Bear Pressure Set For 1.5526/1.5421 Levels