Action Insight	Candlesticks Trades	Markets Summary	Action Bias	Top Movers	Daily Technicals
Calendar	Elliott Wave Trades	Markets Volatility	Pivot Points	Heat Map	Daily Fundamentals

Action Insight Market Overview	Markets Snapshot
Euro Slides on Rumor of Possible French Downgrade after Weak French Data The Japanese yen continued to rise versus most counterparts including aussie and greenback on renewed risk aversions with Dow futures once dropped 200 points ahead of New York opening. USD/JPY is currently less than 20 points from historical low of 76.25 formed in March after the 9.0 earthquake and tsunami in Japan, the pair has remained under pressure since beginning of the week and Fed's pledge to keep rates near zero for 2 year also put pressure on the greenback as investors interpreted this policy as a sign of slower growth in U.S. Full Report Here...
Featured Technical Report
EUR/JPY Mid-Day Outlook Daily Pivots: (S1) 109.53; (P) 110.15; (R1) 111.22; More EUR/JPY's break of 108.70 confirms resumption of whole fall from 123.31. Intraday bias remains on the downside and further decline should be seen to 105.42/106.28 support zone first. On the upside, above 111.23 minor resistance will turn bias neutral and bring consolidations. But we'll stay bearish as long as 114.17 resistance holds and expect deeper fall in near term. 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 Trimmed Growth and Inflation Forecasts The BOE lowered its economic forecasts amid global economic turmoil. In the latest quarterly inflation report, policymakers stated that the biggest risk came from sovereign crisis in the Eurozone. Risks to growth are skewed to the downside as slowdown in growth may turn out to be more persistent than previously expected. The BOE retained the view that inflation will return to a little below target in the medium-term. The BOE left the Bank rate unchanged at 0.5% and the asset purchase program at 200B pound at the meeting last week. Yet, it reiterated the flexibility to add or remove stimulus measures when conditions warrant. Read more... Fed Keeps Interest Rates Low Until 2013, Maintains Reinvestment Policy The Fed delivered a much more dovish policy statement in August as the path of recovery has been 'considerably slower than expected'. As a prelude to additional easing, the central bank pledged for the first time that interest rates will stay at exceptionally low levels at least until mid-2013 and reinvestment of maturing proceeds will be maintained. Wall Street rebounded after the report as investors looked forward for additional stimulus in coming meetings. Read more...

Economic Indicators Update	The Futures and Forex Expo Las Vegas, June 15-18, 2011 at Caesars Palace. Register now and prepare for three days that will get you on track for a profitable future! Register FREE today! Top trading expert speakers, analysts and exhibitors. Discover the Newest Comer to the market, analyze latest market trends explore different trading platforms, and explore a wide opportunity on future investments. The 9th ME Forex & Investment Summit 2011 World MoneyShow Toronto, September 8-10, 2011, at The Metro Toronto Convention Center. Your one-stop resource for the most comprehensive education, efficient research, and valuable advice. Register Free Today! World MoneyShow Vancouver, September 19-21, 2011, at The Vancouver Convention Center. Be there as recommendations and advice are revealed for how to best position your portfolio for profit - in 2011 and beyond. Register Free Today!
GMT Ccy Events Actual Consensus Previous Revised 23:50 JPY BOJ Minutes 23:50 JPY Tertiary Industry Index M/M Jun 1.90% 1.10% 0.90% 0.80% 23:50 JPY Domestic CPI Y/Y Jul 2.90% 2.60% 2.50% 00:30 AUD Westpac Consumer Confidence M/M Aug -3.50% -8.30% 02:00 CNY Trade Balance (USD) Jul $31.50B $27.40B $22.27B 06:00 EUR German CPI M/M Jul F 0.40% 0.40% 0.40% 06:00 EUR German CPI Y/Y Jul F 2.40% 2.40% 2.40% 09:30 GBP BoE Inflation Report 14:00 USD Wholesale Inventories Jun 0.60% 1.00% 1.80% 14:30 USD Crude Oil Inventories -5.2M 1.7M 1.0M 18:00 USD Monthly Budget Statement Jul -140.3B -43.1B
Forex Trade Ideas
Trade Idea Update: USD/CHF – Sell at 0.7330 Despite intra-day rebound to 0.7332, the subsequent retreat suggest further consolidation would be seen but still reckon upside would b limited to 0.7330-32 (50% Fibonacci retracement of 0.7592-0.7068 and intra-day resistance) and bring another retreat. A break of intra-day support at 07182 would suggest top is possibly formed and bring weakness to 0.7150, then towards 0.7100 but said support at 0.7068 should remain intact. Read more... Trade Idea: AUD/USD – Buy at 1.0200 The Australian dollar found renewed buying interest around 1.0060/65 and rallied yesterday to as high as 1.0415 this morning, adding credence to our view that the fall from 1.1081 has formed a low at 0.9927 yesterday and consolidation with upside bias remains for retracement of the aforesaid fall. A break of said resistance would bring a stronger rebound to 1.0455 and then towards 1.0504 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 FX to Remain Volatile With Too Many Unanswered Questions Concerns over French Credit Rating Hit European Bank Shares and EUR/USD Investors Misread the Fed BoE Inflation Report - a Soft Affair Bank of England Inflation Report Vindicates Low Rates Dollar Mixed as Risk Sentiment Stabilizes Technical Highlights EUR/USD Holds Below 1.44 and Forms a Double Top In Early US Session GBP/USD Rejects Break Below 1.62 after UK Inflation Remains Above 2% EURGBP - Maintains Bull Pressure, Targets The 0.8882 Level FX Thoughts for the Day

Euro and Sterling Trade Lower

Action Insight	Candlesticks Trades	Markets Summary	Action Bias	Top Movers	Daily Technicals
Calendar	Elliott Wave Trades	Markets Volatility	Pivot Points	Heat Map	Daily Fundamentals

Action Insight Market Overview	Markets Snapshot
Euro and Sterling Trade Lower on Massive Risk Aversion as Global Equities Selloff Intensifies The single currency and sterling both dropped on risk aversion, USD/JPY also fell as stock markets as Asian stock markets followed the selloff in European and U.S. equity markets and tumbled, most European indices slipped over 3% (STOXX 50 and FTSE 100) with German DAX dived over 5%, then U.S. major indices were also sharply lower, DJI (-5.55%, biggest selloff since December 2008), S&P 500 (-6.66%) and NASDAQ (-6.9%). Full Report Here...
Featured Technical Report
AUD/USD Daily Outlook Daily Pivots: (S1) 1.0093; (P) 1.0272; (R1) 1.0363; More AUD/USD dives to as low as 0.9926 but drew some support from mentioned 38.2% retracement of 0.8066 to 1.1079 at 0.9928 and recovers. Intraday bias is turned neutral for the moment and some sideway trading might be seen. But near term outlook will remain bearish as long as 1.0526 resistance holds and another fall could still be seen. Decline from 1.1079 is treated as a correction in the long term up trend. Below 0.9926 will target channel support (now at 0.9652). Though, break of 1.0526 will indicate short term bottoming and will flip bias back to the upside for retesting 1.1079 high. 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

Fed To Revisit Easing Options Amid Rising Likelihood Of Recession While Friday's employment report may reduce the urgency of a new round of Fed's easing, deteriorating economic outlook and actions form other central banks suggest that the central bank will deliver a much less optimistic policy statement and move towards additional stimulus measures. There are several options the Fed can take to stimulate growth: changing the language in the statement, shifting the composition of the balance sheet to longer maturity, lowering interest rates paid on excess reserve, formalizing an inflation target, indicating explicit interest rate ceilings for longer-term Treasury debts (with an ingredient of asset buying) and outright bond purchases (i.e. QE3). Policymakers are unlikely to extend QE3 until more evidence on a sustainable slowdown is present and inflation and inflation expectations moderated signaficantly. We expect the Fed will at most take the first option at the August meeting. Despite small impact on the outlook, it might help lift sentiment and lead to anticipation of further easing in coming months. Read more...

Economic Indicators Update	The Futures and Forex Expo Las Vegas, June 15-18, 2011 at Caesars Palace. Register now and prepare for three days that will get you on track for a profitable future! Register FREE today! Top trading expert speakers, analysts and exhibitors. Discover the Newest Comer to the market, analyze latest market trends explore different trading platforms, and explore a wide opportunity on future investments. The 9th ME Forex & Investment Summit 2011 World MoneyShow Toronto, September 8-10, 2011, at The Metro Toronto Convention Center. Your one-stop resource for the most comprehensive education, efficient research, and valuable advice. Register Free Today! World MoneyShow Vancouver, September 19-21, 2011, at The Vancouver Convention Center. Be there as recommendations and advice are revealed for how to best position your portfolio for profit - in 2011 and beyond. Register Free Today!
GMT Ccy Events Actual Consensus Previous Revised 23:01 GBP BRC Sales Like-For-Like Y/Y Jul 0.60% -0.50% -0.60% 23:01 GBP RICS House Price Balance Jul -22.00% -28.00% -27.00% 1:30 AUD Home Loans Jun 0.00% 0.80% 4.40% 1:30 AUD NAB Business Confidence Jul 2 0 2:00 CNY CPI Y/Y Jul 6.50% 6.40% 6.40% 1:30 CNY PPI Y/Y Jul 7.50% 7.50% 7.10% 5:00 JPY Consumer Confidence Household Jul 37 37 35.3 5:45 CHF SECO Consumer Confidence Jul -17 -5 -1 6:00 EUR German Trade Balance (EUR) Jun 11.5B 12.8B 12.8B 12.9B 6:00 JPY Machine Tool Orders Y/Y Jul P 34.60% 53.50% 8:30 GBP Industrial Production M/M Jun 0.40% 0.90% 8:30 GBP Industrial Production Y/Y Jun 0.20% -0.80% 8:30 GBP Manufacturing Production M/M Jun 0.20% 1.80% 8:30 GBP Manufacturing Production Y/Y Jun 2.80% 2.80% 8:30 GBP Visible Trade Balance (GBP) Jun -8.2B -8.5B 12:15 CAD Housing Starts Jul 195.0K 197.4K 12:30 USD Unit Labor Costs Q2 P 2 4% 0.70% 12:30 USD Non-Farm Productivity Q2 P -0.50% 1.80% 14:00 GBP NIESR GDP Estimate Jul 0.10% 18:15 USD FOMC Rate Decision 0.25% 0.25%
Forex Trade Ideas
Trade Idea: EUR/USD – Buy at 1.4195 Although the single currency fell to as low as 1.4130, as the single currency has rebounded after forming two small hammers candlestick patterns on the hourly chart, suggesting consolidation above this level would be seen with upside bias for recovery to 1.4300 and possibly towards 1.4350, however, as broad outlook is still consolidative, upside should be limited to 1.4400 and reckon resistance area at 1.4432-54 would hold from here. Read more... Trade Idea: USD/JPY – Hold long entered at 77.05 Although the greenback slipped to 77.05 this morning, as price has rebounded from there, suggesting as long as this level holds, mild upside bias remains for test of intra-day resistance at 77.86, break there would suggest low is possibly formed but break of previous support at 78.30 is needed to add credence to this view and bring test of the Ichimoku cloud (now at 78.47-62), however, only above there would retain bullishness for a stronger rebound later. 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 Asia Session: The Bleeding Continues Daily Financial Market Outlook -600 Point Drop In US Stocks, Oil Under $80 Market Turmoil Sees Flight to Safety S&P Downgrade of U.S. Credit Rating Changes Nothing European Response to Fiscal Crisis Remains Inadequate Technical Highlights EUR/USD's Double Bottom And Inverted Head And Shoulder Scenario The Daily Forecaster: EURJPY Daily Forex Update: EUR/NZD The Daily Wave Analysis

Eurozone Annual Inflation Slows To +2.5% In July

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• Greek June PPI inflation 6.6%y/y vs 7.3% in May
• Italy July preliminary CPI (NIC index) +0.3% m/m, +2.7% y/y
• Analysis: Eurozone Annual Inflation Slows To +2.5% In July
• EMU DATA: Eurozone annual inflation slowed more than.
• Euro zone july inflation estimated at 2.5% y/y (consenus +2.7%) vs 2.7% in June
• UK Jun Mortgage Approvals Up Sharply; Net Mortgage Loans Fall
• UK June consumer credit +0.4 bln stg vs May +0.3 bln (consenus +0.3 bln)
• UK DATA: Jun Mortgage Approvals Up Sharply; Net Fall.
• Moody’s revision relies heavily on short-term market developments- Treasury letter to investors
• CDS updates
• Bk of Spain: Spain May current account -3.556bln euros vs -3.36bln in April
• Cable stops triggered
• Euro levels
• EUR/USD bounce…
• Option expiries today
• Funds/Real money behind the Ozzie fall
• FRANCE DATA: June PPI -0.1% m/m, +6.1% y/y; May: y/y.
• FRANCE DATA: June sa consumer spending on goods m/m,.
• France June PPI -0.1%m/m, +6.1% y/y
• USD/CHF still under pressure

Greek June PPI inflation 6.6%y/y vs 7.3% in May Posted: May retails sales -10.9% y/y after 8.8% drop in April

Italy July preliminary CPI (NIC index) +0.3% m/m, +2.7% y/y Posted:

Analysis: Eurozone Annual Inflation Slows To +2.5% In July Posted: July flash: +2.5% y/y MNI survey median: +2.7% y/y MNI survey range: +2.6% to +3.0% y/y June final: +2.7% y/y FRANKFURT (MNI) – Annual inflation in the Eurozone unexpectedly slowed to a five-month low of 2.5% in July, Eurostat reported on Friday. This suggests that consumer prices fell 0.6% on the month. The majority of [...]

EMU DATA: Eurozone annual inflation slowed more than. Posted: EMU DATA: Eurozone annual inflation slowed more than expected to +2.5% in July, a five-month low, Eurostat reported on Friday, citing preliminary estimates. – EMU Jul y/y flash HICP below all forecasts (MNI median +2.7%) – See Mainwire for more details

Euro zone july inflation estimated at 2.5% y/y (consenus +2.7%) vs 2.7% in June Posted:

UK Jun Mortgage Approvals Up Sharply; Net Mortgage Loans Fall Posted: –BOE: UK Jun House Purchase Approvals 48,421 vs 46,418 May –BOE: Jun Mortgage Approvals Highest Since May 2010 –BOE: UK Jun Net Mortgage Lending -stg0.069bn vs stg1.012bn May –BOE: UK Jun Net Mortgage Lending lowest since Dec 2010 –BOE: Jun M4 EX-IOFCs Up 1.6% 4Q/12M Annualised London (MNI) – Mortgage approvals rose sharply in June [...]

UK June consumer credit +0.4 bln stg vs May +0.3 bln (consenus +0.3 bln) Posted: June mortgage approvals 48,421 vs May 46,418 (cons 46,000) June Mortgage lending -0.1 bln stg vs May +1.0 bln (cons +1 bln) June M4 Money supply growth-0.5%m/m, -0.7% y/y June M4 excluding intermediate other financial companies -0.1% m/m

UK DATA: Jun Mortgage Approvals Up Sharply; Net Fall. Posted: UK DATA: Jun Mortgage Approvals Up Sharply; Net Mortgage Loans Fall –BOE: UK Jun House Purchase Approvals 48,421 vs 46,418 May –BOE: Jun Mortgage Approvals Highest Since May 2010 –BOE: UK Jun Net Mortgage Lending -stg0.069bn vs stg1.012bn May –BOE: UK Jun Net Mortgage Lending lowest since Dec 2010 –BOE: Jun M4 EX-IOFCs Up 1.6% [...]

Moody’s revision relies heavily on short-term market developments- Treasury letter to investors Posted: Spain to reiterate unconditional commitment to fiscal discipline during Moody’s review period Moody’s fear on higher funding costs for Spain misplaced Spain’s ban on bailing out regions enshrined in law, conducive to fiscal discipline Spain’s overhaul of bkg sector, transparency in stress tests have improved confidence

CDS updates Posted: 5 years; Spanish up 25 bps to 370 Italian up 19 bps to 318 US up 3 bps to 67

Bk of Spain: Spain May current account -3.556bln euros vs -3.36bln in April Posted:

Cable stops triggered Posted: Just now on the move down through 1.6290, to a low of 1.6285 but follow through was weak. Support is seen below around 1.6260/65, the lows seen on Monday. Cable’s at 1.6295

Euro levels Posted: Talk of offers 1.4300/05 with stops through 1.4310

EUR/USD bounce… Posted: I haven’t a clue why but somehow have a gut feeling that we won’t break the 1.4250-1.4400 range just yet. One suggestion is that market is reacting to Greek source comments on China that they might be interested in Greek bond buybacks, but this is old news that came out o/n Anyway euro’s up around [...]

Option expiries today Posted: For the 10.00 NY cut: Nearby ones include USD/JPY 77.10, 78.00, 78.30 AUD/USD 1.0850, 1.0965, 1.1000 I’ll update again a bit later

Funds/Real money behind the Ozzie fall Posted: AUD/USD clumped to a low of 1.0927 from funds/real money accounts which has been ongoing i’m told . The 1.0925/30 level offering some support which was the level it launched higher from the recent strong CPI. Ozzie’s around 1.0940

FRANCE DATA: June PPI -0.1% m/m, +6.1% y/y; May: y/y. Posted: FRANCE DATA: June PPI -0.1% m/m, +6.1% y/y; May: -0.5% m/m, +6.2% y/y – June manufacturing PPI -0.1% m/m, +5.9% y/y – June oil product prices -2.2% m/m, +21.6% y/y – June food and tobacco prices +0.4% m/m, +7.3% y/y – June industry import prices -0.1% m/m, +7.0% y/y – See Mainwire for more details

FRANCE DATA: June sa consumer spending on goods m/m,. Posted: FRANCE DATA: June sa consumer spending on goods +1.2% m/m, +1.8% y/y - Above most analysts’ forecasts; MNI survey median fcst: +1.0% m/m - 2Q consumer spending -1.8% q/q; 1Q +0.1% q/q - May spending revised to -0.3% m/m from -0.8% m/m

France June PPI -0.1%m/m, +6.1% y/y Posted: May -0.5%m/m, +6.2% y/y June Mfg PPI -0.1%m/m , +5.9% y/y

USD/CHF still under pressure Posted: Ranging again this morning just above the 0.7990 level which is being protected again by a major NY bank. I’m told there are bids on the machines of around $500 at 0.7992, which is currently deterring further pushes. Some macro sellers have been seen in the EUR/CHF this morning with a low of 1.1420. Bids are [...]