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Action Insight: Market Overview

Action Insight is the most popular section of the site, read by traders around the world. Our team of analysts work around the clock, analyzing the markets from technical and fundamental perspectives in providing the reports in this section to you.



Daily Report: Dollar Pull Back Continues, Aussie Lifted by Capex Print E-mail
Market Overview | Written by ActionForex.com | Aug 28 14 04:23 GMT
Dollar continues to pull back from recent rally as it lacked stimulus for further rise. The dollar index is now at around 82.3 level after surging to as high as 82.72 earlier this week. The greenback is mildly softer against European majors and yen but remains in tight range so far. Though, clearer weakness is seen against commodity currencies. USD/CAD's break of 1.08959 support confirmed near term topping and we'd likely see deeper correction. AUD/USD also extended the rebound form 0.9236 and is possibly heading back towards 0.9504 resistance. Nonetheless, NZD/USD lags behind and is trading below 0.8429 near term resistance and maintains near term bearish outlook.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Aug 27 14 14:49 GMT
EUR: The single currency recovered after holding above indicated barrier at 1.3150, bids are still noted above this level with stops building up below there, more buying interest is located at 1.3135, 1.3120 and 1.3100-05 (stops below), fresh demand should emerge around 1.3085, 1.3065 and 1.3050. On the upside, offers are seen at 1.3200 and from 1.3220 up to 1.3250 (stops above), more sell orders are tipped at 1.3280-85, 1.3300 and 1.3320 with stops building up above there, selling interest is expected at 1.3350 and 1.3370.
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Mid-Day Report: Euro Mildly Higher Against Dollar, But Stays Soft in Crosses Print E-mail
Market Overview | Written by ActionForex.com | Aug 27 14 12:33 GMT
Euro recovers mildly against dollar today. Some people attributed that to comments from German finance minister Schaeuble. However, it should be noted that the common currency has indeed weakened against Sterling and Yen today. The recovery in EUR/USD should be more related to retreat in the greenback. In particular, dollar dipped quite sharply against commodity currencies today. With lack of economic data from US, we'd expect dollar's retreat to continue in US session.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Aug 27 14 08:59 GMT
EUR: The single currency slipped again earlier today, bids at 1.3180 and 1.3165 were filled, however, buy orders are still noted above option barrier at 1.3150 with stops building up below there, more buying interest is located at 1.3135, 1.3120 and 1.3100-05 (stops below), fresh demand should emerge around 1.3085, 1.3065 and 1.3050. On the upside, offers are seen at 1.3200 and from 1.3220 up to 1.3250 (stops above), more sell orders are tipped at 1.3280-85, 1.3300 and 1.3320 with stops building up above there, selling interest is expected at 1.3350 and 1.3370. Option expires today include: 1.3150, 1.3200 (large), 1.3215 and 1.3300 (1 bln).
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Daily Report: Euro Stays Weak on Easing Speculations Print E-mail
Market Overview | Written by ActionForex.com | Aug 27 14 06:19 GMT
Solid consumer confidence data and easing geopolitical tensions pushed US equities higher overnight. S&P 500 closed at 2000.02, above 2000 handle for the first time on record. DOW also rose slightly by 29.8 pts to close at 17106.70. In the currency markets, Euro remains the weakest major currency this week on easing speculations. Dollar is mixed, though, as it failed to extend recent rally against commodity currencies. In particular, USD/CAD reversed after hitting 1.0997 and is possibly heading further south in near term. The economic calendar continues to be rather light today. German Gfk consumer sentiment for September dropped more than expected to 8.6. Swiss UBS consumption indicator dropped to 1.66 in July.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Aug 26 14 13:52 GMT
EUR: The single currency traded narrowly today, offers remain at 1.3220-30, 1.3250-60 and also at 1.3280-85, mixture of offers and stops is located at 1.3295-00, more sell orders are expected at 1.3320-30, 1.3350 and 1.3370. On the downside, some bids are still seen at 1.3180, 1.3165 and above option barrier at 1.3150, more buy orders are tipped at 1.3135 and in good size at 1.3100-20 area with some stops placed below figure, fresh demand should emerge around 1.3085, 1.3065 and 1.3050.
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Mid-Day Report: Dollar Mildly Lower after Durables as Consolidation Continues Print E-mail
Market Overview | Written by ActionForex.com | Aug 26 14 13:32 GMT
Dollar remains steady in range against European majors but weakens mildly against commodity currencies in early US session. Durable goods orders jumped sharply by 22.6% in July, much higher than expectation of 7.4%. But that's mainly due to aircraft demand. However, ex-transport orders dropped -0.5% versus expectation of 0.5%. Also released from US, house price index rose 0.4% mom in June, S&P Case-Shiller 20 cities house price rose 8.1% yoy in June. S&P 500 breached 2000 handle yesterday and looks set to extend the record run. Meanwhile, the greenback would likely continue to consolidate recent gains against Euro, Sterling and Yen
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Aug 26 14 09:48 GMT
EUR: The single currency continued to trade defensively after opening lower yesterday, offers remain at 1.3220-30, 1.3250-60 and also at 1.3280-85, mixture of offers and stops is located at 1.3295-00, more sell orders are expected at 1.3320-30, 1.3350 and 1.3370. On the downside, some bids are still seen at 1.3180, 1.3165 and above option barrier at 1.3150, more buy orders are tipped at 1.3135 and in good size at 1.3100-20 area with some stops placed below figure, fresh demand should emerge around 1.3085, 1.3065 and 1.3050. Option expires today include: 1.3185, 1.3250 and 1.3300.
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Daily Report: Dollar Firm in Risk Seeking Markets, Kiwi Falls after Trade Deficit Print E-mail
Market Overview | Written by ActionForex.com | Aug 26 14 05:49 GMT
The financial markets remained rather mixed this week so far. Risk appetite was firm with S&P 500 breaching 2000 handle to 2001.95 overnight and closed at 1997.92, up 9.52 pts or 0.48%. DJIA also closed higher by 75.65 pts, or 0.44% and is heading back to historical high. Such sentiments didn't carry on to Asian equities as major indices are trading in red at the time of writing, with Nikkei down -0.5%. In spite of the rally in US stocks, treasury yields lost some more ground with 30 year yield back at 3.135 and 10 year yield slightly lower at 2.387. In the currency markets, dollar is generally firm against other major currencies but lacks follow through buying in spite of earlier rally. Euro is generally soft but we don't see follow through selling neither. Some more fresh stimulus is needed for the markets to extend recent trends.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Aug 25 14 14:05 GMT
EUR: The single currency remained under pressure in quiet European session, offers are reported at 1.3220-30 and also at 1.3250-60, mixture of offers and stops is located at 1.3295-00, more sell orders are expected at 1.3320-30, 1.3350 and 1.3370. On the downside, some bids are seen at 1.3180 and above option barrier at 1.3150, more buy orders are tipped at 1.3120-30 and in good size at 1.3100 with some stops placed below 1.3090.
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Mid-Day Report: Euro Drops against Sterling and Yen as German Ifo Missed Print E-mail
Market Overview | Written by ActionForex.com | Aug 25 14 12:29 GMT
Euro weakens sharply against Sterling and Yen today after weaker than expected confidence data. German Ifo business climate dropped to 106.3 in August versus expectation of 107.1, hitting a 13-month low. Current assessment gauge dropped to 111.1 versus expectation of 112.0. Expectations gauge dropped to 101.7 versus expectation of 102.1. Ifo president Hans-Werner Sinn noted that the German economy "continues to lose steam" and companies were "less satisfied with their current business situation." Ifo economists Klaus Wohlrabe said that the institute might lower Germany's growth forecast for 2014 to 1.5%, down sharply from current projection of 2.0%. And he noted that Q3 growth could be nearly flat.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Aug 25 14 09:07 GMT
EUR: The single currency opened lower but traded in narrow range due to holiday in UK, offers are reported at 1.3220-30 and also at 1.3250-60, mixture of offers and stops is located at 1.3295-00, more sell orders are expected at 1.3320-30, 1.3350 and 1.3370. On the downside, some bids are seen at 1.3180 and above option barrier at 1.3150, more buy orders are tipped at 1.3120-30 and in good size at 1.3100 with some stops placed below 1.3090. Option expires today include: 1.3250, 1.3300 (large), 1.3320, 1.3330 and 1.3240 (large).
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Daily Report: Dollar Rally Continues as the Week Starts Print E-mail
Market Overview | Written by ActionForex.com | Aug 25 14 04:07 GMT
Dollar extends recent rally in Asian session in response to last week's balanced comments from Fed chair Yellen. Even though some analysts noted that Yellen's speech was still dovish overall, her messages were inline with the FOMC minutes released earlier last week that Fed is on track to raise interest rates next year. On the other hand, that was a sharp contrast to ECB president Draghi's message that ECB was ready for further actions as inflation expectations slide. Technically, EUR/USD breaches 1.32 handle today as recent rally extends and is heading back to 1.3 psychological level. USD/CHF also took out an important resistance level at 0.9156 which carries medium term bullish implications. USD/JPY broke and important resistance at 104.24 remains cautiously bullish for a test of 105.41 high. Nonetheless, the greenback is stuck in range against commodity currencies.
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Mid-Day Report: Canadian Dollar Jitters on Mixed Data Print E-mail
Market Overview | Written by ActionForex.com | Aug 22 14 12:56 GMT
Much volatility is seen in Canadian dollar in early US session after mixed economic data. Headline CPI dropped more than expected by -0.2% mom in July while the yoy rate slowed to 2.1%, below expectation of 2.3% yoy. Core CPI unexpectedly dropped -0.1% mom and and slowed to 1.7% yoy, versus expectation of rise to 1.9% yoy. However, the negative impact was somewhat offset by strong retail sales data. Headline sales rose 1.1% in June versus expectation of 0.6%. Ex-auto sales rose 1.5% versus expectation of 0.6%. Overall, USD/CAD is limited below yesterday's high of 1.0986 and some more consolidations could be seen.
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Daily Report: Risk Appetite Sent S&P 500 to Record, Yellen Awaited Print E-mail
Market Overview | Written by ActionForex.com | Aug 22 14 04:54 GMT
Risk appetite was strong this week as S&P 500 finally surged to close at new record high of 1992.37. DIJA also reclaimed 17000 handle and closed at 17039.49. Asian equities, though, are mixed as Nikkei pared back earlier gains and is trading in red at the time of writing. In the currency markets, dollar is consolidating this week's FOMC minutes inspired gains for the moment and is staying firm against other major currencies. Investors are awaiting Fed chairman Yellen's speech in the annual Jackson Hole symposium today. Traders are looking for some additional bullets from Yellen to boost the greenback further higher.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Aug 21 14 14:10 GMT
EUR: The single currency traded narrowly after recovering from intra-day low of 1.3242, offers are still noted at 1.3280, 1.3300-10 (stops above) and 1.3325-30, more sell orders are tipped at 1.3350 and 1.3370, selling interest should emerge further out at 1.3385 and 1.3400-10. On the downside, some bids are seen at 1.3240-50, 1.3215-25 and 1.3200 with stops placed below barrier at figure, more buy orders are located at 1.3180 and 1.3150.
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Mid-Day Report: Euro Recovers after Mixed PMI, Dollar Retreats Mildly Print E-mail
Market Overview | Written by ActionForex.com | Aug 21 14 12:48 GMT
Euro recovers mildly today in spite of mixed PMI data. Eurozone PMI manufacturing dropped more than expected to 50.8 in August while PMI services dropped to 53.5. Both were below market consensus. French PMI manufacturing was weak and deteriorated to 46.5 . However, French services PMI unexpectedly improved to 51.1. German readings were positive with PMI manufacturing dropped less than expected to 52.0. German services PMI also dropped less than expected to 56.4. Markit senior economist Dobson said they didn't see "a recovery taking real hold as yet". Meanwhile, with strong rise in output and new orders, Germany could pull off a 0.7% expansion in Q3.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Aug 21 14 09:16 GMT
EUR: The single currency slipped to lowest level since Sept 2013 before recovering in European morning on better-than-expected German PMI data, however, offers are still noted at 1.3280, 1.3300-10 (stops above) and 1.3325-30, more sell orders are tipped at 1.3350 and 1.3370, selling interest should emerge further out at 1.3385 and 1.3400-10. On the downside, some bids are seen at 1.3240-50, 1.3215-25 and 1.3200 with stops placed below barrier at figure, more buy orders are located at 1.3180 and 1.3150. Option expires today include: 1.3200 (large), 1.3260, 1.3300 (1 bln) and 1.3340.
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Daily Report: Dollar Extended Rally on Hawkish Fed Minutes Print E-mail
Market Overview | Written by ActionForex.com | Aug 21 14 06:03 GMT
Dollar surged broadly as Fed delivered more hawkish than expected FOMC minutes overnight. The FOMC minutes for the July meeting unveiled that policymakers had detailed discussion of the exit strategy. The Fed has also planned to officially update their exit principles later this year. We expect to see the update in September. On the economic outlook, the member acknowledged the improvement in the job market. Yet, they remained divided over whether the unemployment rate served as an accurate indicator of the labor market conditions. The staff revised potential growth lower and inflation higher while expecting inflation to stay below the Fed's mandate for several years. The staff also lowered the unemployment rate forecast in response to the faster decline in the unemployment rate.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Aug 20 14 14:21 GMT
GBP: The British pound bounced off low as 2 MPC members voted to raise rates at the latest BOE meeting, however, sell orders are still seen at 1.6680-85 and in good size at 1.6700 and 1.6725, mixture of offers and stops is located at 1.6750 and 1.6775-85, selling interest is expected further out at 1.6800-10 (stops above). On the downside, bids are now seen at 1.6600-15 area with stops building up below figure, fresh demand is likely to emerge around 1.6585 as well as 1.6550-60 (stops below).
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