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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.



US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Oct 24 14 14:21 GMT
EUR: The single currency recovered on dollar's broad-based retreat against European currencies, offers at 1.2680-85 were filled but sell orders are still noted at 1.2700 and 1.2725-30, more selling interest is expected at 1.2740-50, 1.2770 and 1.2785-90, mixture of offers and stops is located at 1.2800. On the downside, bids are raised to 1.2640-50, 1.2625-30 and 1.2600-10, more buy orders are tipped at 1.2565 and 1.2550.
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Mid-Day Report: Sterling Steady as GDP Met Expectation Print E-mail
Market Overview | Written by ActionForex.com | Oct 24 14 12:33 GMT
Sterling is steady in range today as data showed GDP growth moderated to 0.7% qoq in Q3, inline with consensus. Looking at the details, services were the largest contribution and climbed 0.7% qoq. Production rose 0.5% qoq while construction grew 0.8% qoq. The data showed that growth in UK remained solid and would likely continue to outperform most of the European countries ahead. Chanceloor George Osborne said that the figures showed "the UK continues to lead the pack in an increasingly uncertain global economy". And, "with all the main sectors of the economy growing it's clear that our recovery is broadly based." Nonetheless, he also warned that "UK is not immune to weakness in the euro area and instability in global markets, so we face a critical moment for our economy." Also released from UK, index of services rose 0.8% 3mo3m in August.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Oct 24 14 09:14 GMT
EUR: The single currency traded narrowly after falling to 1.2614 yesterday, orders are still noted at 1.2680-85, 1.2700 and 1.2725-30, more selling interest is expected at 1.2740-50, 1.2770 and 1.2785-90, mixture of offers and stops is located at 1.2800. On the downside, bids are seen at 1.2625-35 and 1.2600-10, more buy orders are tipped at 1.2565 and 1.2550. Option expires today include: 1.2600 (large), 1.2630 (over 1 bln), 1.2650 (large), 1.2700, 1.2710 (large), 1.2730 and 1.2790.
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Daily Report: Dollar Rebound Lost Momentum, UK GDP Awaited Print E-mail
Market Overview | Written by ActionForex.com | Oct 24 14 02:23 GMT
US equities extended this week's rebound with a strong close overnight as boosted by positive earnings reports. DJIA closed up 216.58 pts, or 1.32%, at 16677.9 while S&P 500 closed up 23.71 pts, or 1.23%, at 1950.82. Also, it should noted that treasury yield also rose yesterday with 30 year yield closed above 3% level at 3.046%. That compared to last week's spike low of 2.677%. In the currency markets, despite rebounding, dollar lost momentum ahead of minor resistance level against European majors. The greenback is also stuck in tight range against Canadian dollar and Australia dollar. The more notable moves were found in yen crosses, which followed stocks higher.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Oct 23 14 14:29 GMT
EUR: Despite intra-day recovery, sell orders are still noted at 1.2680-85, 1.2700 and 1.2725-30, more selling interest is expected at 1.2740-50, 1.2770 and 1.2785-90, mixture of offers and stops is located at 1.2800. On the downside, bids are now seen at 1.2620-30 and 1.2600-10, more buy orders are tipped at 1.2565 and 1.2550.
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Mid-Day Report: Euro Recovered With PMI, Sterling Lower Print E-mail
Market Overview | Written by ActionForex.com | Oct 23 14 12:41 GMT
Euro recovered after initial dip as supported by better than expected PMI data. Eurozone PMI manufacturing rose to 50.7 in October versus expectation of 50.0. PMI services rose to 52.4 versus expectation of 52.0. German PMI manufacturing rose to 51.8, back above 50 level and beat expectation of 49.6. German PMI services, however, dropped to 54.8 versus expectation of 55.0. Markit noted that "the overall headline number has risen but there are signs that it is going to start deteriorating again. Most worrying is the decline in new orders." Also, "this is the most aggressive we have seen price cutting since the height of the financial crisis and it's moving in the wrong direction. It's going to raise worries about deflation." Also released from Eurozone, Spain's unemployment rate dropped to 23.7% in the three months through September, hitting the lowest level since the end of 2011.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Oct 23 14 09:32 GMT
EUR: The single currency recovered after intra-day fall to 1.2614, offers at 1.2650-60 were filled but sell orders are still noted at 1.2680-85, 1.2700 and 1.2725-30, more selling interest is expected at 1.2740-50, 1.2770 and 1.2785-90, mixture of offers and stops is located at 1.2800. On the downside, bids are now seen at 1.2630-35, 1.2620 and 1.2600-10, more buy orders are tipped at 1.2565 and 1.2550. Option expires today include: 1.2600 (over 1 bln), 1.2650 (almost 2 bln), 1.2695, 1.2700, 1.2720, 1.2725 and 1.2750 (large).
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Daily Report: Kiwi Knocked Down by Weak CPI Print E-mail
Market Overview | Written by ActionForex.com | Oct 23 14 01:13 GMT
New Zealand dollar was knocked down in Asian session sharply by weaker than expected inflation data. CPI rose 0.3% qoq in Q3 while the annual rate slowed to 1.0% yoy, missing expectation of 1.3% yoy and compared with expectation of 1.6% yoy. That's also lower than RBNZ's expectation of 1.3% and could prolong the central bank's pause in the tightening cycle. According to swaps data, markets are pricing 80% chance that RBNZ would keep OCR unchanged at the current 3.50% by the end of first half next year. There were also talks that RBNZ could delay the next hike till as late as September 2015.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Oct 22 14 14:42 GMT
EUR: The single currency has fallen again after brief recovery, bids at 1.2675-80 were filled, however, buy orders are located at 1.2650, buying interest should emerge around 1.2630-40 (stops below 1.2620) and further out at 1.2600-10. On the upside, offers are lowered 1.2700, 1.2730 and 1.2740-50, more sell orders are tipped at 1.2770, 1.2785-00 area and 1.2815-20, mixture of offers and stops is seen at 1.2850.
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Mid-Day Report: Dollar Recovery Supported by Steady Inflation Data, Sterling Lower after BoE Minutes Print E-mail
Market Overview | Written by ActionForex.com | Oct 22 14 12:58 GMT
Dollar recovers generally against European majors today and is extending gain in early US session. But there is no clear sign that recent consolidation has finished and we'd yet see more corrective range trading ahead. Though, the steady inflation data is providing the greenback with some support. Headline CPI was unchanged at 1.7% yoy in September versus expectation of 1.6% yoy. Core CPI was unchanged at 1.7% yoy too but miss expected to 1.8% yoy. Canada retail sales data was weak with headline sales dropped -0.3% in August while ex-auto sales dropped -0.3% too. Loonie is also mildly lower as markets await BoC rate decision.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Oct 22 14 09:24 GMT
EUR: The single currency slipped again today and bids at 1.2700 together with stops below there were tripped but more buy orders are located at 1.2675-80 and 1.2650, buying interest should emerge around 1.2634-40 and further out at 1.2600-10. On the upside, offers are lowered 1.2725-30, 1.2740-50 and 1.2770, more sell orders are tipped at 1.2785-90, 1.2800 and 1.2815-20, mixture of offers and stops is seen at 1.2850. Option expires today include: 1.2650, 1.2665 (large), 1.2675, 1.2685, 1.2750, 1.2800 and 1.2840 (large).
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Daily Report: Focus on BoE Minutes and BoC Rate Decision Print E-mail
Market Overview | Written by ActionForex.com | Oct 22 14 03:51 GMT
Risk markets staged further rebound overnight as DJIA gained 215.14pts, or 1.31% to close at 16614.81. S&P 500 also rose 37.27 pts or 1.96% to close at 1941.28. Asian equities followed with Nikkei up over 250 pts and reclaimed 15000 handle again at the time of writing. Meanwhile, treasury yields registered some gains, 30 year yield is still held below 3% level. The dollar index is mildly higher and is trading above 85 level for the moment. In the currency markets, major pairs are generally stuck in tight range. The greenback regained some grounds against European majors but is mildly softer against commodity currencies.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Oct 21 14 14:30 GMT
EUR: The single currency dropped today in European session, bids at 1.2815-20, 1.2800, 1.2780-85, 1.2770, 1.2750 and 1.2725-35 were filled, more buy orders are located at 1.2700, 1.2675-80 and 1.2650. On the upside, offers are lowered to 1.2775-80, 1.2800 and in good size at 1.2840-50, more sell orders are located at 1.2880-90, mixture of offers and stops is tipped at 1.2900, selling interest is likely to emerge around 1.2920-30 and 1.2950.
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Mid-Day Report: Financial Markets Lacked Direction, Forex in Consolidation Print E-mail
Market Overview | Written by ActionForex.com | Oct 21 14 12:42 GMT
The financial markets lacked a clear direction today so far. Japanese Nikkei gave up 15000 level again and dropped -2.03% to close at 14804.28. Nonetheless, European indicates are broadly higher with FTSE up 0.85%, DAX up 1% and CAC up 1.5% at the time of writing. US stock futures point to higher open. The currency markets are rather steady today. Reuters reported that, according to unnamed sources, ECB is considering to buy corporate bonds on the secondary market and could make a decision as soon as at the December meeting. However, it was denied by an ECB spokesman who said "the Governing Council has taken no such decision." Released from Europe, Swiss trade surplus widened to CHF 2.45b in September. UK public sector net borrowing rose to GBP 11.1b in September
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Oct 21 14 09:05 GMT
EUR: The single currency rebounded after finding renewed buying interest at 1.2731 yesterday, offers at 1.2800-05 and 1.2820-25 were filled, however, more sell orders are reported at 1.2850 and 1.2880-90, mixture of offers and stops is located at 1.2900, selling interest is tipped at 1.2920-30 and 1.2950. On the downside, bids are raised to 1.2815-20, 1.2800 and 1.2780-85, more buy orders are located at 1.2770, 1.2750 and 1.2725-35, buying interest is located at 1.2700, 1.2675-80 and 1.2650. Option expires today include: 1.2600, 1.2605, 1.2655 (large), 1.2685 (large), 1.2700 (almost 2 bln), 1.2750 (large) and 1.2800 (over 1 bln).
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Daily Report: Aussie Stuck in Range after RBA Minutes Print E-mail
Market Overview | Written by ActionForex.com | Oct 21 14 03:11 GMT
Australian dollar stays in tight range against the greenback after RBA said in the October meeting minutes that rates will stay low. It noted that "given the information available, the board's judgement was that the current stance of monetary policy continued to be appropriate for fostering sustainable growth in demand and inflation outcomes consistent with the target over the period ahead." Meanwhile, RBA said the accommodative monetary policy would support demand and boost growth, and "to date, this had been most apparent in the housing market " and, "continued strength in building approvals and other indicators pointed to further growth in coming quarters". RBA also added that labor market conditions "appeared to have stabilized somewhat over the course of 2014 to date". Regarding the exchange rate, it said Aussie "remained high by historical standards" and "was offering less assistance than would normally be expected in achieving balanced growth." Technically, AUD/USD is still bounded in consolidation from 0.8642 short term bottom and bias stays neutral. An eventual downside breakout is still expected.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Oct 20 14 14:19 GMT
EUR: The single currency continued to trade in familiar range and further consolidation is in store, offers are noted at 1.2800-05 and 1.2820-25, more sell orders are reported at 1.2850 and 1.2880-90, mixture of offers and stops is located at 1.2900. On the downside, bids are seen at 1.2725-35, 1.2700 and 1.2675-80, more buy orders are tipped at 1.2650 and 1.2620-25 (stops below), fresh demand should emerge around 1.2600-10with more stops building up below figure.
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Mid-Day Report: Dollar in Range Against Europeans in Quiet Markets Print E-mail
Market Overview | Written by ActionForex.com | Oct 20 14 13:20 GMT
Dollar remains soft in consolidation against European majors in early US session. Dallas Fed president Richard Fisher said today that his outlook for ending Fed's QE at the next meeting wasn't changed despite recent market volatility. He noted that stocks could have a correction with Fed pull back the policy accommodations. But he emphasized that "the underlying economy is doing well". Boston Fed president Eric Rosengren also said during the weekend that Fed should stop the bond buying program at the next meeting later in this month. He noted that with unemployment rate at 5.9%, Fed has met the "hurdle" of "substantial improvement in labor markets" already. Released from Canada, wholesale sales rose 0.2% mom in August.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Oct 20 14 08:40 GMT
EUR: The single currency remained confined in choppy range and further consolidation is in store, offers are noted at 1.2775, 1.2800-05 and 1.2820-25, more sell orders are reported at 1.2850 and 1.2880-90, mixture of offers and stops is located at 1.2900. On the downside, bids are seen at 1.2725-35, 1.2700 and 1.2675-80, more buy orders are tipped at 1.2650 and 1.2620-25 (stops below), fresh demand should emerge around 1.2600-10with more stops building up below figure. Option expires today include: 1.2550 (over 1 bln), 1.2580, 1.2680, 1.2700, 1.2725 (large), 1.2750, 1.2755, 1.2775 (large), 1.2790, 1.2800 (large) and 1.2850 (large).
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Daily Report: Yen Lower as Nikkei Boosted by GPIF News Print E-mail
Market Overview | Written by ActionForex.com | Oct 20 14 02:38 GMT
Yen opens the week generally lower following rebound in Asian equities. In particular, Japanese Nikkei is up over 3% and reclaimed 15000 handle as additional boosted by news regarding the Government Pension Investment Fund, or GPIF. It's reported that the $1.2T GPIF will raise the allocation target for local equities from 12% as much as 25%. Meanwhile, holdings of foreign securities would be raised from 23% to 30%. Meanwhile, domestic bond holding would be lowered from 60% to 40%. The new allocation exceeded markets expectations, which expected share holdings to be around 20-22% only. Also from Japan, BoJ governor Haruhiko Kuroda said today that the economy will continue to "recover moderately as a trend" with the effect of the April sales hike likely to "gradually subside". Meanwhile, he expected core inflation to say around 1.25% "for some time".
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