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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 | Jul 28 15 13:53 GMT
EUR: The single currency retreated after rising to 1.1130 yesterday and bids at 1.1050 were filled but buy orders are still noted at 1.1020, 1.1000 and 1.0980, buyers are reported at 1.0965 and 1.0940, buying interest is tipped at 1.0900, 1.0880 and 1.0860, fresh demand is located at 1.0820-25 and 1.0800. On the upside, offers are now seen at 1.1075-85, 1.1100 and 1.1120, sell orders are expected at 1.1160, 1.1185 and 1.1200, selling interest should emerge around 1.1220 and 1.1250.
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Mid-Day Report: Sterling Jumps on GDP, Euro Reversing Print E-mail
Market Overview | Written by ActionForex.com | Jul 28 15 13:20 GMT
Sterling rebounds against dollar, yen and other European majors on the back of positive data. Q2 GDP growth accelerated to 0.7% qoq as expected. That's also the 10th consecutive quarter of growth and solidify the case for BoE to hike interest rate later. Markets are pricing in a rate hike next May. Also, the data affirmed BoE governor Mark Carney's up beat view on the economy and recent comments that rate hike could come earlier than market anticipated. Talking about BoE, Brevan Howard Asset Management economists Gertjan Vlieghe was appointed as a new MPC member. Also released from UK, index of services rose 0.4% 3mo3m in May versus expectation of 0.5%.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Jul 28 15 09:54 GMT
EUR: The single currency ran into resistance at 1.1130 and has retreated, however, bids are still noted at 1.1050, 1.1020 and 1.1000, buy orders are reported at 1.0980, 1.0965 and 1.0940, buying interest is tipped at 1.0900, 1.0880 and 1.0860, fresh demand is located at 1.0820-25 and 1.0800. On the upside, offers are now seen at 1.1080-85, 1.1100 and 1.1120, sell orders are expected at 1.1160, 1.1185 and 1.1200, selling interest should emerge around 1.1220 and 1.1250. Option expires today include: 1.1000, 1.1030 and 1.1040.
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Daily Report: Yen Mildly Lower as Stocks Selloff Stabilized, UK GDP in Focus Print E-mail
Market Overview | Written by ActionForex.com | Jul 28 15 05:03 GMT
Yen is mildly lower against other major currencies as Asian equities recovered from a three week low. This week's selloff as triggered by another rout in China seems to have temporarily stabilized. The MSCI Asia Pacific, outside Japan, index dropped as much as -0.8% earlier today. Nikkei is also nearly flat at the time of writing after dropping to as low as 20070.62 earlier today. US equities were also broadly lower with DJIA closed down -127.94 pts, or -0.73% at 17440.59, below 55 weeks EMA. The index is now at a juncture and deeper selloff will confirm medium term reversal. In other markets, gold is still struggling slightly below 1100 handle. Crude oil's decline continued and breached 47 level. Back to the currency markets, dollar remains the weakest major currency as markets await FOMC statement.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Jul 27 15 14:13 GMT
EUR: The single currency maintained a firm undertone after intra-day rally to 1.1114, however, offers are still noted at 1.1120 and 1.1160, more selling interest is tipped at 1.1185 and 1.1200. On the downside bids are seen at 1.1040-50, 1.1020 and 1.1000, more buy orders are expected at 1.0980, 1.0965 and 1.0940, buying interest is located at 1.0900, 1.0880 and 1.0860, fresh demand should emerge around 1.0820-25, 1.0800 and 1.0785, mixture of bids and stops is seen at 1.0750 barrier.
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Mid-Day Report: Markets Back in Risk Aversion as China Selloff Resumed Print E-mail
Market Overview | Written by ActionForex.com | Jul 27 15 13:28 GMT
Global markets tumble sharply today as the selloff in China's stock market resumed. The Shanghai composite index dropped -345 pts, or -8.48% and led Asian equities lower. Major European indices followed with DAX down -220 pts, or -1.95% at the time of writing. CAC is down -96 pts, or -1.9% while FTSE is down -47 pts, or -0.7%. Commodities also extended recent downward spiral with the Thomson Reuters CRB commodities index hitting a six-year low. Gold is supported by risk aversion and is trading steady around 1100 for the moment. But crude oil is trading down and is reaching as low as 47.20 so far. US futures also point to a sharply lower open. In the currency markets, Euro is helped by stronger than expected Ifo readings and is broadly higher while dollar is generally pressured.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Jul 27 15 08:49 GMT
EUR: The single currency surged today and offers at 1.1015-20, 1.1050-60, 1.1080 and 1.1100 were filled, however, sell orders are still noted at 1.1120 and 1.1160, more selling interest is tipped at 1.1185 and 1.1200. On the downside bids are raised to 1.1040-50, 1.1020 and 1.1000, more buy orders are expected at 1.0980, 1.0965 and 1.0940, buying interest is located at 1.0900, 1.0880 and 1.0860, fresh demand should emerge around 1.0820-25, 1.0800 and 1.0785, mixture of bids and stops is seen at 1.0750 barrier. Option expires today include: 1.0800 (2 bln), 1.0850 (1 bln), 1.0900 (over 1 bln) and 1.1000 (over 1 bln).
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Daily Report: Asian Markets Lower on China and FOMC Print E-mail
Market Overview | Written by ActionForex.com | Jul 27 15 04:45 GMT
Asian equities are generally lower in a new week, following last week's selloff in US. Sentiments are weighed down over slowdown in China's economy and investors are cautious ahead of FOMC meeting. It's generally expected that Fed will keep policies unchanged this week. Nonetheless, markets are expecting Fed to finally lift interest rate at the next meeting in September. And thus, there is some expectation that Fed might send some fresh hint about this in this week's statement. At the time of writing, Nikkei is down -200 pts, or -1% while HK HSI is down -600 pts, or -2.3%. Gold recovers mildly today but is feeling pressure from 1100 level, which limits the recovery. Crude oil is trading softly below 48. In the currency markets, Yen is generally higher on mild risk aversion while dollar is generally weaker. Euro, on the other hand, is broadly higher as last week's recovery continues, following New Zealand dollar.
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Weekly Review and Outlook: Commodity Currencies Stayed Pressured, Dollar and Sterling Retreated ahead of a Key Week Print E-mail
Market Overview | Written by ActionForex.com | Jul 25 15 15:13 GMT
Selloff in commodity currencies continued last week as Aussie and Canadian dollar tumbled broadly. New Zealand dollar, on the other hand, recovered after RBNZ's 25bps rate cut, which was less dovish that expected. Aussie was pressured as copper extended recent slide to the lowest level since 2009 on weak demand from China. Gold also suffered steep fall and reached as low as 1072.3, losing 1100 handle. Meanwhile, crude oil extended recent fall through 50 to as low as 47.72 before losing at 47.97. Dollar and Sterling pared back some of recent gains against Euro, which ended as the strongest major currencies last week. In other markets, DJIA suffered the worst week since January on mixed earnings and dimmed outlook of China's economy.
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Mid-Day Report: Euro Mildly Lower on Weaker than Expected PMIs Print E-mail
Market Overview | Written by ActionForex.com | Jul 24 15 12:37 GMT
Euro weakens mildly against dollar today on weaker than expected PMI data. Eurozone PMI manufacturing was unchanged at 52.5 in July but PMI services dropped to 53.8. German PMI manufacturing dropped to 51.5 while services PMI dropped to 53.7. Chief economist at Markit noted that "Eurozone economic growth lost only slight momentum in July amid the roller coaster events of the Greek debt crisis during the month." And, "amongst all that tension, the fact it has held up at a reasonable rate of growth is pretty encouraging." Also, "more recently there have been positive developments so we may see some upturn in growth next month." Nonetheless, "the weak euro is not bringing all the benefits that everyone was hoping for ... but on the other hand there is very weak demand in many parts of the world."
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Daily Report: Asians Stocks and Aussie Weighed Down by China Data Print E-mail
Market Overview | Written by ActionForex.com | Jul 24 15 06:35 GMT
Asian equities are generally lower today on weak Chinese manufacturing data. Nikkei drops more than -120pts or -0.6% while HK HSI drops -245 pts, near to -1%. The newly renamed Caixin PMI fell -1.2 points to 48.2, the lowest level in 15 months. The market had anticipated a rise to 49.8. It was the fifth straight month below 50. The weak reading was seen as a big surprise for the markets and reflected the negative impact of recent stock market crash in China. In addition, the recovery in Q2 might not carry on to Q3 on weaker foreign demand and downside risks are intensifying. Aussie responded to the data by extend recent down trend against the greenback and reaches as low as 0.7267 so far.
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Mid-Day Report: Dollar Recovers Mildly as Jobless Claims Dropped to Lowest in Four Decades Print E-mail
Market Overview | Written by ActionForex.com | Jul 23 15 13:25 GMT
Dollar recovered some grounds in early US session on solid job data but it's generally staying in consolidative mode. Initial jobless claims dropped 26k to 255k in the week ended July 17, much better than expectation of 275k. Also, that's the lowest level since November 1973, that is, more than four decades. The four week moving average dropped to 278.5k, down from 282.5k. Continuing claims dropped 8k to 2.2m in the week ended July 11. The dollar index breached 98 handle earlier this week but failed to sustain above. The index is trading at 97.3 at the time of writing.
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Daily Report: Kiwi Recovers after RBNZ Cut, Greece Passed Austerity Measures Print E-mail
Market Overview | Written by ActionForex.com | Jul 23 15 04:40 GMT
New Zealand dollar recovers mildly today after RBNZ cut OCR by 25bps to 3.00%. Some analysts attributed the bounce to the perception that RBNZ wasn't as dovish as expected. A 25bps cut should be fully priced in by the markets and the decision somewhat disappointed Kiwi bears who speculated a 50bps cut. Nonetheless, the recovery is generally seen as temporary as RBNZ maintained easing bias. The central bank noted in the accompanying statement that the rate cut was "warranted by the softening in the economic outlook and low inflation." And, "at this point, some further easing seems likely." Regarding the exchange rate, RBNZ maintained that "while the currency depreciation will provide support to the export and import competing sectors, further depreciation is necessary given the weakness in export commodity prices."
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Mid-Day Report: Sterling Higher on BoE Minutes Print E-mail
Market Overview | Written by ActionForex.com | Jul 22 15 13:15 GMT
Sterling is mildly higher today and pared back much of this week's loss on more hawkish than expected BoE minutes. The minutes for the July meeting unveiled that policymakers voted unanimously (9-0) to keep the Bank rate unchanged at 0.5% and the asset purchase program at 375B pound. Yet, the minutes also showed that debate over rate hike had intensified. The members talked about the Greek crisis and indicated that the uncertainty arisen from which was a 'very material factor' in the policy decision. It was noted that absent that uncertainty, the decision between holding Bank rate at its current level versus a small increase was becoming more finely balanced'. The minutes, in addition to Governor Mark Carney’s comments that rate hike is around the corner of this year, sent British pound to the highest level in 7.5 years.
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Daily Report: Dollar Followed Equities Lower on Disappointing Earnings Print E-mail
Market Overview | Written by ActionForex.com | Jul 22 15 06:11 GMT
Global equities tumbled on disappointing earning reports from US. DJIA closed down -181.12 pts, or -1.0% at 17919.29 while S&P 500 closed down -9.07 pts, or -0.43% at 2119.21. Asian equities followed with Nikkei trading down over -210 pts, or -1.0% at the time of writing while HK HSI is dropping over -300 pts, or -1.1%. Sentiments were weighed down by disappointing IBM and United Technologies earnings. Although Apple's earnings exceeded market expectations, its shares slumped -7% in after market trade as sales of iphone and ipad missed forecast whilst revenue guidance for the next quarter fell short of expectations. Dollar followed and weakened broadly and is now the second weakest major currency this week, next to Sterling. Elsewhere, gold stay soft has just lose 1100 handle again whole crude oil is struggling around 50.
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Mid-Day Report: Forex Markets Mixed, Dollar Pared Gains Print E-mail
Market Overview | Written by ActionForex.com | Jul 21 15 13:43 GMT
The forex markets are a bit mixed today. Dollar extends rise against sterling and yen but pared back some gains against other major currencies. The greenback maintained a near term bullish outlook but upside momentum is diminishing much. Commodity currencies are mildly higher on recovery and the selloff in commodities stabilized. Also, Euro recovered against the greenback and yen. In other markets, Gold is hovering around 1100 handle while crude oil gyrates around 50. There is no clear sign of a new round in selloff in both. European stocks are mildly lower after failing to extend early gains. Meanwhile, US stocks open sharply lower with DJIA losing 18000 again.
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Daily Report: Dollar Firm on Rate View, Aussie Soft after RBA Minutes Print E-mail
Market Overview | Written by ActionForex.com | Jul 21 15 05:16 GMT
Dollar remains generally firm a relatively quiet markets today with the dollar index holding above 98 handle for the moment. The greenback continues to draw support from view that Fed will hike interest rate this year. St. Louis Fed president James Bullard, who's currently not a voting member of FOMC, said that it's 50/50 for a September hike from the current near zero level. The strength in dollar is see as a main reason on pushing down commodities, with gold now hovering around 1100 handle after diving to a five year lower earlier this week. Crude oil also breached 50 and is hovering around that level. Stocks were steady with DJIA up 13.96 pts, or 0.08% at 18100.41 overnight. Asian markets are mildly firmer with Nikkei up more than 110 pts, or 0.55% at the time of writing.
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Mid-Day Report: Dollar Firm With Mildly Weaker Momentum, Kiwi Rebounds Print E-mail
Market Overview | Written by ActionForex.com | Jul 20 15 14:09 GMT
Dollar stays generally firm in early US session even though it's losing some upside moment. EUR/USD pared back some losses but it's bounded in very tight range today with bias staying on the downside. The relatively bigger move is found in NZD/USD which recovered after New Zealand prime minister John Key expressed concern over the 25% depreciation in the currency over the past year. Also, Key expressed that the current 0.65 level is "goldilocks". In other markets, gold once dived to as low as 1080 earlier today but is now trading above 1100, down -2.2%. Crude oil edged mildly lower and is trying to draw support from 50 handle. US equities are trading flat at the timing of writing while European indices are generally higher.
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Daily Report: Dollar Opens Broadly Higher, Commodity Currencies Pressured Print E-mail
Market Overview | Written by ActionForex.com | Jul 20 15 03:48 GMT
Dollar opened the week generally higher as supported by views that Fed will finally hike interest rate from near zero level within the coming months. The dollar index extends last week's rise and breaches 98 handle. Commodity currencies are generally lower as pressured by rate views as well as slump in commodity prices. In particular, gold tumbles to five year low and breached 1100 handle. European majors are also under some mild selling pressure against the greenback with Sterling paring last week's gains against Euro and Swissy.
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Weekly Review and Outlook: Focus Turned Back to Policy Divergence, Sterling and Dollar Rallied Print E-mail
Market Overview | Written by ActionForex.com | Jul 18 15 11:01 GMT
The focus of the forex markets turned back to global central banks policy divergence after the Greek risk finally subsided. Sterling ended the week as the strongest major currencies as boosted by hawkish comments from BoE governor Mark Carney in two separate occasions during the week. On the other hand, dollar followed closely as Fed chair Janet Yellen sounded upbeat in her testimony to Congress. While Greece finally got the new three year bailout from Eurozone, which could be formalized as soon as during the weekend, the common currency ended as the weakest one. New Zealand dollar was the second weakest as markets are starting to pricing in another 25bps rate cut from RBNZ this week. Canadian dollar followed as BoC lowered interest rate by 25bps last week. Aussie also stayed under pressure as markets perceived that rate cut by BoC and RBNZ could force RBA's hand again.
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