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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 | May 27 15 14:42 GMT
EUR: The single currency slipped again and dropped to 1.0819 before rebounding again in NY morning, however, offers are still noted at 1.0930 and 1.0960, more sell orders are reported at 1.0980 and 1.1000, selling intrest should emerge around 1.1020 and 1.1050. On the downside, bids are now seen at 1.0820, 1.0800 and 1.0785, buy orders are expected at 1.0750-55 and 1.0725-30, fresh demand should emerge around 1.0700.
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Mid-Day Report: Canadian Dollar Remains Soft as BoC on Hold and Stays Neutral Print E-mail
Market Overview | Written by ActionForex.com | May 27 15 14:19 GMT
Canadian dollar remains soft against the greenback in early US session after BoC rate announcement. As widely expected, Bank of Canada left the overnight rate target unchanged at 0.75% as widely expected. In the accompanying statement, the central bank noted that inflation continues to "track the path" outlined in the April Monetary Policy Report. Current low inflation is viewed as due to "transitory effect" of energy prices. And BoC estimated that the "underlying trend of inflation" is 1.6-1.8%. Economic outlook was also "largely in line" with the MPR. BoC expected Canada to return to "solid growth" in Q2. BoC stayed neutral and noted that " the current degree of monetary policy stimulus remains appropriate".
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | May 27 15 09:53 GMT
EUR: The single currency recovered after falling to 1.0863 yesterday, however, offers are still noted at 1.0930 and 1.0960, more sell orders are reported at 1.0980 and 1.1000, selling intrest should emerge around 1.1020 and 1.1050. On the downside, bids are now seen at 1.0880, 1.0865 and 1.0850, buy orders are expected at 1.0825-30 and 1.0800, fresh demand should emerge around 1.0785 and 1.0750-55. Option expires today include: 1.0800 (large), 1.0900 (large), 1.0940 (large), 1.0955 (large) and 1.1000 (1 bln).
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Daily Report: Dollar Maintains Gain While Stocks Tumble on Fed View Print E-mail
Market Overview | Written by ActionForex.com | May 27 15 04:28 GMT
US equities tumbled sharply while dollar extended recent rise overnight. DJIA dropped -190.48 pts, or -1.04%, to close at 10841.54 after breaching 18000 handle briefly. S&P 500 lost -21.86 pts, or -1.03%, to close at 2104.20. Weak sentiment carries on in Asian session. Dollar index rebounded to as high as 97.38 so far and is heading for a test on recent high at 100.39. Markets are taking comments from Fed chair Janet Yellen serious, where she showed the determination to raise interest rate this year. Fed Vice-Chair Stanley Fischer stated in a event in Israel that "the tightening of U.S. policy will begin only when the US expansion has advanced far enough--when we have seen further improvement in the labor market and when we are reasonably confident that the inflation rate will rise to our 2% goal". He added that "if foreign growth is weaker than anticipated, the consequences for the US economy could lead the Fed to remove accommodation more slowly than otherwise".
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Mid-Day Report: Dollar Resumes Up Trend Against Yen Print E-mail
Market Overview | Written by ActionForex.com | May 26 15 14:08 GMT
Dollar surges broadly today and stays firm in early US session. Technically, USD/JPY's strong break of 122.01 resistance confirmed up trend resumption. Meanwhile, AUD/USD also took out 0.7784 support which indicates near term reversal. Released from US, durable goods orders dropped -0.5% in April versus expectation of -0.4%. Nonetheless, ex-transport orders rose 0.5%, inline with consensus. House price index rose 0.3% mom in March versus expectation of 0.7% mom. However, S&P Case-Shiller 20 cities house price rose 5.0% yoy in March, beating expectation of 4.6% yoy. Conference Board consumer confidence rose slightly to 95.4 in May. New home sales rose to 517k in April. Released earlier today, UK CBI reported sales rose to 51 in May versus expectation of 19. New Zealand trade surplus came in wider than expected at NZD 123m in April. Japan corporate service price index rose 0.7% yoy in April.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | May 26 15 13:52 GMT
JPY: Dollar has surged again in NY morning and offers at 123.00 were filled but sell orders are still noted at 123.30, mixture of offers and stops is located at 123.50-60, selling interest is tipped at 123.75-80 and 124.00. On the downside, bids are raised to 122.80, 122.45-50 and 122.20, buy orders are reported at 122.00, 121.80 and 121.60, fresh demand should emerge around 121.40, 121.25 and 121.00.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | May 26 15 09:15 GMT
EUR: The single currency dropped again today on dollar's broad-based strength, bids and stops at 1.0950, 1.0930 and 1.0900 were tripped, however, buy orders are still noted at 1.0885, 1.0870 and 1.0850, buying interest is located at 1.0825-30, 1.0800 and 1.0785. On the upside, offers are lowered to 1.0910, 1.0930 and 1.0960, sell orders are reported at 1.0980 and 1.1000, selling interest is tipped at 1.1020 and 1.1050. Option expires today include: 1.0900, 1.1000 (close to 2 bln) and 1.1100.
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Daily Report: Dollar Firm after Holiday Trading Print E-mail
Market Overview | Written by ActionForex.com | May 26 15 04:12 GMT
Dollar is back from holiday trading broadly firmer. The dollar index is trading above 96.60 at the time of writing and the technical development affirmed that recent pull back is finished. Further rise would likely be seen in the index back to 100.39 high. That would correspond to EUR/USD's testing of 1.0461 low. Nonetheless, the greenback will face the test against yen, probably today, with USD/JPY heading to 122.01 resistance. Fed vice chairman Stanley Fischer said yesterday that the decisions on rate hike are "not date determined" but "data determined". Meanwhile, he said that "so much importance is given to first move and it’s misleading." And, the first hike is only a matter of "going from an ultra-expansionary monetary policy to an extremely expansionary monetary policy."
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | May 25 15 14:09 GMT
EUR: The single currency traded marginally lower, mixture of bids and stops at 1.0950 is still in focus, however, buy orders are reported at 1.0930 and 1.0900 (more stops below), fresh demand should emerge around 1.0870-80 and then 1.0850. On the upside, offers remain at 1.1010, 1.1025 and 1.1040-50, more sell orders are located at 1.1070-80 and 1.1100, selling interest is tipped further out at 1.1140-50 and 1.1180.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | May 25 15 10:26 GMT
EUR: The single currency has remained under pressure, bids at 1.1000, 1.0985 and 1.0965 were filled, mixture of bids and stops at 1.0950 is now in focus, however, buy orders are reported at 1.0930 and 1.0900 (more stops below), fresh demand should emerge around 1.0870-80 and then 1.0850. On the upside, offers are lowered to 1.1000-10, 1.1025 and 1.1040-50, more sell orders are located at 1.1070-80 and 1.1100, selling interest is tipped further out at 1.1140-50 and 1.1180. Option expires today include: 1.1000 (over 1 bln), 1.1100 and 1.1185.
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Weekly Review and Outlook: Dollar Comeback as Boosted by Core Inflation and Yellen's Comment Print E-mail
Market Overview | Written by ActionForex.com | May 23 15 09:58 GMT
Dollar staged a comeback last week as boosted by stronger than expected core inflation reading as well as Fed chair Janet Yellen's speech. The 0.3% mom rise in core CPI in May was the strongest gain since January 2013 and was seen as a sign that inflation is finally climbing back to Fed's target. Meanwhile, Yellen said in a speech on Friday that it's "appropriate at some point this year" to start hiking interest rate from the current near zero level if the economy improves as she expected. That's seen by economists as a sign of Fed's determination to act this year even though the hike would just be a symbolic one. She also reiterated the conditions for rate hike, including "continued improvement in labor market" and confidence that inflation will "move back to 2% over the medium term". Yellen was also optimistic that the US economy "seems well positioned for continued growth" as cheaper energy prices gave consumers better purchasing power.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | May 22 15 14:38 GMT
EUR: The single currency tumbled below this week's low of 1.1072 in NY morning after the release of US data, bids at 1.1100, 1.1070-80 and 1.1050 were filled but buy orders are still noted at 1.1000, 1.0985 and 1.0965, mixture of bids and stops is expected at 1.0950. On the upside, offers are lowered to 1.1050-60, 1.1080 and 1.1100, more sell orders are reported at 1.1140-50 and 1.1180, selling interest is likely to emerge around 1.1200-10 (stops above).
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Mid-Day Report: Dollar Higher on Core CPI Reading Print E-mail
Market Overview | Written by ActionForex.com | May 22 15 13:15 GMT
Dollar strengthens in early US session as data showed core inflation rose by most in two years. Core CPI rose 0.3% mom versus expectation of 0.2% mom, highest gain since January 2013. Year-over-year, core CPI was unchanged at 1.8% yoy versus expectation of 1.7% yoy. Headline CPI rose 0.1% mom in April, dropped -0.2% yoy, inline with expectation. The greenback is making new weekly high against other major currencies event sterling. Canadian dollar is under some additional selling pressure after mixed data. Canada CPI dropped -0.1% mom rose 0.8% yoy versus expectation of 0.1% mom, 1.0% yoy. BoC core CPI rose 0.1% mom, 2.3% yoy, inline with consensus. Canada retail sales rose 0.7% while ex-auto sales rose 0.5%. Both were above expectations.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | May 22 15 09:51 GMT
EUR: The single currency has rebounded today and offers at 1.1180 were filled, however, sell orders are still noted at 1.1200, 1.1230 and 1.1250, selling interest is tipped further out at 1.1280 and 1.1300. On the downside, bids are raised to 1.1140-50, 1.1120 and 1.1100, buying interest is located at 1.1080-85, 1.1055-60 and 1.1025-40 area, fresh demand should emerge around 1.1000, 1.0985 and 1.0965, mixture of bids and stops is expected at 1.0950. Option expires today include: 1.1000 (2 bln), 1.1050 (large), 1.1100 (large) and 1.1200 (over 1 bln).
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Daily Report: Yen Recovers on Upbeat BoJ Print E-mail
Market Overview | Written by ActionForex.com | May 22 15 04:11 GMT
Yen recovers mildly today after BoJ left monetary policies unchanged and offered a slightly more upbeat view of the economy. The central bank held the annual pace of monetary base expansion at JPY 80T and kept interest rate near zero. The decisions were made with 8-1 vote with board member Takahide Kiuchi again voted for lowering the purchase target to JPY 45T. In the statement, BoJ noted that the economy "continues to recover moderately" and that's see as more positive than recovery moderately "as a trend". View on private consumption was lifted to be "firm" and housing investment was seen "bottoming out with signs of a pick-up". Some economists noted the statement showed BoJ is getting more confidence on economic recovery.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | May 21 15 14:03 GMT
EUR: The single currency has retreated after meeting resistance at 1.1182, sell orders are still noted at 1.1180-85 and 1.1200, selling interest is tipped further out at 1.1230 and 1.1250. On the downside, bids are seen at 1.1100 and 1.1080-85, buy orders are reported at 1.1055-60, 1.1025-40 area and 1.1000, buying interest should emerge around 1.0985, 1.0965 and 1.0950.
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Mid-Day Report: Sterling Boosted by Strong Retail Sales Print E-mail
Market Overview | Written by ActionForex.com | May 21 15 13:13 GMT
Sterling was boosted by stronger than expected data today and took out key resistance against Japanese yen. Headline retail sales rose 1.2% mom in April versus expectation of 0.4% mom. That's an impressive rebound from March's -0.7% mom fall. Excluding auto and fuel, retail sales also jumped 1.2% mom versus expectation of 0.2% mom. Some economists noted that the strong data indicated that the underlying trend improved in addition to the positive effect from warm weather. Also released from UK, CBI trends total orders, however, dropped to -5 in May versus expectation of 3. Technically, GBP/JPY's break of 189.70 key resistance confirmed resumption of the long term up trend from 2011 low of 116.83. Further rise is now in favor to 200 psychological level next in short term medium term. EUR/GBP took out 0.7122 support and is heading back to march's low of 0.7013. GBP/USD is back above 1.56 but would likely extend the consolidation pattern from 1.5814 in near term.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | May 21 15 12:00 GMT
EUR: The single currency recovered in European morning and offers at 1.1140 and 1.1165 were filled but sell orders are still noted at 1.1180 and 1.1200, selling interest is tipped further out at 1.1230 and 1.1250. On the downside, bids are now seen at 1.1125-30, 1.11100 and 1.1080-85, buy orders are reported at 1.1055-60, 1.1025-40 area and 1.1000, buying interest should emerge around 1.0985, 1.0965 and 1.0950. Option expires today include: 1.1000 (large), 1.1075, 1.1100 and 1.1200.
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Daily Report: Dollar Recovery Lost Momentum after FOMC Minutes Print E-mail
Market Overview | Written by ActionForex.com | May 21 15 02:35 GMT
Dollar's recovery lost some momentum after dovish FOMC minutes but remains in tight range in Asian session. The minutes for April meeting noted that many policy makers "thought it unlikely that the data available in June would provide sufficient confirmation that the conditions for raising the target range for the federal funds rate had been satisfied. This basically confirmed markets' expectations. While "severe winter weather in some regions had reportedly weighed on economic activity" in Q1, Fed remained confident that "economic growth would return to a moderate pace over the rest of this year." DJIA dropped slightly by -27 pts, or -0.15% to close at 18285.4 while S&P 500 dropped -1.98 pts, -0.09% to close at 2125.85. Both were close to record highs.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | May 20 15 14:29 GMT
EUR: The single currency traded narrowly, offers are still noted at 1.1145, 1.1155-65 and 1.1180, selling interest is tipped at 1.1200, 1.1230 and 1.1250. On the downside, bids remain at 1.1055-65, 1.1025-40 area and 1.1000, buy orders are reported at 1.0985, 1.0965 and 1.0950, fresh demand should emerge around 1.0930 and 1.0900.
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