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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 | Apr 24 14 14:28 GMT
EUR: The single currency dropped quite sharply on solid US data, bids at 1.3800-10 and stops below figure were cleared, however, more buy orders are reported at 1.3775-85 and 1.3750 (stops below), fresh demand should emerge around 1.3725 and further out at 1.3700. On the upside, offers are now seen at 1.3820 and in good size at 1.3845-65 area, mixtures of offers and stops are located at 1.3870 and 1.3890-00, fresh selling interest is expected at 1.3920 and 1.3945-50.
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Mid-Day Report: Dollar Higher Despite Mixed Data, Euro Ignored Solid Ifo Print E-mail
Market Overview | Written by ActionForex.com | Apr 24 14 13:00 GMT
Dollar jumps in early US session in spite of mixed economic data. Durable goods orders report was strong, with headline orders rose 2.6% versus expectation of 2.0%. Ex-transport orders rose 2.0% versus consensus of 0.6%. However, initial jobless claims rose more than expected to 329k in the week ended April 19. Continuing claims dropped 61k to 2.68m in the week ended April 12, the lowest number since December 2007. While the greenback is higher against other major currencies, it's held below near term resistance level. That is, 1.3779 in EUR/USD, 0.8861 in USD/CHF, and 102.72 in USD/CHF. Bias in these pairs remains neutral.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Apr 24 14 09:12 GMT
EUR: The single currency continued to find support just above 1.3810 and has rebounded in European morning, offers at 1.3840 were filled, however, sell orders remain at 1.3850-55, 1.3870 and 1.3890-00 (stops above figure), fresh offers are expected at 1.3920 and 1.3945-50. On the downside, bids in good size are still noted at 1.3800-10 (stops below), more buy orders are reported at 1.3775-85 and 1.3750 (stops below), fresh demand should emerge around 1.3725 and further out at 1.3700. Option expires today include: 1.3725, 1.3775, 1.3785, 1.3790, 1.3800, 1.3860 (large) and 1.3900.
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Daily Report: Kiwi Mildly Firm after Hawkish RBNZ Hike Print E-mail
Market Overview | Written by ActionForex.com | Apr 24 14 02:27 GMT
New Zealand dollar is mildly higher after RBNZ raised the OCR by 25bps to 3.00% as widely expected. The accompanying statement is seen as generally hawkish. Growth is expected to be 3.5% in the year to March, comparing to 3.3% as stated in prior statement. Meanwhile, "spare capacity is being absorbed, and inflationary pressures are becoming apparent." And, inflationary pressures are expected to continue to increase "over the next two years". RBNZ also maintained a tightening bias and noted that "The speed and extent to which the OCR will be raised will depend on economic data and our continuing assessment of emerging inflationary pressures, including the extent to which the high exchange rate leads to lower inflationary pressure."
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Apr 23 14 14:40 GMT
EUR: The single currency retreated after intra-day rise to 1.3855 but bids are still noted at 1.3820 and in good size at 1.3800 (stops below), more buy orders are reported at 1.3775-85 and 1.3750 (stops below), fresh demand should emerge around 1.3725 and further out at 1.3700. On the upside, offers remain at 1.3855, 1.3870 and 1.3890-00 (stops above figure), fresh offers are expected at 1.3920 and 1.3945-50. On the downside.
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Mid-Day Report: CHF and JPY Higher on Cautious Sentiments, EUR Firm on PMIs Print E-mail
Market Overview | Written by ActionForex.com | Apr 23 14 12:43 GMT
The Swiss Franc and, to a lesser extent, the Japanese yen are broadly higher today as European indices failed to hold on to initial gains and turned red as the days went on. US futures also point to a mildly lower open as investors could be cautious ahead of Apple's earning report after the bell. Euro are generally higher against other major currencies except the Franc and Yen after solid PMI data. But Sterling tumbled after the BoE minutes and Aussie stays weak after CPI disappointment. Canadian dollar is relatively steady after retail sales report which showed 0.5% growth while ex-auto sales grew 0.6% in February.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Apr 23 14 09:37 GMT
EUR: Despite slipping initial after soft French data, the single currency jumped shortly after the release of eurozone PMI, offers at 1.3830-50 area together with stops above 1.3850 were tripped but sell orders in good size are still noted at 1.3870 and 1.3890-00 (more stops above figure), fresh offers are expected at 1.3920 and 1.3945-50. On the downside, bids are raised to 1.3820 and in good size at 1.3800 (stops below), more buy orders are reported at 1.3775-85 and 1.3750 (stops below), fresh demand should emerge around 1.3725 and further out at 1.3700. Option expires today include: 1.3800 and 1.3900.
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Daily Report: Aussie Plummets on CPI Miss Print E-mail
Market Overview | Written by ActionForex.com | Apr 23 14 03:28 GMT
Aussie tumbles sharply today on lower than expected inflation data. Headline CPI rose 0.6% qoq, 2.9% yoy in Q1. The yoy reading showed acceleration from prior quarter's 2.7% but that was below market expectation of 3.2%. Note that RBA's target range for inflation is 2-3% and today's data showed inflation is staying in the range rather than exceeding it. Meanwhile, RBA trimmed mean CPI was unchanged at 2.6% yoy versus expectation of 2.9% yoy. Weighted mean CPI rose to 2.7% yoy versus expectation of 2.9% yoy. Today's data won't affect RBA's neutral stance to keep rates unchanged for a period of time. However, there was some talk that RBA could begin normalization of rates early next year. The current inflation outlook could afford RBA some more time and delay the normalization.
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Mid-Day Report: Dollar Reversed Initial Gains in Directionless Markets Print E-mail
Market Overview | Written by ActionForex.com | Apr 22 14 14:06 GMT
The markets are rather directionless today. Dollar was initially firm but reversed its again and is broadly lower in early US session. While the greenback is soft, it's being held in tight range against other major currencies so far, and thus, maintaining a neutral bias. Yen crosses were mildly higher earlier today but gave up some gains. European indices are broadly higher at the time of writing but that didn't provide enough fuel for extending the rally in yen crosses. While Euro continues recent decline against Sterling, steady against dollar and firm against Swiss franc.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Apr 22 14 13:14 GMT
EUR: The single currency found decent demand just below last week's low of 1.3790 and has rebounded today, offers at 1.3815-20 were filled but sell orders in good size are still noted from 1.3830 up to 1.3850 with stops building up above 1.3850, more sell orders are tipped at 1.3870 and 1.3890-00, fresh offers are expected at 1.3920. On the downside, bids are reported at 1.3775-85 and in good size at 1.3750 (stops below), fresh demand should emerge around 1.3725 and further out at 1.3700.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Apr 22 14 09:30 GMT
EUR: The single currency slipped again after meeting renewed selling interest at 1.3831 yesterday and although euro has recovered from 1.3785, offers are still noted at 1.3815 and in good size from 1.3830 up to 1.3850 with stops building up above 1.3850, more sell orders are tipped at 1.3870 and 1.3890-00, fresh offers are expected at 1.3920. On the downside, bids are reported at 1.3775-85 and in good size at 1.3750 (stops below), fresh demand should emerge around 1.3725 and further out at 1.3700. Option expires today include: 1.3700, 1.3710, 1.3760, 1.3765, 1.3780, 1.3800 (large) and 1.3850.
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Daily Report: Yen Crosses Higher on Stocks Rally Print E-mail
Market Overview | Written by ActionForex.com | Apr 22 14 01:26 GMT
Yen crosses are generally higher as stock markets strengthen mildly in thin holiday trading. Nikkei opens the day higher is is up over 80 pts at the time of writing. That rally in US stocks where DOW rose 40 pts or 0.25%, S&P 500 rose 7.04 pts, or 0.38% and NASDAQ rose 26 pts or 0.64%. While the stock markets rebounded, the extent is not strong enough to be qualified as "return of risk appetite" yet. In particular, NASDAQ is staying in a near term down trend and held below the falling 55 days EMA at 4171 and could head lower, which might in turn drag down other indices. Nikkei is also held below 15000 handle and be bounded in range.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Apr 17 14 14:37 GMT
EUR: Although euro rebounded to 1.3865 and offers at 1.3850-55 were filled, fresh sell orders emerged at 1.3865 and the single currency has retreated again in NY morning, sell orders are still noted at 1.3865-75 and in good size at 1.3890-00 (more stops above figure), fresh selling interest should emerge around 1.3920 and 1.3940-50, stops are located above 1.3970-75 (option barrier). On the downside, bids remain at 1.3800-15, buy orders are still noted at 1.3775-85 (stops below), fresh demand should emerge further out at 1.3740-50 (more stops below 1.3730 and 1.3690-00), 1.3725 and 1.3700.
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Mid-Day Report: CAD Mildly Higher as CPI Beat Expectations Print E-mail
Market Overview | Written by ActionForex.com | Apr 17 14 12:43 GMT
Canadian dollar is lifted mildly higher in early US session by inflation data. Headline CPI accelerated back to 1.5% yoy in March versus expectation of 1.4% yoy, up from February's 1.1% yoy. BoC CPI core also rose to 1.3% yoy, inline with expectation. BoC left the policy rate unchanged at 1.00% yesterday and reiterated its neutral policy stance. While today's inflation data beat expectation, one month's figure shouldn't alter BoC's view that inflation will stay below 2% target until early 2016. Release from US, initial jobless claims rose to 312k in the week ended April 12, slightly below expectation of 316k.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Apr 17 14 09:07 GMT
GBP: The British pound surged again, offers and stops at 1.6820-30 were cleared, however, sell orders are still noted at 1.6850 (stops above) and 1.6870-80, mixture of offers and stops is tipped at 1.6900-10. On the downside, bids are raised to 1.6780-85 and 1.6750 (stops below), buy orders are located at 1.6720-30 and 1.6700, indicated decent demand remains at 1.6685-90 and 1.6640-60 area with bigger stops placed below 1.6640 and 1.6625.
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Daily Report: Sterling Stays Firm ahead of Holiday Weekend Print E-mail
Market Overview | Written by ActionForex.com | Apr 17 14 07:02 GMT
Sterling is so far the strongest currency this week after being propelled by yesterday's employment data. Markets are in consolidative mode elsewhere. Dollar is the second strongest currency but is held below last week's high. The Japanese yen is mixed as the strong rebound in stock markets this week triggered recoveries in yen crosses but momentum is so far unconvincing. Commodity currencies are also mixed with Canadian dollar holding on to mild gain while Kiwi is under heavy pressure. The economic calendar isn't too busy today and main feature is Canadian inflation, which could trigger some volatility in pre-holiday thin markets.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Apr 16 14 14:12 GMT
GBP: The British pound rallied in London, offers at 1.6785-00 area were filled but sell orders in good size are still noted at 1.6820-25 (stops above 1.6830), 1.6840-50 and 1.6875, mixture of offers and stops is tipped at 1.6900. On the downside, bids are raised to 1.6760-70, 1.6715-25 and 1.6700, indicated decent demand remains at 1.6685-90 and 1.6640-60 area with bigger stops placed below 1.6640 and 1.6625.
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Mid-Day Report: Sterling Soars as Unemployment Dropped to 6.9% in February Print E-mail
Market Overview | Written by ActionForex.com | Apr 16 14 12:49 GMT
Sterling jumped sharply today after release of much better than expected job data. Unemployment rate unexpectedly dropped to 6.9% in February versus consensus of being unchanged at 7.2%. That's the lowest number in five years since February 2009 and was also below BoE's threshold of 7%. Claimant count dropped slightly more than consensus of -30.4k in March. Total employment hit a record high of 30.4m or 72.6% of workforce. The data won't trigger any actions from BoE as it has already modified its forward guidance to look at a broader range of market indicators. Nonetheless, Sterling responded positively to the data and is back above 1.68 against dollar. GBP/USD could be heading for a test on 1.6822 near term resistance next. Also released from Europe, Eurozone CPI was finalized at 0.5% yoy in March while core CPI dropped to 0.7% yoy. Swiss ZEW expectations dropped sharply to 7 in April.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Apr 16 14 08:36 GMT
EUR: The single currency found renewed buying interest just below 1.3810 and has rebounded in European morning, offers at 1.3835-40 were filled, however, sell orders are still noted at 1.3850 (stops above), 1.3875 and in good size at 1.3890-00 (more stops above figure), fresh selling interest should emerge around 1.3920 and 1.3940-50, stops are located above 1.3970-75 (option barrier). On the downside, bids remain at 1.3800-10, buy orders are still noted at 1.3775-85 (stops below), fresh demand should emerge further out at 1.3740-50 (more stops below 1.3730 and 1.3690-00), 1.3725 and 1.3700. Option expires today include: 1.3700, 1.3710 (large), 1.3715, 1.3725, 1.3750 (huge), 1.3770 (large), 1.3850, 1.3860, 1.3900, 1.3910 and 1.3925.
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Daily Report: NZD Tumbles on Tame Inflation, Yen Lower on Risks Rebound Print E-mail
Market Overview | Written by ActionForex.com | Apr 16 14 05:32 GMT
Asian equities opened higher today following another day of rebound in US stocks and positive sentiments was not affected by Chinese growth data released. China GDP grew 7.4% yoy in Q1, slowed down from prior quarter's 7.7% yoy and hit an 18 month low. But that was slightly above expectation of 7.3% yoy. Opinions on whether there will be additional stimulus from the Chinese authority is divided. Some economists noted that forward looking indicators were generally weak and there is need for a combination of monetary easing and reform measures over the next few months. But some also noted that the government should be comfortable with the current growth pace. It seemed that while China may launch some more stimulus ahead, those measure would be modest at best. Other data from China saw industrial production rose 8.8% yoy in March while fixed assets rose 17.6% yoy and retail sales rose 12.2% yoy.
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