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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.



Weekly Review and Outlook: Swiss Franc Broadly Higher on Greece Risk Print E-mail
Market Overview | Written by ActionForex.com | Apr 18 15 14:57 GMT
The Swiss Franc ended last week as the biggest winner on risk aversion and European stocks tumbled sharply on Greece fears. Canadian dollar came second as lifted by less dovish than expected BoC statement as well as rebound in oil price. Meanwhile, dollar was the weakest one and ended broadly lower as a string on weak economic data basically ruled out the chance of a June Fed hike. Weakness in the greenback was closely followed by yen and Aussie. The development in Greece will be the main focus this week as Eurozone finance ministers will meet on Friday regarding the country's progress in reforms as well as disbursement of financial aids.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Apr 17 15 14:49 GMT
GBP: Cable has also eased in US opening, however, bids are still noted at 1.4950-60, 1.4930 and 1.4900, more buy orders are reported at 1.4885, 1.4840 and 1.4800, fresh demand should emerge around 1.4780 and 1.4750-55. On the upside, offers are seen at 1.5050-55 and 1.5080, mixture of offers and stops is located at 1.5100.
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Mid-Day Report: Canadian Dollar Jumps Further on CPI and Retail Sales Print E-mail
Market Overview | Written by ActionForex.com | Apr 17 15 12:57 GMT
Canadian dollar extends this week rally after release of a batch of solid economic data. Canadian retail sales rose 1.7% mom in February versus expectation of 0.2% mom. Ex-auto sales rose 2.0% mom versus expectation of 0.5%. Headline CPI rose to 1.2% yoy versus consensus of 1.0% yoy. Core CPI rose to 2.4% yoy versus expectation of 2.1% yoy. International securities transactions rose to CAD 9.27b in February. USD/CAD dips to as low as 1.2086 so far in early US session. As noted in our technical outlook report, USD/CAD has possibly formed a medium term top at 1.2834 and we'd likely see deeper fall to next fibonacci level at 1.1988.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Apr 17 15 09:54 GMT
EUR: The single currency has risen again after brief pullback to 1.0738 and offers at 1.0800 and 1.0820 were filled but sell orders are still noted at 1.0840 and 1.0865, selling interest should emerge further out at 1.0880 and 1.0900. On the downside, bids are raised to 1.0760, 1.0740 and 1.0725, more buy orders are seen at 1.0700 and 1.0650-55, buying interest is tipped at 1.0620 and 1.0600.
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Daily Report: Dollar Stays Soft as Fed June Hike Unlikely Print E-mail
Market Overview | Written by ActionForex.com | Apr 17 15 05:10 GMT
Dollar dipped overnight of a batch of weaker than expected economic data, including job and housing, and stays soft in Asian session today. Recent development suggested that Fed is unlikely to raise interest from near zero in June. Atlanta Fed president Dennis Lockhart said that a June rate hike wasn't "off the table" but that's "not my preference. He referred to the data of Q1 and said they have been "notably weak". And that gave rise to "heightened uncertainty about the track the economy is on." preferred "waiting a while longer improves the chances of seeing confirmation from incoming data that the economy is on the desired path."
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Apr 16 15 15:04 GMT
EUR: The single currency rebounded after finding support at 1.0625 and offers at 1.0700, 1.0725 and 1.0745-60 area were filled, however, sell orders are still noted at 1.0780 and 1.0800, selling interest is located at 1.0835-40 and 1.0870-80. On the downside, bids are now seen at 1.0650, 1.0620-25 and 1.0580, more buying interest is tipped at 1.0560, 1.0525-30 and 1.0500 with stops building up below barrier there.
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Mid-Day Report: Dollar Retreat Continues as Economic Data Disappoint Print E-mail
Market Overview | Written by ActionForex.com | Apr 16 15 13:42 GMT
Dollar's retreat continues in early US session after weaker than expected data. Initial jobless claims rose to 294k in the weekended April 11. The four week moving average was little changed at 282.8k. Continuing claims dropped 40k to 2.27m in the week ended April 4, lowest since December 2000. Housing stars rose to 0.93m annualized rate in March, below expectation of 1.05m. Building permits dropped to 1.04m, also missed expectation of 1.08m. EUR/USD is staying well below key near term resistance of 1.1096 and maintains bearish outlook. However, GBP/USD is getting close to 1.4971 resistance. Meanwhile, USD/CAD continues to feel the pressure from strong rebound in crude oil, which is trading around 55.5 for the moment.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Apr 16 15 10:27 GMT
EUR: The single currency retreated after faltering just below 1.0750 and bids at 1.0650-55 were filled but buy orders are still noted at 1.0620-25, 1.0600 and 1.0580, more buying interest is tipped at 1.0560, 1.0525-30 and 1.0500 with stops building up below barrier there. On the upside, offers are now seen at 1.0700 and 1.0725, sell orders are reported at 1.0745-50 and 1.0760, selling interest should emerge around 1.0780 and 1.0800. Option expires today include: 1.0500 (large), 1.0550 (large), 1.0600 (large), 1.0650 (large) and 1.0800 (over 1 bln).
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Daily Report: Aussie Rebounds as Rate Cut Expectations Recede on Strong Job Data Print E-mail
Market Overview | Written by ActionForex.com | Apr 16 15 07:09 GMT
Australian dollar rebound strongly on much better than expected job data. The employment market grew 37.7k in March, more than double of expectation of 15.0k. Prior month's figure was also revised up to 42.0k, nearly triple of original estimate of 15.6k. Unemployment rate dropped to 6.1% versus expectation of 6.3%. After the data release, traders are pricing in 56% chance of a rate cut from RBA in May, down from nearly 70%. Also, earlier in the month, markets were pricing in full chance of a 25 bps rate cut by the end of May. At this point, markets are still pricing in two more cut within this year to 1.75% but such expectations would definitely be challenged by incoming data. AUD/USD reaches as high as 0.7781 so far comparing to this week's low of 0.7552.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Apr 15 15 14:52 GMT
EUR: The single currency remained confined in familiar range and further consolidation is in store, bids are still noted at 1.0560-70 and 1.0525-30, mixture of bids and stops is located at 1.0500 barrier, fresh demand should emerge around 1.0460-70 (stops below) and 1.0435. On the upside, offers at 1.0610-20, 1.0640-50 and 1.0660 were filled but more sell orders are reported at 1.0675-80, 1.0700 and 1.0725-30 (stops above), selling interest is tipped at 1.0760, 1.0780 and 1.0800.
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Mid-Day Report: ECB and BoC Stand Pat, CAD Mildly Higher Print E-mail
Market Overview | Written by ActionForex.com | Apr 15 15 14:34 GMT
ECB left monetary policies unchanged today as widely expected. ECB governor Mario Draghi said in the post meeting press conference that "there's clear evidence that the monetary policy measures we've put in place are effective." And, he expressed optimism for "the economic recovery to broaden and strengthen gradually." Meanwhile, also also pledged to maintain quantitative easing program until September 2016 or until there is "sustained adjustment" in inflation. Meanwhile, he also maintained that the "program is flexible enough to be adjusted if circumstances change." The press conference was briefly interrupted by a protester who jumped on to the podium.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Apr 15 15 10:10 GMT
EUR: The single currency staged a brief bounce to 1.0664 before dropping again in European morning, bids at 1.0600 and 1.0580 were filled but buy orders are reported at 1.560 and 1.0525-30, mixture of bids and stops is located at 1.0500 barrier, fresh demand should emerge around 1.0460-70 (stops below) and 1.0435. On the upside, offers are lowered to 1.0610-20, 1.0640-50 and 1.0660, more sell orders are reported at 1.0680, 1.0700 and 1.0725-30 (stops above), selling interest is tipped at 1.0760, 1.0780 and 1.0800. Option expires today include: 1.0500, 1.0520, 1.0600 and 1.0700.
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Daily Report: Aussie Lower on Chinese Data, ECB and BoC in Focus Print E-mail
Market Overview | Written by ActionForex.com | Apr 15 15 04:08 GMT
Aussie's recovery lost steam and weakens after after release of a bunch of Chinese data. The closely watched China GDP growth slowed to 7% yoy in 1Q15, the slowest pace since 4Q09 and down from 7.3% in the prior quarter. Whilst this came in line with expectations, the government would have to accelerate monetary easing so as to achieve its 7% full year growth target. Other economic data also pointed to moderation in growth momentum. Retail sales expanded 10.2% yoy in March of the year, below expectations of 10.8% and prior month's 10.7%. Industrial production slowed sharply to 5.6% yoy in March, from January and February's combined 6.8% gain. Growth in fixed asset investment decelerated to 13.5% yoy in the first 3 months of the year March, compared with 13.9% in January and February's combined, as pressured by the slumped in housing market and overcapacity in related sectors. Released earlier this week, the trade report was disappointing. Meanwhile, expansion in money supply came in weaker than expected in March. M2 growth moderated to 11.6% yoy in March from 12.5% in February.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Apr 14 15 14:05 GMT
EUR: The single currency has staged a strong rebound in NY morning on disappointing US data and downgrade of US growth outlook by IMF, offers at 1.0585, 1.0600, 1.0625, 1.0665 and 1.0680 were filled but sell orders are still seen at 1.0700 and 1.0725-30 (stops above), selling interest is expected at 1.0760, 1.0780 and 1.0800. On the downside, bids are raised to 1.0630-40, 1.0605-15 and 1.0575-80, more buy orders are reported at 1.0520-30 (stops below) and 1.0500 (option barrier), fresh demand should emerge around 1.0460-70 (more stops below), 1.0435 and 1.0400.
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Mid-Day Report: Dollar Retreats as IMF Lowered Forecast, Retail Sales Disappointed Print E-mail
Market Overview | Written by ActionForex.com | Apr 14 15 13:44 GMT
Dollar retreats sharply as IMF lowered growth forecast for the US economy in its world economic outlook update. For 2015, US growth forecast was revised down to 3.1%, comparing to prior 3.6%. For 2016, US growth projection was also lowed from 3.3% to 3.1%. On the other hand, growth projection for Eurozone, Japan and UK were raised. Global growth projection for 2015 was left unchanged at 3.5% while that for 2016 was raised by 0.1% to 3.8%. Earlier today, the WTO lowered global growth forecast fro 2015 from 4.0% to 3.3%. Economic data from US also provided little support to the greenback. Retail sales rose 0.9% in March and missed expectation of 1.0%. Ex-auto sales rose 0.4% and missed expectation of 0.7%. PPI dropped to -0.8% yoy in March versus expectation of 0.9%. Meanwhile, PPI core dropped to 0.9% yoy versus expectation of 1.0% Yoy.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Apr 14 15 10:10 GMT
EUR: The single currency has remained under pressure after falling to 1.0520 yesterday, mixture of bids and stops at 1.0520-30 is in focus, however, buy orders are still noted at 1.0500 (option barrier) and further out at 1.0460-70 (more stops below), fresh demand should emerge around 1.0435 and 1.0400. On the upside, offers are now seen at 1.0585, 1.0600 and 1.0625, more sell orders are reported at 1.0665, 1.0680 and 1.0700, selling interest is expected at 1.0725-30 (stops above), 1.0760, 1.0780 and 1.0800. Option expires today include: 1.0500 (over 1 bln), 1.0605 (large) and 1.0700.
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Daily Report: Yen Extending Rally as US Stocks Retreated Print E-mail
Market Overview | Written by ActionForex.com | Apr 14 15 03:16 GMT
Yen is extending recent rally against European majors and recovers against dollar. Retreat in US stocks provide some support to the currency. DJIA closed -80.61 pts, or -0.45%, down to close at 17977.04 overnight, back below 18000 handle. Comments by Prime Minister Shinzo Abe's economic advisor Koichi Hamada. Hamada said that Yen at 120 against dollar is "considerably weak" and there is "no need" to force inflation back to 2%. And, he noted that 105 would be an appropriate level based on purchasing power parity. USD/JPY turned into sideway pattern since last December and there is no clear momentum for range breakout yet. Today's focus is back on 119.63 minor support. Break would probably extend the sideway pattern with another down leg to below 118.32.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Apr 13 15 14:30 GMT
EUR: The single currency bounced off low on short-covering, however, offers are still noted at 1.0625-30, 1.0660-65 and 1.0680, sell orders are reported at 1.0700, 1.0725-30 (stops above) and 1.0760, selling interest is expected at 1.0780, 1.0800 and 1.0825-30. On the downside, bids are now seen at 1.0550, and 1.0520-25, more buying interest is tipped further out at 1.0500, mixture f bids and stops is located at 1.0460-70.
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Mid-Day Report: Euro Extending Fall Against Dollar, Yen and Sterling Print E-mail
Market Overview | Written by ActionForex.com | Apr 13 15 13:14 GMT
Aussie and Kiwi remained the weakest major currencies today as dragged down by weak China trade data. But Euro followed closely. Technically, EUR/GBP took out 0.7221 minor support which indicates that rebound from 0.7013 has completed already. And bias is back on the downside for retesting this support. EUR/JPY also dropped through 126.89 support and is resuming recent fall from 149.76. EUR/USD stays weak but is held above near term support at 1.0461 so far. A German newspaper FAS reported that some Eurozone officials are getting impatient with Greece and described the country as a "taxi driver" who just kept asking for money. And they were dissatisfied with the lack of outlook in the reform plans in the latest round of bailout talks. Greece finance ministry hit back and said in a statement that "when the readers of FAS read the minutes ... the newspaper will have difficulty justifying its headline and the content of its article. Such reports undermine the negotiation and Europe."
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Apr 13 15 10:29 GMT
EUR: The single currency has dropped again today and bids at 1.0560 were filled, however, buy orders are still noted at 1.0550 and 1.0525-30, more buying interest is tipped further out at 1.0500, mixture f bids and stops is located at 1.0460-70. On the upside, offers are lowered to 1.0625-30, 1.0660-65 and 1.0680, sell orders are reported at 1.0700, 1.0725-30 (stops above) and 1.0760, selling interest is expected at 1.0780, 1.0800 and 1.0825-30. Option expires today include: 1.0550, 1.0630, 1.0670, 1.0675 and 1.0750 (over 1 bln).
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