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Jan 18 07:53 GMT

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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 | Jan 17 17 14:21 GMT
GBP: Cable rallied today and offers on the upside were basically cleared, some sell orders are expected at 1.2350 and further out at 1.2395-00, mixture of offers and stops is located at 1.2430-40. On the downside, bids are seen at 1.2300, 1.2270 and 1.2240-50, buy orders are reported at 1.2215-20, 1.2195-00 and 1.2170, buying interest should emerge around 1.2150-55, 1.2115-20 and 1.2090-00.
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Mid-Day Report: Sterling Rebounds as PM May Pledged "Phased Approach" for Brexit, With Parliament Vote Print E-mail
Market Overview | Written by ActionForex.com | Jan 17 17 13:39 GMT
Sterling rebounds today as UK prime minister Theresa May pledged to adopt a "phased approach" to achieve a "smooth and orderly Brexit". More important, the positive reaction was towards the confirmation that "the government will put the final deal that's agreed between the U.K. and the EU to a vote in both Houses of Parliament before it comes into force." May emphasized that UK will not stay as a member of the single market. But She would opt to "have a customs agreement with EU" and reach the country's "own tariff schedules at the WTO". GBP/USD's break of 1.2316 minor support argues that the pair has successfully defended 1.1946 key near term support and opens up the case for further rebound to 1.2774 resistance.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Jan 17 17 11:06 GMT
EUR: The single currency rallied after finding support at 1.0579, however, offers are still noted at 1.0680, 1.0700 and 1.0725-30, sell orders are reported at 1.0750, 1.0785 and 1.0800. On the downside, bids are seen at 1.0625-30, 1.0600 and 1.0580, buy orders are expected at 1.0565 and 1.0550, buying interest should emerge around 1.0520 and 1.0500.
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Daily Report: Pound Recovers, But Remains Vulnerable on PM May's Speech on Brexit Print E-mail
Market Overview | Written by ActionForex.com | Jan 17 17 07:15 GMT
Sterling recovers mildly today but remains the weakest major currency for the week. Prime minister Theresa May's speech on Brexit is the main focus and could trigger more volatility in the pound. It's reported that May will reject the idea of "partial" EU member in return for a full control of UK's border. The trade relationship that May would like to push through is unknown. But EU leaders have already made it clear that UK cannot "cherry pick" access to the single markets. The pound could stay under pressure after May's speech. Technically, Sterling is staying bearish against Dollar, Euro and Yen in near term and we'd expect more downside ahead.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Jan 16 17 14:12 GMT
GBP: Cable remained confined in narrow range , bids are still noted at 1.0200, 1.0975-80 and 1.0950, buy orders are reported at 1.0930 and 1.0900, buying interest is tipped at 1.0880 and 1.0850. On the upside, offers are seen at 1.2100, 1.2130 and 1.2150, sell orders are expected at 1.2175-80, 1.2200 and 1.2225-30, selling interest should emerge around 1.2250, 1.2280 and 1.2300.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Jan 16 17 10:54 GMT
EUR: The single currency traded lower after retreating from last week's high of 1.0685, however, bids are still noted at 1.0580, 1.0565 and 1.0550, buy orders are reported at 1.0520 and 1.5000, buying interest is tipped at 1.0480 and 1.0450. On the upside, offers are seen at 1.0630, 1.0650 nd 1.0680, sell orders are expected at 1.0700, 1.0725-30 and 1.0750, selling interest should emerge around 1.0785 and 1.0800.
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Daily Report: Sterling Broadly Lower as PM May Expected to Outline Hard Brexit Print E-mail
Market Overview | Written by ActionForex.com | Jan 16 17 07:02 GMT
The British Pound drops across the board as the week starts. It's reported that prime minister Theresa May is schedule to deliver a speech on Tuesday to lay out the plan of Brexit. And, May is expected to outline a "hard Brexit" approach. And UK is prepared to withdraw from tariff-free trade relationship with EU, in return for the control of immigration. GBP/USD drops through 1.2036 support and breaches 1.2 handle as recent decline resumes. EUR/GBP also extended recent rebound from 0.8303 and reaches as high as 0.8844. GBP/JPY also drops sharply to as low as 136.94 so far. Sterling's selloff slowed a bit on news that Treasury is going to talk to major banks to smooth market reactions. But the pound remains vulnerable to further decline.
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Weekly Review and Outlook: Dollar Down But Not Out Yet after Selloff, Trump Inauguration Key Print E-mail
Market Overview | Written by ActionForex.com | Jan 14 17 09:18 GMT
Dollar ended the week broadly lower, except versus Sterling, after US president-elect Donald Trump disappointed the markets by not giving any details on his policies during the first post election press conference. Dollar index reached as low as 100.72 before recovering to close at 101.18. Meanwhile, the greenback also took out key near term support level against Euro, Yen and Canadian Dollar, which carries some bearish implications. However, treasury yields staged a strong rebound on Friday, which could provide some relieves to Dollar bullish. 10 year yield closed at 2.380, after dipping to as low as 2.309, comparing to prior week's close at 2.418. Stocks were also resilient with NASDAQ closing a fresh record of 5574.12. DJIA stayed in tight range of around 200 pts. below 20000 handle. There are still prospects for the greenback to strike back is Trump delivers in his inauguration on January 20.
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Mid-Day Report: Markets Steady ahead of Weekend, Dollar and Sterling Weak Print E-mail
Market Overview | Written by ActionForex.com | Jan 13 17 14:00 GMT
The forex markets are generally steady today, staying in prior day's range. Dollar and Sterling remain the two weakest major currencies for the week while Yen is strong together with Aussie and Kiwi. Released from US, retail sales rose 0.6% in December, missing expectation of 0.7%. Ex-auto sales rose 0.2%, also missed expectation of 0.5%. Headline PPI rose 0.3% mom, 1.6% yoy in December, accelerated from November's 1.3% yoy and meets expectation. PPI core rose 0.2% mom, 1.6% yoy, unchanged from November's 1.6% yoy and above expectation of 1.6% yoy.
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Daily Report: Dollar Recovers as Supported by Fedspeaks Print E-mail
Market Overview | Written by ActionForex.com | Jan 13 17 03:57 GMT
Dollar recovers mildly towards the end of the week as supported by comments from Fed officials. Fed chair Janet Yellen said that the economy is "doing quite well" and there are no serious short term obstacles. She noted "unemployment has now reached a low level, the labor market is generally strong and wage growth is beginning to pick up." Inflation has moved up and is "pretty close" to 2% target. Chicago Fed president Charles Evans expected that president-elect Donald Trump's stimulus policies to "increase growth by a couple of tenths over the next two years." And policymakers "look forward to refining that when we actually see proposals that are moving forward and likely to be implemented." A improvements in the economic outlook materializes, US would need "less accommodation". He also said earlier in the month that three rate hikes this year is "not implausible".
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Jan 12 17 14:38 GMT
EUR: The single currency maintained a firm undertone but sell orders are reported at 1.0685, 1.0700 and 1.0725-30, selling interest is tipped at 1.0750, 1.0785 and 1.0800. On the downside, bids are seen at 1.0620, 1.0600 and 1.0580, buy orders are expected at 1.0550, 1.0520 and 1.0500, buying interest should emerge around 1.0480 and 1.0450.
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Mid-Day Report: Dollar Selloff Continues Despite Solid Job Data Print E-mail
Market Overview | Written by ActionForex.com | Jan 12 17 14:06 GMT
Dollar's selloff continues today in spite of positive job data. In particular, EUR/USD broke 1.0652 resistance. USD/JPY took the lead yesterday and broke 114.76 support. USD/CAD also broke 1.3080 key near term support. The dollar index also breached 55 days and breached 101 handle. Deeper decline is now in favor in the greenback in general, possibly except versus Sterling. US initial jobless claims rose 10k to 247k in the week ended January 7. Continuing claims dropped 16k to 2.1m in the week ended December 31. Import price index rose 0.4% mom in December.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Jan 12 17 10:24 GMT
EUR: The single currency rallied after finding good support at 1.0454, offers at 1.0600, 1.0620-25 and 1.0650 were filled but sell orders are reported at 1.0680, 1.0700 and 1.0725-30, selling interest is tipped at 1.0750, 1.0785 and 1.0800. On the downside, bids are seen at 1.0620, 1.0600 and 1.0580, buy orders are expected at 1.0550, 1.0520 and 1.0500, buying interest should emerge around 1.0480 and 1.0450.
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Daily Report: Dollar Broadly Lower as Trump Press Conference Lacks Clarity on Policies Print E-mail
Market Overview | Written by ActionForex.com | Jan 12 17 04:26 GMT
Dollar traded broadly lower while stocks struggled in tight range as markets are dissatisfied with the lack of clarity on economic policies at president-elect Donald Trump's first post election press conference. DJIA gained 98.75 pts, or 0.50%, to close at 19954.28, still lacks buying to push through 20000 handle. S&P 500 rose 6.42 pts, or 0.28%, to close at 2275.32, kept below recent high at 2282.10. Dollar index had a volatile day yesterday, jumping to as high as 102.95 but then reversed and dipped to as low as 101.28, now back at 101.50. Gold rode on Dollar weakness and extended recent rebound, set to take on 1200 handle today. WTI crude oil also rebounded and is trading above 52 for the moment. In the currency markets, Yen is clearly strengthening on falling yield but is overwhelmed by the strength in Aussie. Sterling and Dollar remain the two weakest major currency for the week.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Jan 11 17 15:54 GMT
EUR: The single currency dropped today after brief recovery, bids at 1.0535, 1.0520, 1.0500 and 1.0480 were filled, however, buy orders are still noted at 1.0450, 1.0420 and 1.0400. On the upside, offers are seen at 1.0500, 1.0520 and 1.0550, sell orders are expected at 1.0580, 1.0600 and 1.0620-25, selling interest is tipped at 1.0650, 1.0680 and 1.0700.
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Mid-Day Report: Dollar Strengthens Mildly, Focus on Trump Print E-mail
Market Overview | Written by ActionForex.com | Jan 11 17 13:56 GMT
Dollar strengthens mildly today ahead of US president-elect Donald Trump's first post election press conference. Nonetheless, the strength is mainly seen against European majors. The dip in EUR/USD sent the dollar index above 102.50 briefly but there is no follow through buying in the greenback yet. US stock index futures also point to a flat open. The press conference will be held at 11am eastern time today and no specific topic was announced. Nonetheless, markets will be eagerly looking for details of Trump's expansive fiscal plans; The so called "Trump Rally" in stocks, yield and dollar lost much steam since the start of the year and will need fresh stimulus for the next moves.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Jan 11 17 11:09 GMT
EUR: The single currency recovered from intra-day low of 1.0536 but offers are still noted at 1.0580, 1.0600 and 1.0620-25, sell orders are reported at 1.0650, 1.0680 and 1.0700, selling interest is tipped at 1.0725-30 and 1.0750. On the downside, bids are seen at 1.0535, 1.0520 and 1.0500, buy orders are expected at 1.0480 and 1.0450, buying interest should emerge around 1.0420 and 1.0400.
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Daily Report: Equities Mixed, Dollar Soft as Trump Awaited Print E-mail
Market Overview | Written by ActionForex.com | Jan 11 17 06:14 GMT
US equities closed mixed overnight as markets await president-elect Donald Trump's first post election press conference. DJIA continued to struggle in tight range below 20000 handle and closed down -31.85 pts, or -0.16%, at 19855.53. S&P 500 closed completely flat for the first time in 9 years, at 2268.9. On the other hand, NASDAQ closed at 4th straight record at 5551.82, up 20 pts, or 0.36%. 10 year yield was relatively unchanged, closed up 0.003 at 2.379. Dollar index is trying to recover and is back above 102, comparing to last week's low at 101.30, but lacks momentum. In other markets, gold is staying firm as recent rebound is still in progress and is pressing 1190 handle. WTI crude oil dropped sharply overnight to as low as 50.71 and is trying to defend 50 handle.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Jan 10 17 15:15 GMT
EUR: The single currency found support at 1.0558 and has rebounded in NY morning, however, offers are still noted at 1.0630 and 1.0650 and 1.0600-05, sell orders are reported at 1.0680, 1.0700 and 1.0730, selling interest is tipped at 1.0750, 1.0780 and 1.0800. On the downside, bids are seen at 1.0550-55 and 1.0500-10 (stops below), buy orders are expected at 1.0480, 1.0450, 1.0420 and 1.0400, buying interest should emerge around 1.0380-85, 1.0365 and 1.0350.
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Mid-Day Report: Dollar Recovers Mildly, But Stays Down for the Week Print E-mail
Market Overview | Written by ActionForex.com | Jan 10 17 14:01 GMT
Dollar recovers mildly today but stays weak for the week, next to Sterling. Focus is turning to US president-elect Donald Trump's first post election press conference tomorrow. Markets are looking for clues on whether Trump is prepared to deliver his election promises and push expansive fiscal policy after his inauguration on January 20. While the greenback weakens this week, it's still holding on to key near term support levels. Thus, the pull back is still seen as a correction technically. Meanwhile, markets will also pay close attention to whether DJIA would power through 20000 handle, or bounce off from there. Meanwhile, Sterling remains on the weakest major currencies on Brexit worries.
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