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Action Insight: Market Overview
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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.
- Market overviews covers major happenings in the markets as well as their impacts.
- Technical analysis of specific currency pair will be found in the technical outlook section. Covered pairs include EUR/USD, USD/JPY, GBP/USD, USD/CHF, USD/CAD, AUD/USD, EUR/JPY, EUR/CHF, EUR/GBP, GBP/JPY
- Special reports covers medium to longer term forecasts on exchange rates based on fundamentals, central bank meetings previews and reviews, plus any current issues that will have an impact on exchange rates.
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Market Overview |
Written by ActionForex.com |
Feb 09 12 14:31 GMT
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Euro is mildly firmer in early US session on report that Greek politicians have finally agreed on the austerity deal. The majority Socialist said that Prime Minister Papademos reached a tentative agreement with three coalition party leaders after a marathon meeting but no detail is released yet. This is confirmed by ECB President Draghi in the post meeting press conference. Focus will now turn to Brussels, where Eurozone finance ministers will meet Greek finance minister Venizelos, together with IMF head Lagarde and Draghi.
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Market Overview |
Written by ActionForex.com |
Feb 09 12 12:16 GMT
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Sterling remains steady after BoE did what markets expected, keeping rates unchanged at 0.5% and raised the size of the asset purchase program by GBP 50b to GBP 325b as "more likely than not that inflation would undershoot the 2% target in the medium term". In the accompanying statement, the bank noted that UK's recovery has slowed during 2011with slight contraction in Q4. The bank acknowledged recent improvement in business surveys but pointed to slowdown in Eurozone's market.
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Market Overview |
Written by ActionForex.com |
Feb 09 12 06:48 GMT
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Euro manages to extend recent rally against dollar and yen even though the Greek situation remains unresolved. Greek officials sounded optimistic as a statement from Prime Minister Papademos said that political leaders have "agreed on all the points of the program with the exception of one which requires further elaboration and discussion." It's believed that pension reform is that stumbling block. Finance Minister Venizelos will travel to Brussels to meet with Eurozone finance ministers today. Venizelos is hopeful that "there is agreement on all issues" with political leaders "bar one". Prime Minister Papademos will stay in Athens striving to complete the austerity deal before EU finance minsters meeting. Before that, focus will first turn to ECB and BoE meetings.
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Market Overview |
Written by ActionForex.com |
Feb 08 12 13:59 GMT
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EUR: The single currency has continued to trade with a firm undertone in part due to persistent buying by Middle East names and bids from them are still noted at 1.3240-50 with some stops placed below 1.3230 but more buying interest should emerge around 1.3190-00 with more stops seen below 1.3160, 1.3100-10 and 1.3080. On the upside, mixture of offers and stops remains at 1.3100-10 and more option related offers are tipped from 1.3330 up to 1.3350 (related to 1.3350 barrier) with bigger sell orders expected at 1.3390-00.
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Market Overview |
Written by ActionForex.com |
Feb 08 12 12:57 GMT
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Euro remains firm against dollar on optimism that somehow, there would be a deal in some sort to help Greece avoid disorderly default in March even though the progress has been extremely slow and unsatisfactory. Greek Prime Minister Papademos is expected to meet with three party leaders today finally to agree on the austerity measures. That's a key in clearing the EUR 130b second bailout from EU IMF. The progress on PSI has be "constructive" has described by Papademos. Meanwhile, there were reports that ECB would accept some sort of haircut which could help Greece lower it's debt by EUR 11b. After all, nothing is solid yet. But somehow, when investors patience limit was far breached, they seem to be looking beyond Greece.
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Market Overview |
Written by ActionForex.com |
Feb 08 12 06:55 GMT
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EUR: The single currency rallied yesterday in part due to the late surge in EUR/JPY (rose above 102.00) in part due to optimism of an agreement between Greece and the Troika, stops above 1.3220 and 1.3235-40 were triggered and offers at 1.3275-85 were also cleared, stops above 1.3300 option barrier are now in focus, however, fresh offers are expected to emerge further out at 1.3350-60. On the downside, bids are tipped at 1.3240-50 with some stops placed below 1.3230 and mixtures of bids and stops are located at 1.3190-00 and 1.3160-70.
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Market Overview |
Written by ActionForex.com |
Feb 08 12 06:53 GMT
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European majors remain generally firm in Asia today after rallying broadly on Greek speculations. There were rumors that political leaders were set to agree on the austerity measures yesterday, but such meeting with Prime Minister Papademos was delayed to today with one leader blaming the delay to 'missing paper'. Papademos has met troika last night on finalizing the terms for the EUR 130b second bailout. Meanwhile, there are reports that ECB is willing to accept some sort of haircut which could help Greece lower it's debt by EUR 11b. It's reported that ECB is holding EUR 50b of Greek bonds which it paid EUR 39b for. With certain mechanism, ECB could return the bonds to Greece, through EFSF, and get back EUR 39b. Effectively Greece would have lowered it's debt by EUR 11b. Anyway, so far, nothing is confirmed from nobody even though markets are positioning for further rally in European majors.
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Market Overview |
Written by ActionForex.com |
Feb 07 12 18:43 GMT
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European majors jumps sharply in US session on talk that Greek government is finally drafting a document on austerity measures for approval from political leaders, which is seen as one of the important steps to secure the EUR 130b second bailout from EU/IMF to avoid disorderly default in March. It's speculated that the accord could be confirmed as early as this evening in Greece. That should include further spending cut of 1.5% of GDP this year as well as reforms in labor and banking. It's also reported that Eurozone finance ministers would meet on Tuesday to discuss Greece's bailout, after the meeting is being pushed back and forth.
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Market Overview |
Written by ActionForex.com |
Feb 07 12 13:58 GMT
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JPY: Dollar edged higher today to 76.87 but indicated offers from exporters remain at 76.90-00 with mixture of offers and stops seen at 77.10-20 and more selling interest from same parties are lined up at 77.50-60. On the downside, mixture of bids and stops remains at 76.45-50 and more buying interests from Japanese investors are expected at 76.20 and also 76.00-10 (for protection of 76.00 option barrier)
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Market Overview |
Written by ActionForex.com |
Feb 07 12 13:35 GMT
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The Japanese yen weakens mildly in otherwise dull market today. It's reported that government data released today showed Japan as carried out secret intervention in November. A total of JPY 1.02T was sold against US dollar in the first week of November. The last public intervention was on October 31, in scale of JPY 8.07T. Japan has recently stepped up rhetoric on intervention as USD/JPY approaches 75.56 historical low. But the volume of the voices was somewhat turned down after USD/JPY rebounded since last week. Intervention is always a threat in the Japanese. But after all, we'd maintain that barring unusual circumstances, further intervention would be unilateral and the impact of such interventions would be short lived. Any recovery in yen crosses are still viewed as selling opportunities for larger down trends.
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Market Overview |
Written by ActionForex.com |
Feb 07 12 07:04 GMT
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GBP: The British pound also rebounded in New York in tandem with euro and aussie but offers from funds and UK clearer capped the pair at 1.5841 and more selling interests from same names are noted at 1.5860-70 with stops building up above there and also 1.5890-00. On the downside, bids from French, Middle East and Asian sovereign names are tipped from 1.5770 down to 1.5750 with mixture of bids and stops remains at 1.5720-30 and more stops are placed below 1.5700.
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Market Overview |
Written by ActionForex.com |
Feb 07 12 06:19 GMT
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Aussie jumps sharply today and hit new record high against Euro after RBA unexpected left rates unchanged at 4.25%. The RBA unexpectedly left the cash rate unchanged at 4.25% in February, in contrast with consensus of a rate cut by -25 bps. The decision, in spite of growing uncertainty in the sovereign debt crisis in the Eurozone, indicated policymakers' confidence in China's demand and US' economic recovery. The Australian dollar soared after the announcement.
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Market Overview |
Written by ActionForex.com |
Feb 06 12 14:00 GMT
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EUR: The single currency has remained under pressure and stops below 1.3050-60 were triggered, mixture of bids and stops at 1.3020-30 is now in focus, however, more buying interests from Middle East, Asian Cbs and U.S. investment banks are likely to emerge further out at 1.3000 (stops below) and also 1.2950 with bigger stops placed below 1.2930. On the upside, offers from various parties are lined up at 1.3090-00 and also at 1.3130, followed by combination of offers and stops located at 1.3160-70 with bigger stops building up above 1.3210 and 1.3235-40.
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Market Overview |
Written by ActionForex.com |
Feb 06 12 13:36 GMT
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Global market sentiments are weighed down by worry that Greece might not be able to secure the EUR 130b bailout package from EU/IMF and would face disorderly default in March. Greek leaders gather today again after failing to complete the agreement on details of the austerity measures on Sunday despite having a five-hour long meeting with Prime Minister Papademos. While the principle of cutting 1.5% of GDP of spending in 2012 was agreed, there were issues unresolved, including banking and labor. EU leaders are stepping up the pressure on Greece to finish the details of reforms as French President Sarkozy said today that "time is running out" and Greece's commitment for bailout needs to be "concluded" and "signed". German Chancellor Merkel warned that "there can be no new Greece programme if agreement is not reached with the Troika".
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Market Overview |
Written by ActionForex.com |
Feb 06 12 07:15 GMT
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EUR: The single currency slipped again after Friday's late rebound to 1.3168 and stops below 1.3060 were triggered, more stops are reported below 1.3050 and also 1.3020 with mixture of bids and stops located further out at 1.3000. On the upside, offers from various parties are tipped at 1.3100, 1.3140-50 with some stops seen above 1.3170 but larger sell orders are noted further out at 1.3200-10 with sizeable stops building up above 1.3220 and 1.3235-40.
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Market Overview |
Written by ActionForex.com |
Feb 06 12 06:41 GMT
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Euro is mildly lower as the week starts as focus turned from economic data back to the situation in Greece. A pressing concern is the agreement on Troika's term for austerity. Greek coalition leaders failed to agree on the details of the terms demanded by international creditors after a five hour meeting with Prime Minister Papademos on Sunday. It's reported that while the principles to cut spending in 2012 by 1.5% of GDP, or EUR 3.3b, was agreed, the three party leaders' view on details differed. And there are two big issues left, labour and banks. Papademos then met with troika later on Sunday together with Finance Minister Venizelos and Labor Minister Koutroumanis. Now, the situation is, the three party leaders are required to give their first response to proposed measures by noon today so that it be taken into Euro working group in brussels. On Saturday, Eurozone finance ministers told Greece that it could not go ahead with the PSI debt swap deal unit the reforms are guaranteed.
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Market Overview |
Written by ActionForex.com |
Feb 04 12 10:09 GMT
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Risk markets' pull back was rather shallow last week with help of solid global economic data and indeed, major equity indices finally resumed recent rise after much stronger than expected employment data from US. While DOW is still limited by an intraday high made last year at 12876, the close of 12862 on Friday was the strongest close since May 2008. UK FTSE 100 hit six month high of 5901 before closing near to this level while German DAX also closed at six month high of 6766. Commodity markets were mixed. Gold pared much of the week's gain on Friday while Crude oil regained some ground following stocks. CRB commodity index jumped to close the week on 314 level. In the currency markets, dollar was mixed as it was bounded in range against European majors, strengthened against yen but weakened against commodity currencies. Nonetheless, the trend in European commodity crosses was clear as EUR/AUD and GBP/AUD dived to new lows. After some indecisive price actions, we're now back to the mode of sell European, buy AUD and NZD on risk rallies.
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Market Overview |
Written by ActionForex.com |
Feb 03 12 14:08 GMT
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JPY: The greenback quickly jumped after the release of stronger-than-expected U.S. job data, both nonfarm payrolls number and unemployment rate exceeded analysts’ anticipation (NFP at 243K vs forecast of 150K and jobless rate at 8.3% vs market consensus of 8.5%), stops above 76.40-50 were triggered but more stops are reported at 76.70 and 76.90 with fresh offers likely to emerge around 77.10-20 and further out at 77.50-60. On the downside, bids are now noted at 76.20-30 and also 76.05-10 with stops remain below indicated option barrier at 76.00.
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Market Overview |
Written by ActionForex.com |
Feb 03 12 13:45 GMT
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Non-farm payroll report showed much larger than expected expansion in US job market by 243k in January, versus consensus of 150k. That's the beset number in nine months and even better than December's impressive 203k, revised up from 200k. Unemployment rate dropped again for the fifth straight month to 8.3%, lowest in three years. In spite of the strong data, dollar is mixed, staying in range against European majors, up against yen. The upcoming US session will be interesting in deciding whether risk rally would take off again, in particular in whether DOW could take out 12876 high decisively, and take commodity currencies higher with it.
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Market Overview |
Written by ActionForex.com |
Feb 03 12 06:50 GMT
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EUR: Despite rebounding from yesterday's low of 1.3085, the single currency ran into indicated offers from Asian CBs and sovereign names at 1.3180-90 and retreated again as traders avoid taking big positions ahead of U.S. NFP later today, so further choppy consolidation would take place ahead of U.S. opening. At the moment, offers from same parties are still noted at 1.3180-90 with some stops placed above 1.3200, followed by mixture of offers and stops located at 1.3230-40 with more stops building up above option barrier at 1.3250. On the downside, some bids are noted at 1.3110-15 and also 1.3085-90 with stops placed below 1.3080, 1.3050 and also below 1.3020 with bigger stops planted below 1.3000.
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