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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.



Mid-Day Report: Dollar Recovery Lost Momentum after Disappointing ADP and ISM Print E-mail
Market Overview | Written by ActionForex.com | Apr 01 15 15:00 GMT
Dollar's recovery this week is starting to lose some momentum after some disappointing economic data. ADP report showed 189k job growth in the private sector in March, below expectation of 225k. Prior month's figure was revised slightly higher by 2k to 214k. ISM manufacturing index dropped to 51.5 in March versus expectation of 52.5, and hit a 22 month low. The employment component dropped to 50.0, hitting the lowest level since 2013. The greenback is seen mildly weaker against yen and Canadian. But it's generally in range elsewhere. The main focus will remain on the non-farm payroll report to be released later on Friday.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Apr 01 15 14:45 GMT
EUR: Although the single currency rebounded again and offers at 1.0785 were filled but sell orders are still seen at 1.0800 and 1.0820, more sellers are reported at 1.0840 and 1.0870, selling interest should emerge around 1.0900 and further out at 1.0950. On the downside, bids are noted at 1.0700-10, 1.0685 and 1.0665, more buy orders are expected at 1.0650 (stops below) and 1.0630, mixture of bids and stops is located at 1.0600.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Apr 01 15 09:14 GMT
EUR: Despite intra-day rebound to 1.0792, the single currency has slipped again in European morning, offers are lowered to 1.0785, 1.0800 and 1.0820, more sell orders are reported at 1.0840 and 1.0870, selling interest should emerge around 1.0900 and further out at 1.0950. On the downside, bids at 1.0730 were filled but buy orders are still seen at 1.0700, 1.0685 and 1.0665, more buy orders are expected at 1.0650 (stops below) and 1.0630, mixture of bids and stops is located at 1.0600. Option expires today include: 1.0700, 1.0750 and 1.0800 (over 2 bln).
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Daily Report: Nikkei Tumbles, Yen Recovers after Soft Tankan Print E-mail
Market Overview | Written by ActionForex.com | Apr 01 15 03:47 GMT
The Japanese Nikkei tumbles for another day while yen recovers against dollar after a relatively soft Tankan report. Nikkei breached 19000 handle today to as low as 18928 so far and is down nearly -0.9% at the time of writing. That compares to 19746 high made just last week. The tankan large manufacturing index was unchanged at 12 in Q1 versus expectation of rise to 14. Medium and small manufacturing indices dropped from 7 to 4 and from 4 to 1 respectively. Non-manufacturing indices rose from 17 to 19 (large), 10 to 14 (medium) and 1 to 3 (small). All industry indices rose from 4 to 16 (large), 9 to 10 (medium) while small dropped from 3 to 2. Meanwhile one important detail to look at is that all industry capex spending dropped -1.2% versus expectation of 0.5%. That compared to Q4's strong reading of 8.9%. Also released from Japan, manufacturing PMI was finalized at 50.3 in March.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Mar 31 15 15:15 GMT
EUR: The single currency has remained under pressure on dollar's broad-based strength in part due to solid US data, bids at 1.0730 were filled, however, buy orders are still noted at 1.0700 (stops below), more buying interest is tipped at 1.0660-70 and 1.0630-40, fresh demand should emerge around 1.0610-15 with more stops placed below 1.0600 and 1.0580. On the upside, offers are seen at 1.0775-80, 1.0800 and 1.0820, more sell orders are expected at 1.0845-55, 1.0880-85 and 1.0900, selling interest is reported at 1.0950-60 and 1.0990-00.
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Mid-Day Report: Euro Sets to Have Record Worst Quarter Print E-mail
Market Overview | Written by ActionForex.com | Mar 31 15 13:21 GMT
Euro weakens against most major currencies today in spite of some improving economic data. Indeed, the common currency in heading for the worst quarter on record since its launch in 1999 as was driven down by ECB's quantitative easing. In addition, there were still much uncertainty over how the Greece situation would eventually play out. From Eurozone, CPI climbed back to -0.1% yoy in March versus expectation of -0.4% yoy. Core CPI dropped to -0.1% yoy but was better than expectation of -0.2% yoy. Eurozone unemployment rate rose to 11.3% in February versus expectation of 11.2%. Germany unemployment dropped -15k in march versus expectation of -10k. Unemployment rate dropped to 6.4%, hitting a record low. Italian unemployment rate rose to 12.7% in February versus expectation of 12.5%.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Mar 31 15 09:06 GMT
EUR: The single currency dropped again today and bids at 1.0800, 1.0770-80 together with stops below 1.0760-65 were tripped, however, buy orders are still noted at 1.0730 and 1.0700 (stops below), more buying interest is tipped at 1.0660-70 and 1.0630-40, fresh demand should emerge around 1.0610-15 with more stops placed below 1.0600 and 1.0580. On the upside, offers are lowered to 1.0770-80, 1.0800 and 1.0820, more sell orders are expected at 1.0845-55, 1.0880-85 and 1.0900, selling interest is reported at 1.0950-60 and 1.0990-00. Option expires today include: 1.0550, 1.0580, 1.0600, 1.0650, 1.0700 and 1.0730.
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Daily Report: Aussie Tumbled on RBA Speculations Print E-mail
Market Overview | Written by ActionForex.com | Mar 31 15 04:12 GMT
Aussie remains the weakest major currency this week and would probably end the month as the second weakest just after Sterling. There are growing speculations that RBA would pull ahead the rate cut and lower interest rate to new record low of 2.00% next week. Depending the data, markets are pricing in 65-80% chance of such a rate cut, which compared to around 40% chance just two weeks ago. It's believed recent fresh selloff in commodity prices, in particular iron ore, is a trigger in the move. Tumbling commodity prices could force RBA to provide additional stimulus to interest rate sensitive sectors to speed up the rebalancing of the economy. EUR/AUD took out a minor resistance of 1.4136, which is seen as a sign of near term reversal. AUD/USD is also heading back for a test on 0.7559 support.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Mar 30 15 13:29 GMT
JPY: Dollar surged today and offers at 119.90-00 were filled but sell orders are still seen at 120.20-25 and 120.50, selling interest is tipped further out at 120.80, 121.00 and 121.20 (stops above). On the downside, bids are raised to 119.70, 119.50 and 119.30, more buy orders are reported at and 119.00 (stops below 118.90), 118.70 and 118.50, fresh demand is expected at 118.30 and 118.00 (stops below).
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Mid-Day Report: Dollar Broadly Higher as Important Week Starts Print E-mail
Market Overview | Written by ActionForex.com | Mar 30 15 13:27 GMT
Dollar strengthens broadly as markets are preparing for a busy yet holiday shortened week. The dollar index is back above 98 handle. Economic data from US isn't too inspirational, nonetheless dollar stays firm after the releases. More important data will be released later in the week including ISM and NFP. Aussie is so far the weakest one on speculation that RBA could pull ahead another rate cut in April, instead of May. In other markets, gold is feeling some fresh selling pressure below 1200 and is now pressing 1180 handle. Crude oil breached 48 handle on initial dip but recovered. European equities indices are generally higher at the time of writing while US futures point to a strong rebound. US personal income rose 0.4% in February versus expectation of 0.3%. Spending rose 0.1% versus expectation of 0.2%. Headline PCE rose to 0.3% yoy while PCE core also rose to 1.4 yoy. From Canada IPPI rose 1.8% mom in February while RMPI rose 6.1% yoy.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Mar 30 15 09:59 GMT
EUR: The single currency ran into renewed selling interest at 1.0949 and has retreated again, bids at 1.0850 were filled but buy orders are still noted at 1.0800-10 and 1.0770-80 (stops below 1.0760-65), buying interest should emerge further out around 1.0730 and 1.0700. On the upside, offers are lowered to 1.0880-85, 1.0900 and 1.0950-60, more sell orders are reported at 1.0990-00, selling interest is tipped further out at 1.1020 and in good size at 1.1045-55. Option expires today include: 1.0700, (close to 2 bln), 1.0710, 1.0750, 1.0800, 1.0850, 1.0885, 1.0900, 1.0950 (large) and 1.1000 (large).
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Daily Report: Markets Steady ahead of Busy Week Print E-mail
Market Overview | Written by ActionForex.com | Mar 30 15 02:28 GMT
Asian markets open mildly firmer as Nikkei is trading 50 up at the time of writing while HK HSI is up more than 1%. The forex markets are steady ahead of a event packed and holiday shortened weak. The major focus is the bunch of key data from US including PCE, ISMs and NFP. Fed chair Janet Yellen delivered rather cautious messages regarding rate hikes last Friday. She noted the an initial hike from the current near zero level would happen "sometime this year". But she would "expect the level of the federal funds rate to be normalized only gradually, reflecting the gradual diminution of headwinds from the financial crisis and the balance of risks I have enumerated of moving either too slowly or too quickly." And Fed could pause if "readings of wage growth, core consumer prices, and other indicators of underlying inflation pressures were to weaken" or "market-based measures of inflation compensation were to fall appreciably further", or "survey-based measures were to begin to decline noticeably".
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Weekly Review and Outlook: Markets Directionless as Focus Turns to US Employment Data Print E-mail
Market Overview | Written by ActionForex.com | Mar 28 15 12:47 GMT
The Japanese yen and Swiss were the biggest winner last week as markets were hit by risk aversion. DJIA suffered big weekly loss of -415 pts or -2.3% to close at 17712.66. S&P 500 also dropped -47 pts, or -2.2% to close at 2061.02. Canadian dollar originally followed closely as lifted by rebound in crude oil. WTI rebounded to as high as 52.48 but lost steam afterwards to close at 48.43. Canadian dollar followed and turned negative against dollar, euro and yen. Markets were rather mixed elsewhere. Dollar was soft for most of the week but recovered towards the end and closed higher against Sterling, Aussie and Loonie. It was, overall, a relatively direction less week, except for weakness in stocks. But the consolidative actions could ended in this event-packed, holiday-shortened week ahead.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Mar 27 15 14:13 GMT
EUR: The single currency has rebounded after intra-day fall to 1.0801 in part due to the release of weaker-than-expected US GDP data, offers at 1.0850-60 and 1.0890 were filled, mixture of offers and stops at 1.0900 is in focus, more sell orders are reported at 1.0950-60 and 1.0990-00, selling interest is tipped further out at 1.1020 and in good size at 1.1045-55. On the downside, bids are now seen at 1.0850 and 1.0800-10, buy orders are noted at 1.0770-80 (stops below 1.0760-65), buying interest should emerge further out at 1.0730 and 1.0700.
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Mid-Day Report: Dollar Set to End the Week Lower Print E-mail
Market Overview | Written by ActionForex.com | Mar 27 15 13:22 GMT
While the greenback recovered mildly, it's still set to end the week as one of the weakest major currency, just next to Sterling. Economic data released US would likely trigger little reactions. Q4 GDP was finalized at 2.2%, unrevised and below expectation of 2.4%. GDP price index was finalized at 0.1%, unrevised. Dollar would probably need strong non-farm payroll data next to break out from recent consolidations. Elsewhere, US equities would likely open mildly lower as futures indicate. Gold is hovering around 1200 for the moment. Crude oil pared back some of this week's gain but stays firm above 50 so far.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Mar 27 15 09:41 GMT
EUR: The single currency slipped again after yesterday's strong retreat, bids at 1.0900-05, 1.0890, 1.0875-80 and 1.0850 were filled, however, buy orders are still noted at 1.0800 and 1.0770-80 (stops below 1.0760-65), buying interest should emerge further out at 1.0730 and 1.0700. On the upside, offers are now noted at 1.0850-60 and 1.0890-00, more sell orders are reported at 1.0950-60 and 1.0990-00, selling interest is tipped further out at 1.1020 and in good size at 1.1045-55. Option expires today include: 1.0750, 1.0850, 1.0875 (large), 1.0900 (large), 1.0925, 1.0965, 1.1000 (over 3 bln) and 1.1040.
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Daily Report: Yen Retreated as Stocks Pared Losses Print E-mail
Market Overview | Written by ActionForex.com | Mar 27 15 02:56 GMT
The Japanese yen was lifted by risk aversion yesterday and is set to be the strongest major currencies this week together with the Swiss Franc. Yen retreated mildly following late as US stocks pared back some losses later in the session. But the Japanese currency stays generally firm. DJIA closed -40.31 pts, or -0.23%, at 17678.23 while S&P 500 closed down -4.9 pts, or -0.24%, at 2056.15. In particular, note that DJIA breached 17620.49 support. Focus will be on 2039.69 support in S&P 500 and break there could open up more broad based selloff in equities. In Asia, Nikkei reversed earlier losses and is trading up 80 pts at the time of writing. Elsewhere in Asia are mixed.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Mar 26 15 15:06 GMT
JPY: Dollar rebounded quite strongly after falling to 118.33 earlier today, offers at 118.70, 118.95-05 and 119.20-25 were filled but more sell orders are reported at 119.50-60, 119.75-85 and 120.00 (stops above), selling interest should emerge around 120.20-25, 120.50 and 120.80. On the downside, bids are now seen at 118.95-00, 118.70 and 118.45-50, buy orders are expected at 118.30 and 118.00 (stops below), more buying interest is tipped at 117.70-75 and 117.50.
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Mid-Day Report: CAD and JPY Lifted by Risk Aversion Print E-mail
Market Overview | Written by ActionForex.com | Mar 26 15 13:59 GMT
Canadian dollar strengthens broadly today, riding on the rebound in crude oil, which is now back above 50 handle, as Saudi Arabia and its Gulf Arab allies began a military operation in Yemen. The Japanese yen follows closely on risk aversion. Major European indices are trading in red with FTSE, DAX and CAC down more than -1.2%. US stocks also open the day lower with DJIA breaching a near term support level at 17620. The focus for the US session would be on whether selling in stocks would intensify and trigger some volatility in the forex markets.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Mar 26 15 12:14 GMT
EUR: The single currency has surged again today and offers at 1.1025-30 and 1.1045-50 were filled but sell orders are reported at 1.1090-00 and further out at 1.1120-30, selling interest is tipped at 1.1150 and 1.1180. On the downside, bids are raised to 1.1000-05, 1.0965-75 and 1.0950 (stops below 1.0940-45), more buy orders are expected at 1.0900-05 and 1.0890 (stops below), more buying interest seen at 1.0875-80 and 1.0850. Option expires today include: 1.0820, 1.0850 (large), 1.0900 (large), 1.1025, 1.1040 and 1.1050.
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