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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.



Dollar Pared Some Gains as Fed Continued Tapering, Sounded Cautious Print E-mail
Market Overview | Written by ActionForex.com | Jul 30 14 18:31 GMT
Dollar pares back some of the GDP inspired gains after FOMC announced to continue to taper the monthly asset purchases as widely expected. DOW once dived to as low as 16817.16 but recovered after the FOMC announcement and is trading near term flat around 16900 area. S&P 500 is indeed having mild gain at the time of writing. Fed continued that $10b per meeting reduction in monthly bond buying, to USD 25b. Interest rate was held near zero. The accompanying statement wasn't much changed from the prior one. Nonetheless, there were two main points to note. Firstly, Fed added that "a range of labor market indicators suggests that there remains significant underutilization of labor resources" even though "labor market conditions improved". Secondly, Fed "judges that the likelihood of inflation running persistently below 2 percent has diminished somewhat." The overall impression on the statement is that Fed is in no hurry to raise interest rates even though the bond buying program is on course to end in October.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Jul 30 14 14:41 GMT
EUR: The single currency dropped again on dollar's broad-based strength after solid US GDP data, bids at 1.3370-80 were filled but some buy orders are still noted at 1.3350, fresh demand should emerge around 1.3325 and further out at 1.3300-10. On the upside, offers are lowered to 1.3400-10 and 1.3435-40, more sell orders are located from 1.3450 all the way up to 1.3500, selling interest is tipped at 1.3520-30 and 1.3545-50.
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Mid-Day Report: Dollar Surges as on Strong Q2 GDP, FOMC Next Print E-mail
Market Overview | Written by ActionForex.com | Jul 30 14 13:13 GMT
Dollar's rally continues in early US session after release of much strong than expect GDP data. In Q2, GDP grew at 4.0% annualized rate, the highest level since Q3 of 2013, and beat consensus of 3.1%. The solid gain more than offset Q1's -2.1% contraction, upwardly revised from prior estimate of -2.9%. The economy grew at about 1% pace for the first half of 2013. The GDP report overshadowed the disappointing ADP employment report, which showed 218k growth in private sector jobs comparing to expectation of 241k. Released from Canada, IPPI dropped -0.1% mom in June while RMPI rose 1.1% mom.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Jul 30 14 09:50 GMT
EUR: The single currency has remained under pressure, bids and stops at 1.3400 barrier were tripped, however, buying interest is still seen at 1.3370-80 and 1.3350, fresh demand should emerge around 1.3325 and further out at 1.3300-10. On the upside, offers are lowered to 1.3420 and 1.3435-40, more sell orders are located from 1.3450 all the way up to 1.3500, selling interest is tipped at 1.3520-30 and 1.3545-50. Option expires today include: 1.3400, 1.3415, 1.3470 and 1.3500.
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Daily Report: Dollar Firm ahead of ADP, GDP and then FOMC Print E-mail
Market Overview | Written by ActionForex.com | Jul 30 14 04:00 GMT
Dollar stays firm and maintains yesterday gain as markets are waiting for some important events today, including employment data, GDP and FOMC. The dollar index breached 81.20 overnight and is hovering around that level for the moment. So far this week, Kiwi and Loonie are the weakest currencies followed by yen. Meanwhile, performance of Euro isn't that bad as it's the second strongest currency, as it's consolidating elsewhere. In other markets, US equities extended recent consolidations with DOW down -70.48 pts to close at 16912.11, losing 17000 handle again. That was accompanied by decline in 30 year yield which closed at 3.222, extending recent down trend. 10 year yield was stuck in range. Asian stocks, on the other hand, are generally higher with MSCI Asia Pacific Index extending six year high.
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Mid-Day Report: Dollar Extends Rally, Firm on Strong Consumer Confidence Print E-mail
Market Overview | Written by ActionForex.com | Jul 29 14 14:15 GMT
Dollar strengthens against other major currencies today and the rally accelerates after strong confidence data. Conference Board consumer confidence jumped to 90.9 in July versus expectation of 85.5. That's also the highest level since October 2007. S&P Case-Shiller 20 cities house price rose 9.3% yoy, missing expectation of 9.8% yoy but was ignored by markets. Dollar index surges to as high as 81.20 so far and is still on track to test 81.48 key resistance. Stocks also respond positively with DOW reclaiming 17000 handle. The greenback would possibly stay firm for the rest of the day but traders would likely remain cautious ahead of the key events of GDP and FOMC tomorrow.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Jul 29 14 14:05 GMT
JPY: Dollar also moved higher, offers and stops at 102.05 were tripped, however, more sell orders are tipped at 102.20-50 area (stops above latter level), selling interest should emerge around 102.80 and 103.00. On the downside, bids are raised to 101.95 and 101.75-85, more buy orders are located at 101.50-60 and from 101.30 down to 101.00 with stops building up below figure, more buy orders are tipped at 100.75 (stops below) and in good size at 100.50.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Jul 29 14 10:24 GMT
EUR: The single currency continued to trade narrowly and further sideways trading is in store, buy orders are still noted at 1.3415-20, mixture of bids and stops is located at 1.3400 barrier, more buying interest is expected at 1.3370-80 and 1.3350. On the upside, offers are lowered to 1.3450-70, 1.3475-85 and 1.3500, more sell orders are tipped at 1.3520-30 and 1.3545-50, fresh selling interest is tipped at 1.3555-80 area (stops above) and 1.3600-10. Option expires today include: 1.3400, 1.3450 (large), 1.3490 and 1.3500 (large).
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Daily Report: Quiet Consolidation Continues, Yen Steady as after Weak Data Print E-mail
Market Overview | Written by ActionForex.com | Jul 29 14 03:33 GMT
The markets remained rather dull so far this week. DOW ended 22.02 pts higher at 16892.59 after initial dip to 16877.72. Asian equities are mildly higher with Nikkei up 60 pts while HK HSI is up 50 pts at the time of writing. The dollar index continues to struggle in tight range around 81 handle as the forex markets are generally stuck in tight range. The markets could continue to stay in consolidative model today as traders would stay cautious ahead of the key events later this week, including US GDP, FOMC, NFP and ISM.
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Mid-Day Report: Consolidative Trading Continues in Quiet Day, Busy Week ahead Print E-mail
Market Overview | Written by ActionForex.com | Jul 28 14 14:03 GMT
The financial markets remained steady in a quiet day today. European indices fluctuated between gain and loss so far. Meanwhile, US stocks also opened nearly flat, struggling below 17000 handle at the time of writing. 30 year yield is stuck in in tight range near to last week's low of 3.239 while 10 year yield is hovering around 2.480. The dollar index is mildly lower today as the greenback pared back some of recent gains but it's staying firm around 81.0 handle for the moment. in the currency markets, all major pairs are struggling in tight range for the moment with New Zealand dollar staying the weakest, followed by the greenback. Aussie is the firmest one followed by Sterling. But overall, there is no meaningful moves so far.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Jul 28 14 13:48 GMT
EUR: The single currency remained confined to narrow range as traders await US data and upcoming key events this week, buy orders are still noted at 1.3415-20, mixture of bids and stops is located at 1.3400 barrier, more buying interest is expected at 1.3370-80 and 1.3350. On the upside, offers are lowered to 1.3450-70, 1.3475-85 and 1.3500, more sell orders are tipped at 1.3520-30 and 1.3545-50, fresh selling interest is tipped at 1.3555-80 area (stops above) and 1.3600-10.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Jul 28 14 08:39 GMT
EUR: The single currency continued to trade defensively on dollar's broad-based strength, stops below 1.3425 were tripped but buy orders are still noted at 1.3415-20, mixture of bids and stops is located at 1.3400 barrier, more buying interest is expected at 1.3370-80 and 1.3350. On the upside, offers are lowered to 1.3450-70, 1.3475-85 and 1.3500, more sell orders are tipped at 1.3520-30 and 1.3545-50, fresh selling interest is tipped at 1.3555-80 area (stops above) and 1.3600-10. Option expires today include: 1.3400 and 1.3475.
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Daily Report: Forex Markets Steady ahead of a Busy Week Print E-mail
Market Overview | Written by ActionForex.com | Jul 28 14 07:10 GMT
The forex markets opened the week rather steadily with some weakness seen in Aussie and Kiwi. Dollar pared back some of last week's gain but loss is limited so far. Rally in China shares lead Asian indices generally higher with Japan Nikkei up 71.53 pts or 0.46% and Hong Kong HSI up 267 pts or 1.1%. Gold struggled to take out 1310 handle and is struggling in tight range. Crude oil is also having some difficulty staying above 102 and is engaging in sideway trading. The economic calendar is rather light today with pending home sales from US featured only. Nonetheless, the week ahead is rather busy and full of market moving events.
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Weekly Review and Outlook: Dollar Soared Broadly, Look ahead to FOMC, GDP and NFP Print E-mail
Market Overview | Written by ActionForex.com | Jul 26 14 12:11 GMT
Dollar surged broadly last week with support from some solid economic data. Moreover, Euro was weighed down by geopolitical tensions in Ukraine and weak economic outlook. Sterling also weakened against the greenback as BoE minutes toned down the chance of rate hike. Nonetheless, Aussie ended the week as the strongest currency with boost from inflation data as well as Chinese manufacturing data. There was also some support for the Aussie as Kiwi dived as RBNZ signal pause in tightening after last week's rate hike. In other markets, S&P 500 surged to new record high of 1991.39 but pared back much gains on Friday. DOW tumbled sharply on Friday too to close below 17000 handle at 16960.57. 10 year and 30 year yields were stuck in range for most of the week but did end lower at 2.469 and 3.244 respectively.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Jul 25 14 14:28 GMT
EUR: The single currency extended recent fall to multi-month low below 1.3430, mixture of bids and stops at 1.3425 is now in focus, however, buy orders are still noted at 1.3400-10, more buying interest is expected at 1.3370-80 and 1.3350. On the upside, offers remain at 1.3475-85, 1.3500 and 1.3520-30, combination of offers and stops is located at 1.3545-50, fresh selling interest is tipped at 1.3555-80 area (stops above) and 1.3600-10.
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Mid-Day Report: Dollar Rises after Durable Orders Print E-mail
Market Overview | Written by ActionForex.com | Jul 25 14 12:58 GMT
Dollar rises against Euro in early US session after better than expected economic data. Headline durable goods orders rose 0.7% in June versus expectation of 0.4%. Ex-transport orders rose 0.8% versus expectation of 0.6%. The dollar index reaches as high as 81.01so far in early US and is testing 81.02 near term resistance. Technically, we'd maintain that 81.02/48 represents an important resistance zone for the index. Whether it could break through the zone would very much depends on whether EUR/USD could move away from 1.3476 key support decisively.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Jul 25 14 09:44 GMT
EUR: The single currency has fallen again today and offers are lowered to 1.3475-85, 1.3500 and 1.3520-30, mixture of offers and stops is located at 1.3545-50, fresh selling interest is tipped at 1.3555-80 area (stops above) and 1.3600-10. On the downside, bids remain at 1.3425-35 (stops below) and 1.3400-10, more buy orders are expected at 1.3370-80 and 1.3350. Option expires today include: 1.3400 (large), 1.3420, 1.3500 and 1.3510.
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Daily Report: Yen Soft as CPI Slowed, German Ifo & UK GDP Watched Print E-mail
Market Overview | Written by ActionForex.com | Jul 25 14 07:13 GMT
Japan Yen remains soft against other major currencies after release of inflation data today. The national CPI core slowed to 3.3% yoy in June as expected, down from May's 3.4% yoy. After adjustment for the April tax hike, CPI ore slowed to 1.3% yoy, down from prior month's 1.4% yoy. That's the second month of slow down from April's 1.5% yoy. BoJ governor Kuroda has repeatedly insisted that inflation was still on track to reach the 2% target and the setback was temporary. However, there were expectations that BoJ could be forced to ease policy further if inflation drop below 1% mark. Tokyo CPI core was unchanged at 2.8% yoy in July versus expectation of 2.7% yoy. Also released from Japan corporate services price index rose 3.6% yoy in June as expected.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Jul 24 14 14:20 GMT
EUR: The single currency bounced off low of 1.3438 in European session on better-than-expected PMI data, however, sell orders are reported at 1.3490-00 and 1.3520-30, mixture of offers and stops is located at 1.3545-50, fresh selling interest is tipped at 1.3555-80 area (stops above) and 1.3600-10. On the downside, bids remain at 1.3425-35 (stops below) and 1.3400-10, more buy orders are expected at 1.3370-80 and 1.3350.
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Mid-Day Report: Dollar Firm as Initial Claims Hit 8-Year Low, Euro Recovers on PMI Print E-mail
Market Overview | Written by ActionForex.com | Jul 24 14 13:04 GMT
Dollar recovers strongly against yen today on rally in risk markets as well as solid job data. Initial jobless claims dropped by 19k to 284k in the week ended July 19, hitting the lowest level in 8 years since February 2006. That's also much better than expectation of 310k. Continuing claims dropped by 8k to 2.5m in the week ended July 12, the lowest level since June 2007. USD/JPY is heading back to 101.79 resistance after the release. And, technically, break will be the first sign of near term reversal which would set up a test on 102.26 resistance. Overall, it's looking rather likely that the pair has defended the key support level around 100 again.
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