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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: Dollar Look For Support from Job Data after GDP Triggered Selloff Print E-mail
Market Overview | Written by ActionForex.com | Jul 30 16 14:43 GMT
Dollar ended the week broadly lower as the weakest major currency as Q2 GDP data could have closed the door for a rate hike in September. Canadian dollar followed as dragged down by weakness in crude oil where WTI extended recent fall to close at 41.38. Meanwhile, Japanese yen ended as the strongest major currencies after BoJ disappointed the markets and underdelivered. Aussie and Kiwi followed yen higher as markets pared back bets of an RBA rate cut. The markets will now enter into another important week with RBA and BoE meeting. Also, US will release ISM indices as well as the higher anticipated non-farm payroll report.
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Mid-Day Report: Dollar Dives on GDP, Yen Maintains Post BoJ Gains Print E-mail
Market Overview | Written by ActionForex.com | Jul 29 16 13:07 GMT
Dollar is under some selling pressure against Euro in early US session as GDP missed expectation. Q1 GDP showed 1.2% growth only versus expectation of 2.6%. The data could raise some doubts on whether Fed will hike interest rate this year. GDP price index rose 2.2%. Employment cost index rose 0.3% in Q2. From Canada, GDP dropped more than expected by -0.6% mom in May. IPPI rose 0.6% mom in June while RMPI rose 1.8% mom. Euro is mildly higher as CPI rose to 0.2% yoy in July versus expectation of 0.1%. Core CPI was unchanged at 0.9% yoy, inline with expectation. GDP rose 0.3% qoq in Q2, inline with expectation. Unemployment rate was unchanged 10.1% in June. Though, French GDP missed expectation and was flat qoq in Q2. Also from Europe, Swiss KOF leading indicator rose to 102.7 in July versus expectation of 101.6. UK mortgage approvals dropped to 65k in June, M4 money supply rose 1.1% mom.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Jul 29 16 11:51 GMT
EUR: The single currency has risen again in European morning, offers at 1.1100-05 were filled but sell orders are reported at 1.1120-25, 1.1150 and 1.1165, selling interest is tipped at 1.1180, 1.1200 and 1.1230, mixture of offers and stops is located at 1.1250. On the downside, bids are seen at 1.1085, 1.1050 (sizeable) and 1.1035, buy orders are expected at 1.1020, 1.1000 (sizeable) and 1.0980, buying interest should emerge around 1.0950, 1.0930 and 1.0900 (sizeable). Option expires today include:1.0950 (large), 1.0970, 1.1000 (near 2 bln), 1.1050 (over 1 bln) and 1.1200.
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Daily Report: Yen Jumps, Nikkei Falls and BoJ Disappoints Print E-mail
Market Overview | Written by ActionForex.com | Jul 29 16 04:19 GMT
Yen surges after markets are disappointed by BoJ's announcement. The key interest rate was held unchanged at -0.1% while there were speculations that it could be pushed further negative to -0.3%. Meanwhile, BOJ did announce addition easing measures to boost the economy. The central bank will by JPY 6T of ETFs, up from JPY 3.3T. But the total size of asset purchase will stay at JPY 80T a year. The expansion of ETF purchase was approved by 7-2 vote. Nikkei responses by falling sharply and is losing -300 pts at the time of writing. Elsewhere in currency markets, some strengthen is seen in Aussie in spite of risk aversion. That could be due to speculation that RBA would follow BoJ and stand pat next week.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Jul 28 16 16:52 GMT
EUR: The single currency maintained a firm undertone after staging a strong rise but sell orders are reported at 1.1125-30, 1.1150 and 1.1165, selling interest is tipped at 1.1180, 1.1200 and 1.1230, mixture of offers and stops is located at 1.1250. On the downside, bids are noted at 1.1080, 1.1050 and 1.1035, buy orders are expected at 1.1020, 1.1000 and 1.0980, buying interest should emerge around 1.0950, 1.0930 and 1.0900 (sizeable), fresh demand is seen at 1.0880, 1.0850 and 1.0800-10 (stops below).
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Mid-Day Report: Dollar Soft, Yen Firm as Focus Turns to BoJ Print E-mail
Market Overview | Written by ActionForex.com | Jul 28 16 12:43 GMT
Dollar maintains post FOMC losses and stay soft in general. Canadian dollar, on the other hand, is even weak as crude oil struggles to find buying for rebound. Meanwhile, Yen is generally firm as focus now turns to BOJ announcement in the upcoming Asian session. We expect the central bank to cut the rate of interest on excess reserves (IOER) to -0.3% from the current -0.1%.and increase purchases of ETFs and J-REITs from the current 3 trillion yen and 9 billion yen, respectively. The pace of JGB purchases would likely stay unchanged at 80 trillion yen per year. Policymakers might revise lower slightly their inflation expectations outlook for the next fiscal year. Prime Minister Shinzo Abe announced yesterday a economic stimulus plan worth of 28 trillion yen, including 13 trillion yen of fiscal measures. Media source suggests that the package would be compiled next week but no information on the size of new spending has been unveiled. The announcement, made ahead of the BOJ meeting, likely aims at pressuring the BOJ to add more stimulus measures. However, we still believe no helicopter money plan would be announced, at least for now.
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Daily Report: Dollar Weakens on Lack of Hint on September Fed Hike Print E-mail
Market Overview | Written by ActionForex.com | Jul 28 16 03:33 GMT
Dollar weakened broadly after Fed left policies unchanged overnight as markets are dissatisfied with the lack of direct hint on a September rate hike. The dollar index is now trading at around 96.6 comparing to yesterday's spike high of 97.53. EUR/USD's break of 1.1059 minor resistance suggests that recent consolidation from 1.0911 is going to extend with another rise. Meanwhile, USD/CHF also lost moment momentum ahead of key near term resistance at 0.9955 and the pair could be topping in near term. Elsewhere, gold jumps on dollar weakness and is back pressing 1340 after dipping to 1310.7 last week. Crude oil stays soft at 42 and recent decline is still in progress for 40 handle. US stock indices ended nearly flat while Asian equities are trading soft with Nikkei losing -0.7% at the time of writing.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Jul 27 16 14:31 GMT
EUR: The single currency traded narrowly today and further sideways trading is in store, offers are still noted at 1.1020-30, 1.1050 and 1.1075-80, sell orders are reported at 1.1100, 1.1125-30 and 1.1150, selling interest is tipped at 1.1180 and 1.1200. On the downside, bids are seen at 1.0980, 1.0950 (stops below) and 1.0930, buy orders are expected at 1.0900 (sizeable) and 1.0880, buying interest should emerge around 1.0850 and 1.0800-10 (stops below).
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Mid-Day Report: Dollar Mildly Higher as FOMC Awaited Print E-mail
Market Overview | Written by ActionForex.com | Jul 27 16 13:01 GMT
Dollar is mildly higher today as markets await FOMC meeting. It is widely anticipated that no change in the monetary policy would be announced. Indeed, the market has priced in only 3.6% chance of rate hike at the meeting. Fed will stay non-committal to the timing of next hike and keep the door open for a move in September. There will be no post meeting press conference and details could only be found in the minutes to be released on August 17. Fed may also wait until the Jackson Hole meetings in August for more indications about a September hike. Though, the FOMC statement may include an upgrade on the assessment of the economy and express more confidence over the employment situation.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Jul 27 16 10:12 GMT
EUR: The single currency recovered after yesterday's retreat from 1.1030, however, offers are still noted at 1.1020-30, 1.1050 and 1.1075-80, sell orders are reported at 1.1100, 1.1125-30 and 1.1150, selling interest is tipped at 1.1180 and 1.1200. On the downside, bids are seen at 1.0980, 1.0950 (stops below) and 1.0930, buy orders are expected at 1.0900 (sizeable) and 1.0880, buying interest should emerge around 1.0850 and 1.0800-10 (stops below).
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Daily Report: Aussie Volatile after CPI, Yen Reverses Print E-mail
Market Overview | Written by ActionForex.com | Jul 27 16 03:37 GMT
Australian dollar spikes higher after Q2 inflation data but reverses quickly. Headline CPI rose 0.4% qoq, 1.1% yoy versus expectation of 0.4% qoq, 1.1% yoy and Q1's -0.2% qoq, 1.3% yoy. RBA trimmed mean CPI rose 0.5% qoq, 1.7% yoy versus expectation of 0.4% qoq, 1.5% yoy and Q1's 0.2% qoq, 1.7% yoy. RBA weighted median CPI rose 0.4% qoq, 1.3% yoy versus expectation of 0.4% qoq, 1.3% yoy and Q1's 0.1% qoq, 1.3% yoy. Today's inflation data is seen as crucial to RBA's decision on another rate cut in August. The markets are paring some bets for a cut as the set of inflation data wasn't bad enough to solidify the case. Pricing as seen in futures markets for a 25bps cut in August is down from around 55% chance to 49% chance. But inflation still stayed low and was possibly not strong enough to convince all board members to stand pat. Overall, the August RBA meeting is still live.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Jul 26 16 15:32 GMT
EUR: The single currency has retreated after intra-day rise to 1.1030, indicated offers are still noted at 1.1030, 1.1050 and 1.1075-80, selling interest is tipped at 1.1100, 1.1125-30 and 1.1150, sellers are awaiting at 1.1180 and 1.1200. On the downside, bids remain at 1.0980-85, 1.0950 and 1.0930, buy orders are expected at 1.0900 (sizeable) and 1.0880, buying interest should emerge around 1.0850 and 1.0800-10 (stops below).
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Mid-Day Report: Yen Stays Strong with Aussie and Kiwi Print E-mail
Market Overview | Written by ActionForex.com | Jul 26 16 13:30 GMT
Yen stays as the strongest major currency today as markets are readjusting their expectations on BoJ easing later this week. Aussie and Kiwi follow higher but Canadian dollar lags behind as WTI oil tumbles to as low as 42.36. Swiss Franc and Canadian dollar are the two weakest major currencies this week so far. Dollar on the other hand is mixed as markets are awaiting FOMC rate decision tomorrow. In other markets, Gold recovers mildly but stays in tight range around 1320. Major European indices are trading higher with FTSE and DAX up over 0.3%. US futures are pointing to mixed open. Released from US, S&P Case-Shiller 20 cities house price rose 5.2% yoy in May.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Jul 26 16 10:34 GMT
EUR: The single currency rebounded again today, offers at 1.1000 and 1.1025 were filled but sell orders are still noted at 1.1030, 1.1050 and 1.1075-80, selling interest is tipped at 1.1100, 1.1125-30 and 1.1150, sellers are awaiting at 1.1180 and 1.1200. On the downside, bids are raised to 1.0980-85, 1.0950 and 1.0930, buy orders are expected at 1.0900 (sizeable) and 1.0880, buying interest should emerge around 1.0850 and 1.0800-10 (stops below).
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Daily Report: Yen Surges, Nikkei Dips on Dimmer Stimulus Hope Print E-mail
Market Overview | Written by ActionForex.com | Jul 26 16 05:12 GMT
Nikkei dips while yen surges in Asian session on reports that prime minister Shinzo Abe would announce a less bold than expected stimulus package. USD/JPY is trading at around 104.4 at the time of writing, comparing to this week's high of 106.7. Meanwhile, Nikkei is down -1.5% at the time of writing. Nikkei business daily reported that the government will inject JPY 6T in direct spending with the stimulus package. That was double of the original expectation. However, the spreading will be spread over a few years. That suggested that a much lower initial impact to the economy. Indirectly, the news suggested that BoJ might announce a less than expected easing later in the week, or even stand pat. Released from Japan, corporate service price index rose 0.2% yoy in June.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Jul 25 16 14:36 GMT
EUR: The single currency found support at 1.0952 and rebounded, however, offers are still noted at 1.1000, 1.1025-30 and 1.1050, selling interest is tipped at 1.1080, 1.1100 and 1.1125-30, sellers are awaiting at 1.1150, 1.1180 and 1.1200. On the downside, bids are seen at 1.0950-60, 1.0930 and 1.0900 (sizeable with stops below), buy orders are expected at 1.0880, 1.0850 and 1.0800-10.
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Mid-Day Report: Euro Steady after German Ifo Beat Expectations Print E-mail
Market Overview | Written by ActionForex.com | Jul 25 16 11:47 GMT
The currency markets are generally steady today as markets wait for the heavy weight events later in the week. Euro is also stuck in range despite slightly better than expected confidence data. German Ifo business climate dropped to 108.3 in July, from 108.7 in June, but beat expectation of 107.5. Current assessment gauge rose to 114.7 versus expectation of 114.0. Expectation gauge dropped to 102.2 but also beat expectation of 101.2. Ifo president Clemens Fuest said that the drop "was due to less optimistic business expectations on the part of companies." However, "assessments of the current situation, by contrast, improved slightly". And, "the bottom line is the German economy proves resilient."
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Jul 25 16 10:54 GMT
EUR: The single currency rebounded after finding support at 1.0952, offers at 1.0980 were filled but sell orders are still noted at 1.1000, 1.1025-30 and 1.1050, selling interest is tipped at 1.1080, 1.1100 and 1.1125-30, sellers are awaiting at 1.1150, 1.1180 and 1.1200. On the downside, bids are now seen at 1.0950-60, 1.0930 and 1.0900 (sizeable with stops below), buy orders are expected at 1.0880, 1.0850 and 1.0800-10.
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Daily Report: Sentiments Supported by G20 Statement, Fed and BoJ to Headline the Week Print E-mail
Market Overview | Written by ActionForex.com | Jul 25 16 03:54 GMT
Asian markets open the week mildly higher following US and were supported mildly by G20 communique. Brexit was the major topic in the G20 meeting in China. The group noted in the post meeting statement that Brexit added to uncertainty in global economy where growth was already "weaker than desirable". But leaders emphasized that they are "positioned to proactively address the potential economic and financial consequences". And, "in light of recent developments, we reiterate our determination to use all policy tools – monetary, fiscal and structural – individually and collectively to achieve our goal of strong, sustainable, balanced and inclusive growth." G20 also noted other risks to global growth including geopolitical conflicts, terrorism and refugee flows.
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Weekly Review and Outlook: Dollar Ended Broadly Higher as Focus Turns to FOMC and BoJ Print E-mail
Market Overview | Written by ActionForex.com | Jul 23 16 14:06 GMT
Dollar ended the week broadly higher on reviving expectation that Fed is still on course for rate hike this year. The dollar index broke out of recent range and jumped to close at 97.46. The movement was supported by strength in US equities with DJIA and S&P 500 extending the record runs, even though with diminishing momentum. On the other hand, commodity currencies ended the week broadly lower. Aussie and Kiwi were pressured by expectation of rate cut by respective central banks in August. Canadian dollar was dragged down by WTI crude oil which closed below 45 handle at 44.26. Yen followed as the third weakest currency on speculations of policy easing by BoJ in spite of confusing media reports on the topic.
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