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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 | Feb 24 17 14:13 GMT
EUR: The single currency has continued moving higher, however, sell orders are still noted at 1.0620 and 1.0650, selling interest is tipped at 1.0680 and 1.0700-10. On the downside, bids are seen at 1.0565-70, 1.0550 and 1.0530, buy orders are expected at 1.0500 and 1.0480-85, buyers are awaiting at 1.0450 and 1.0430, buying interest should emerge around 1.0400 and 1.0370.
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Mid-Day Report: CAD Surges on Strong Inflation Reading Print E-mail
Market Overview | Written by ActionForex.com | Feb 24 17 13:37 GMT
Canadian dollar surges in early US session after stronger than expected inflation data. Headline CPI jumped 0.9% mom and 2.1% yoy in January. That's way above expectation of 0.3% mom, 1.6% yoy. Meanwhile, BoC CPI core also rose 0.5% mom and pushed the annual rate higher to 1.7% yoy. The Loonie was mildly troubled by WTI crude oil's breakout failure. But much support is seen from the inflation reading. Released earlier today, UK BBA mortgage approvals rose to 44.7k in January.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Feb 24 17 11:26 GMT
EUR: The single currency has edged higher again today, offers at 1.0580 and 1.0600 were filled but sell orders are still noted at 1.0620 and 1.0650, selling interest is tipped at 1.0680 and 1.0700-10. On the downside, bids are seen at 1.0570, 1.0550 and 1.0530, buy orders are expected at 1.0500 and 1.0480-85, buyers are awaiting at 1.0450 and 1.0430, buying interest should emerge around 1.0400 and 1.0370.
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Daily Report: Euro Recovers Mildly in Directionless Markets Print E-mail
Market Overview | Written by ActionForex.com | Feb 24 17 07:28 GMT
Euro recovers mildly today but remains the second weakest major currency for the week, next to Swiss Franc. Dollar, on the other hand, lost momentum again. Dollar index was repelled from 101.96 resistance and is back below 101 handle. Overall, the financial markets are losing their directions. DJIA closed at another record high overnight, up 34.72 pts or 0.17%, at 20810.32. S&P 500 jumped to new high at 2368.26 but pared gains to close at 2363.81, just up 0.99 pts, or 0.04%. NASDAQ dropped for the second straight days and closed down -25.12 pts, or 0.43%. Treasury yields closed lower as recent sideway consolidation extends. Gold, however, extended recent rise to as high as 1254.8 so far today. WTI failed to break out from recent range and gyrates lower to 54.24.
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Mid-Day Report: Dollar Drifts Lower after Treasury Mnuchin's Comments Print E-mail
Market Overview | Written by ActionForex.com | Feb 23 17 14:05 GMT
Dollar drifts lower in early US session after comments from US treasury secretary Steve Mnuchin. Regarding the long awaited "phenomenal" tax overhaul, Mnuchin just said that the administration is "primarily focused on a middle income tax cut and a simplification for business." He also reiterated that "any tax cuts for the wealthy getting canceled out with closed loopholes." Mnuchin is aiming to pass the reform before Congress' recess in August. However, some analysts doubt the possibility of this due to the complex agenda of Congress. Regarding the economy, he noted that Trump's administration is aiming for "sustainable growth of 3% or more". And the he's exploring 50- and 100-year debt with "very slight premium".
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Feb 23 17 14:00 GMT
EUR: The single currency has rebounded again in NY morning, however, offers are still noted at 1.0580, 1.0600 and 1.0620, selling interest is tipped at 1.0635 and 1.0650. On the downside, bids are seen at 1.0530, 1.0500 and 1.0480-85, buy orders are expected at 1.0450 and 1.0430, buying interest should emerge around 1.0400 and 1.0370.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Feb 23 17 10:34 GMT
EUR: The single currency rebounded after falling to 1.0493 yesterday, however, offers are still noted at 1.0580, 1.0600 and 1.0620, selling interest is tipped at 1.0635 and 1.0650. On the downside, bids are seen at 1.0530, 1.0500 and 1.0480-85, buy orders are expected at 1.0450 and 1.0430, buying interest should emerge around 1.0400 and 1.0370.
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Daily Report: Dollar Shrugged Off Hawkish FOMC Minutes Print E-mail
Market Overview | Written by ActionForex.com | Feb 23 17 07:03 GMT
Dollar was unmoved by the hawkish FOMC minutes released overnight and struggles to extend gain. EUR/USD's break of 1.0520 minor support yesterday is seen as a sign of decline resumption. However, GBP/USD, USD/JPY, USD/CAD and AUD/USD are all held in established range. Similarly, the dollar index lost momentum ahead of near term resistance level at 101.76. The move in EUR/USD was more due to weakness in the common currency in general, due to political uncertainties. In other markets, DJIA closed at new record high at 20775.60, up 0.16%. But S&P 500 and NASDAQ closed slightly down by -0.11% and -0.09% respectively. 10 year yield continue to gyrate in sideway consolidation pattern and closed down -0.009 at 2.418. Gold and oil are both staying in tight range.
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Mid-Day Report: Dollar Higher Against Euro, Lower Vs Yen, FOMC Minutes Next Print E-mail
Market Overview | Written by ActionForex.com | Feb 22 17 14:08 GMT
Dollar strengthens against European majors and Canadian Dollar today. But the greenback weakens against commodity currencies and Yen. Focus is turning to FOMC minutes. The minutes could reveal that FOMC members are more comfortable on the path of growth and inflation. But there's probably nothing new other than that. In particular, some FOMC members have openly noted that fiscal policies, due to the lack of details, were not taken into account in their decisions and projections. We'd view the March FOMC meeting, with new economic projections, as a much more important one. Released in US session, Canada retail sales dropped -0.5% mom in December. Ex-auto sales dropped -0.3% mom.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Feb 22 17 13:51 GMT
EUR: The single currency remained under pressure, however, buy orders are reported at 1.0480-85, 1.0450 and 1.0430, buying interest is tipped at 1.0400 and 1.0370. On the upside, offers are seen at 1.0520, 1.0550 and 1.0580, sell orders are expected at 1.0600 and 1.0620, selling interest should emerge around 1.0635 and 1.0650.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Feb 22 17 10:20 GMT
EUR: The single currency has dropped again today, bids at 1.0520 and 1.0500 were filled but buy orders are reported at 1.0480-85, 1.0450 and 1.0430, buying interest is tipped at 1.0400 and 1.0370. On the upside, offers are now seen at 1.0520, 1.0550 and 1.0580, sell orders are expected at 1.0600 and 1.0620, selling interest should emerge around 1.0635 and 1.0650. Option expires today include: 1.0500 and 1.0600.
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Daily Report: Stocks Hit New Records, Dollar Limited by Yields Again Print E-mail
Market Overview | Written by ActionForex.com | Feb 22 17 04:15 GMT
US indices closed at new record highs again as led by defense and energy sectors. In particular, WTI crude oil surged to as high as 54.68 and is showing sign of range breakout. That helped lift DJIA up 118.95 or 0.58% to close at 20743.00. S&P 500 gained 14.22 pts or 0.60% to close at 2365.38. NASDAQ also rose 27.37 pts or 0.47% to close at 5865.95. Dollar index was lifted by hawkish comments from Fed officials and reached as high as 101.60. However, the index lost momentum ahead of 101.76 near term resistance.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Feb 21 17 14:42 GMT
EUR: The single currency extended intra-day decline through out European session, however, bids are still noted at 1.0520, 1.0500 and 1.0480-85, buying interest is tipped at 1.0450, 1.0430 and 1.0400. On the upside, offers are lowered to 1.0570 and 1.0590-00, selling interest should emerge around 1.0620 and 1.0635, sell orders are expected at 1.0650, 1.0680 and 1.0700-05.
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Mid-Day Report: Dollar Surges Broadly as Hawkish Fedspeaks Finally Having an Effect Print E-mail
Market Overview | Written by ActionForex.com | Feb 21 17 14:28 GMT
Dollar surges broadly today as US markets are back from holiday. There is finally some support from hawkish Fedspeaks. Philadelphia Fed president Patrick Harker is quoted today saying that he would "not take March off the table" for rate hike. He maintained that three hikes this year is "appropriate" depending on developments. Cleveland Fed president Loretta Mester said the trend in inflation is "moving up". And, she's "comfortable" that inflation is moving towards Fed's target. And, it the economy keep on with the currency way, she's "comfortable" for a rate hike at this point. Technically, EUR/USD is heading back to 1.0520 temporary low and break would drag the pair lower. That would correspond to 101.60 resistance in dollar index.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Feb 21 17 10:49 GMT
EUR: The single currency has dropped again today, bids at 1.0565 and 1.0550 were filled but buy orders are still noted at 1.0520, 1.0500 and 1.0480-85, buying interest is tipped at 1.0450, 1.0430 and 1.0400. On the upside, offers are lowered to 1.0590-00, 1.0620 and 1.0635, sell orders are expected at 1.0650, 1.0680 and 1.0700-05.
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Daily Report: Aussie Range Round Despite Upbeat RBA Minutes Print E-mail
Market Overview | Written by ActionForex.com | Feb 21 17 04:57 GMT
Aussie stays in right range against the greenback despite the relatively update RBA minutes. The minutes showed that the central bank expected recovery in the global economy to list resources exports. And, "the higher terms of trade represented a boost to national income, which provided some upside risks to the domestic forecasts." 2017 is forecast to be a good year with 3% GDP growth, "above estimates of potential growth over the rest of the forecast period." Outside of mining, RBA expected that the rise in building approvals over the last year suggested that "non-residential building construction would contribute to GDP growth towards the latter part of the forecast period." In addition, RBA also predicted that "recent pick-up in global inflationary pressures could flow through to domestic inflation by more than expected". Meanwhile, RBA sounded more confident that "Chinese growth would remain resilient in 2017." But it also warned that "China continued to be one of the main sources of uncertainty for the Australian economy."
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Feb 20 17 14:26 GMT
EUR: The single currency traded narrowly, bids are still noted at 1.0600, 1.0585 and 1.0550, buy orders are reported at 1.0520 and 1.0500, buying interest is tipped at 1.0480-85 and 1.0450. On the upside, offers are seen at 1.0635, 1.0650 and 1.0680, sell orders are expected at 1.0700-05, 1.0730 and 1.0750.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Feb 20 17 10:59 GMT
EUR: The single currency recovered after holding above 1.0600 level, bids are still noted at 1.0600, 1.0585 and 1.0550, buy orders are reported at 1.0520 and 1.0500, buying interest is tipped at 1.0480-85 and 1.0450. On the upside, offers are seen at 1.0635, 1.0650 and 1.0680, sell orders are expected at 1.0700-05, 1.0730 and 1.0750.
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Daily Report: Forex Markets Tread Water With Focus on FOMC Minutes and Trump Print E-mail
Market Overview | Written by ActionForex.com | Feb 20 17 05:29 GMT
The forex markets are generally staying in range as another week starts. FOMC minutes will be the main focus of the week. Recent comments from Fed officials were generally hawkish, maintaining the general view of three rate hikes this year. And there are some comments that raised the probability of a March hike mildly. The markets will look into the minutes of January 31 - February 1 meeting to confirm that it's a consensus among FOMC minutes. Meanwhile, it's generally expressed that fiscal policies were not taken into account in Fed's last projections, due to lack of details available. US president Donald Trump has promised to deliver "phenomenal" tax reforms within two or three weeks. And it's about time for Trump to deliver. And the announcement of Trump's tax overhaul could overwhelm the markets.
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Weekly Review and Outlook: Sentiments Dragged Down by Rising Frexit Risk Print E-mail
Market Overview | Written by ActionForex.com | Feb 18 17 10:46 GMT
While US equities surged to new record high last week, other markets didn't follow. Dollar ended mixed in spite of a chorus of hawkish comments from Fed officials, including chair Janet Yellen. A batch of stronger than expected data also provided little support to the greenback. Instead, Dollar was dragged down by treasury yields, which failed to break out from recent range and reversed during the week. Political uncertainties could be a major factor in triggering safe haven flows to US bonds. And such sentiment could also be seen in the broad based weakness in Euro, which closed as the second weakest major currency next to Sterling. Swiss Franc decouple from Euro and Sterling and ended as the second strongest currency. And overall risk aversion on European situation could be the factor in driving up the Japanese Yen, which ended as the strongest major currency.
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