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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.



Daily Report: Kiwi Knocked Down by Weak CPI Print E-mail
Market Overview | Written by ActionForex.com | Oct 23 14 01:13 GMT
New Zealand dollar was knocked down in Asian session sharply by weaker than expected inflation data. CPI rose 0.3% qoq in Q3 while the annual rate slowed to 1.0% yoy, missing expectation of 1.3% yoy and compared with expectation of 1.6% yoy. That's also lower than RBNZ's expectation of 1.3% and could prolong the central bank's pause in the tightening cycle. According to swaps data, markets are pricing 80% chance that RBNZ would keep OCR unchanged at the current 3.50% by the end of first half next year. There were also talks that RBNZ could delay the next hike till as late as September 2015.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Oct 22 14 14:42 GMT
EUR: The single currency has fallen again after brief recovery, bids at 1.2675-80 were filled, however, buy orders are located at 1.2650, buying interest should emerge around 1.2630-40 (stops below 1.2620) and further out at 1.2600-10. On the upside, offers are lowered 1.2700, 1.2730 and 1.2740-50, more sell orders are tipped at 1.2770, 1.2785-00 area and 1.2815-20, mixture of offers and stops is seen at 1.2850.
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Mid-Day Report: Dollar Recovery Supported by Steady Inflation Data, Sterling Lower after BoE Minutes Print E-mail
Market Overview | Written by ActionForex.com | Oct 22 14 12:58 GMT
Dollar recovers generally against European majors today and is extending gain in early US session. But there is no clear sign that recent consolidation has finished and we'd yet see more corrective range trading ahead. Though, the steady inflation data is providing the greenback with some support. Headline CPI was unchanged at 1.7% yoy in September versus expectation of 1.6% yoy. Core CPI was unchanged at 1.7% yoy too but miss expected to 1.8% yoy. Canada retail sales data was weak with headline sales dropped -0.3% in August while ex-auto sales dropped -0.3% too. Loonie is also mildly lower as markets await BoC rate decision.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Oct 22 14 09:24 GMT
EUR: The single currency slipped again today and bids at 1.2700 together with stops below there were tripped but more buy orders are located at 1.2675-80 and 1.2650, buying interest should emerge around 1.2634-40 and further out at 1.2600-10. On the upside, offers are lowered 1.2725-30, 1.2740-50 and 1.2770, more sell orders are tipped at 1.2785-90, 1.2800 and 1.2815-20, mixture of offers and stops is seen at 1.2850. Option expires today include: 1.2650, 1.2665 (large), 1.2675, 1.2685, 1.2750, 1.2800 and 1.2840 (large).
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Daily Report: Focus on BoE Minutes and BoC Rate Decision Print E-mail
Market Overview | Written by ActionForex.com | Oct 22 14 03:51 GMT
Risk markets staged further rebound overnight as DJIA gained 215.14pts, or 1.31% to close at 16614.81. S&P 500 also rose 37.27 pts or 1.96% to close at 1941.28. Asian equities followed with Nikkei up over 250 pts and reclaimed 15000 handle again at the time of writing. Meanwhile, treasury yields registered some gains, 30 year yield is still held below 3% level. The dollar index is mildly higher and is trading above 85 level for the moment. In the currency markets, major pairs are generally stuck in tight range. The greenback regained some grounds against European majors but is mildly softer against commodity currencies.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Oct 21 14 14:30 GMT
EUR: The single currency dropped today in European session, bids at 1.2815-20, 1.2800, 1.2780-85, 1.2770, 1.2750 and 1.2725-35 were filled, more buy orders are located at 1.2700, 1.2675-80 and 1.2650. On the upside, offers are lowered to 1.2775-80, 1.2800 and in good size at 1.2840-50, more sell orders are located at 1.2880-90, mixture of offers and stops is tipped at 1.2900, selling interest is likely to emerge around 1.2920-30 and 1.2950.
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Mid-Day Report: Financial Markets Lacked Direction, Forex in Consolidation Print E-mail
Market Overview | Written by ActionForex.com | Oct 21 14 12:42 GMT
The financial markets lacked a clear direction today so far. Japanese Nikkei gave up 15000 level again and dropped -2.03% to close at 14804.28. Nonetheless, European indicates are broadly higher with FTSE up 0.85%, DAX up 1% and CAC up 1.5% at the time of writing. US stock futures point to higher open. The currency markets are rather steady today. Reuters reported that, according to unnamed sources, ECB is considering to buy corporate bonds on the secondary market and could make a decision as soon as at the December meeting. However, it was denied by an ECB spokesman who said "the Governing Council has taken no such decision." Released from Europe, Swiss trade surplus widened to CHF 2.45b in September. UK public sector net borrowing rose to GBP 11.1b in September
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Oct 21 14 09:05 GMT
EUR: The single currency rebounded after finding renewed buying interest at 1.2731 yesterday, offers at 1.2800-05 and 1.2820-25 were filled, however, more sell orders are reported at 1.2850 and 1.2880-90, mixture of offers and stops is located at 1.2900, selling interest is tipped at 1.2920-30 and 1.2950. On the downside, bids are raised to 1.2815-20, 1.2800 and 1.2780-85, more buy orders are located at 1.2770, 1.2750 and 1.2725-35, buying interest is located at 1.2700, 1.2675-80 and 1.2650. Option expires today include: 1.2600, 1.2605, 1.2655 (large), 1.2685 (large), 1.2700 (almost 2 bln), 1.2750 (large) and 1.2800 (over 1 bln).
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Daily Report: Aussie Stuck in Range after RBA Minutes Print E-mail
Market Overview | Written by ActionForex.com | Oct 21 14 03:11 GMT
Australian dollar stays in tight range against the greenback after RBA said in the October meeting minutes that rates will stay low. It noted that "given the information available, the board's judgement was that the current stance of monetary policy continued to be appropriate for fostering sustainable growth in demand and inflation outcomes consistent with the target over the period ahead." Meanwhile, RBA said the accommodative monetary policy would support demand and boost growth, and "to date, this had been most apparent in the housing market " and, "continued strength in building approvals and other indicators pointed to further growth in coming quarters". RBA also added that labor market conditions "appeared to have stabilized somewhat over the course of 2014 to date". Regarding the exchange rate, it said Aussie "remained high by historical standards" and "was offering less assistance than would normally be expected in achieving balanced growth." Technically, AUD/USD is still bounded in consolidation from 0.8642 short term bottom and bias stays neutral. An eventual downside breakout is still expected.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Oct 20 14 14:19 GMT
EUR: The single currency continued to trade in familiar range and further consolidation is in store, offers are noted at 1.2800-05 and 1.2820-25, more sell orders are reported at 1.2850 and 1.2880-90, mixture of offers and stops is located at 1.2900. On the downside, bids are seen at 1.2725-35, 1.2700 and 1.2675-80, more buy orders are tipped at 1.2650 and 1.2620-25 (stops below), fresh demand should emerge around 1.2600-10with more stops building up below figure.
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Mid-Day Report: Dollar in Range Against Europeans in Quiet Markets Print E-mail
Market Overview | Written by ActionForex.com | Oct 20 14 13:20 GMT
Dollar remains soft in consolidation against European majors in early US session. Dallas Fed president Richard Fisher said today that his outlook for ending Fed's QE at the next meeting wasn't changed despite recent market volatility. He noted that stocks could have a correction with Fed pull back the policy accommodations. But he emphasized that "the underlying economy is doing well". Boston Fed president Eric Rosengren also said during the weekend that Fed should stop the bond buying program at the next meeting later in this month. He noted that with unemployment rate at 5.9%, Fed has met the "hurdle" of "substantial improvement in labor markets" already. Released from Canada, wholesale sales rose 0.2% mom in August.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Oct 20 14 08:40 GMT
EUR: The single currency remained confined in choppy range and further consolidation is in store, offers are noted at 1.2775, 1.2800-05 and 1.2820-25, more sell orders are reported at 1.2850 and 1.2880-90, mixture of offers and stops is located at 1.2900. On the downside, bids are seen at 1.2725-35, 1.2700 and 1.2675-80, more buy orders are tipped at 1.2650 and 1.2620-25 (stops below), fresh demand should emerge around 1.2600-10with more stops building up below figure. Option expires today include: 1.2550 (over 1 bln), 1.2580, 1.2680, 1.2700, 1.2725 (large), 1.2750, 1.2755, 1.2775 (large), 1.2790, 1.2800 (large) and 1.2850 (large).
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Daily Report: Yen Lower as Nikkei Boosted by GPIF News Print E-mail
Market Overview | Written by ActionForex.com | Oct 20 14 02:38 GMT
Yen opens the week generally lower following rebound in Asian equities. In particular, Japanese Nikkei is up over 3% and reclaimed 15000 handle as additional boosted by news regarding the Government Pension Investment Fund, or GPIF. It's reported that the $1.2T GPIF will raise the allocation target for local equities from 12% as much as 25%. Meanwhile, holdings of foreign securities would be raised from 23% to 30%. Meanwhile, domestic bond holding would be lowered from 60% to 40%. The new allocation exceeded markets expectations, which expected share holdings to be around 20-22% only. Also from Japan, BoJ governor Haruhiko Kuroda said today that the economy will continue to "recover moderately as a trend" with the effect of the April sales hike likely to "gradually subside". Meanwhile, he expected core inflation to say around 1.25% "for some time".
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Weekly Review and Outlook: Dollar Corrected Further on Rate Speculations, Risk Sentiments to Stay Weak Print E-mail
Market Overview | Written by ActionForex.com | Oct 18 14 12:09 GMT
Investors were shocked by the roller coaster ride in the financial markets last week. In particular, stock markets tumbled sharply on worry over global slowdown. After massive selloff, equities stabilized before the end of the week and recovered. DJIA once dived to as low as 15855.12 during the week, which was -8.6% down from the record high of 17350.64 made less than a month ago. DJIA then recovered to close at 16380.41. FTSE also dived to as low as 6072.62, -12.1% down from record high of 6904.86 made in early September, then closed at 6310.29. DAX reached as low as 8354.97, -10.1% down from September's high of 9291.20, then closed at 8850.27. Treasury yields were also sharply hit as US 10 year yield dropped to as low as 1.868 before closing at 2.199. Yield on German bunds tumbled to record low of 0.716%. But, Eurozone peripheral bonds were sold off with greek 10 year yield jumped 147 basis points this week.
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Mid-Day Report: CAD Mildly Higher after CPI, Stocks Recovered Print E-mail
Market Overview | Written by ActionForex.com | Oct 17 14 13:17 GMT
Investor sentiments continued to recover before the week closes. European indices are generally higher with FTSE up 1%, DAX up nearly 2% and CAC up more than 2% at the time of writing. US futures also point to a rebound and DJIA might try to regain 16000 handle to close the week. Canadian dollar is mildly higher after release of inflation data. Headline CPI slowed to 2.0% yoy in September as expected, down from August's 2.1% yoy. BoC CPI core was unchanged at 2.1% yoy versus expectation of 2.0% yoy. Released from US, housing starts rose to 1.02m annualized in September inline with consensus. Building permits rose to 1.02m annualized versus expectation of 1.04m. Yen is steady in consolidation, digesting this week's sharp gain.
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Daily Report: Sentiments Further Stabilized as Fed Bullard Called for Delay in Ending QE Print E-mail
Market Overview | Written by ActionForex.com | Oct 17 14 03:02 GMT
Market sentiments were further stabilized by comments from Fed official overnight. DJIA dipped to 15935.22 but pared back much loss to close at 16117.24, just down -24.5 pts or -0.15%. S&P 500 dipped to 1835.02 but ended up 0.27 pts or 0.01%. Crude oil also staged a recovery and is back above 83 level after breaching 80 earlier in the week. In the currency markets, yen retreated against other major currencies as risk aversion eased. Meanwhile, dollar is extending near term consolidations against European majors and Aussie. Canadian dollar also regained some ground following crude oil.
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Mid-Day Report: Euro Tumbles With Peripheral Bonds, Dollar Recovers Print E-mail
Market Overview | Written by ActionForex.com | Oct 16 14 12:51 GMT
Dollar recovered some of this week's losses today and is trying to draw support from better than expected job data. Initial jobless claims dropped 23k to 264k in the week ended October 11 versus expectation of 285k. That's also the lowest level since April 2000. Continuing claims rose 7k to 2.39m in the week ended October 4. Elsewhere, risk aversion continues to dominate the markets. Major European indices are trading in read with FTSE losing -1.6%, DAX down -1.4% and CAC down -1.8% at the time of writing. US futures also point to another day of decline with DJIA probably losing 16000 handle again. Meanwhile, in the currency markets, yen remains the strongest currency this week on risk aversion. Canadian dollar is the weakest following the sharp fall in crude oil, which breaches 80 level today.
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Daily Report: Sentiments Calmed by Yellen But Stay Weak Print E-mail
Market Overview | Written by ActionForex.com | Oct 16 14 04:48 GMT
Yen surged sharply against dollar overnight as stocks and yields plunged. Sentiments stabilized a bit after Fed chair Janet Yellen's comments and the Beige Book report. And, yen pared back some gains after stocks recovered. S&P 500 dived to as low as 1820.66 before closing at 1862.49, down -15.21 pts or -0.81%. DJIA breached 16000 handle and reached an intraday low of 15855.12 before closing at 16141.74, down -173.45 pts or -1.06%. 10 year yield dipped below 2% level to as low as 1.868% before closing at 2.090%. That's the lowest intraday level since May 2013.
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Mid-Day Report: Dollar Back Under Pressure after Weak Data Print E-mail
Market Overview | Written by ActionForex.com | Oct 15 14 13:11 GMT
Dollar weakens in early US session after release of generally weak economic data. Retail sales dropped -0.3% in September versus expectation of -0.1%. Ex-auto sales dropped -0.2% versus expectation of 0.2% growth. Empire state manufacturing index dropped sharply to 6.17 in October versus expectation of 20.0. PPI slowed to 1.6%yoy in September versus expectation of 1.8% yoy. Core PPI dropped to 1.6% yoy versus expectation of 1.7% yoy. The greenback has been under some pressure over the week on concern the global slowdown could delay Fed's first rate hike. Markets are pricing in less than 50% for Fed's first rate hike by September 2015, down from nearly 75% at the beginning of the month.
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Daily Report: Yen Firm on Falling Treasury Yields Print E-mail
Market Overview | Written by ActionForex.com | Oct 15 14 04:21 GMT
Yen remains the strongest currency this week, with support from sharp decline in treasury yield. Two year yield suffered the largest decline since September 2013 while 10 year yield also broke below 3% for the first time since May 2003. Markets are concerned that slowdown in global economy, with risk of recession even in Germany, could delay Fed's rate hike. Markets are pricing in 45% for Fed's first rate hike by September 2015, down from nearly 75% at the beginning of the month. Technically, CAD/JPY is the weakest one this week as fresh selloff was seen in the Canadian dollar, also following the dive in crude oil. GBP/JPY was the next weakest one after yesterday's weak inflation data.
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