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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: Yen as the Weakest Currency Again Print E-mail
Market Overview | Written by ActionForex.com | Nov 23 14 03:41 GMT
Yen ended as the weakest currency again last week as prime minister Shinzo Abe finally announced his decision to delay the next sales tax hike and called a snap reaction. Euro and swiss franc followed as the next weakest currencies on dovish comments from ECB president Mario Draghi. Among the European majors, Sterling was clearly the stronger one as lifted by less dovish than expected BoE minutes. Canadian dollar ended as the strongest currency after being pushed higher by stronger than expected inflation reading as well as sign of bottoming in crude oil. Dollar ended as the second strongest currency but the strength was somewhat overshadowed by the rebound in commodity currencies, which was boosted by the surprised rate cut in China. In other markets, US stocks were pushed to new record highs on Friday by PBoC's rate cut and regathered upside momentum again. Treasury yields were stuck in tight range. Gold and crude oil recovered despite the relatively firm dollar.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Nov 21 14 14:16 GMT
EUR: The single currency broke below near term range and tumbled in European session on dovish comments from ECB's Draghi, bids at 1.2490-1.2510 area, 1.2465-70, 1.2440-45 and 1.2420-30 were filled, however, buy orders are still noted at 1.2400 with stops building up below 1.2390, buying interest is noted at 1.2375-80 and 1.2355-60 with more stops placed below barrier at 1.2350. On the upside, offers are lowered to 1.2440, 1.2465-70 and in good size at 1.2490-00, more sell orders are seen at 1.2530-40, 1.2570-80 and in good size at 1.2600 with more stops placed above 1.2605.
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Mid-Day Report: Sentiments Lifted by Surprised PBoC Rate Cut Print E-mail
Market Overview | Written by ActionForex.com | Nov 21 14 13:38 GMT
Stock markets are given a strong boost today by surprised rate cut by China's central bank. European indices are broadly higher at the time of writing with FTSE up over 1%, DAX and CAC up over 2%. US futures also point to sharply higher open and should extend recent record run. In the forex markets, commodity currencies respond positively to the news with Aussie, Kiwi and Loonie all strengthened against the greenback. The People's Bank of China surprised the markets today by cutting interest rates for the first time in more than two years as the economy slowed to the lowest pace in more than five years in Q3. The benchmark one-year loan rate was lowered by 0.40% to 5.6%. The benchmark one year deposit rate was lowered by 0.25% to 2.75%. Also, banks are allowed to offer interest of 1.2 times the deposit rate, up from prior 1.1 times.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Nov 21 14 09:00 GMT
EUR: The single currency remained confined in narrow range and further consolidation is in store, buy orders are still noted at 1.2490-1.2510 area, 1.2465-70 and in good size at 1.2440-45 (stops below), more bids are reported at 1.2420-30 with stops building up below 1.2390, buying interest is noted at 1.2375-80 and 1.2355-60 with more stops placed below barrier at 1.2350. On the upside, offers are seen at 1.2570-80 and in good size at 1.2600 with more stops placed above 1.2605, selling interest should emerge further out at 1.2640-50. Option expires today include: 1.2500 (over 1 bln), 1.2550 (large), 1.2580 (over 1 bln), 1.2615, 1.2620 and 1.2650 (over 2 bln).
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Daily Report: Yen Recovers ahead of Key Support Print E-mail
Market Overview | Written by ActionForex.com | Nov 21 14 08:08 GMT
Yen recovers mildly on oversold condition, with help from comments from finance minster Taro Aso. Aso said today that "the pace of the decline in the past week has been too fast" and such steep swings are undesirable. Nonetheless, economists generally believe that the comments were just concerned about the pace of yen's depreciation rather than the direction. Meanwhile, it should be noted that technically, USD/JPY is close to a key resistance level around 120 handle. Thus, we'd probably see some consolidations in the yen before the down trend gathers momentum again.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Nov 20 14 15:11 GMT
EUR: The single currency slipped and bids at 1.2510-20 were filled, however, buy orders are still noted at 1.2500, 1.2465-70 and in good size at 1.2440-45 (stops below), more bids are reported at 1.2420-30 with stops building up below 1.2390, buying interest is noted at 1.2375-80 and 1.2355-60 with more stops placed below barrier at 1.2350. On the upside, offers are seen at 1.2580 and in good size at 1.2600 with more stops placed above 1.2605, selling interest should emerge further out at 1.2640-50.
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Mid-Day Report: Markets Shrugged Off Weak Eurozone PMIs and Solid UK Sales Print E-mail
Market Overview | Written by ActionForex.com | Nov 20 14 13:50 GMT
The forex markets generally lack directions except clear weakness in yen. Euro's reaction to worse than expected PMI data was mild. Sterling also shrugged off better than expected retail sales. Dollar is also staying in established range against Europeans and commodity currencies. Released from US, CPI was unchanged at 1.7% yoy in October versus consensus of 1.6% yoy. CPI core rose to 1.8% yoy as expected. Initial jobless claims dropped to 291k in the week ended November 15, higher than expectation of 286k. The four week moving average rose slightly by 2k to 287.5k. Continuing claims dropped 73k to 2.33m in the week ended November 89, lowest since December 2000.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Nov 20 14 09:39 GMT
EUR: The single currency rose briefly to 1.2600 overnight in NY, however, euro met selling interest there and has retreated. At the moment, bids are still noted at 1.2510-20, 1.2465-70 and in good size at 1.2440-45 (stops below), more buy orders are reported at 1.2420-30 with stops building up below 1.2390, buying interest is noted at 1.2375-80 and 1.2355-60 with more stops placed below barrier at 1.2350. On the upside, offers are now seen at 1.2580 and in good size at 1.2600 with more stops placed above 1.2605, selling interest should emerge further out at 1.2640-50. Option expires today include: 1.2500 (over 2 bln), 1.2525 (large), 1.2550 (large), 1.2580 (large) and 1.2600 (close to 2 bln).
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Daily Report: Dollar Extends Rally Against Yen, Range Bound Elsewhere Print E-mail
Market Overview | Written by ActionForex.com | Nov 20 14 03:10 GMT
Dollar extends recent up trend against the Japanese yen but remains range bound against other major currencies. The minutes of the October 29 FOMC meeting released overnight provided no revelations. The minutes noted that "many participants observed the committee should remain attentive to evidence of a possible downward shift in longer-term inflation expectations." And, "some of them noted that if such an outcome occurred, it would be even more worrisome if growth faltered." But still, at this point, policy makers believed that inflation expectations remained "well anchored" and would climb back to the 2% target "over the medium term as resource slack diminished." Also, the participants at the meeting "observed that if foreign economic or financial conditions deteriorated further, U.S. economic growth over the medium term might be slower than currently expected."
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Nov 19 14 14:35 GMT
EUR: The single currency has surged again in NY morning, offers at 1.2550-55 and stops above there were tripped, however, sell orders in good size are still noted from 1.2580 up to 1.2600 with more stops placed above 1.2605, selling interest should emerge further out at 1.2640-50. On the downside, bids are raised to 1.2510-20, 1.2465-70 and in good size at 1.2440-45 (stops below), more buy orders are reported at 1.2420-30 with stops building up below 1.2390, buying interest is noted at 1.2375-80 and 1.2355-60 with more stops placed below barrier at 1.2350, fresh demand should emerge around 1.2325-35 and 1.2300.
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Mid-Day Report: Sterling Lifted by BoE Minutes, Yen Extends Decline Print E-mail
Market Overview | Written by ActionForex.com | Nov 19 14 13:42 GMT
Yen weakness remains the main theme in the markets today with USD/JPY hitting new seven year high. The greenback on regained some grounds against commodity currencies. Nonetheless, dollar stays in tight range against Euro and Swiss Franc. Also, sterling is lifted mildly by less dovish than expected BoE minutes. Released from US, housing starts dropped to 1.01m annualized rate in October while building permits rose to 1.08m. Minutes of the October 29 FOMC meeting will be the next focus. Attention is on hints on how close Fed is to dropping the "considerable time" language. Also, markets would be eager to see if there's any hawkish shift in the tone of the minutes, which could pave the way for next year's rate hike.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Nov 19 14 12:52 GMT
EUR: The single currency has risen again but offers are still noted at 1.2550-55 (stops above) and in good size from 1.2580 up to 1.2600 with more stops placed above 1.2605, selling interest should emerge further out at 1.2640-50. On the downside, bids are raised to 1.2500-10, 1.2465-70 and in good size at 1.2440-45 (stops below), more buy orders are reported at 1.2420-30 with stops building up below 1.2390, buying interest is noted at 1.2375-80 and 1.2355-60 with more stops placed below barrier at 1.2350, fresh demand should emerge around 1.2325-35 and 1.2300. Option expires today include: 1.2450, 1.2485, 1.2500 (large), 1.2520 (large), 1.2530 (large), 1.2590 (large) and 1.2600 (large).
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Daily Report: Yen Selloff Continues as BoJ Kuroda Gained More Support Print E-mail
Market Overview | Written by ActionForex.com | Nov 19 14 05:05 GMT
Yen weakens broadly today after BoJ left policies unchanged and USD/JPY made new seven year high. The main focus of today's announce is the vote split. BoJ governor Haruhiko Kuroda won the tight 5-4 vote on additional monetary stimulus during the October 31 meeting, which included raising the annual target of monetary base expansion to JPY 80T. But this time, Takahid Kiuchi is the only board member dissented to the decision in maintaining the target. Regarding the economy, BoJ noted in the statement that "Japan's economy continues to recover moderately as a trend, although some weaknesses remain mainly in output." Yesterday, prime minister Shinzo Abe announced to call an early election for fresh mandate for his Abenomics that include postponing the scheduled sales tax hike.
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Mid-Day Report: Markets Range Bound Despite Important Events and Data Print E-mail
Market Overview | Written by ActionForex.com | Nov 18 14 14:08 GMT
The forex markets are lacking a clear direction today. While Japanese prime minister Abe finally announce the snap election and delay in tax hike, there was no sustained selling in the yen. Euro was lifted mildly by better than expected investor confidence data but it's staying in range against dollar. The greenback also got little inspiration from US data. US PPI dropped to 1.5% yoy in October but was above expectation of 1.2%. Meanwhile, PPI core rose to 1.8% yoy versus expectation of 1.5% yoy.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Nov 18 14 14:04 GMT
EUR: The single currency staged a strong rebound from 1.2443, offers at 1.2500-10 and 1.2530 were filled, however, sell orders are still noted at 1.2550-55 (stops above) and in good size from 1.2580 up to 1.2600 with more stops placed above 1.2605, selling interest should emerge further out at 1.2640-50. On the downside, bids are now seen at 1.2500-05, 1.2465-70 and in good size at 1.2440-45 (stops below), more buy orders are reported at 1.2420-30 with stops building up below 1.2390, buying interest is noted at 1.2375-80 and 1.2355-60 with more stops placed below barrier at 1.2350, fresh demand should emerge around 1.2325-35 and 1.2300.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Nov 18 14 09:25 GMT
EUR: The single currency found buying interest at 1.2443 earlier today and has rebounded, however, offers are still noted at 1.2500-10 (option related), 1.2530, 1.2550-55 (stops above) and in good size from 1.2580 up to 1.2600 with more stops placed above 1.2605, selling interest should emerge further out at 1.2640-50. On the downside, bids are now seen at 1.2465-70 and in good size at 1.2440-45 (stops below), more buy orders are reported at 1.2420-30 with stops building up below 1.2390, buying interest is noted at 1.2375-80 and 1.2355-60 with more stops placed below barrier at 1.2350, fresh demand should emerge around 1.2325-35 and 1.2300. Option expires today include: 1.2450 (large), 1.2480, 1.2485, 1.2495, 1.2500, 1.2520, 1.2535 (large) and 1.2600 (1 bln).
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Daily Report: Yen Steady as Markets Await PM Abe Print E-mail
Market Overview | Written by ActionForex.com | Nov 18 14 04:39 GMT
Japanese Nikkei rebounded strongly today and is up over 300 pts at the time of writing while the Japanese yen is staying in tight range. Markets are awaiting prime minister Shinzo Abe's press conference. As Japan unexpectedly entered into recession, as yesterday's GDP report showed, Abe is expected to call an early election to secure support for delaying the next sales tax hike scheduled for October 2015. It's speculated that the delay could be up to 18 months. Abe will meet with his Council on Economic and Fiscal Policy first and announce the decision later in Japan evening. Yen extended recent down trend last week on such speculations as delay of tax hike would worsen the fiscal outlook of the country.
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Mid-Day Report: Yen Pared Post GDP Gains, Dollar Recovered Print E-mail
Market Overview | Written by ActionForex.com | Nov 17 14 14:27 GMT
The Japanese yen recovered earlier today on risk aversion as the poor GDP data sent Nikkei below 17000 handle. However, strength in yen was very limited and it pares back some day into US session. The greenback also reversed earlier loss and is trading mildly higher. Economic data from US saw Empire state manufacturing index rose to 10.2 in November versus expectation of 10.0. Industrial production dropped -0.1% in October while capacity utilization dropped to 78.9%. Canadian international securities transactions dropped to CAD 4.37b in September. Released from Europe, Eurozone trade surplus widened to EUR 17.7b in September. UK Rightmove house prices dropped -1.7% mom in November.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Nov 17 14 09:26 GMT
EUR: The single currency surged to 1.2578 earlier today before retreating ahead of European morning. At the moment, offers are lowered to 1.2545-55 (stops above) and in good size from 1.2580 up to 1.2600 with more stops placed above 1.2605, selling interest should emerge further out at 1.2640-50. On the downside, bids are now seen at 1.2505-15 and 1.2490, more buy orders in good size are reported at 1.2450-60 and 1.2420 with stops building up below 1.2390, buying interest is noted at 1.2375 and 1.2355-60 with more stops placed below 1.2350. Option expires today include: 1.2400 (over 1 bln), 1.2450 (over 1 bln), 1.2500 (1 bln), 1.2510 (over 2 bln) and 1.2525 (1 bln).
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Daily Report: Yen Recovers as Nikkei Knocked Down by Poor GDP Print E-mail
Market Overview | Written by ActionForex.com | Nov 17 14 03:13 GMT
The Japanese is trying to recover as poor GDP data knocks down Nikkei. Q3 GDP unexpectedly contracted -0.4% qoq versus expectation of 0.5% qoq growth. That means, Japan slide back into technical recession with a deeper -1.8% qoq contract back in Q2. GDP price index rose 2.1% yoy versus expectation of 1.9% yoy. Nikkei is down more than -2% at the time of writing and is having 17000 handle in sight.. An economic adviser of prime minister Shinzo Abe noted that the slide in the economy was "shocking" and it's not a situation to debate another sales tax hike any more. He noted it should be time to focus on how to support the economy. Today's GDP data would solidify the case for Abe to postpone the next planned sales tax hike in October 2015. Abe might hold a press conference this week to announce the decision, which might come with a early election to secure the support for this decision.
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