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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 | Apr 17 14 14:37 GMT
EUR: Although euro rebounded to 1.3865 and offers at 1.3850-55 were filled, fresh sell orders emerged at 1.3865 and the single currency has retreated again in NY morning, sell orders are still noted at 1.3865-75 and in good size at 1.3890-00 (more stops above figure), fresh selling interest should emerge around 1.3920 and 1.3940-50, stops are located above 1.3970-75 (option barrier). On the downside, bids remain at 1.3800-15, buy orders are still noted at 1.3775-85 (stops below), fresh demand should emerge further out at 1.3740-50 (more stops below 1.3730 and 1.3690-00), 1.3725 and 1.3700.
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Mid-Day Report: CAD Mildly Higher as CPI Beat Expectations Print E-mail
Market Overview | Written by ActionForex.com | Apr 17 14 12:43 GMT
Canadian dollar is lifted mildly higher in early US session by inflation data. Headline CPI accelerated back to 1.5% yoy in March versus expectation of 1.4% yoy, up from February's 1.1% yoy. BoC CPI core also rose to 1.3% yoy, inline with expectation. BoC left the policy rate unchanged at 1.00% yesterday and reiterated its neutral policy stance. While today's inflation data beat expectation, one month's figure shouldn't alter BoC's view that inflation will stay below 2% target until early 2016. Release from US, initial jobless claims rose to 312k in the week ended April 12, slightly below expectation of 316k.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Apr 17 14 09:07 GMT
GBP: The British pound surged again, offers and stops at 1.6820-30 were cleared, however, sell orders are still noted at 1.6850 (stops above) and 1.6870-80, mixture of offers and stops is tipped at 1.6900-10. On the downside, bids are raised to 1.6780-85 and 1.6750 (stops below), buy orders are located at 1.6720-30 and 1.6700, indicated decent demand remains at 1.6685-90 and 1.6640-60 area with bigger stops placed below 1.6640 and 1.6625.
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Daily Report: Sterling Stays Firm ahead of Holiday Weekend Print E-mail
Market Overview | Written by ActionForex.com | Apr 17 14 07:02 GMT
Sterling is so far the strongest currency this week after being propelled by yesterday's employment data. Markets are in consolidative mode elsewhere. Dollar is the second strongest currency but is held below last week's high. The Japanese yen is mixed as the strong rebound in stock markets this week triggered recoveries in yen crosses but momentum is so far unconvincing. Commodity currencies are also mixed with Canadian dollar holding on to mild gain while Kiwi is under heavy pressure. The economic calendar isn't too busy today and main feature is Canadian inflation, which could trigger some volatility in pre-holiday thin markets.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Apr 16 14 14:12 GMT
GBP: The British pound rallied in London, offers at 1.6785-00 area were filled but sell orders in good size are still noted at 1.6820-25 (stops above 1.6830), 1.6840-50 and 1.6875, mixture of offers and stops is tipped at 1.6900. On the downside, bids are raised to 1.6760-70, 1.6715-25 and 1.6700, indicated decent demand remains at 1.6685-90 and 1.6640-60 area with bigger stops placed below 1.6640 and 1.6625.
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Mid-Day Report: Sterling Soars as Unemployment Dropped to 6.9% in February Print E-mail
Market Overview | Written by ActionForex.com | Apr 16 14 12:49 GMT
Sterling jumped sharply today after release of much better than expected job data. Unemployment rate unexpectedly dropped to 6.9% in February versus consensus of being unchanged at 7.2%. That's the lowest number in five years since February 2009 and was also below BoE's threshold of 7%. Claimant count dropped slightly more than consensus of -30.4k in March. Total employment hit a record high of 30.4m or 72.6% of workforce. The data won't trigger any actions from BoE as it has already modified its forward guidance to look at a broader range of market indicators. Nonetheless, Sterling responded positively to the data and is back above 1.68 against dollar. GBP/USD could be heading for a test on 1.6822 near term resistance next. Also released from Europe, Eurozone CPI was finalized at 0.5% yoy in March while core CPI dropped to 0.7% yoy. Swiss ZEW expectations dropped sharply to 7 in April.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Apr 16 14 08:36 GMT
EUR: The single currency found renewed buying interest just below 1.3810 and has rebounded in European morning, offers at 1.3835-40 were filled, however, sell orders are still noted at 1.3850 (stops above), 1.3875 and in good size at 1.3890-00 (more stops above figure), fresh selling interest should emerge around 1.3920 and 1.3940-50, stops are located above 1.3970-75 (option barrier). On the downside, bids remain at 1.3800-10, buy orders are still noted at 1.3775-85 (stops below), fresh demand should emerge further out at 1.3740-50 (more stops below 1.3730 and 1.3690-00), 1.3725 and 1.3700. Option expires today include: 1.3700, 1.3710 (large), 1.3715, 1.3725, 1.3750 (huge), 1.3770 (large), 1.3850, 1.3860, 1.3900, 1.3910 and 1.3925.
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Daily Report: NZD Tumbles on Tame Inflation, Yen Lower on Risks Rebound Print E-mail
Market Overview | Written by ActionForex.com | Apr 16 14 05:32 GMT
Asian equities opened higher today following another day of rebound in US stocks and positive sentiments was not affected by Chinese growth data released. China GDP grew 7.4% yoy in Q1, slowed down from prior quarter's 7.7% yoy and hit an 18 month low. But that was slightly above expectation of 7.3% yoy. Opinions on whether there will be additional stimulus from the Chinese authority is divided. Some economists noted that forward looking indicators were generally weak and there is need for a combination of monetary easing and reform measures over the next few months. But some also noted that the government should be comfortable with the current growth pace. It seemed that while China may launch some more stimulus ahead, those measure would be modest at best. Other data from China saw industrial production rose 8.8% yoy in March while fixed assets rose 17.6% yoy and retail sales rose 12.2% yoy.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Apr 15 14 13:40 GMT
EUR: The single currency traded narrowly after intra-day brief fall below 1.3800, bids at 1.3800 were filled but buy orders are still noted at 1.3775-85 (stops below), fresh demand should emerge further out at 1.3740-50 (more stops below 1.3730 and 1.3690-00). On the upside, offers remain at 1.3820-25 and 1.3840-50 (stops above), sell orders in good size are tipped at 1.3865-75, 1.3890-00 (stops above figure) and 1.3920, mixture of offers and stops is located at 1.3970-75 (option barrier).
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Mid-Day Report: Dollar Recovery Continued, But Losing Momentum Print E-mail
Market Overview | Written by ActionForex.com | Apr 15 14 12:46 GMT
There wasn't much development in the financial markets today. European indices were initial pressured but quickly recovered and are nearly flat at the time of writing. US stock futures point to mildly higher open as recovery continues. Dollar index edged higher to 79.90 today but is feeling some resistance below 80 psychological level and is losing some upside momentum. In the currency markets, the more notable developments were firstly, the extended pull back in commodity currencies and secondly, the brief spike dip sterling. Otherwise, markets are generally engaging in corrective trading. Economic data released from US saw CPI dropped to 1.5% yoy in March, inline with expectation. Core CPI unexpectedly rose to 1.7% yoy. Empire state manufacturing index dropped to 1.29 in April versus expectation of rise to 7.75.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Apr 15 14 08:15 GMT
EUR: The single currency remained under pressure but bids are still noted at 1.3800 and 1.3775-85 (stops below), fresh demand should emerge further out at 1.3740-50 (more stops below 1.3730 and 1.3690-00). On the upside, offers are lowered to 1.3820-25 and 1.3840-50 (stops above), sell orders in good size are tipped at 1.3865-75, 1.3890-00 (stops above figure) and 1.3920, mixture of offers and stops is located at 1.3970-75 (option barrier). Option expires today include: 1.3750 (large), 1.3800, 1.3855 (1 bln), 1.3900 and 1.3960.
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Daily Report: Dollar Firm in Consolidative Markets, Busy Calendar Ahead Print E-mail
Market Overview | Written by ActionForex.com | Apr 15 14 05:24 GMT
Dollar remains firm in consolidative markets in Asian session today. Better than expected retail sales data propelled US equities higher overnight as DOW closed above 16000 handle again at 16173.24. But overall, there is no clear indication of reversal and DOW, S&P 500 and Nasdaq are having mildly bearish near term outlook. Dollar index's recovery could extend higher but again, we'd be expecting strong resistance from 80 handle to limit upside and bring another fall. Technically, there is no change in dollar's outlook against other major currencies in the forex markets. EUR/USD, GBP/USD and AUD/USD remains near term bullish while USD/CHF, USD/JPY and USD/CAD are staying near term bearish. The economic calendar today is rather busy with special focus on inflation data from Swiss, UK and US.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Apr 14 14 14:18 GMT
EUR: The single currency traded lower in European session and bids at 1.3810-20 were filled but buy orders are still noted at 1.3800, fresh demand should emerge around 1.3775-85 and further out at 1.3750. On the upside, offers are lowered to 1.3850 and in good size at 1.3865-75 as well as 1.3890-00 (stops above figure), more sell orders are tipped at 1.3920 and 1.3940-50, mixture of offers and stops is located at 1.3970-75 (option barrier), defensive selling interest is tipped ahead of barriers at 1.3990 and 1.4000 with bigger stops placed above figure.
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Mid-Day Report: Dollar Extends Rebound as Retail Sales Beat Forecasts Print E-mail
Market Overview | Written by ActionForex.com | Apr 14 14 12:58 GMT
Dollar opened the week high with help from selloff in Euro. Further strength in seen in the greenback in early US session after better than expected data. Retail sales rose 1.1% in March versus expectation of 0.8%. Ex-auto sales also rose 0.7% versus consensus of 0.5%. US stock futures point to a higher open and stock indices could stage a recovery after last week's selloff. DOW could have a attempt to reclaim 16000 handle today. Nonetheless, it should be noted that dollar is still held well below key near term resistance again other major currencies and the dollar index's recovery could face strong resistances as it approaches 80 handle.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Apr 14 14 09:29 GMT
EUR: The single currency opened lower today due to series of dovish comments from ECB officials and euro has continued to meet resistance around 1.3860-65, offers are reported at 1.3865-75, 1.3890-00 (stops above figure) and also at 1.3920, more sell orders are tipped at 1.3940-50, mixture of offers and stops is located at 1.3970-75 (option barrier), defensive selling interest is tipped ahead of barriers at 1.3990 and 1.4000 with bigger stops placed above figure. On the downside, bids at 1.3835 were filled but buy orders are still noted at 1.3810-20 and 1.3800, fresh demand should emerge around 1.3775-85 and 1.3750. Option expires today include: 1.3810, 1.3840, 1.3850 and 1.3990.
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Daily Report: Euro Opened the Week Lower on ECB Verbal Intervention Print E-mail
Market Overview | Written by ActionForex.com | Apr 14 14 07:43 GMT
Euro opened the week broadly lower on verbal intervention from ECB officials over the weekend. ECB president Draghi warned on Saturday that "a strengthening of the exchange rate requires further monetary stimulus" and that's "an important dimension for our price stability". He clarified that "exchange rate is not a policy target" but it's "important for price stability and growth". ECB governing council member Noyer also said that "the stronger the euro is, the more accommodative policy is needed." And Noyer also emphasized that "this evolution of the euro is not only a handicap for growth but equally for the return of inflation toward its target of 2%."
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Weekly Review and Outlook: Dollar Tumbled Broadly on Fed Outlook, Stocks Hammered by Risk Aversion Print E-mail
Market Overview | Written by ActionForex.com | Apr 12 14 05:37 GMT
The biggest developments last week were the sharp selloff in stocks and reversal of dollar's trend. DOW dropped -386 pts, or-2.4% to close at 16026.75. S&P 500 dropped -49.4 pts, or -2.6% to close at 1815.69. NASDAQ was even worse by dropping -128 pts, or -3.1% to close at 3999.73, losing 4000 handle. The dovish FOMC minutes during the week provided a brief lift to markets sentiments but the impact quickly faded as investors continued to pare back their positions. Indeed, both the S&P 500 and the NASDAQ had their worst week since 2012 as the selloff in tech sector spread to others. Also, there were deep concern that the extremely poor weather has hurt earnings much during the first quarter. And markets are finally starting to be cautiously preparing for post QE days as Fed started tapering last December.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Apr 11 14 13:49 GMT
EUR: The single currency retreated in European session in part due to long liquidation ahead of weekend, offers in good size remain at 1.3900-10, 1.3930 and 1.3950, mixture of offers and stops is located at 1.3970-75 (option barrier), defensive selling interest is tipped ahead of barriers at 1.3990 and 1.4000 with bigger stops placed above figure. On the downside, bids at 1.3870 were filled but buy orders are still noted at 1.3850-60, 1.3815-35 area and 1.3800, fresh demand should emerge around 1.3780 and 1.3750.
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Mid-Day Report: Dollar, Yen, Swiss Franc Strengthens on Stock Market Selloff Print E-mail
Market Overview | Written by ActionForex.com | Apr 11 14 12:56 GMT
Dollar, Yen and Swiss Franc are generally higher today on risk aversion while Canadian dollar and Sterling are hardest hit. Nikkei tumbled sharply by -340 pts, or -2.38% earlier today to close below 14000 handle at 13960, hitting a six month low. European indices followed with FTSE losing -1.27%, DAX losing -1.86% and CAC losing -1.45% at the time of writing. US equities are set to open lower as indicated by futures. DOW could set to have a test on 16000 handle today before the weekly close. Technically, it should be noted that S&P 500 took out 55 days EMA overnight and closed below. NASDAQ was even worst as the earlier recovery this week was limited below the 55 days EMA while indicates that the trend has been changing. While DOW is holding above key near term support at 16047 so far, this level looks rather vulnerable and break today will confirm near term reversal and would provide the platform for rally in safe haven currencies next week.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Apr 11 14 09:14 GMT
EUR: The single currency rose above 1.3900 today before easing, offers in good size remain at 1.3900-10, 1.3930 and 1.3950, mixture of offers and stops is located at 1.3970-75 (option barrier), defensive selling interest is tipped ahead of barriers at 1.3990 and 1.4000 with bigger stops placed above figure. On the downside, bids are raised to 1.3850-70 area, more buy orders are expected at 1.3825-35, 1.3815 and 1.3800, fresh demand should emerge around 1.3780 and 1.3750. Option expires today include: 1.3750, 1.3800, 1.3850, 1.3890 and 1.3975.
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