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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.



Mid-Day Report: Dollar Lower after Poor Durable Goods Orders Print E-mail
Market Overview | Written by ActionForex.com | Jan 27 15 14:14 GMT
Dollar weakens in early US session after weaker than expected economic data. Durable goods orders tumbled -3.4% in December versus expectation of 0.5%. Ex-transport orders also dropped -0.8% versus expectation of 0.6%. That's also the fourth month of decline is the headline orders which suggested that global slowdown could be starting to weigh on US companies. S&P Case Shiller 20 cities house price rose 4.3% yoy in November. The dollar index lost much intraday momentum after breaching 95.50 last week. We'd probably see the greenback having a deeper retreat before tomorrow's FOMC announcement.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Jan 27 15 13:54 GMT
EUR: The single currency maintained a firm undertone after intra-day rebound to 1.1346, however, sell orders are still noted at 1.1350 and 1.1375-85, selling interest is tipped further out at 1.1400-10 (stops above) and 1.1450-60. On the downside, bids are now seen at 1.1260 and in good size at 1.1220-25, more buy orders are reported at 1.1200, 1.1185 and 1.1150-60, buying interest should emerge around 1.1130 and in good size at 1.1095-05 (stops below 1.1085-90), fresh demand is expected at 1.1050-60, 1.1025-30 and further out at 1.1000 option barrier (stops below).
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Jan 27 15 09:05 GMT
EUR: The single currency rebounded in European morning and offers at 1.1295-00 and 1.1320 were filled, however, more sell orders are expected at 1.1350 and 1.1375-85, selling interest is tipped further out at 1.1400-10 (stops above) and 1.1450-60. On the downside, bids are now seen at 1.1260-70 and in good size at 1.1220-25, more buy orders are reported at 1.1200, 1.1185 and 1.1150-60, buying interest should emerge around 1.1130 and in good size at 1.1095-05 (stops below 1.1085-90), fresh demand is expected at 1.1050-60, 1.1025-30 and further out at 1.1000 option barrier (stops below).
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Daily Report: Euro Holding Gains as Grexit Fear Eased Print E-mail
Market Overview | Written by ActionForex.com | Jan 27 15 03:06 GMT
Euro is holding above 1.12 handle against dollar for the moment after recovering from yesterday's post Greek election low of 1.1096. Markets are viewing that Syriza's win in the election as anti-austerity rather than anti-euro and the concern over a Grexit was eased. Eurogroup chairman Jeroen Dijsselbloem also said that yesterday that there was "no script available" for Greece to exit the Eurozone and said the issue was "irrelevant". Meanwhile, he also noted that leaving the eurozone zone won't "solve the challenges Greece is still facing" and further recovery best takes place within the bloc. While Euro recovered, the near term outlook stays bearish against dollar, yen and sterling and we'd expect selloff in the common currency to resume soon after brief consolidations.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Jan 26 15 14:32 GMT
EUR: The single currency edged higher after rebounding from intra-day low of 1.1098and offers at 1.1250-55 were filled, however, sell orders in good size are still noted at 1.1280-85, mixture of offers and stops is located at 1.1300, more selling interest is tipped at 1.1320 and 1.1345-50, sellers are awaiting at 1.1380 and 1.1400-10 (stops above). On the downside, bids are now seen at 1.1220, 1.1185-90 and 1.1150-60, more buy orders are tipped at 1.1130 and in good size at 1.1095-05 (stops below 1.1085-90), buyer are expected at 1.1050-60, 1.1025-30 and further out at 1.1000 option barrier (stops below).
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Mid-Day Report: Euro Pared Losses on German Confidence Print E-mail
Market Overview | Written by ActionForex.com | Jan 26 15 13:58 GMT
Euro weakened earlier news from Greece that the anti-austerity Syriza won the election. But the common currency quickly recovered as markets played down the chance of so called Grexit. Also, euro is mildly support by better than expected confidence data fro Germany. German Ifo business climate rose to 106.7 in January versus expectation of 106.5, and hit a six month high. Current assessment gauge rose to 111.7 and also beat expectation of 110.8. Expectation gauge rose to 102.0 but missed expectation of 101.1. Ifo said that "companies were far more satisfied with their current business situation and the majority were also optimistic about the business outlook." And, "the German economy has gotten off to a good start to the year."
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Jan 26 15 09:45 GMT
GBP: The British pound also found support around 1.4990-95 and rebounded but sterling met offers at 1.5045 and has retreated in London morning, sell orders remain at 1.5045-55 and 1.5075-85, more selling interest is expected at 1.5100-10, 1.5125 and 1.5165, sellers are tipped at 1.5180-85 and 1.5200-10 (stops above). On the downside, some bids are now seen at 1.4980-00 area and in good size at 1.4950-60, more buy orders are located at 1.4925-35 and 1.4900-10, buying interest should emerge around 1.4885, 1.4865 and 1.4850. Option expires today include: 1.4950, 1.5000 and 1.5100.
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Daily Report: Euro Lower as Syriza Wins Greek Election Print E-mail
Market Overview | Written by ActionForex.com | Jan 26 15 04:34 GMT
Euro opened the week lower and breached 1.11 against dollar after Greek leftist Syriza leader Alexis Tsipras claimed victory on Sunday's election. At the time of writing, the Coalition of Radical left got over 36% of votes, comparing with New Democracy's 28%. Tsipras is clearly known for his anti-austerity stance and he's expected to start the negotiation with European leaders quickly over the terms on the EUR 240b bailout program. While he said they'll go for a "fair and mutually beneficial solutions", he also emphasized the priority is for Greeks to "regain their lost dignity" due to the austerity imposed by international creditors. And, the new Greek government will have just over a month to reach a deal with the creditors before the existing one expires. Tsipras somewhat toned down on his stance and emphasized the country won't leave the Eurozone. But the negotiation head will be tough and is leaving markets with a lot of uncertainties.
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Weekly Review and Outlook: Dollar Broadly Higher, Boosted by Other Dovish Central Banks Print E-mail
Market Overview | Written by ActionForex.com | Jan 24 15 11:40 GMT
Dollar ended the week as the strongest major currency after another week of dovish central bank driven volatilities. Euro dived to 11 year low against dollar and 7 year low against Sterling as ECB's quantitative easing program far exceeded market expectations. The common currency was additionally weighed down by uncertainties over Greek election this Sunday. Sterling also resumed recent down trend against the greenback after the dovish BoE minutes. The biggest surprise could indeed be BoC which cut interest rates by 25bps and sent USD/CAD to 6 year high. Aussie and followed others low on speculations that the global easing campaign could force RBA to cut rates as early as in February. In stock markets, US equities were bounded in recent range as central bank impacts were offset by earnings. Meanwhile European indices were generally firm, in particular with DAX made new record high follow ECB. Gold extended recent rebound but started to lose momentum as it hit 1300 handle. Crude oil stayed soft in tight range.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Jan 23 15 14:28 GMT
EUR: The single currency extended tumbled to fresh 11-year low at 1.1115 but euro quickly rebounded from there on short-covering ahead of weekend, offers at 1.1245-50 were filled but sell orders are still noted at 1.1290-00 and 1.1320, more selling interest is tipped at 1.1350 and 1.1375-85, more sellers are awaiting further out at 1.1445-55. On the downside, some bids are now seen at 1.1200 and 1.1270-80, buy orders are located at 1.1140-50 and in good size at 1.1110-20 with stops placed below 1.1100.
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Mid-Day Report: Euro Extends Weakness ahead of Greek Election Print E-mail
Market Overview | Written by ActionForex.com | Jan 23 15 14:01 GMT
Euro extends recent decline today and took out 1.12 handle to as low as 1.1131 so far against dollar. Reactions to ECB's massive quantitative easing program is a major reason for the selloff. In addition, Euro is weighed down further by concern over the snap election in Greek on the coming Sunday. If the leftist Syriza, which has pulled ahead in opinion polls, would win the election, that could trigger a standoff with lender Troika. And that could eventually lead to Greece exit from the Eurozone. There are talks that Euro could go well below parity against the greenback and back to where it was back in the early part of 2000. Meanwhile, Italian prime minister Matteo Renzi said that his "dream" is parity earlier this week.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Jan 23 15 09:15 GMT
EUR: The single currency extended yesterday's sellofff and bids at 1.1460-65, 1.1420-25, 1.1400, 1.1315-25 and 1.1270-80 were filled, mixture of bids and stops at 1.1240-50 is in focus, however, some buy orders are expected at 1.1200-10. On the upside, offers are lowred to 1.1300-10 and in good size at 1.1350-60, some stops are placed above 1.1375-80, selling interest is tipped further out at 1.1400 and 1.1450-55. Option expires today include: 11.1400 (1 bln), 1.1450 (large), 1.1500 (1 bln), 1.1550 (over 2 bln), 1.1600 (over 1 bln), 1.1650 (large) and 1.1700 (almost 1.5 bln).
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Daily Report: Euro Stays Weak after ECB Massive Easing Print E-mail
Market Overview | Written by ActionForex.com | Jan 23 15 03:16 GMT
Euro weakened broadly over night after ECB launched a massive expansion in the asset buying program that is worth over EUR 1T. EUR/USD extended recent fall to as low as 1.1314 so far while EUR/JPY hit 134.20. ECB's announcement triggered Denmark central bank to cut rates for the second time this week, deeper into negative region at -0.35%. Canadian dollar remained even weaker after the surprised rate cut by BoC earlier this week. And, global easing campaign raised bets on RBA cut this year and sent AUD/USD below 0.8 handle. Markets are pricing in 50% chance for RBA to cut in February, up from prior week's 25% chance.
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Mid-Day Report: Euro Plunges as ECB Launches Trillion Euro QE Print E-mail
Market Overview | Written by ActionForex.com | Jan 22 15 14:50 GMT
Euro weakens broadly after ECB president Mario Draghi said the central bank "decided to launch an expanded asset-program encompassing the existing purchase programs of ABS and covered bonds". ECB will start buying EUR 60b in assets per month in March, until September 2016. That include government bonds, debt securities issued by European institutions as well as private-sector bonds. The total will worth around EUR 1.1T.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Jan 22 15 14:29 GMT
EUR: The single currency dropped as ECB's Draghi announced the central bank will launch an expanded asset purchase program, bids at 1.1570-75, 1.1540-50, 1.1520-25, 1.1500 and 1.1485 were all filled, some buy orders are noted at 1.1460-65 with stops below 1.1450 now in focus, some buying interest is tipped at 1.1420-25 and 1.1400. On the upside, offers are now noted at 1.1540 and 1.1560, more sell orders are located at 1.1590-00 and in good size at 1.1650 (stops above 1.1655-60) and 1.1680.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Jan 22 15 09:48 GMT
EUR: The single currency traded in relatively narrow range after yesterday's volatile price actions, offers are noted at 1.1630, 1.1650-55 and 1.1680, more sell orders are tipped at 1.1700 (stops above) and 1.1715-25 (stops above 1.1730). On the downside, bids are now seen at 1.1570-75 and in good size at 1.1540-50 (stops below), 1.1520-25 and 1.1500, buying interest is expected at 1.1485 and 1.1465, mixture of bids and stops is seen at 1.1450. Option expires today include: 1.1400 (large), 1.1500, 1.1575, 1.1600 (over 1 bln), 1.1625, 1.1700 (large), 1.1750, 1.1800 and 1.1900 (large).
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Daily Report: Euro Range Bound as Markets Await ECB QE Print E-mail
Market Overview | Written by ActionForex.com | Jan 22 15 07:25 GMT
Euro stays in tight range against dollar and yen as markets away ECB announcement and press conference. ECB would likely announce a new round of QE measures including government bond purchases. Over the past week, the consensus was that the worth of the program would be around EUR 500b. Yet, there have been heightening speculations that the central bank would propose spending of EUR 50b a month, through December 2016, on bond buying. Besides the size, we believe the timing of implementation and the risk allocation method would be critical. A more controversial top is whether the losses on the purchases would be shared by national central banks or not. Under the risk-sharing model, the ECB would use its balance sheet to purchase sovereign bonds of Eurozone member states, so that the default risk would be borne by NCBs according to their capital key.
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USD/CAD Surges as BoC Cut Rates Print E-mail
Market Overview | Written by ActionForex.com | Jan 21 15 15:47 GMT
We've got another central bank surprise today. Totally unexpected, Bank of Canada Lowers the overnight rate by 25bps to 0.75%. Correspondingly the Bank Rate and Deposit Rate are lowered to 1.00% and 0.50% respectively. BoC said in the statement that "this decision is in response to the recent sharp drop in oil prices, which will be negative for growth and underlying inflation in Canada." In particular, it also said that the "oil price shock increases both downside risks to the inflation profile and financial stability risks". And thus, the decision is intended to provide "insurance" against these risks and bring economy back to full capacity as well as inflation to target within projection horizon.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Jan 21 15 15:23 GMT
EUR: The single currency volatile in NY opening on rumors of ECB would propose EURO 50 billion QE per month tomorrow, offers at 1.1590-1.1610 area, 1.1625, 1.1640-50 and stops above there were tripped but sell orders are still seen at 1.1680 and 1.1700, selling interest is tipped further out at 1.1720 and 1.1750. On the downside, bids are now seen at 1.1600-10 and in good size at 1.1565-70, more buy orders are tipped at 1.1545-50 (stops below 1.1540) and 1.1500-10, buying interest is expected at 1.1485 and 1.1465, mixture of bids and stops is seen at 1.1450.
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Mid-Day Report: Sterling Lower after BoE Minutes, Dollar Mixed Print E-mail
Market Overview | Written by ActionForex.com | Jan 21 15 13:54 GMT
Quick update: BoC cut interest rate by 25bps to 0.75%. Sterling weakens mildly today after BoE meeting minutes further affirmed the expectation that the central bank won't raise rate this year. Meanwhile, Yen stays firm after BoJ lowered economic projections. Meanwhile, dollar is mixed in early US session. US building permits dropped to 1.03m annualized rate in December while housing starts rose to 1.09m. Released from Canada, wholesale sales dropped -0.3% mom in November. Focus will turn to BoC rate decision and the central bank is expected to keep benchmark overnight interest rate unchanged at 1.00% and maintain a neutral stance.
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