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Action Insight: Market Overview
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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.
- Market overviews covers major happenings in the markets as well as their impacts.
- Technical analysis of specific currency pair will be found in the technical outlook section. Covered pairs include EUR/USD, USD/JPY, GBP/USD, USD/CHF, USD/CAD, AUD/USD, EUR/JPY, EUR/CHF, EUR/GBP, GBP/JPY
- Special reports covers medium to longer term forecasts on exchange rates based on fundamentals, central bank meetings previews and reviews, plus any current issues that will have an impact on exchange rates.
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Market Overview |
Written by ActionForex.com |
Mar 16 12 07:04 GMT
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EUR: The single currency surged yesterday and triggered stops above 1.3090-00, then hit the high in New York at 1.3120, however, offers remain at 1.3120-25 and price has retreated in late U.S. session. At the moment, bids from various parties (for short-covering purpose) are still noted from 1.3060 down to 1.3040 and option defensive buy orders remain at 1.3005-10 (for protection of 1.3000 barrier). On the upside, stops are building up above 1.3130 and more selling interests are tipped further out at 1.3175-85 with stops placed above 1.3195-00.
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Market Overview |
Written by ActionForex.com |
Mar 16 12 06:46 GMT
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Dollar seems to be making a short term top against some major currencies on profit taking and is mildly softer today in tight range. US equities extended recent rally with S&P 500 closed above 1400 for the first time since 2008 financial crisis. But stocks buying didn't continue in Asian session. Despite recovery, Gold continues to stay well below 1700 level. Commodity currencies are trapped in range against dollar. Overall intermarket developments are quite mixed for the moment.
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Market Overview |
Written by ActionForex.com |
Mar 15 12 14:11 GMT
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CHF: The greenback continued to move lower from intra-day high of 0.9335 on profit-taking, no real reaction from SNB’s decision to keep rates on hold (the central reaffirmed its commitment to protect the 1.2000 EUR/CHF peg. At the moment, offers from European names are still noted at 0.9290-00 and also 0.9330-40 with stops building up above option trigger at 0.9350. On the downside, bids from Swiss names are seen at 0.9240-50 and also 0.9210-20 with stops building up below 0.9200 and 0.9180.
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Market Overview |
Written by ActionForex.com |
Mar 15 12 12:43 GMT
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Markets are pretty steady today except that much volatility is seen in the Swiss Franc. EUR/CHF dived sharply and breached 1.21 level again after SNB maintained the EURCHF floor at 1.2. We'd maintain that there is no scope for sustainable rebound in the cross at least before Thomas Jordan becomes SNB president formally. Meanwhile, dollar is firm in tight range after some solid economic data from US. Empire State manufacturing index unexpectedly rose to 20.21 in March. Initial jobless claims improved to 351k. PPI moderated less than expected to 3.3% yoy in February while core PPI was unchanged at 3.0% yoy.
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Market Overview |
Written by ActionForex.com |
Mar 15 12 07:07 GMT
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CHF: Although the greenback rose marginally to 0.9335 (3 pips above yesterday’s high of 0.9332), dollar ran into heavy offers there and has retreated in European opening on profit-taking ahead of Swiss economic forecast and SNB rate decision later today. At the moment, mixture of bids and stops is located at 0.9240-50 and bigger stops are placed below 0.9200-10 and also 0.9180. On the upside, offers are noted at 0.9310-20 and also from 0.9335 up to 0.9350.
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Market Overview |
Written by ActionForex.com |
Mar 15 12 06:43 GMT
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EUR/CHF jumped sharply over night and is back trading above 1.21 level as markets are awaiting SNB rate decision. The bank is expected to leave rates unchanged and maintain it's pledge to keep the 1.2 EUR/CHF floor. SNB is still sticking to it's plan to name a new president in April. Swiss parliament voted to keep SNB's independence yesterday even though there were politicians calling for further effort from the bank to weaken the Swiss Franc. One Swiss Social Democrats urged EUR/CHF floor to be raised to 1.4 or higher. But we'd expect the floor to be unchanged at least before interim president Thomas Jordan takes up the role permanently. Hence, we'll treat the current jump in EUR/CHF with a cautious attitude and won't turn bullish from neutral before we see sustained trading above 1.2127 resistance.
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Market Overview |
Written by ActionForex.com |
Mar 14 12 12:37 GMT
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Markets are a bit mixed today. While dollar extends rally against the Japanese yen and aussie, it's momentum against European majors is unconvincing. Sterling has indeed attempted to rise broadly but the strength was limited after slightly disappointing job market data. Risk appetite is strong with European stocks rising for the another data. But the positive sentiments provide no support to commodity currencies. Canadian dollar is bounded in range against dollar so far. Meanwhile, Australian dollar is even worse, as weighed down by the steep decline in gold.
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Market Overview |
Written by ActionForex.com |
Mar 14 12 06:50 GMT
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EUR: The single currency slipped again overnight in late New York as Fed gave signs that there is no immediate need for QE3, stops below 1.3045-50 were finally triggered and stops below 1.3025 are now in focus, followed by mixture of bids and stops at 1.3000-10 (option related), fresh bids from Asian sovereign names are likely to emerge from 1.2980 down to 1.2950. On the upside, offers from various parties area lined up at 1.3070-80 and also at 1.3120-25 with some stops building up above 1.3130 and 1.3155-60.
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Market Overview |
Written by ActionForex.com |
Mar 14 12 06:44 GMT
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Dollar maintains post FOMC gains and remains firm in Asian session today. Asian equities are broadly higher after DOW broke 13000 level to close at 13177, up 1.68%. Strong risk appetite sent Japanese yen lower but didn't impact the greenback so far. Dollar index is holding firm above 80 level. Gold breached recent low of 1662 overnight and is set to dip further. Among European majors, Sterling is relatively more resilient as supported by buying in crosses against Euro. Meanwhile, commodity currencies are steady in range.
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Market Overview |
Written by ActionForex.com |
Mar 13 12 19:41 GMT
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Dollar strengthens broadly after Fed left policy unchanged and acknowledged recent improvements in the US labor markets. Stocks were also given a strong boost and DOW extended earlier rally and breached 13100 handle. Fed left rates unchanged at 0-0.25% as widely expected. Fed also continued its pledged to keep rates at exceptionally low level until late 2014 with Richmond Fed Lacker as the sole dissenter for the language for the second consecutive meeting. Fed will also continue the policy to sell $400b of treasuries of maturities of 3 year or less and buy equal amount of securities of maturities of six year or more, that is the operation twist program. Also, Fed will continue to reinvest maturing treasuries and mortgage-backed securities and keep the size of it balance sheet unchanged.
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Market Overview |
Written by ActionForex.com |
Mar 13 12 14:04 GMT
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JPY: Dollar extended intra-day rally from 81.97 in New York morning in part due to the release of slightly higher-than-expected U.S. data and stops above 82.70 were triggered, however, more selling interests are tipped from 82.85 up to large option barrier at 83.00 with bigger stops placed above there. On the downside, bids from U.S. investment banks and Japanese investors are noted at 82.40-50 and also 82.00 with stops building up below 81.80-90 and also 81.40-50.
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Market Overview |
Written by ActionForex.com |
Mar 13 12 13:28 GMT
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Dollar's rally resumes in early US session even though risk sentiments is firm. Gold is trading back below 1700 level and selloff in gold gives the greenback some support. Additional support is given to dollar from solid retail sales data. Headline sales jumped 1.1% in February, above expectation of 1.0% and was the best number in five months. Ex-auto sales also beat expectation and rose 0.9%. Data from Eurozone was solid today with German ZEW economic sentiment rose to 21-month high of 22.3 in March. The data gave strong boost to European indices but provided no support to Euro. Other data released today saw UK trade deficit slightly narrower than expectation at GBP -7.5b in January. Swiss combined PPI improved to -1.9% yoy in February. Australia NAB business confidence dropped to 1 in February. UK RICS house price balance improved to -13 in February.
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Market Overview |
Written by ActionForex.com |
Mar 13 12 07:00 GMT
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EUR: The single currency rebounded from yesterday's low of 1.3079 on short-covering ahead of FOMC and also risk appetite, however, offers are still noted at 1.3190-00 with stops building up above 1.3235-40 (some sell orders around 1.3215-20) but large selling interests are tipped further out at 1.3270 and 1.3290-00. On the downside, bids from Asian sovereign names are reported at 1.3140 and also 1.3100-10 with stops building up below 1.3100 and 1.3070 but more buying interest is likely to emerge above barrier at 1.3050 and 1.3000.
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Market Overview |
Written by ActionForex.com |
Mar 13 12 06:06 GMT
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After Eurozone finance ministers meeting, Luxembourg prime minister Juncker said the Greek programs has now been "politically adopted" by the eurogroup. The second bailout of EUR 130b to Greece was signed off and will be formally approved on March 14. IMF is expected to vote on its contribution on March 15. EFSF CEO Regling said that Greece will receive first first payment of EUR 5.9b in March, second EUR 3.3b in April and third EUR 5.3b in May. Greek finance minister Venizelos said the situation for Greece has changed and will have "an effect on the economic life of the country". Venizelos pledged to continue implementation of its austerity program to fulfil the "fundamental obligations".
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Market Overview |
Written by ActionForex.com |
Mar 12 12 14:39 GMT
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Despite dipping initially as the week started, there was no follow through selling in Euro so far and the common currency settles in tight range as traders are awaiting EU finance minister's meeting. While the approval of Greece's second bailout of EUR 130b b is widely expected, another focus will be the "serious" discussion on Spain. Spain aimed at a budget deficit of 0.6% of GDP in 2012 but in the end reported to 8.5%. Originally, the budget target agreed with EU finance ministers was 4.4% of GDP this year. But Spanish prime minister announced to rise the target to 5.8% earlier this month. EU officials saw no clear reason for that and Rajoy is expected to clarify any misunderstandings today. It's important for EU to maintain it's credibility just after signing the fiscal compact earlier this year.
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Market Overview |
Written by ActionForex.com |
Mar 12 12 14:26 GMT
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EUR: The single currency recovered after falling to 1.3079 on buying by Middle East and Asian names and bids from them are still noted at 1.3100 (related to NY cut 1.3100 option) and also 1.3070-80 with some stops seen below 1.3070 but option defensive buying interests are expected above option barriers at 1.3050 and also 1.3000 (large). On the upside, whilst some stops are placed above 1.3140, offers from Eastern European names and model funds are tipped at 1.3150-60 and 1.3190-00 with more stops located above 1.3215 and 1.3250.
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Market Overview |
Written by ActionForex.com |
Mar 12 12 07:31 GMT
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Sentiments in Asian markets was weighed down by the trade data from China released over the weekend, which some analysts described as poor. China reported a trade deficit of $31.5b in February, much worse than market expectation and was the largest deficit since 1989. Some people might people to Lunar New Year holiday as the cause of disruption in trade. However, note that the combining deficit of January and February was at $4.25b which was enormous comparing to the coming figure of $0.89b in the first two months of 2011. Also, looking at January's and February's figures together, overall exports rose 6.9% and import grew 7.7%. But note that exports to EU, the largest trading partner of China, dropped -1.1% yoy even though exports to US maintained double digit growth at 14.9% yoy.
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Market Overview |
Written by ActionForex.com |
Mar 12 12 07:25 GMT
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EUR: Although the single currency has remained under pressure after last week's late selloff on dollar's broad-based strength and stops below 1.3090 and 1.3080 were triggered, fresh demand from Asian names is seen form 1.3070 down to 1.3050 (where another option barrier is located) and more buying interests from sovereign accounts are tipped from 1.3030 down to 1.3000. On the upside, some offers are tipped at 1.3120 and also 1.3150-60 with stops placed above 1.3200 and also further out at 1.3250.
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Market Overview |
Written by ActionForex.com |
Mar 10 12 11:50 GMT
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European majors weakened sharply last week despite interim rebound. The near term picture is cleared as Greece completed the PSI debt swap deal and is set for getting approval from EU and IMF for additional bailout. Also, Greece default was ruled official by ISDA for activation of the collective action clauses. Dollar, on the other hand, was supported by solid US data and strengthened broadly, with dollar index closed above 80 level again. Meanwhile, commodity currencies were relatively steady as supported by resilience in stocks despite intra-week selloff. After a week of volatility, there outlook didn't change in general. European majors will remain weak in near term while dollar will maintain it's strength, in particular against the Japanese yen. The main question is unresolved yet and that is, whether see massive stock selloff while drags down commodity currencies.
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Market Overview |
Written by ActionForex.com |
Mar 09 12 14:00 GMT
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JPY: Dollar finally penetrated 82.00 level and stops above this option barrier were tripped on dollar's broad-based strength after NFP, stops at 82.25 were also triggered and next barrier at 82.50 is now in focus but fresh offers are likely to emerge around 82.70-75, followed by another barrier at 83.00. On the downside, bids are raised to 81.70-80 with stops building up below 81.30-40 and also 81.00.
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