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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 |
May 10 12 06:35 GMT
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Euro remains generally soft on Greece situation. EFSF, the Eurozone temporary bailout fund, said in a statement yesterday that EUR 4.2b of fund will be disbursed to Greece on May, as part of the installments agreed to back in March. That should enable Greece to pay some of the EUR 3.3b to ECB next week as well as other debt service payments. EUR 1b of fund, as seen as "not needed" before June by EFSF, will be held back and to be disbursed later in June. The issue will be revisited in a EcoFin meeting in Brussels next Monday.
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Market Overview |
Written by ActionForex.com |
May 09 12 14:11 GMT
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EUR: The single currency dropped again today on risk aversion and option barrier at 1.2950 was tripped, however, more bids from U.S. and Middle East names are still noted above next barriers at 1.2925 and 1.2900 with stops placed below latter level. On the upside, offers from various parties are lined up at 1.2990-00 and also at 1.3040, followed by mixtures of offers and stops located at 1.3065-75 and further out at 1.3095-00.
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Market Overview |
Written by ActionForex.com |
May 09 12 12:44 GMT
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Risk markets continue to be under tremendous pressure on Greece political instability. There is still no coalition government formed in Greece for the moment and it's increasing likely that president Papoulias would call for another election in June. And that would eventually lead to failure to abide by EU and IMF bailout comments which then force Greece to default its debt and leave Eurozone. A official in German Chancellor Merkel's CDU was quoted that there should be an offer for Greece to leave the eurozone in an "orderly fashion" without leaving EU. And, there are increasing similar calls out of Germany.
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Market Overview |
Written by ActionForex.com |
May 09 12 06:45 GMT
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EUR: The single currency slipped again in New York afternoon session and bids at 1.2980-85 were filled, however, buying interests are still noted at indicated level of 1.2955-65 and stops remain below option barrier at 1.2950 but fresh demand from Asian sovereign names should emerge around 1.2920-25 and also at 1.2900 with more stops placed below the barrier at 1.2900. On the upside, offers are lowered at 1.3000-05 and also at 1.3040-50 with stops building up above 1.3070 and 1.3100.
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Market Overview |
Written by ActionForex.com |
May 09 12 06:42 GMT
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Risk markets tumble sharply again as worry on Greece intensifies. Asian equities are broadly lower even though DOW pared much of the mid session loss and closed merely down -0.6%. Commodity currencies are hardest hit this week with AUD/USD back pressing parity for the moment and USD/CAD is back above parity already. Nonetheless, European majors are relatively steady with EUR/USD staying above 1.2954 temporary low while USD/CHF is also held below 0.9269 temporary top. EUR/JPY and GBP/JPY are also staying in this week's tight range. Dollar index breaches 80 psychological level again but struggles to stay above there so far.
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Market Overview |
Written by ActionForex.com |
May 08 12 14:34 GMT
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EUR: Although the single currency recovered briefly after the release of better-than-expected German industrial production data, the pair quickly dropped again in New York opening on dollar's broad-based rebound, sizeable bids at 1.3000 were filled but buying interests from Middle East names are still noted at 1.2975 and also 1.2950-55 with stops building up below option barriers at 1.2950, 1.2925 and 1.2900. On the upside, first offers are located at 1.3035-40 and also at 1.3060-65 with stops placed above 1.3075, followed by mixture of offers and stops at 1.3095-1.3100.
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Market Overview |
Written by ActionForex.com |
May 08 12 12:50 GMT
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Markets are generally staying in range so far today despite some volatility. Euro's recovery against dollar and yen lost steam ahead of minor resistance levels of 1.3095 and 104.61 and both pair weakens since then. Though, the selloff is shallow so far. Markets seemed to have calmed down from the election triggered selloff quickly as after all, Hollande's win in France and the political uncertainty in Greece were both not much of a surprise. Business is back to being usual as Greece sold EUR 1.3b of 6-months T-bills today. Yield was up to 4.69% comparing with 4.55% at last equivalent sales. Demand was steady with bid-to-cover ratio at 2.6, comparing to prior 2.62.
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Market Overview |
Written by ActionForex.com |
May 08 12 06:55 GMT
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EUR: Despite staging a strong rebound yesterday from 1.2956 to 1.3065, as the single currency has retreated this morning but buying interests from Asian sovereign names are still noted at 1.3000-10, more demand from East European and Middle East names remain at 1.2960-70 with some stops placed below option barrier at 1.2950. On the upside, offers from European names are lined up at 1.3060-70 and further out at 1.3090-00 with stops placed above latter level and also 1.3130.
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Market Overview |
Written by ActionForex.com |
May 08 12 06:28 GMT
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Euro continues to hover above 1.3 level against dollar after stabilizing from yesterday's sharp selloff. The final result of Greek election had New Democracy and Pasok secured only 149 out of 300 seats. New Democracy leader Samaras has already stated that he failed to form a new government and has "handed back the mandate" to the president. Analysts interpreted the result of the election as reflection of sharp decline in public support for mainstream parties in decade and showed public's strong opposition against austerity. Greece is facing an immediate task of securing the next tranche of bailout from EU/IMF or it may need to default its debt after running out of cash.
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Market Overview |
Written by ActionForex.com |
May 07 12 14:03 GMT
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EUR: The single currency has continued to edge higher today and orders at 1.3045-50 were filled, however, offers from various parties are still noted at 1.3070 and further out at 1.3095-00 with stops building up above latter level but fresh sell orders are expected to emerge around 1.3140-50. On the downside, bids from Middle East names are reported at 1.3000 and also at 1.2970 with mixture of bids and stops (related to 1.2950 option barrier) located at 1.2950-60 but fresh buying interests from same names and Asian sovereign names are tipped at 1.2920-25 and 1.2900. Option expires today include 1.3000 and 1.3025 (NY cut).
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Market Overview |
Written by ActionForex.com |
May 07 12 12:41 GMT
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Euro stabilized from initial post election selloff and recovered back above 1.3 against dollar. There was some support to the common currency from Germany's optimism that "close cooperation" will continue between Chancellor Merkel and French President Hollande. Also, Japanese Finance minister Azumi came out and pledged his ready to act if "speculative movements taking advantage of political factors", after today's slide in EUR/JPY. But after all, sentiments on Euro remains fragile as markets are in deep concern of Eurozone's ability to continue austerity and cure the root of the current debt crisis.
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Market Overview |
Written by ActionForex.com |
May 07 12 07:17 GMT
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EUR: The single currency opened lower this morning after Friday's selloff and option barrier at 1.3000 were tipped, however, bids above next barrier at 1.2950 contained euro's downside so far and the pair has rebounded from intra-day low of 1.2956. At the moment, offers are still noted at 1.3070-75 and further out at 1.3095-00 with some stops building up above 1.3150 and 1.3180. On the downside, bids remain above said option barrier and more buying interests from Asian sovereign names are located at 1.2920-25 and 1.2900 (another barrier).
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Market Overview |
Written by ActionForex.com |
May 07 12 05:58 GMT
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Euro drops sharply as the week starts as election results in France and Greece raised concerns on the countries' commitment to Austerity measures and the stability in Eurozone. Socialist Francois Hollande won the French election with 52% vote, making him the first socialist candidate to be elected since 1981. That also ended the famous "Merkozy" leadership in Eurozone which pushed for regional wide austerity as they're still struggling with the on-going debt crisis. Hollande has criticized the German-led austerity program and stated that "austerity is not inevitability". Instead, Hollande emphasized giving "European construction a growth dimension". Moreover, he suggested that the ECB should act to help resolve the problems more actively and supports the joint issuance of Eurobonds. Without synergy between the two biggest economy in Eurozone, there will definitely be increased headwinds in pushing for reforms in the region.
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Market Overview |
Written by ActionForex.com |
May 05 12 12:38 GMT
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Aussie, Kiwi, and to a lesser extend Loonie, were under much pressure last week on worsening global and domestic economic outlook. Selling further accelerated on Friday after the release of disappointing US job data, which triggered massive risk aversion and steep fall in equity markets. In addition, investors were seen nervous ahead of key event risks of France and Greece elections over the weekend. Japanese yen was the strongest currency as markets continued to express dissatisfaction over BoJ's quantitative easing program. Dollar was the second strongest currency last week but we must emphasize that the greenback was bounded in range against Euro, Swiss Franc and Sterling. There is no clear direction in dollar yet even though some might point to risk aversion as a dollar supportive factor. We'd require to see a decisive breakout in EUR/USD from recent range to confirm the underlying momentum in greenback, and that could possibly happen as reaction to the elections. Otherwise, we're just in markets of bullish yen, bearish commodity currencies, and mixed dollar.
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Market Overview |
Written by ActionForex.com |
May 04 12 13:58 GMT
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EUR: The single currency has rebounded from intra-day low of 1.3114 on dollar's broad-based weakness after the release of U.S. NFP data and mixture of offers and stops at 1.3180 is now in focus, more selling interests should emerge around 1.3200-10 (option related) with next stops seen above 1.3250 and 1.3290-00. On the downside, bids from Asian sovereign and Middle East names are noted at 1.3145-50 and also at 1.3115-20 with stops building up below 1.3110 as well as 1.3090 (large). Option expires today include 1.3100, 1.3150 and 1.3200 (NY cut).
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Market Overview |
Written by ActionForex.com |
May 04 12 12:47 GMT
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Despite some knee-jerk reaction against Japanese yen, dollar remains steadily firm in early US session after release of a rather mixed employment report. Non-farm payroll showed a mere 115k growth in the US job market in April, way below expectation of 165k. However, March's figure was revised up from 120k to 154k. The combined two month figure was there at 269k, which is not too far from expectation of 285k even though it's still lower. Meanwhile, unemployment rate unexpectedly improved to 8.1% versus expectation of being unchanged at 8.2%.
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Market Overview |
Written by ActionForex.com |
May 04 12 07:30 GMT
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EUR: The single currency traded narrow in Asia after yesterday’s choppy movements as traders preferred to stay on the side ahead of the release of U.S. NFP later today. At the moment, bids from Asian sovereign names and model funds are reported at 1.3125-30 as well as 1.3095-00 with stops building up below latter level and further out below 1.3050 option barrier. On the upside, offers remain at 1.3170-80 with some stops placed at 1.3185 but better size offers from U.S. big names are tipped at 1.3205-10 and also 1.3240-50 with stops building up above 1.3250 and 1.3290-00.
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Market Overview |
Written by ActionForex.com |
May 04 12 06:42 GMT
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After yesterday's brief rally, dollar stuck in tight range against European majors today as markets are awaiting employment report from US. Yesterday's jobless claims data eased some concerns on job growth momentum in US. But sentiments could yet turn again after today's non-farm payroll report. Also traders are cautious ahead of elections in France and Greece over the weekend. Price actions remain indecisive so far. Though, clearer weakness is seen in Aussie, which is weighed down by rate expectations. Deeper selloff was also seen against dollar earlier today as RBA lowered both growth and inflation forecast.
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Market Overview |
Written by ActionForex.com |
May 03 12 14:21 GMT
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EUR: Although the single currency dropped to as low as 1.3095, euro quickly rebounded from low as comments from ECB's Draghi was not as dovish as expected, offers at 1.3170 were filled but more selling interests are still noted at 1.3200 and further out at 1.3240-50 with stops building up above 1.3250 as well as 1.3290-00. On the downside, some bids are tipped at 1.3120-25 and also at 1.3095-00 with stops placed below 1.3090 and further out at 1.3050.
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Market Overview |
Written by ActionForex.com |
May 03 12 14:15 GMT
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Euro pares earlier loss recovers in early US session after ECB president Draghi said in the post meeting conference that interest rate cut wasn't discussed during the meeting. There were speculations that deepening recession in Eurozone could trigger at least some debate on rate cut within the ECB board. In addition, Draghi said that the instrument, the Securities Markets Program, is "still there" even though that was "neither infinite nor eternal". Though, he admitted that growth in Eurozone was dampened by "remaining tensions in some euro-area sovereign debt markets". ECB expects recovery to be gradual, subject with prevailing downside risks and outlook has become "more uncertain". Inflation outlook was seen as "broadly balanced". ECB left the key interest rate unchanged at 1.00% as widely expected.
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