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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 |
Apr 19 12 12:59 GMT
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Dollar is attempting to recover in early US session as Euro, and Europeans stocks, weaken in spite of a mildly successful Spanish bond auction. Sentiments were also weighed down mildly as employment data from US missed expectation. Initial jobless claims fell slightly to 386k in the week ended April 14 but was much higher than expectation of a drop to 366k. The four week moving average rose to 374.75k. Continuing claim also rose by 26k in the week ended April 7 to 3.3m. Overall, initial claim is back above 380k for the second consecutive week and raised some doubt on the momentum in job market growth.
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Market Overview |
Written by ActionForex.com |
Apr 19 12 07:26 GMT
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Euro remains in range as markets are cautiously awaiting an important bond auction from Spain today. Tuesday's bill auction was a success with strong demand and yield dropped back below 6% after that. But investors see today's auction as a real test of market confidence. Spain targets to sell up to EUR 2.5b of 2014 and 2022 bonds today. Yields are expected to rise and the focus is indeed on the demand. Anything below the relatively small target of EUR 2.5b would be seen as a big disappointment and could trigger sharp selloff in Spanish bonds and Euro.
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Market Overview |
Written by ActionForex.com |
Apr 19 12 06:52 GMT
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EUR: The single currency traded in very narrow range this morning, not much reaction from IMP news on successfully raised $320 billion funds, bids from Asian and Eastern European names are still noted at 1.3070 and 1.3050 with stops building up below latter level. On the upside, offers in good sizes remain at 1.3140-50 and mixture of offers and stops is located at 1.3170-80 but fresh sell orders are likely to emerge around 1.3200-10 with more stops placed above 1.3220 and 1.3250.
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Market Overview |
Written by ActionForex.com |
Apr 18 12 14:08 GMT
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EUR: The single currency slipped in European session on cross-selling against sterling and also stop-hunting (stops below 1.3100 and 1.3080 were triggered), however, decent demand from Asian sovereign names are still noted at 1.3065, 1.3050 as well as 1.3030 with stops building up below 1.2990. On the upside, offers from funds are reported at 1.3115-20 and also at 1.3140-50 with stops placed above there and also 1.3175-80.
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Market Overview |
Written by ActionForex.com |
Apr 18 12 12:42 GMT
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Sterling soared broadly today on more hawkish than expected BoE minutes. Adam Posen dropped his call for expanding the quantitative easing program during last meting while all nine MPC members voted to keep rates unchanged at 0.50%. Posen and David Miles voted for BoE to raise the asset purchase program by another GBP 25b back in March. But this time, only Miles was left. And even Miles now described his view as finely balanced. Overall, the minutes showed that policy makers are wary of inflation risk as it said that "there was a risk that inflation would fall more slowly than assumed in the February inflation report projections, and the recent flow of data provided some support for this view."
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Market Overview |
Written by ActionForex.com |
Apr 18 12 07:06 GMT
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JPY: The greenback surged against the Japanese yen on comments from BOJ's Nishimura that the central bank may take further easing steps if necessary to boost economy, stops above 81.20 were filled, however, offers from corporates are still noted at 81.45-50 and also at 81.85-90 with more stops placed above 81.90-00. On the downside, bids from Japanese investors raised to 81.00, 80.70-75 as well as 80.50 with stops remain below 80.20-25 and more buying interest should emerge above barrier at 80.00.
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Market Overview |
Written by ActionForex.com |
Apr 18 12 06:45 GMT
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Yen weakens broadly while dollar remains soft as yesterday's risk rallies carried on to today's Asian session. Asia equities are generally higher following the 194 pts rise in DOW overnight. Worries on Spain was eased after successful bill auction with strong demand and 10 year yield dipped back below 6% again. Sentiments are positive for the moment even though Spain will face a bigger test of sales of 2- and 10-year bonds tomorrow. Note that the strong rally in US equities invalidate the bearish view that they're topped earlier in the month and indeed, DOW would now likely make at least another high above 13297 in near term. And the development would likely give some pressure to dollar and yen.
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Market Overview |
Written by ActionForex.com |
Apr 17 12 14:03 GMT
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EUR: The single currency jumped again in European morning in part due to the release of better-than-expected German ZEW data and stops at 1.3150 were triggered, however, offers at 1.3170-80 capped euro's upside so far and more selling interests are tipped at 1.3200-10 with sizeable stops placed above 1.3180 and 1.3215-20. On the downside, mixtures of bids (from U.S. big names) and stops are located at 1.3090-00 and further out at 1.3050 but decent demand remain at 1.3000-10.
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Market Overview |
Written by ActionForex.com |
Apr 17 12 13:26 GMT
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Canadian dollar jumps in early US session after BoC left rates unchanged and issued an upbeat statement with tightening bias. The bank noted that economic momentum in Canada is "slightly firmer" than expected back in January, with external headwinds bated and more resilient recovery in US. GDP is projected to grow 2.4% in 2012 and 2013 before dipping back to 2.2% in 2014. The bank also expect economy to return to full capacity in first half of 2013. Inflation profile is also expected to be firmer. Headline CPI is expected to be around 2% over the balance of projection horizon. Most importantly, the bank said that "some modest withdrawal of the present considerable monetary policy stimulus may become appropriate" and the timing will be "weighed carefully against domestic and global economic developments".
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Market Overview |
Written by ActionForex.com |
Apr 17 12 07:09 GMT
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EUR: Despite tripping 1.3000 option barrier yesterday, the single currency found very decent demand just below there and staged a strong rebound from 1.2995 to as high as 1.3148 (in New York, buy stop orders at 1.3100 were triggered) before retreating this morning. At the moment, bids from U.S. investment bank (who also bought the pair aggressively yesterday) are noted at 1.3070 and 1.3040-50 with mixture of bids and stops seen at 1.2990-00. On the upside, offers from funds and European names are tipped at 1.3120 and 1.3145-50 with stops building up above latter level and 1.3185-90.
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Market Overview |
Written by ActionForex.com |
Apr 17 12 06:43 GMT
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Dollar regains some ground in Asian session today as sentiments are dragged down by China equity markets. Data from China's Ministry of Commerce showed foreign direct investment dropped for the fifth consecutive month by -6.1% yoy in March to $11.76b. Total number for Q1 dropped -2.8% yoy to $29.48b. FDI from EU dropped sharply by -31.2% to $1.4b in Q1 highlighting the impact from European debt crisis. Some analysts noted that the droop in FDI also indicates reduced attractiveness of China due to yuan's appreciation in recent years and domestic inflation. And, it's believed that FDI will reduce the country's external surplus and thus lower the pressure for yuan to appreciate. Nonetheless, today's data still leaves China on course to meet it's target of average of $120b a year in the next four years.
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Market Overview |
Written by ActionForex.com |
Apr 16 12 14:05 GMT
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GBP: Despite falling to 1.5819 earlier today, persistent bids from Asian real money accounts put a floor on the cable, however, offers from UK clearer and funds are reported in the region of 1.5860-1.5880 with some stops placed above 1.5900 and further out at 1.5950-60. On the downside, bids from same parties remain from 1.5820 down to 1.5800 with stops planted below 1.5800 but more buying interests from Middle East names are tipped at 1.5770-80 with bigger stops placed below there.
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Market Overview |
Written by ActionForex.com |
Apr 16 12 13:14 GMT
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Sentiments improve mildly in early US session as data showed US retail sales rose a solid 0.8% in March while ex auto sales also rose 0.8%. That compares to consensus of 0.4% and 0.6% respectively. Nonetheless, other data from US are far from being impressive. Empire state manufacturing index dropped much more than expected from 20.21 to 6.6 in March. TIC capital flow rose merely 10.1b in February. DOW futures point to higher open but strong resistance would likely be seen between 12900/13000 to limit upside. We'd still favor more downside in risks and upside in dollar.
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Market Overview |
Written by ActionForex.com |
Apr 16 12 06:57 GMT
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EUR: The single currency tumbled last Friday in part due to the release of weaker-than-expected China’s Q1 GDP data and stops below 1.3090 and 1.3050 were triggered and bids at 1.3030 were also filled, mixture of bids and stops at 1.3000-10 (related to 1.3000 barrier) is now in focus, more stops are placed below 1.2970 and 1.2950. On the upside, offers are reported at 1.3050-60 and also at 1.3090-00 with some stops building up above 1.3100 and also above 1.3150.
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Market Overview |
Written by ActionForex.com |
Apr 16 12 06:41 GMT
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Euro weakens broadly as the week starts and is back pressing 1.3 level against dollar as being weighed down by worry on Spain. As Spanish 10 year yield is climbing back towards the unsustainable level which eventually led to bailout of Greece, Ireland and Portugal, Spanish officials called for more bond purchases by ECB. Nonetheless, recent comments from ECB officials revealed split stance on the issue among policy makers. Markets are also getting a bit more nervous on the issue as Spain will face more tests will the auction of 12-month and 18-month bills tomorrow and, more importantly, auction of 2014 and 2022 bonds on Thursday. All eyes will be on whether Spanish 10 year yield will move away from 6% level this week, and on which direction.
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Market Overview |
Written by ActionForex.com |
Apr 14 12 13:12 GMT
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Traders have been indecisive in deciding whether to sell dollar or euro last week. Disappointing job market data from US reignited the talk of QE3 from Fed and triggered some pull back in the greenback. But it's the situation in Spain that should have finally pushed traders to make up their mind to dump euro and risk assets. Late Friday's selloff in European majors suggests that the pull back in greenback is over. Yen is also having admirable resilience last month's rebound. Meanwhile, we saw DOW faced strong resistance from 13000 despite a solid rebound attempt. It looks like markets are back in risk averse mode where odds now favor more upside in dollar and yen in near term.
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Market Overview |
Written by ActionForex.com |
Apr 13 12 13:58 GMT
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EUR: The single currency continued to head south throughout the day on active selling by semi-official names and bids at 1.3145-50 were filled, however, more demand from Middle East names are still noted at 1.3100-10 with bigger stops orders remain below 1.3090 and further out at 1.3050, followed by mixture of bids and stops at 1.3030-35. On the upside, offers are lowered to 1.3170-80 and also at 1.3200-10 with stops building up above 1.3215-20, more buy stop orders are placed above 1.3260 and 1.3280.
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Market Overview |
Written by ActionForex.com |
Apr 13 12 13:29 GMT
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Euro was unsettled by worried on Spain again today and fails to stay above 1.32 against dollar. Data from Bank of Spain showed that Spanish banks borrowed a record EUR 316.3b from ECB in March, almost doubling the EUR 169.8b in February and a new record high. And the data argues that ECB's second LTRO was dominated by Spanish banks which tapped over 30% of the EUR 529.5b cheap funds offered. There were also talks that ECB's liquidity measures has boosted the correlations between the debt crisis and bank risks as banks used the fund to buy government bonds. Spanish 10 year yield is backing towards 6% level after intra-week dip.
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Market Overview |
Written by ActionForex.com |
Apr 13 12 06:54 GMT
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EUR: The single currency retreated after rising to 1.3213 yesterday in part due to weakness in EUR/JPY, bids at 1.3160 are being worked at the moment and more buying interests from Asian and Eastern European names are located further out at 1.3130 with mixture of bids and stops seen around 1.3090-00. On the upside, offers from various parties (including hedge funds) are reported at 1.3200-10, 1.3230 and also at 1.3250 with stops building up above 1.3215 and also 1.3255-60.
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Market Overview |
Written by ActionForex.com |
Apr 13 12 06:05 GMT
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China data was the major focus in Asian session today. China's Q1 GDP rose less than expected by 8.1% yoy versus consensus of 8.3%. However, except Aussie, reactions in financial markets were generally muted since other economic data from China suggests that while growth has slowed, there were signs of stabilization. Asian equities are broadly higher as also boosted by North Korea's failed rocket launch. Dollar pared some of this week's loss against other major currencies but the strength of recovery is so far weak.
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