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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 | Mar 23 15 13:58 GMT
EUR: The single currency has surged again after finding renewed buying interest at 1.0767, offers at 1.0800, 1.0820-25, 1.0855, 1.0880, 1.0900 and 1.0920-30 were filled, however, more sell orders are expected at 1.0950, 1.0980 and 1.1000, selling interest is tipped further out at 1.1040-50 (stops above) and 1.1090-00. On the downside, bids are now seen at 1.0875-80 and 1.0850, more buy orders are reported at 1.0770-80 with stops building up below 1.0760-65, buying interest is tipped at 1.0730 and 1.0700.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Mar 23 15 09:31 GMT
EUR: The single currency met resistance at 1.0883 on Friday and has retreated, however, bids are still noted at 1.0760, 1.0730 and 1.0700, more buy orders are reported at 1.0650 and 1.0625-30, mixture of bids and stops is located at 1.0600 with bigger stops placed below 1.0580 and 1.0550. On the upside, offers are now seen at 1.0800, 1.0820-25 and 1.0855, more sell orders are expected at 1.0880 and 1.0900, selling interest is tipped further out at 1.0920-30 and 1.0990-00. Option expires today include: 1.0680, 1.0780 and 1.0850 (over 1 bln).
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Daily Report: Dollar Mildly Lower as Consolidation Continues Print E-mail
Market Overview | Written by ActionForex.com | Mar 23 15 06:31 GMT
Dollar is mildly softer as the week starts as markets are readjusting the expectation of the timing of Fed's rate hike after last week's dovish FOMC statement. Asian equities are generally higher follow Friday's rally in US stocks. Nikkei is up 1% at 19755 and is heading towards 20000 handle. Gold recovered last week and is firm above 1180 handle for the moment but lacks follow through buying for 1200. Crude oil is also staying firm above 45 after last week's recovery. Dollar index is trading around 97.80 for the moment as the consolidation from 100.42 short term to extends. Overall development favors more consolidation in the greenback in a bit of soft tone.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Mar 20 15 15:04 GMT
EUR: The single currency staged a strong rebound in European and US morning sessions, offers at 1.0700, 1.0730-40, 1.0760, 1.0780 and 1.0800 were filled but selling interest is still seen at 1.0830, 1.0850-55 and 1.0900 (stops above figure and 1.0920). On the downside, bids are raised to 1.0720 and 1.0700 (stops below 1.0690), more buy orders are reported at 1.0655-60 (stops below 1.0650), 1.0625-30 and 1.0600-10 (stops below), more buying interest is expected at 1.0580, 1.0545-50 and 1.0525, fresh demand should emerge around 1.0500-05, 1.0480-85 and 1.0465, mixture of bids and stops is located at 1.0450 barrier.
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Mid-Day Report: USD/CAD Mildly Lower after Mixed Canadian Data Print E-mail
Market Overview | Written by ActionForex.com | Mar 20 15 14:04 GMT
Canadian dollar is mildly firm against dollar in US session as consolidation continues. Mixed economic data from Canada triggered little reactions. Headline CPI rose more than expected by 0.9% mom February versus consensus of 0.7% mom, year-over-year rate was unchanged at 1.0%. CPI core also rose more than expected by 0.6% mom versus consensus of 0.5% mom. Year-over-year rate slowed to 2.1% as expected. Retail sales, however, was disappointing and dropped -1.7% mom in January versus consensus of -0.3% mom. Ex-auto sales also dropped -1.8% mom, well below expectation of 0.1% mom. At this point, USD/CAD's price actions from this week's high of 1.2834 are still looking corrective and the overall outlook stays bullish with 1.2406 support intact.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Mar 20 15 12:23 GMT
EUR: The single currency has recovered after falling to 1.0613 yesterday, however, offers are still noted at 1.0700 and 1.0730-40, more sell orders are reported at 1.0760, 1.0780 and 1.0800, selling interest is tipped at 1.0830, 1.0850-55 and 1.0900 (stops above figure and 1.0920). On the downside, bids are now seen at 1.0650, 1.0625-30 and 1.0600-10 (stops below), more buy orders are expected at 1.0580, 1.0545-50 and 1.0525, buying interest should emerge around 1.0500-05, 1.0480-85 and 1.0465, mixture of bids and stops is located at 1.0450 barrier. Option expires today include: 1.0500 (over 1 bln), 1.0600 (1 bln), 1.0700 (1 bln), 1.0800 (close to 3 bln).
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Daily Report: Dollar Recovery Lost Steam on Fed Evans Comments Print E-mail
Market Overview | Written by ActionForex.com | Mar 20 15 08:13 GMT
Dollar is set to close the week as the weakest major currency. While the greenback pared back much of the post FOMC losses, the recovery lost steam ahead of this week's highs. Dovish Chicago Fed President Charles Evans released a paper noting that "the biggest risk we face today is prematurely engineering restrictive monetary conditions… It therefore seems prudent to refrain from raising rates until we are highly certain that the economy has achieved a sustained period of strong growth and that inflation is on a clear trajectory to return to target”. He was one of two members recommending that tightening should begin in 2016.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Mar 19 15 14:54 GMT
EUR: The sharp retreat from 1.1046 has kept euro under pressure , however, buy orders are still noted at 1.0620-30 and 1.0590-00, some stops are placed below 1.0580 and 1.0550. On the upside, offers are now seen at 1.0735-40, 1.0770 and 1.0790-00, more sell orders are reported at 1.0815-20, 1.0850 and 1.0890-00, combination of offers and stops is located at 1.0920.
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Mid-Day Report: Dollar Pared Post FOMC Losses, SNB Stands Pat Print E-mail
Market Overview | Written by ActionForex.com | Mar 19 15 13:15 GMT
Dollar pared back much of the post FOMC losses and is extending the recovery in early US session. Released from US, initial jobless claims rose slightly by 1k to 291k in the week ended March 14, below expectation of 297k. Continuing claims rose 11k to 2.42m in the week ended March 7. Technically, while the risk of near term reversal in dollar is rising, the greenback is staying above near term support level against other major currencies and maintains bullish outlook. Upside breakout remains in favor after current consolidation finishes. Levels to watch include 95.48 in dollar index, 1.1096 in EUR/USD, 1.5551 in GBP/USD, 0.7912 in AUD/USD and 1.2406 in USD/CAD.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Mar 19 15 10:25 GMT
EUR: The single currency went through very choppy sessions after FOMC, jumped to as high as 1.1046 before dropping again on dollar's broad-based rebound, bids at 1.0750, 1.0700 and 1.0650 were filled, however, buy orders are still noted at 1.0620-30 and 1.0590-00, some stops are placed below 1.0580 and 1.0550. On the upside, offers are now seen at 1.0710-20, 1.0750 and 1.0790-00, more sell orders are reported at 1.0815-20, 1.0850 and 1.0890-00, combination of offers and stops is located at 1.0920.
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Daily Report: Dollar Pulled Back on Dovish FOMC Statement Print E-mail
Market Overview | Written by ActionForex.com | Mar 19 15 04:29 GMT
Dollar plunged while US equities soared after FOMC statement released overnight was seen as relatively dovish by the markets. The dollar index dived to as low as 96.62 as the greenback was sold off across the board. Nonetheless, dollar recovered much ground in Asian session and the dollar index is back above 98 level at the time of writing. Dollar stays bullish against Euro and Sterling but looks a bit vulnerable against commodity currencies in near term. DJIA closed 227.11 pts, or 1.27% up at 18076.19, back above 18000 handle. S&P 500 rose 25.22 pts, or 1.22%, to close at 2099.5, just shy of 2100. Gold is notably higher above this week's low of 1141.6 and is trading above 1170. Crude oil also got a lift from this week's low of 42.03 and is hovering around 44 for the moment.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Mar 18 15 15:01 GMT
EUR: The single currency traded narrowly as traders await FOMC, bids are still noted at 1.0580, 1.0545-50 and 1.0525, more buy orders are located at 1.0500-05 and 1.0480-85, buying interest should emerge around 1.0465 and 1.0450 (stops below barrier there). On the upside, offers remain at 1.0635, 1.0650-60 and 1.0680, selling interest should emerge around 1.0700 and 1.0720, sell orders are plcaed further out at 1.0735 and 1.0750.
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Mid-Day Report: Sterling Tumbled on Job Data, FOMC Next Print E-mail
Market Overview | Written by ActionForex.com | Mar 18 15 12:59 GMT
Sterling tumbled sharply as employment data showed slowing wage growth, which might give BoE more rooms to keep rates unchanged at current level longer. It was reported that average weekly earnings grew 1.8% in the 3 months to January. That's quite notably lower than Q4's 2.1%. The ILO unemployment rate stayed unchanged at 5.7%, whilst the market had anticipated a drop to 5.6%. On a positive note, Claimant's count fell -31K in February, whilst the January reading was revised to a drop to -39.4K. The Claimant count rate slipped -0.1% to 2.4% last month.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Mar 18 15 10:23 GMT
EUR: The single currency met resistance just above 1.0650 yesterday and retreated, however, bids are still noted at 1.0580, 1.0545-50 and 1.0525, more buy orders are located at 1.0500-05 and 1.0480-85, buying interest should emerge around 1.0465 and 1.0450 (stops below barrier there). On the upside, offers remain at 1.0625, 1.0650-60 and 1.0680, selling interest should emerge around 1.0700 and 1.0720, sell orders are plcaed further out at 1.0735 and 1.0750. Option expires today include: 1.0500 (1 bln), 1.0575, 1.0600, 1.0630 and 1.0720 (large).
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Daily Report: Focus on BoE Minutes and FOMC Statement Print E-mail
Market Overview | Written by ActionForex.com | Mar 18 15 07:08 GMT
The forex markets remained steady as markets await two key events of the week. The first one is BoE minutes to be released during European session. Markets expected the minutes to show unanimous decisions during the March meeting to held the main refinancing rate at 0.50% and kept the asset purchase target at GBP 375b. The main focus is indeed on MPC members' view regarding recent fall in inflation. Last week, BoE governor Mark Carney said that it's "extremely foolish" to add monetary stimulus to counter the oil price triggered temporary plunge in UK inflation. We'd expect such view to be shared among MPC members. Nonetheless, any hints that BoE would keep rates near zero longer than expected would likely trigger deeper fall in GBP/USD and a rebound in EUR/GBP. Meanwhile, UK will also release employment data.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Mar 17 15 14:34 GMT
EUR: The single currency continued to move higher in part due to active cross-buying in euro, offers at 1.0620-25, 1.0640 together with stops above both levels were tripped, however, more sell orders are reported at 1.0660, 1.0680 and 1.0700, selling interest should emerge around 1.0720, 1.0735 and 1.0750. On the downside, bids are raised to 1.0590-00, 1.0570-75 and 1.0545-50, more buy orders are expected at 1.0525, 1.0500-05 and 1.0480-85, fresh demand should emerge around 1.0465 and 1.0450 (stops below this barrier).
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Mid-Day Report: US Housing Data Mixed, Dollar Cautiously Steady Print E-mail
Market Overview | Written by ActionForex.com | Mar 17 15 12:50 GMT
Dollar remains in general in range against other major currencies as recent consolidations continue. Released from US, housing starts dropped to 0.9m annualized rate in February. Building permits rose to 1.09m. From Canada, manufacturing Shipments dropped -1.7% mom in January. Dollar bulls are getting cautious ahead of FOMC statement tomorrow. The market would closely watch whether the sentence that "based on its current assessment, the Committee judges that it can be patient in beginning to normalize the stance of monetary policy" would be removed. This act would send a strong signal that the Fed might begin tightening in coming months (market expectations are June or September.) As it is widely anticipated that this language would be removed, the updates of the staff economic projection as well as Chair Janet Yellen's comments on the press conference would also be the key. Downgrade of growth outlook should offset hawkishness of removal of the patience language and weigh on the US dollar.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Mar 17 15 09:17 GMT
EUR: The single currency found renewed buying interest just above 1.0550 and has rebounded again today, however, offers are still noted at 1.0620-25 (stops above) and 1.0640 (more stops above), more sell orders are reported at 1.0660, 1.0680 and 1.0700, selling interest should emerge around 1.0720, 1.0735 and 1.0750. On the downside, bids are now seen at 1.0580 and 1.0545-50, more buy orders are expected at 1.0525, 1.0500-05 and 1.0480-85, fresh demand should emerge around 1.0465 and 1.0450 (stops below this barrier). Option expires today include: 1.0450, 1.0500, 1.0550, 1.0650 and 1.0700.
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Daily Report: Yen Steady as BoJ Stands Pat, Downgraded Inflation Outlook Print E-mail
Market Overview | Written by ActionForex.com | Mar 17 15 05:37 GMT
Yen remains steady after BoJ kept policies unchanged as widely expected. Interest rate was held near zero while the committee voted 8-1 to keep the size of annual asset purchase at JPY 80T. The central bank maintained that "Japan's economy is expected to continue recovering moderately as a trend." However, "annual consumer inflation is seen moving around zero percent for the time being on declines in energy prices." That's sort of a downgrade from prior description that inflation will "slow for the time being". Some economists noted that the down turn in inflation was likely seen as temporary to BOJ, due to supply side driven decline in oil prices. Thus, there was no perceived immediate need to ease monetary policies further. But, risks were growing for BoJ to push back the two-year time-frame for hitting the 2% inflation target and there could be need to additional stimulus down the road.
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Mid-Day Report: Dollar Index Back Below 100 as Greenback Retreats Print E-mail
Market Overview | Written by ActionForex.com | Mar 16 15 13:34 GMT
Dollar index dips back below 100 psychological level again as traders turned cautious ahead of FOMC statement later this week. The greenback is also notably lower against Euro as retreat continues. Released from US empire state manufacturing index dropped to 6.9 in March versus expectation of rise to 8.0. Industrial production rose 0.1% in February versus expectation of 0.3%. From Canada, international securities transactions rose CAD 5.73b in January.
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