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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 Broadly Lower and China Devaluation Could Delay Fed Hike Print E-mail
Market Overview | Written by ActionForex.com | Aug 12 15 13:41 GMT
The global markets are experience strong impact from China's devaluation of yuan today. European indices drop for another day with DAX down more than -2.5% and is pressing 11000 handle. CAC broke 5000 and is trading down -2.6%. FTSE is also down -1.3% at the time of writing. DJIA open more than -100 pts, or -0.7% lower and took out last week's low. Fear of currency war is weighing down sentiments. Meanwhile, the greenback is shot down on talk that China's yuan devaluation would delay Fed's rate hike. Markets are pricing in less than 50% odds of September hike, and dropped at least -5% from last week. Some economists noted that China's move would have deflationary effect to US and pose threat to global risk markets.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Aug 12 15 09:47 GMT
EUR: The single currency rallied again today and offers at 1.1080-85, 1.1100, 1.1125 and 1.1150 were filled but sell orders are still noted at 1.1165 and 1.1180, selling interest is tipped further out at 1.1200, 1.1220 and 1.1245-50. On the downside, bids are raised to 1.1100, 1.1080 and 1.1050, buy orders are reported at 1.1020, 1.1000 and 1.0985, buying interest is located at 1.0965 and 1.0950, fresh demand should emerge around 1.0900, 1.0880 and 1.0850. Option expires today include: 1.1000 (large) and 1.1065.
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Daily Report: Markets Pressured As China Devaluated Yuan Again Print E-mail
Market Overview | Written by ActionForex.com | Aug 12 15 06:56 GMT
Asian markets are weighed down by intensifying worry over currency war. China devalued its currency again today by setting the daily midpoint reference to 6.3306 per dollar. Spot yuan dropped even further as low as 6.44 per dollar and hit the lowest level since 2011. Nikkei lost -320 pts or -1.55% while HK HSI dropped -490 pts or -2%. That followed lower close in US with DJIA down -212 pts, or -1.21%. In the currency markets, Australian dollar suffered most and breached recent support of 0.7233 against the greenback. New Zealand dollar follows as the second weakest major currency. Meanwhile, dollar is generally weak against others on talk that China's devaluation of yuan could delay Fed's rate hike. The dollar index is trading back below 97 handle for the moment. In other markets, crude oil extended recent down trend and breached 42 handle. Gold rides on weakness in dollar and is back above 1100.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Aug 11 15 14:05 GMT
EUR: The single currency surged again today and offers at 1.1050 as well as 1.1065 were filled but sell orders are still noted at 1.1080-85 and 1.1100, selling interest is tipped further out at 1.1125 and 1.1150. On the downside, bids are now seen at 1.1020, 1.0985 and 1.0960-65, buy orders are expected at 1.0950, 1.0900 and 1.0880, buying interest should emerge around 1.0850, 1.0820-25 and 1.0800.
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Mid-Day Report: Sentiments Weighed Down by China Yuan Devaluation Print E-mail
Market Overview | Written by ActionForex.com | Aug 11 15 13:16 GMT
Global market sentiments are weighed down by China's surprise devaluation of its currency, triggered concerns over currency wars. In Europe, DAX is trading -2% lower, CAC -1.5% lower and FTSE -0.85% lower at the time of writing. US futures also point to sharply lower open. In the currency markets, Aussie is pressured most by the news, followed by New Zealand dollar and Canadian dollar. Euro, on the other hand, is trading broadly higher. Released in US session, US non-farm productivity rose 1.3% in Q2 while unit labor costs rose 0.5%. Canada housing starts dropped to 193k in July.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Aug 11 15 10:03 GMT
EUR: The single currency found good support at 1.0960 and has jumped in European morning, offers at 1.1030-35 were filled but sell orders are still noted at 1.1050, 1.1065 and 1.1080-85, selling interest is tipped further out at 1.1100, 1.1125 and 1.1150. On the downside, bids are now seen at 1.0985, 1.0965 and 1.0950, buy orders are expected at 1.0900, 1.0880 and 1.0850, buying interest should emerge around 1.0820-25 and 1.0800. Option expires today include: 1.0900 (large) and 1.1000 (large).
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Daily Report: Sterling Lifted by BoE Miles, Aussie Dragged Down by Yuan Print E-mail
Market Overview | Written by ActionForex.com | Aug 11 15 05:36 GMT
US equities staged a strong rebound overnight with DJIA closed up 241.79 pts, or 1.39% at 17615.17. The rebound put the index back above 55 weeks EMA and a key near term fibonacci level at 17397. As we mentioned again, there are risks of medium term reversal but then again, US stocks were supported around 17400 and recovered. There is still a lack of follow through selling for confirming bearish developments. It's reported that sentiments were lifted after Warren Buffett's Berkshire Hathaway agreed to acquire Precision Castparts Corp, which is a aerospace and energy equipment maker. Meanwhile, Fed vice chair Stanley Fischer said that he'd prefer to see inflation returning to more normal level before hiking interest rates. Nonetheless, he also said that a "large part" of the current very low inflation is "temporary" due to oil and commodity prices.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Aug 10 15 13:51 GMT
EUR: Euro recovered after finding support at 1.0925, however, offers are still noted at 1.0985, 1.1000 and 1.1020, more sell orders are reported at 1.1050, 1.1065 and 1.1080-85, selling interest is tipped further out at 1.1100, 1.1125 and 1.1150. On the downside, bids remain at 1.0925, 1.0900 and 1.0880, buy orders are expected at 1.0850, 1.0820-25 and 1.0800, buying interest should emerge around 1.0780 and 1.0750 (barrier).
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Mid-Day Report: Dollar Mildly Lower on Fed Vice Fischer Print E-mail
Market Overview | Written by ActionForex.com | Aug 10 15 12:50 GMT
Dollar weakens mildly in early US session on dovish comments from Fed vice chair Stanley Fischer. Fischer noted that he'd prefer to see inflation returning to more normal level before hiking interest rates. Nonetheless, he also said that a "large part" of the current very low inflation is "temporary" due to oil and commodity prices. Meanwhile, US is now in a situation with "nearly full employment but very low inflation". Dollar continues to trade mixed against other major currencies, losing ground against Sterling and Canadian dollar but is trading up against others.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Aug 10 15 09:21 GMT
EUR: Euro found buying interest just above previous support at 1.0848 and has rebounded on Friday, however, offers are still noted at 1.0985, 1.1000 and 1.1020, more sell orders are reported at 1.1050, 1.1065 and 1.1080-85, selling interest is tipped further out at 1.1100, 1.1125 and 1.1150. On the downside, bids are now seen at 1.0950, 1.0900 and 1.0880, buy orders are expected at 1.0850, 1.0820-25 and 1.0800, buying interest should emerge around 1.0780 and 1.0750 (barrier). Option expires today include: 1.0800 (large), 1.0900 (large) and 1.1000 (over 1 bln).
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Daily Report: Dollar Mixed as Markets Await FedSpeaks Print E-mail
Market Overview | Written by ActionForex.com | Aug 10 15 08:58 GMT
Dollar continues to trade in mixed mode today, weakening mildly against euro and swiss franc but strengthened against others. We'd maintain that markets reactions showed traders are not too convinced of a rate hike by Fed in September. More evidence is still needed to push the dollar higher. A few important economic data will be released later this week. But the more market moving event is possibly the speech by Fed vice chair Stanley Fischer today. Another major focus is developments in US equities. DJIA closed below 55 weeks EMA last week which is taken as another sign of weakness. We repeatedly mentioned the risk of medium term trend reversal in DJIA for some time, pointing to bearish divergence condition in weekly MACD. But no sustainable selling was seen yet. We'll keep an eye on whether the reversal has finally arrived.
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Weekly Review and Outlook: Dollar and Sterling Possibly Reversing after Disappointing Key Events Print E-mail
Market Overview | Written by ActionForex.com | Aug 09 15 06:05 GMT
The highly anticipated events of last week were somewhat disappointing. US delivered a solid non-farm payroll report but markets seemed to be unconvinced that was enough to secure a rate hike from Fed in September. Dollar index initially rose to 98.33 and looked like it's resuming recent rise. But the greenback then pared back much of the gains before the weekly close. And, the dollar index dipped to close at 97.56, just slightly above prior week's 97.19. The BoE super Thursday was also a bit disappointing as the overall results were less hawkish than anticipated. Sterling was sold off quite deeply in crosses since than. The developments now opened up the cases for near term reversal in dollar and sterling, which was both strong back in July.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Aug 07 15 14:10 GMT
JPY: Dollar rose again after finding renewed buying interest at 124.32 but offers are still noted at 125.05-10 and 125.30, sell orders are reported at 125.50, 125.75 and 126.00, selling interest is tipped at 126.25 and 126.50. On the downside, bids are raised to 124.50, 124.25-30 and 124.00-05, buy orders are expected at 123.75-80, 123.45-50 (stops below) and 123.25-30, mixture of bids and stops is located at 123.00.
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Mid-Day Report: Dollar Rises on Solid NFP, Strength Limited Print E-mail
Market Overview | Written by ActionForex.com | Aug 07 15 13:17 GMT
Dollar strengthens in early US session after release of solid but unspectacular job data. But there is no clear follow through buying in the greenback yet. Strength of the dollar mainly centers against Swiss Franc and Yen. Non-farm payroll grew 215k in July versus expectation of 225k. Prior month's figure was revised up from 223k to 231k. Unemployment was unchanged at seven year low of 5.3% with participation rate held at 62.6%. Average hourly earnings rose 0.2% mom in July, inline with consensus. The set of job data was solid and should provide enough evidence of "some further improvements" for Fed to lift interest rate in September. But the data wasn't strong enough to make it a certainty.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Aug 07 15 09:25 GMT
EUR: Euro edged higher in European morning but offers are still noted at 1.0950, 1.0980 and 1.1000, more sell orders are reported at 1.1020, 1.1050 and 1.1080-85, selling interest is tipped at 1.1100, 1.1125 and 1.1150. On the downside, bids are seen at 1.0900-05, 1.0880 and 1.0850, buy orders are expected at 1.0820-25, 1.0800 and 1.0780, buying interest is located at 1.0750 barrier, fresh demand should emerge around 1.0725 and 1.0700. Option expires today include: 1.0700 (near 2 bln), 1.0750 (large), 1.0775 (large), 1.0800 (near 2 bln), 1.0850 (large), 1.0900, 1.0925 (over 2 bln), 1.1000 (near 2 bln) and 1.1125 (large).
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Daily Report: Dollar Mixed, Stocks Soft ahead of Non-Farm Payroll Print E-mail
Market Overview | Written by ActionForex.com | Aug 07 15 04:04 GMT
Dollar is trading in recent range against euro and sterling as focus turns to non-farm payroll report from US today. The greenback gained against swiss franc and yen this week and remains firm. Markets are expecting NFP to show 225k growth in July with unemployment rate unchanged at 5.3%. Wage growth will also be a focus as average hourly earnings are expected to grow 0.2% mom in July. The leading indicators for NFP were mixed. ADP private employment missed expectations and rose only 185k. Employment component of ISM manufacturing also dropped from 55.5 to 52.7. Nonetheless, employment component of ISM non-manufacturing jumped sharply from 52.7 to 59.6. The four week moving average of initial jobless claims also dropped quite notably from 279k to 268k. It's still uncertain whether Fed will hike rate in September and FOMC members will look into today's NFP to find the needed evidence for "some further improvement in labor market" for their decisions.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Aug 06 15 14:04 GMT
GBP: Cable tumbled after BOE, bids at 1.5570-80, 1.5525-35, 1.5500 and 1.5485 were filled but buy orders are still noted at 1.5465-70 and 1.5450, buying interest should emerge around 1.5425-30 and 1.5400. On the upside, offers are lowered to 1.5555-60, 1.5590-00 and 1.5620-25, sell orders are expected at 1.5640-50 (stops above), 1.5680 and 1.5700-10 (stops above), selling interest is tipped at 1.5725-30 and 1.5750.
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Mid-Day Report: Sterling Tumbles after BoE Super Thursday Print E-mail
Market Overview | Written by ActionForex.com | Aug 06 15 13:20 GMT
BoE voted 8-1 to leave the Bank rate unchanged at 0.5% and unanimously to leave the asset purchase program at 375B pound in August. Unlike previously, the central bank today released a 3-page policy statement, the meeting minutes and the quarterly inflation at the same time. Ian McCafferty was the only dissenter as he opted for a 25 bps increase in the policy rate. This is surprising as we, as well as the market in general, had anticipated at least 2 members voting for a rate hike. The minutes suggested that the near-term outlook for inflation is "muted" while the decline in energy prices would weigh on inflation at least until mid-2016. The information sent today was overall more dovish than previously expected. As such, British pound slipped on softer rate hike speculations.
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Daily Report: Aussie Mildly Lower after Job Data, BoE Watched Print E-mail
Market Overview | Written by ActionForex.com | Aug 06 15 03:41 GMT
Aussie is mildly lower against the greenback today after release of employment data. The job market grew 38.5k in July, much better than expectation of 13.9k. 12.4k full time jobs and 26.1k part time jobs were added. However, unemployment rose to 6.3% versus expectation of 6.0% as more people entered the job market. The participation rate jumped from 64.8% to 65.1%. Some economists noted that while the headline growth number was positive, the high unemployment rate should be treated with caution as it's usually consistent with sub-trend growth and weak demand. AUD/USD recovered earlier this week after RBA left interest rate unchanged at 2.00% and issued a rather neutral statement. Nonetheless, technically, AUD/USD is held below 0.7448 resistance and thus maintained a near term bearish outlook.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Aug 05 15 14:05 GMT
EUR: Euro found support at 1.0848 and has staged a strong rebound in US morning, offers at 1.0885, 1.0900 and 1.0930 were filled but sell orders are still noted at 1.0950, 1.0980 and 1.1000, selling interest should emerge around 1.1020, 1.1050 and 1.1065, sellers are awaiting at 1.1080-85 and 1.1100. On the downside, bids are now seen at 1.0875-80, 1.0840-45 and 1.0820-25, buying interest is tipped at 1.0800, 1.0780 and 1.0750 barrier, mixture of bids and stops is located at 1.0700.
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