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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.



Daily Report: Euro Staying in Tight Range as ECB Awaited Print E-mail
Market Overview | Written by ActionForex.com | Jun 05 14 04:56 GMT
Euro remains stuck in tight range against dollar as markets are awaiting ECB rate decision. The central bank is widely expected to announce easing measures to counter the weakening inflation outlook. That would likely including cutting of the three interest rates, including lowering the main refinancing rate from 0.25% to 0.05%, and the deposit rate into negative territory. There would also be non-conventional measures like new LTROs and pausing of sterilization of crisis-area bond purchase. Large scale quantitative easing is not likely for this meeting, but markets will look for clues on ECB's stance on it and to want extent the preparation works were done. The central ECB would also release new staff projections which would provide hints on the chance of even further stimulus. BoE will likely hold rates unchanged at 0.50% and keep the asset purchase size at GBP 375b. A brief statement would be released and the announcement would likely be a non-event.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Jun 04 14 14:33 GMT
EUR: The single currency remained confined within narrow range and further consolidation is in store. At the moment, bids are still noted at 1.3600 and decent demand remains at 1.3575-85, more bids are tipped further out at 1.3550-60 (stops below barrier at 1.3550), 1.3525 and 1.3500 (another barrier). On the upside, offers are noted at 1.3640-45, more sell orders are located at 1.3655-65 and 1.3680-1.3700 area, selling interest is tipped further out at 1.3715 and 1.3730 with stops placed above 1.3735.
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Mid-Day Report: Dollar Mildly Lower as ADP Employment Missed Print E-mail
Market Overview | Written by ActionForex.com | Jun 04 14 12:54 GMT
Dollar weakens mildly against European majors and yen after release of weaker than expected employment data. The ADP job report showed the private sector job market grew 179k in May, below expectation of 208k. Prior month's figure was also revised slightly lower from 220k to 215k. The dollar index is trading at 80.53 at the time of writing, back below 80.60 near term resistance. Nonetheless, EUR/USD is staying inside very tight range around 1.36 as traders stay cautious ahead of tomorrow's ECB rate decision. In other markets, stock futures dropped slightly and point to a mildly lower open. Treasury yields also dip mildly in early trading.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Jun 04 14 09:58 GMT
EUR: The single currency ran into heavy offers just below 1.3650 resistance and has retreated again since NY, however, bids are still noted at 1.3600 and decent demand remains at 1.3575-85, more bids are tipped further out at 1.3550-60 (stops below barrier at 1.3550), 1.3525 and 1.3500 (another barrier). On the upside, offers are lowered to 1.3625 and 1.3640-45, more sell orders are located at 1.3655-65 and 1.3680-1.3700 area, selling interest is tipped further out at 1.3715 and 1.3730 with stops placed above 1.3735. Option expires today include: 1.3600 (huge), 1.3650 (large), 1.3685 and 1.3700 (huge).
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Daily Report: Dollar Jumps against Yen as Yield Soars Print E-mail
Market Overview | Written by ActionForex.com | Jun 04 14 04:54 GMT
Dollar surged against the broadly weak Japanese yen overnight on the bad of strong rebound in treasury yields. Indeed, 10 year yield had the biggest 4-day jumps since March and had a strong close at 2.593. That was impressive comparing to last week's low of 2.402. 30 year yield also closed strongly at 3.435, comparing to last week's low of 3.267. Dollar index breached 80.60 resistance this week which carries near term bullish implications. In the stock markets, S&P 500 close slightly down by -0.73 pts at 1924.24, staying close to record high. Overall, traders seem to be optimistic that this week's heavy weight data would show the underlying health of the US economy.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Jun 03 14 14:40 GMT
EUR: The single currency rebounded today as some traders pre-positioned ahead of ECB, offers at 1.3615-25 and 1.3640-45 were filled but more sell orders are still seen at 1.3655-65 and from 1.3680 up to 1.3700. selling interest is tipped further out at 1.3715 and 1.3730 with stops placed above 1.3735. On the downside, bids are now noted at 1.3600-10 and decent demand remains at 1.3575-85, more bids are tipped further out at 1.3550-60 (stops below barrier at 1.3550), 1.3525 and 1.3500 (another barrier).
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Mid-Day Report: Euro Ignores Weak Data, Recovering ahead of ECB Print E-mail
Market Overview | Written by ActionForex.com | Jun 03 14 12:28 GMT
Euro recovers today despite weak economic data. CPI dropped back to 0.5% yoy in May. The data argued that the rise from rise from March's 0.5% yoy to April's 0.7% yoy was merely a blip. And, the reading is now back to the lowest level since November 2009. The data solidified the case for ECB to loosen policies further on Thursday, possibly by cutting all three interest rates as well as adopt measures to boost liquidity However, it's been mentioned before that downside momentum in Euro has been diminishing since last week. And traders seemed to be cautious and are finally lightening up positions ahead of the ECB meeting. Also released from Eurozone, unemployment rate dropped to 11.7% in April versus consensus of 11.8%, hitting the lowest level since October 2012. There were an additional 76k of people lost their jobs for the month. Over the year, 487k additional people were unemployed. Released from UK, construction PMI dropped to 60 in May versus expectation of 61.0.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Jun 03 14 09:02 GMT
EUR: The single currency slipped yesterday but buyers are still seen at 1.3575-85, more bids are tipped further out at 1.3550-60 (stops below barrier at 1.3550), fresh demand should emerge around 1.3525 and 1.3500 (another barrier). On the upside, offers are lowered to 1.3615-25 and 1.3640-45, more sell orders are expected at 1.3655-65 and from 1.3680 up to 1.3700. selling interest is tipped further out at 1.3715 and 1.3730 with stops placed above 1.3735. Option expires today include: 1.3500, 1.3550, 1.3600 (huge), 1.3650 (large) and 1.3700 (huge).
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Daily Report: Aussie Recovers as RBA on Hold, Dollar Firm after ISM Revision Print E-mail
Market Overview | Written by ActionForex.com | Jun 03 14 06:01 GMT
Australian dollar rebounds today as RBA left rates unchanged as widely expected and as Asian equities surged higher. RBA kept the cash rate at 2.50% and maintained that "the most prudent course is likely to be a period of stability in interest rates." The accompanying statement was little changed from the May one. The central bank noted that "growth looks to have been somewhat firmer around the turn of the year" due to "very strong increases in resource exports". But it expected such growth to slow in the coming quarters. And it expected inflation to be "consistent with the target over the next one to two years". And it reiterated that "the exchange rate remains high by historical standards". Also released from Australia, retail sales rose less than expected by 0.2% mom in April, current account deficit narrowed to AUD -5.7b in Q1.
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Mid-Day Report: Stock Retreats on ISM Disappointment, Dollar Range Bound Print E-mail
Market Overview | Written by ActionForex.com | Jun 02 14 14:27 GMT
S&P 500 edged to new record high of 1925.09 in early US session but turned negative after disappointing data from US. The ISM manufacturing index dropped to 53.2 in May versus expectation of a rise to 55.5. The details were also weak with deterioration in production, new orders, inventories and supplier deliveries. And more importantly, the employment component dropped from 54.7 to 51.9. Price paid, on the other hand, jumped sharply to 60. Also released in US, construction spending rose 0.2% mom in April. In the currency markets, EUR/USD, GBP/USD and USD/CHF are stuck in tight range. USD/JPY edged higher today but lacks follow through momentum so far.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Jun 02 14 14:06 GMT
EUR: The single currency absorbed bids at 1.3600 but buy orders are still noted at 1.3575-85, more bids are tipped further out at 1.3550-60 (stops below barrier at 1.3550), fresh demand should emerge around 1.3525 and 1.3500 (another barrier). On the upside, offers are seen from 1.3635 up to 1.3665 with stops placed above 1.3670, more sell orders are expected at 1.3680-1.3700 area, selling interest is tipped further out at 1.3715 and 1.3730 with stops placed above 1.3735.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Jun 02 14 09:55 GMT
EUR: The single currency slipped today in European morning in part due to the release of PMI data, however, bids are still noted at 1.3600, continued to find good support just below 1.3600 and 1.3575-85, more buy orders are tipped further out at 1.3550-60 (stops below barrier at 1.3550), fresh demand should emerge around 1.3525 and 1.3500 (another barrier). On the upside, offers are now seen from 1.3635 up to 1.3665 with stops placed above 1.3670, more sell orders are expected at 1.3680-1.3700 area, selling interest is tipped further out at 1.3715 and 1.3730 with stops placed above 1.3735. Option expires today include: 1.3600, 1.3615, 1.3650 and 1.3710.
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Daily Report: Dollar Mildly Head ahead of Busy Week, Manufacturing Data in Focus Today Print E-mail
Market Overview | Written by ActionForex.com | Jun 02 14 07:17 GMT
Dollar is generally higher as the week starts as markets are awaiting manufacturing data across the Atlantic. But momentum isn't too strong for the moment as dollar index is staying in range around 80.40. That's mainly because EUR/USD is struggling to find any clear direction and is staying in tight range above last week's low of 1.3585. In the European session, Swiss will release SVME PMI, Eurozone will release PMI manufacturing final, UK will release PMI manufacturing. From US, ISM manufacturing index will be featured. While some volatility would likely be triggered, traders will remain cautious ahead of the key events later this week, in particular the ECB rate announcement.
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Weekly Review and Outlook: Euro Lost Downside Momentum ahead of ECB and a Busy Week Print E-mail
Market Overview | Written by ActionForex.com | May 31 14 11:02 GMT
European majors were generally lower against dollar and yen last week as markets were preparing or ECB easing actions on June 5. However, downside momentum in Euro, Swiss France and Sterling, was rather unconvincing. The majority of the markets expected the latest staff economic projection to be released this week to show inflation would stay well below the 2% target. And, ECB would likely lower all three main interest rates. The main refinancing rate could be cut from current 0.25% to 0.05%. Deposit rate could be cut correspondingly into negative territory. Meanwhile, ECB is expected to offer long-term loans to banks and pause sterilization of the crisis bond purchases. All these actions would likely boost lending and weaken the common currency. While quantitative easing is a topic to be discussed among policymakers, it would most likely not adopted this time. However, traders seemed to have scaled back some of the expectations on ECB, and there's clearly seen in the slowing pace in Euro's fall towards the end of last week.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | May 30 14 14:11 GMT
EUR: The single currency continued to find good support just below 1.3600 and has rebounded in NY morning, offers at 1.3625 were filled but sell orders are expected at 1.3640, 1.3655-65 and 1.3680-1.3700 area, selling interest is tipped further out at 1.3715 and 1.3730 with stops placed above 1.3735. On the downside, good bids remain from 1.3600 down to 1.3575, more buy orders are tipped further out at 1.3550-60 (stops below barrier at 1.3550), fresh demand should emerge around 1.3525 and 1.3500 (another barrier).
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Mid-Day Report: Markets Directionless ahead of Month End Print E-mail
Market Overview | Written by ActionForex.com | May 30 14 13:08 GMT
Markets are rather directionless in the last trading day of May. European indices are mildly lower but there is no sustainable selling momentum. US futures point to a mildly lower open. In the forex markets, major pairs are generally staying in range. Over the week, Aussie is the winner, followed by the Japanese yen. Meanwhile, New Zealand dollar is the weakest, closely followed by Sterling. Economic data released from US saw personal income rose 0.3% in April, inline with expectation. Personal spending dropped -0.1% versus consensus of 0.2%. Headline PCE deflator accelerated to 1.6% yoy while PCE core accelerated to 1.2% yoy. Released from Canada, GDP rose 0.1% mom in March, inline with consensus. IPPI dropped -0.2% mom, RMPI rose 0.1% mom.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | May 30 14 09:28 GMT
EUR: The single currency remained confined in narrow range, bids remain at 1.3575-85, more buy orders are tipped further out at 1.3550-60 (stops below barrier at 1.3550), fresh demand should emerge around 1.3525 and 1.3500 (another barrier). On the upside, offers are reported at 1.3625 and 1.3640, sell orders are expected at 1.3655-65 and 1.3680-1.3700 area, selling interest is tipped further out at 1.3715 and 1.3730 with stops placed above 1.3735. Option expires today include: 1.3550 (large), 1.3560 (large), 1.3600 (huge), 1.3620 (large), 1.3630 (large) and 1.3650 (large).
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Daily Report: S&P 500 Continued Record Run, Dollar Mixed Print E-mail
Market Overview | Written by ActionForex.com | May 30 14 07:00 GMT
Risk markets were firm ahead of month close. S&P 500 extend recent bull run and closed at another record high of 1920.03 overnight. The momentum didn't follow through to Asian markets, however, with major indices fluctuated between gain and loss. Dollar is still firm against Euro and Swiss Franc. But it lost some momentum ahead Sterling and Canadian. Also, the Aussie extended this week's recovery against the greenback and Yen is struggling to find a clear direction of itself. Some importantly economic data will be released from US and Canada later today, including US personal income and spending, as well Canadian GDP. But the reactions could be muted as markets would engage in more consolidations before June trading starts next week.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | May 29 14 14:38 GMT
EUR: The single currency traded narrowly after recovering from intra-day low of 1.3586 and bids remain at 1.3575-85, more buy orders are tipped further out at 1.3550-60 (stops below barrier at 1.3550), fresh demand should emerge around 1.3525 and 1.3500 (another barrier). On the upside, offers at 1.3615-25 were filled but sell orders are expected at 1.3640, 1.3655-65 and 1.3680-1.3700 area, selling interest is tipped further out at 1.3715 and 1.3730 with stops placed above 1.3735.
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Mid-Day Report: Dollar Losing Momentum, Struggling in Range after Mixed Data Print E-mail
Market Overview | Written by ActionForex.com | May 29 14 13:34 GMT
Dollar lost upside momentum further today and is stuck in tight range after release of mixed economic data. The Q1 GDP growth was revised down further to -1.0%, much weaker than market estimate of -0.6%. That's also the first contraction reading since Q1 of 2011. Nonetheless, markets weren't too worried with the disappointing number as that was heavily affected by the bad winter weather. Also, some analysts noted that the contraction was also due to dip in construction spending and inventory accumulation and those are temporary factors. GDP price index was unrevised at 1.3%.
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