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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: Markets Steady as Yellen Reiterated the Pledge on Low Rates Beyond 6.5% Unemployment Print E-mail
Market Overview | Written by ActionForex.com | Feb 11 14 14:09 GMT
Markets are pretty steady awaiting Fed chair Yellen's testimony to House Financial Services Committee. The prepared speech was released in Fed's website already and reactions to it was so far muted. Yellen reiterated that Fed "will likely reduce the pace of asset purchases in further measured steps at future meetings." She also emphasized Fed's dual mandate of full employment and 2% inflation. Thus, regarding forward guidance, she emphasized that hitting 6.5% alone would not trigger rate hikes. And Fed, will indeed keep rates at the current target range "well past the time that the unemployment rate declines below 6.5%" should "projected inflation continues to run below the 2 percent goal". Focus will turn to her Q&A session later today.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Feb 11 14 13:52 GMT
EUR: The single currency maintained a firm undertone and offers at 1.3680 were filled but sell orders are still noted at 1.3685-1.3700, buy stops are building up above 1.3700, fresh selling interest should emerge around 1.3720-30, 1.3740-50 (stops above) and 1.3785-00. On the downside, bids remain at 1.3650, 1.3635 and 1.3615, more buy orders are located at 1.3600, 1.3580 and 1.3550-60, fresh demand should emerge around 1.3535, 1.3515, 1.3490-00.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Feb 11 14 09:06 GMT
EUR: The single currency continued to edge higher today but sell orders are still noted at 1.3680-1.3700, buy stops are building up above 1.3700, fresh selling interest should emerge around 1.3720-30, 1.3740-50 (stops above) and 1.3785-00. On the downside, bids are raised to 1.3650, 1.3635 and 1.3615, more buy orders are located at 1.3600, 1.3580 and 1.3550-60, fresh demand should emerge around 1.3535, 1.3515, 1.3490-00. Option expires today include: 1.3450 (large), 1.3500, 1.3525, 1.3610, 1.3635 and 1.3745.
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Daily Report: Dollar Dips ahead of Yellen's Testimony to House Print E-mail
Market Overview | Written by ActionForex.com | Feb 11 14 03:40 GMT
Dollar dips further against other major currencies as markets are awaiting Fed chairman Yellen's testimony to the House Financial Services Committee today at 1500 GMT. The prepared speech will be released at 1330 GMT so there would be some food for thoughts in early US session. A number of topics would catch most attention from the markets. A key message that market would look for is for Yellen to reiterate FOMC's stance to continue measured tapering unless economic outlook deviates from Fed's forecast. Fed is expected to continue to cut back the monthly asset purchase by USD 10b over each FOMC meeting and end the program this year. We'd don't expect Yellen to indicate deviation from this plan but if she doesn't, it could be a huge market mover.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Feb 10 14 14:20 GMT
EUR: The single currency edged higher in European morning but sell orders are still noted at 1.3675-85, buy stops are building up above 1.3700, fresh selling interest should emerge around 1.3620-30 and 1.3650 (stops above). On the downside, bids are raised to 1.3600-10, 1.3550 and 1.3535, more buy orders in good size are tipped at 1.3515, 1.3490-00 and 1.3475, mixture of bids and stops is located at 1.3450-60.
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Mid-Day Report: Markets Quiet Before Fed Yellen's Testimony Tomorrow Print E-mail
Market Overview | Written by ActionForex.com | Feb 10 14 13:19 GMT
Markets are lacking a clear direction as another week starts. European equities edged higher in early trading, carrying over the positive sentiments from Asia. But major indices quickly pared back the gains and are mixed at the time of writing. US futures also point to a lower open. Yen Crosses are generally lower, tracking equities, but losses are so far very limited. European majors are also mixed with Euro and Swissy mildly higher against dollar but sterling lagged behind. Markets will likely stay directionless for today as key events start tomorrow with new Fed chairman Yellen's testimony on Tuesday and Thursday, plus BoE inflation report and Carney's press conference on Wednesday.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Feb 10 14 09:08 GMT
EUR: The single currency continued to trade with a firm undertone after Friday's post-NFP jump, offers at 1.3645-50 were filled but sell orders are still noted at 1.3675-85, buy stops are building up above 1.3700, fresh selling interest should emerge around 1.3620-30 and 1.3650 (stops above). On the downside, bids are raised to 1.3550, 1.3535 and 1.3515, more buy orders in good size are tipped at 1.3490-00, 1.3475 and 1.3450-60 (stops below). Option expires today include: 1.3400 (1 bln), 1.3430, 1.3450 (large), 1.3500 (huge), 1.3525, 1.3550, 1.3600 (1 bln) and 1.3650 (large).
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Daily Report: Yen Soft as Risk Rebound Continues Print E-mail
Market Overview | Written by ActionForex.com | Feb 10 14 06:45 GMT
Asian equities are generally higher today following the extended rebound in US last Friday. Nikkei is trading up nearly 250 pts, or 17% at the time of writing. Yen crosses are firm as recoveries continue while dollar remains soft against European majors. The economic data is rather light today and traders would look through today's data towards the major events this week. That firstly include the new Fed chairman Yellen's inaugural testimonies before the House Financial Services Committee tomorrow and the Senate Banking Committee on Thursday. it's not likely for Yellen to bring new insights on the central bank's policy changes. Yet, she would probably discuss options the FOMC might use regarding the forward guidance, such as lowering the threshold on the unemployment rate and adding an inflation floor. Moreover, last week's employment report should not do much to change the Fed economic assessment as January's data should indeed be derailed by extreme weather during the month.
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Weekly Review and Outlook: Dollar and Yen Pulled Back as Focus Turns to Yellen's First Testimony as Fed Chairman Print E-mail
Market Overview | Written by ActionForex.com | Feb 08 14 12:22 GMT
Markets reversed some of recent moves after ECB announcement and US employment data last week. After initial fall to 15349.69, DOW staged a strong rebound towards the end of the week and closed higher at 15794.08. Same was seen in treasury yields. 30 year yield dropped to 3.539 but drew support from 3.565 and recovered to close the week higher at 3.665. 10 year yield also closed the week higher at 2.675. Dollar index failed to break through 81.48 resistance and weakened towards the end of the week to close at 80.691. In the currency markets, New Zealand dollar was the strongest currency last week followed by Australian dollar, which was boosted by RBA. Canadian dollar also strengthened thanks to a solid employment report but was over shadowed by European majors. Yen was the weakest as risk aversion receded.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Feb 07 14 14:40 GMT
EUR: The single currency jumped in NY opening shortly after the release of lower-than-expected NFP data, however, offers in good size are still noted at 1.3645-50 and 1.3670-80, buy stops are building up above 1.3700. On the downside, bids in good size remain at 1.3550, 1.3535 and 1.3515, more buy orders are tipped at 1.3490-00 and 1.3475 with stops building up below 1.3450-60, fresh demand should emerge around 1.3420-30, 1.3400 and further out at 1.3350-60.
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Mid-Day Report: Dollar Spikes Lower after NFP, CAD Jumps on Employment Print E-mail
Market Overview | Written by ActionForex.com | Feb 07 14 14:02 GMT
Dollar weakens broadly after another piece of poor employment data. Non-farm payroll showed only 113k growth in January versus expectation of 175k. December's figure was revised upward from 74k to 75k, which made it nothing but a weak figure. Unemployment rate dropped to 6.6% in January, hitting a five year low. The participation rate also improved slightly from 63%, up from prior month's 62.8%. The unemployment rate is now very close to the 6.5% threshold level in Fed's forward guidance even though Fed's clear that it won't raise rates soon even if 6.5% is breached. While the greenback drops broadly as a knee jerk reaction, it quickly recovers some ground against European majors and there is no clear confirmation of a trend chance in Dollar-European pairs.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Feb 07 14 09:20 GMT
EUR: The single currency has retreated in European morning as traders squared positions ahead of US data, offers are reported from 1.3590 up to 1.3620, some stops are placed above 1.3630 but more sell orders are expected at 1.3650 and 1.3670-80. On the downside, bids are tipped at 1.3550, 1.3535 and 1.3515, more buy orders are tipped at 1.3490-00 and 1.3475 with stops building up below 1.3450-60, fresh demand should emerge around 1.3420-30, 1.3400 and further out at 1.3350-60. Option expires today include: 1.3150 (1 bln), 1.3400 (1 bln), 1.3430, 1.3450 (large), 1.3500 (huge), 1.3525, 1.3550, 1.3600 (1 bln) and 1.3650 (large).
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Daily Report: Dollar and Yen Hold Losses ahead of NFP Print E-mail
Market Overview | Written by ActionForex.com | Feb 07 14 06:37 GMT
Dollar and yen are holding on to yesterday's loss against European majors as markets are awaiting January employment data from US. ECB rate decision and Draghi's press conference triggered a rebound in Euro with EUR/USD breaching 1.36 overnight but there was no follow through buying above that level. On the other hand, rebound in stocks also lifted yen crosses in general with USD/JPY back above 102 level for the moment. DOW closed 188.3 pts, or 1.22% higher and the short covering in equities carried on in Asia today. Nikkei is up nearly 300 pts at the timing of writing, trading around 14450 after an attempt on 14000 handle earlier this week. The employment data from US will be defining for the trend for the rest of the month.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Feb 06 14 14:37 GMT
EUR: The single currency has rallied in reaction to comments from ECB's Draghi, offers at 1.3550-1.3580 area and 1.3600 were filled, some sell ordersare still noted at 1.3620-30 (stops above) and further out at 1.3650-60 with bigger stops expected above 1.3680-90. On the downside, bids are raised to 1.3570 and 1.3545-50, fresh demand should emerge above 1.3500 with stops building up below 1.3470-80.
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Mid-Day Report: Euro Rebounds as ECB Stands Pat, Draghi Not Dovish Print E-mail
Market Overview | Written by ActionForex.com | Feb 06 14 14:16 GMT
Euro rebounds strongly against dollar and is back above 1.36 level as ECB delivered no additional stimulus after the meeting, and there was a lack of dovishness in Draghi's press conference. ECB held the benchmark refinancing rate at 0.25% today while the deposit rate was kept at 0.00%, marginal lending facility rate at 0.75%. In the post meeting press conference, ECB president Draghi reiterated that the central bank is "firmly determined to maintain the high degree of monetary accommodation and to take further decisive action if required". And he "firmly" reiterated the "forward guidance" and expected the key ECB interest rates to be "remain at present or lower levels". And, that's it. Draghi didn't sound too concerned with deflation risk and didn't signal imminent easing neither. He sounded optimistic that there is no similarity between Eurozone and Japan in the 90s and there is no deflation. Risks to economic outlook remains on the downside but unemployment is stabilizing.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Feb 06 14 09:18 GMT
EUR: The single currency met heavy offers just below 1.3560 and further consolidation is in store. At the moment, indicated sell orders remain from 1.3550 up to 1.3580, offers are expected further out at 1.3600 and 1.3620-30 (stops above). On the downside, bids remain at 1.3500-10 and 1.3465-75 with stops building up below 1.3450-60, more buy orders are expected at 1.3425, 1.3400-10 and further out at 1.3350-60. Option expires today include: 1.3300 (1 bln), 1.3350, 1.3385, 1.3425 (large), 1.3475 (large) and 1.3500.
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Daily Report: Markets Cautiously Steady ahead of BoE and ECB Print E-mail
Market Overview | Written by ActionForex.com | Feb 06 14 05:41 GMT
Markets are cautiously steady as focus turns to one of the key event rates of the week, ECB's rate decision. It's been generally agreed that Eurozone is facing deflation risk as January CPI flash moved further away from the central bank's 2% target to as low as 0.7% yoy. But the opinion on money markets conditions were divided as some seen recent volatility in EONIA as temporary. The ECB is facing the decision of whether to lower interest rates, launching another Long Term Refinancing Operation, or even outright QE. In particular, regarding interest rates, ECB has the option of keeping the refinancing rate unchanged at 0.25%, or lower it by 15bps to 0.10%. In the meantime, ECB could also keep the deposit rate unchanged at 0%. Or indeed, ECB could do the unprecedented by cutting the deposit rate to -0.1%. That would give a strong signal to the market that the central bank is willing to explore into uncharted territories.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Feb 05 14 14:46 GMT
EUR: The single currency jumped ahead of US opening in part due to the release of ADP job data, offers at 1.3540-50 were filled but price has retreated after faltering below indicated sell orders at 1.3560, more offers are tipped at 1.3575-80, 1.3600 and 1.3620-30 (stops above). On the downside, bids remain at 1.3500 and 1.3475-80 with stops building up below 1.3450-60, more buy orders are expected at 1.3425, 1.3400-10 and further out at 1.3350-60.
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Mid-Day Report: Dollar Lower as ADP Employment Missed, USD/JPY Heavy Print E-mail
Market Overview | Written by ActionForex.com | Feb 05 14 13:51 GMT
Dollar weakens against yen and euro today after another disappointment from economic data. The ADP employment report showed 175k growth in private sector jobs in January, slightly below expectation of 195k. December's figure was revised down from 238k to 227k. US futures point to a lower open and investors are cautious ahead of another piece of important economic data later today, the ISM services. Another downside surprise in US data would possibly trigger further selloff in equities and risk aversion would drag yen crosses broadly lower. In particular, USD/JPY would possibly face 100.61 key support level today.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Feb 05 14 09:30 GMT
EUR: The single currency continued to trade narrowly and offers in good size are still noted at 1.3540-60 area and 1.3575-80, more sell orders are expected at 1.3600 and 1.3620-30 (stops above). On the downside, bids are tipped at 1.3500 and 1.3475-80 with stops building up below 1.3450-60, more buy orders are expected at 1.3425, 1.3400-10 and further out at 1.3350-60. Option expires today include: 1.3425 (large), 1.3450 (large), 1.3500 (large), 1.3610 and 1.3650.
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