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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: Yen Crosses Lifted by US Yields, Pared Gains after BoJ Print E-mail
Market Overview | Written by ActionForex.com | Jun 11 13 03:35 GMT
Yen crosses was taken higher by surging US treasury yields overnight but pared gains after BoJ held policy unchanged rate was left unchanged at 0-0.1%. The target of annual increase in monetary base was also kept unchanged at JPY 60T to JPY 70T. The announcement was a disappointment to some analysts that BoJ would do something to calm the volatile JGB markets. US 10 year yield jumped overnight to close at new 2013 high at 2.215% and took most yen crosses higher. But technically, USD/JPY was held below 99.46 minor resistance while EUR/JPY and GBP/JPY struggled to stay above 130.72 and 153.58 minor resistance respectively. Near term risk remains on the downside for yen crosses.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Jun 10 13 14:48 GMT
EUR: The single currency met resistance again around 1.3230 and has retreated ahead of U.S. opening, however, bids from various parties are still noted at 1.3170-75 and also at 1.3140-50, more buying interest should emerge around 1.3120 and 1.3100 with mixture of bids and stops located at 1.3090. On the upside, indicated offers remain at 1.3230, 1.3250 and also in good size at 1.3270-80, more sell orders are expected at 1.3300 and 1.3320 with stops building up above latter level.
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Mid-Day Report: Dollar Firmer as S&P Upgraded US Rating Outlook to Stable Print E-mail
Market Overview | Written by ActionForex.com | Jun 10 13 13:43 GMT
US equities and yields open higher in early US session while dollar is also firmer. S&P revised the long-term outlook on AA+ US credit rating to stable, up from negative. It noted that downgrade of US rating is "less than one in three. The rating agency also noted that the AA+ rating already factored in a "lesser ability of U.S. elected officials to react swiftly and effectively to public finance pressures over the longer term in comparison with officials of some more highly rated sovereigns and we expect repeated divisive debates over raising the debt ceiling."
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Jun 10 13 08:43 GMT
EUR: Despite slipping below 1.3180 in European opening, the single currency found renewed buying interest there and has rebounded. At the moment, bids from various parties are reported at 1.3170-75 and also at 1.3140-50, more buying interest should emerge around 1.3120 and 1.3100 with mixture of bids and stops located at 1.3090. On the upside, offers at 1.3200-10 were just filled but selling interest is still seen at 1.3230, 1.3250 and also in good size at 1.3270-80, more sell orders are expected at 1.3300 and 1.3320 with stops building up above latter level. Option expires today include: 1.2800, 1.2810, 1.2900, 1.3075, 1.3090, 1.3100, 1.3115 (large), 1.3120, 1.3170 and 1.3200 (large).
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Daily Report: Aussie Weakened on China Data, Yen Mildly Lower Print E-mail
Market Overview | Written by ActionForex.com | Jun 10 13 05:02 GMT
Aussie and Kiwi weaken as the week start in response to a batch of weak economic data from China released over the weekend. In May, CPI unexpectedly moderated to 2.1% yoy in May, down from 2.4% yoy and versus expectation of 2.5% yoy. PPI dropped to -2.9% yoy, down from -2.6% yoy versus expectation of -2.5% yoy. Industrial production slowed to 9.2% yoy versus expectation of 9.4%. Fixed asset investment slowed to 20.4% ytd/y. New yuan loans dropped to 667.4b. Retail sales, though, rose 12.9% yoy , inline with expectations. AUD/USD dropped through last week's low of 0.9428 and NZD/USD broke last week's low of 0.7858, extending recent down trend.
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Weekly Review and Outlook: Dollar Decoupling from Stocks and Yield after Mixed Economic Data Print E-mail
Market Overview | Written by ActionForex.com | Jun 08 13 15:09 GMT
Markets had a rollercoaster ride last week as expectation on the timing of Fed's tapering of the asset purchase program flip-flopped on mixed US economic data. DOW dived to as low as 14844 on concern on the underlying momentum of US economy but rebounded strongly to close the week higher at 15248. 10 year treasury yield also dived sharply to as low as 1.999 before jumping on Friday to close at 2.161%. Dollar index dropped to as low as 81.07 then recovered to close at 81.69. After a week of mixed data, there seemed to be no conclusion on the the timing of Fed's exit. And, stocks and bond investors might have returned to business as usual, that is, back to the prior trends. The question now is whether dollar would follow in near term and the relatively steeper fall in dollar index suggested that it might not.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Jun 07 13 14:29 GMT
EUR: Although the single currency briefly bounced to 1.3285 shortly after the release of NFP data, euro has slipped again on dollar's broad-based rebound as traders digested the data, bids at 1.3220 and 1.3200 were filled, however, buying interest is still seen at 1.3190 and further out at 1.3150-60, mixture of bids and stops is located at 1.3120-30. On the upside, offers are now tipped at 1.3240-50 and also in good size at 1.3285 as well as 1.3300-10, some buy stop orders are expected above 1.3310 but fresh offers are tipped at 1.3320 and 1.3340-50.
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Mid-Day Report: USD/JPY Dives after Mixed NFP Print E-mail
Market Overview | Written by ActionForex.com | Jun 07 13 12:54 GMT
Dollar remains generally soft while the Japanese yen extends recent rally in early US session after mixed employment data from US. Non-farm payroll showed 175k growth in May, slightly above expectation of 168k. However, April's figure was revised down from 165k to 149k. Unemployment rate, on the other hand, rose to 7.6% from 7.5%. USD/JPY breached 95 handle, EUR/JPY dipped to as low as 126.15 and GBP/JPY dropped to 148.18 so far. On the other hand, Canadian dollar jumped against dollar after stronger than expected job data, which showed an impressive 95k growth in May comparing to consensus of 18k. Unemployment rate in Canada dropped from 7.2% to 7.1%.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Jun 07 13 08:38 GMT
JPY: Dollar fell briefly today in Tokyo morning to as low as 95.55 but demand (some are option related for protection of 95.50 barrier) contained the pair's downside and the greenback has rebounded to as high as 97.24. At the moment, bids are reported at 96.20-30 and also at 95.90-00 (large) and mixture of bids and stops in good size remains at 95.40-50. On the upside, offers are now seen at 96.90-00 and also at 97.20-30 (some stops above), more selling interest is located at 97.50-55, followed by bigger sell orders at 97.80 and 98.00. Option expires today include: 97.50, 98.00, 99.00, 99.25, 99.50, 100.00, 100.50, 101.00, 101.50, 102.00, 102.25 (large), 102.50, 103.00 and 104.40.
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Daily Report: Yen Soared as US Yield Tumbled, Dollar Soft ahead of NFP Print E-mail
Market Overview | Written by ActionForex.com | Jun 07 13 07:45 GMT
Yen surged broadly overnight while dollar tumbled and US treasury yield dropped sharply. 10 year yield dived to as low as 1.999% before closing at 2.075%. Yen maintained broad based strength after Japanese finance minister Aso's comments with USD/JPY dipping further to as low as 95.54. Aso said the government is "carefully watching" the rebound in yen but "we don't have any immediate intention of taking any action, such as intervention. Focus will turn to today's non-farm payroll report in US, which would possibly trigger more volatility in dollar, yen and treasury yields.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Jun 06 13 15:01 GMT
EUR: The single currency surged again today on upbeat comments from ECB's Draghi and offers at 1.3140-50 together with stops above 1.3150 barrier were cleared, however, sell orders are still noted at 1.3190-00 with bigger stops building up above next barrier at 1.3200, offers are reported further out at 1.3230-40. On the downside, bids are raised to 1.3130-35 and also at 1.3100-10 with stops building up below 1.3090 as well as 1.3070, however, more buying interest should emerge around 1.3050 with stops remain below 1.3040.
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Mid-Day Report: Euro Rises as ECB Draghi Painted a Better Picture Print E-mail
Market Overview | Written by ActionForex.com | Jun 06 13 13:36 GMT
Euro extends rally against dollar after ECB left rates unchanged at 0.50% and President Draghi painted a brighter picture in the press conference. ECB revised down this year's GDP forecast to -0.6%, down from prior forecast of -0.5%. However, Draghi said the economy "should stabilize and recover in the course of the year." And ECB raised 2014 growth forecast to 1.1%, from prior projection of 1.0%. Regarding other measures to stimulate the economy, including negative deposit rates, Draghi noted that there is "no reason to act on all these fronts" and these are the measures to "keep on the shelf".
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Jun 06 13 08:59 GMT
EUR: The single currency has moved higher again on stop-hunting, offers at 1.3125-30 and stops above there were cleared, however, more sell orders in good size are noted at 1.3140-50 (barrier) and further out at 1.3190-00 with bigger stops building up above next barrier at 1.3200, some offers are reported ahead of this level and also at 1.3240. On the downside, bids are raised to 1.3075-90 with stops building up below 1.3070, more buying interest should emerge around 1.3050 with stops remain below 1.3040 but fresh demand is seen at 1.3015 and 1.3000, more buy orders are tipped around 1.2975-85 and further out at 1.2940-50 with sizeable stops placed below 1.2930-40. Option expires today include: 1.2850, 1.2900, 1.2950, 1.3000, 1.3050, 1.3100, 1.3110, 1.3115 and 1.3125.
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Daily Report: Aussie Dives Following Trade Balance, ECB Awaited Print E-mail
Market Overview | Written by ActionForex.com | Jun 06 13 04:15 GMT
Asian equities are broadly lower today, following the sharp -217 pts fall in DOW overnight, which was the second largest this year. While the economic data released from US were mixed, it's believed that the sharp fall was not triggered by a single piece of data. Instead, it's a recent change in sentiments in the market. On the one hand, there were increasing speculations that Fed would start tapering the asset purchase later this year. On the other hand, there were concerns that US economy is not strong enough yet. Also, investors turned cautious ahead of Friday's non-farm payroll report, which might follow the ADP data and disappoint. In the currency markets, though, dollar remains steady in range even though it's soft against European majors.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by Administrator | Jun 05 13 14:27 GMT
EUR: Although the single currency jumped again on weaker-than-expected US ADP data, euro ran into indicated offers at 1.3120 and has retreated again. At the moment, offers remain at 1.3120 with stops remain above there, more sell orders are noted at 1.3140-50 (barrier) and further out at 1.3190-00 with bigger stops building up above next barrier at 1.3200. On the downside, bids are still noted at 1.3050-60 with stops remain below 1.3040 but fresh demand should emerge around 1.3015 and 1.3000, more buying interest should emerge around 1.2975-85 and further out at 1.2940-50 with sizeable stops placed below 1.2930-40.
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Mid-Day Report: Dollar Steady after Mixed Data Print E-mail
Market Overview | Written by ActionForex.com | Jun 05 13 14:13 GMT
Dollar is steady in early US session after mixed economic data. ISM non-manufacturing index improved more than expected to 53.7 in May. ADP employment report release earlier was a disappointment. It showed merely 135k growth in private sector jobs comparing to expectation of 170k. However, the ADP number had been quite different from NFP in the past few months and markets seem not to take today's number too seriously. Economists are expecting NFP to show 168k job growth in May. Other data from US saw factory orders rose 1.0% in April. Non-farm productivity was revised down to 0.5% in Q1 with unit labor costs down -4.3%. Canadian building permits rose 10.50% mom in April.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Jun 05 13 08:33 GMT
GBP: Despite retreating initially in London morning, the British pound found good support just above 1.5300 and has rebounded again, however, offers are still noted at 1.5340-50 as well as 1.5375-80 with some stops expected above latter level but more selling interest should emerge further out at 1.5400 as well as 1.5420. On the downside, decent demand (option related) remain from 1.5310 down to 1.5290, some stops are tipped below 1.5290 and 1.5270 but more buy orders are noted at 1.5250-55 with some stops placed below 1.5230-35, fresh demand should emerge around 1.5190-00 with some stops building up below 1.5190. Option expires today include: 1.5000, 1.5060, 1.5150, 1.5225 and 1.5300 (large).
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Daily Report: Dollar Mixed ahead of ADP and ISM Services Print E-mail
Market Overview | Written by ActionForex.com | Jun 05 13 03:39 GMT
Dollar is mixed as markets are awaiting employment and services data today. Expectation on the timing of Fed's policy exit will continue to be adjusted based on incoming economic data. Dallas Fed Fisher said that there was a "practical limit" to the size of Fed's balance sheet and there wouldn't be "QE infinity". He also noted that housing market is "in a good state", construction has started again and house prices are "appreciating significantly". And it would be "prudent to dial back the rate of purchases" in MBS. Kansas City Fed George said she supported slowing the pace of asset purchase as the "appropriate next step for monetary policy". She noted that "adjustments today can take a measured pace as the economy's progress unfolds."
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Jun 04 13 14:37 GMT
EUR: The single currency slipped again in European session after faltering below yesterday's high of 1.3108 and bids 1.3045-50 were filled, stops below 1.3040 are now in focus but fresh demand should emerge around 1.3020 and 1.3000, more buying interest should emerge around 1.2970 and further out at 1.2940-50 with sizeable stops placed below 1.2930-40. On the upside, offers are noted at 1.3075-80 and selling interest is still seen at 1.3100 and also in good size at 1.3125-30, more sell orders are tipped at 1.3150 (barrier) and further out at 1.3190-00 with bigger stops building up above next barrier at 1.3200.
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Mid-Day Report: Yen Weakens as Consolidation Continues Print E-mail
Market Overview | Written by ActionForex.com | Jun 04 13 12:47 GMT
Yen weakens again today with USD/JPY back above 100 level after dipping to 98.85 earlier this week as consolidative trading continues. EUR/JPY and GBP/JPY also recover and is back above 131 and 153 respectively. Dollar also pared some of the post ISM manufacturing losses. While the manufacturing data disappoint, the ISM services data and non-farm payroll to be released later this week are more important. In particular, employment data will be important for Fed to determine when to taper its asset purchase. Atlanta Fed Lockhart was quoted saying that the markets are seeing "mixed messages" which reflects the debate among FOMC members.
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