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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 Surges on Strong Non-Farm Payroll Print E-mail
Market Overview | Written by ActionForex.com | Jun 05 15 13:08 GMT
Dollar surges in early US session after much better than expected job data. Non-farm payroll report showed 280k growth in May versus expectation of 218k. Prior month's figure was revised slightly down from 223k to 221k. Unemployment rate rose to 5.5% but that was mainly due to more people entering the labor force. The participation rate rose to 62.9%, up from 62.8%. Also average hourly earnings rose 0.3% mom, 2.3% you. The year-over-year rate was the highest since August 2013. Dollar index is back above 96.6 after dipping to 94.65 earlier this week. Dollar is seen broadly higher, in particular, with USD/JPY breaking 125 handle.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Jun 05 15 09:37 GMT
EUR: The single currency rebounded after finding support at 1.1180 earlier today, however, offers are still noted at 1.1285 and 1.1300, sell orders are reported at 1.1320 and 1.1350, selling interest is tipped at 1.1380 and 1.1400. On the downside, bids are now seen at 1.1230, 1.1200 and 1.1185, buy orders are expected at 1.1150 and 1.1120, fresh demand should emerge around 1.1100, 1.1080 and 1.1050. Option expires today include: 1.1000 (3 bln), 1.1100 (large), 1.1200 (large).
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Daily Report: Euro Retreats on Greece Jitter, NFP Watched Print E-mail
Market Overview | Written by ActionForex.com | Jun 05 15 03:49 GMT
Euro retreats mildly on again on news from Greece and as markets await employment data from US. Nonetheless, the common currency remains the strongest major currency so far this week. Greece invoked a rarely used option and requested to bundle today's payment to IMF together with the other three totalling EUR 1.6b, and put them off till end of June. That was a surprise to the markets as IMF chief Christine Lagarde expressed her confidence that Greece would pay the loan payment today. IMF noted in a statement that the bundling was "intended to address the administrative difficulty of making multiple payments in a short period." There were talks that the Greece and its international creditors are targeting to reach a deal by June 14. But now it looks like the negotiations could drag on till the end of the month.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Jun 04 15 14:33 GMT
EUR: The single currency finally retreated after rising to 1.1380 in European session, bids at 1.1290-00 and 1.1250-55 were filled but buy orders are still noted at 1.1225-30, 1.1200 and 1.1185, buying interest is located at 1.1150, 1.1120 and 1.1100, fresh demand should emerge around 1.1080 and 1.1050. On the upside, offers are now seen at 1.1300, 1.1325-30 and 1.1350, sell orders are reported at 1.1380 and 1.1400 (stops above), selling interest is tipped at 1.1430 and 1.1450.
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Mid-Day Report: Dollar Recovers after Job Data, But Stays Weak against Euro Print E-mail
Market Overview | Written by ActionForex.com | Jun 04 15 13:13 GMT
Dollar recovers mildly after suffering much selling pressure against Euro but the greenback stays soft. Released from US, initial jobless claims dropped -8k to 276k in the week ended May 30. That was basically inline with expectation of 277k. That was the 13th straight week of sub 300k reading which was seen as sign of momentum in labor market improvement. The four-week average rose 2.75k to 274.75k. Continuing claims dropped 30k to 2.2m in the week ended May 23, the lowest since November 2000. Also released from US, non-farm productivity was revised down to -3.1% in Q1 while unit labor cost was revised up to 6.7%. So far dollar is holding above near term support against sterling, yen and aussie. The key to dollar's near term direction will lie on tomorrow's non-farm payroll report, where job growth, unemployment rate and wage growth will be released.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Jun 04 15 10:00 GMT
EUR: The single currency has surged again today and offers at 1.1300, 1.1330 and 1.1350 were filled but sell orders are still noted at 1.1380 and 1.1400 (stops above), selling interest is tipped at 1.1430 and 1.1450. On the downside, bids are raised to 1.1290-00 and 1.1250-55, buy orders are reported at 1.1225, 1.1200 and 1.1185, buying interest is located at 1.1150, 1.1120 and 1.1100, fresh demand should emerge around 1.1080 and 1.1050. Option expires today include: 1.1100 (over 1 bln), 1.1145 (large), 1.1195, 1.1205 and 1.1220.
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USD/CAD Daily Outlook Print E-mail
Market Overview | Written by Administrator | Jun 04 15 08:54 GMT
A short term top could be in place at 1.2562 in USD/CAD. Deeper correction would be seen in the pair first. But downside would be contained well above 1.1919 low and bring another rally. We'd still holding on to the view that corrective fall from 1.2834 is completed at 1.1919. Above 1.2562 will target 1.2834 resistance.
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Daily Report: Euro Stays Firm on Greece and ECB Print E-mail
Market Overview | Written by ActionForex.com | Jun 04 15 07:19 GMT
Euro stays firm as the strongest major currency this week. Traders seemed to be optimistic that Greece will finally strike a deal with international creditors. Greek prime minister Alexis Tsipras met with Eurozone Commission president Jean-Claude Juncker and head of Eurogroup finance ministers Jeroen Dijsselbloem yesterday. After the meeting, Dijsselbloem said the meeting was "good" and intense work would continue. Tspiras also mentioned that there was progress on on sticking point regarding the primary surplus and "there was a constructive will from the European Commission to reach a common understanding". According to some reports, the involved parties now target to wrap up the agreement by June 14.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Jun 03 15 14:29 GMT
EUR: The single currency has rallied after ECB press conference and in part due to higher German yield, barrier at 1.1200 and offers at 1.1220 as well as 1.1250 were tripped, though some sell orders are still noted at 1.1275 and 1.1300, selling interest is tipped at 1.1330 and 1.1350. On the downside, bids are now seen at 1.1190-00, 1.1160-70 and 1.1120-30, combination of bids and stops is located at 1.1080-90, fresh demand should emerge around 1.1050-60 and 1.1020-30.
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Mid-Day Report: Euro Rebounds Further as ECB Upgraded Inflation Forecast Print E-mail
Market Overview | Written by ActionForex.com | Jun 03 15 14:08 GMT
Euro extends rebound against dollar after ECB lifted 2015 inflation forecast. The central bank kept interest rate at 0.05% as widely expected. Also, there is no change in the EUR 60b per month asset purchase program. ECB updated inflation forecast and estimated it to be at 0.3% this year, much better than March's projection of 0%. Meanwhile, inflation was projected to be 1.5% in 2016 and 1.8% in 2017, inline with prior forecast. Growth forecast is held unchanged at 1.5% for this year, 1.9% in 2016 and 2.0% in 2017. ECB president Mario Draghi noted that the "asset purchase programs are proceeding well" and emphasized that the improvement in economic outlook is dependent on "full implementation" of stimulus. Draghi expected economic recovery to "broaden" and domestic demand to be further supported by monetary policy measures.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Jun 03 15 09:49 GMT
EUR: The single currency has retreated in European morning, bids at 1.1120 were filled but buy orders are still noted at 1.1100, 1.1080 and 1.1050, more buy orders are reported at 1.1030, 1.1000 and 1.0980, fresh demand should emerge around 1.0940, 1.0915-25 and 1.0900. On the upside, offers are now seen at 1.1160, 1.1185 and 1.1200 (option barrier), sell orders are expected at 1.1220, 1.1250 and 1.1275, selling interest is tipped at 1.1300 and 1.1330. Option expires today include: 1.1000 (close to 1 bln), 1.1100 (large), 1.1275 (large) and 1.1300 (over 1 bln).
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Daily Report: Euro Maintains Gain on Greece Optimism Print E-mail
Market Overview | Written by ActionForex.com | Jun 03 15 04:55 GMT
Euro rebounded strongly yesterday and stayed firm in Asian session. News regarding Greece was seen as the main driver in the rebound. It's reported that Greece's international creditors are giving the country a final take-it-or-leave-it offer aiming at breaking the neverending stalemate in the negotiations. Greece is expected to accept it with at most minor changes. European commission president Jean-Claude Juncker is set to meet with Greek prime minister Alexis Tsipras today in Brussel. The outcome of the meeting will be closely watched. Also, it's reported the ECB raised the level of emergency cash available to Greek banks by EUR 500m. Technically, EUR/USD strong rebound suggests that the corrective pattern from 1.0461 is still in progress and is possibly in another rising leg for 1.1466 and above. Picture in EUR/GBP is similar is rebound from 0.7054 is seen as the third leg of the consolidation pattern from 0.7013 and could head to 0.7482 resistance now. EUR/JPY also resumed recent rise from 126.09.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Jun 02 15 14:26 GMT
EUR: The single currency rallied today in part due to speculation of a possible Greece deal, offers at 1.1000, 1.1020, 1.1050, 1.1080, 1.1100, 1.1130 and 1.1150 were filled, however, some sell orders are reported at 1.1200 and 1.1220, selling interest is tipped further out at 1.1250-60 and 1.1300-10. On the downside, bids are now seen at 1.1100, 1.1060-65 and 1.1025-30, more buy orders are expected at 1.1000, 1.0980 and 1.0950-60 with stops placed below 1.0940 and 1.0915-20.
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Mid-Day Report: Euro Rebounds on Greek News and Inflation Print E-mail
Market Overview | Written by ActionForex.com | Jun 02 15 12:42 GMT
Euro rebounds strongly today on news that Greece's international creditors completed a draft agreement to offer to Greece for unlocking the financial aids. That came after the meeting of German chancellor Angela Merkel, IMF chief Christine Lagarde, ECB president Mario Draghi, French president Francois Hollande and European Commission president Jean-Claude Juncker yesterday and the draft was finished this morning in Europe. It's reported that IMF has softened its insistence that Europe must offer explicitly commitments to relieve some of Greece's debt burdens. On the other hand, Greece said a comprehensive reform proposal was sent to the creditors, which Greek prime minister Alexis Tsipras described as realistic. A European commission spokesperson also said that many documents were exchanged among negotiators. While expectations remain low, there is some optimism that Greece could finally reach a deal within this week.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Jun 02 15 10:29 GMT
EUR: The single currency rebounded again but offers are still noted at 1.1000, 1.1020 and 1.1050, more sell orders are reported at 1.1080 and 1.1100, selling interest should emerge around 1.1130 and 1.1150. On the downside, bids are raised to 1.0940-45, 1.0915-25 and 1.0900, buy orders are located at 1.0880-85, 1.0865 and 1.0850, buying interest is located at 1.0825-30 and 1.0800 (stops below). Option expires today include: 1.0900 (1 bln), 1.0980 (close to 1 bln) and 1.1000 (over 1 bln).
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Daily Report: Aussie Recovered as RBA Stayed Neutral Print E-mail
Market Overview | Written by ActionForex.com | Jun 02 15 07:41 GMT
Aussie recovered today after RBA stood pat and remained neutral. Cash rate was left unchanged at 2%, after cutting it by -25 bps a month ago. Policymakers refrained from giving forward guidance on further monetary outlook but noted that further easing would be data-dependent. Besides general economic developments, policymakers again paid particular attention to the housing market, noting that 'dwelling prices continue to rise strongly in Sydney'. The noted that the central bank is' working with other regulators to assess and contain risks that may arise from the housing market'. On exchange rate, the RBA acknowledged the recent decline in AUDUSD but reinforced that 'further depreciation seems both likely and necessary'.
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Mid-Day Report: Dollar Trying to Ride on ISM Manufacturing Print E-mail
Market Overview | Written by ActionForex.com | Jun 01 15 14:16 GMT
After lacking a clear direction for most of the day, the dollar is possibly gaining some strength after manufacturing data. ISM manufacturing index rose to 52.8 in May versus expectation of 52.0. Price paid component jumped sharply to 49.5 versus expectation of 42.5, and just missed 50 level. Employment component also turned back to expansionary region and rose to 51.7. Also released from US, personal income rose more than expected by 0.7% in April while spending was flat. Headline PCE rose 0.0% mom, 0.1% yoy in April. Core PCE rose 0.1% mom, 1.2% yoy.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Jun 01 15 14:07 GMT
EUR: Despite falling to 1.0891 in European session, the single currency found buying interest there and has rebounded since in part due to soft US data, offers at 1.0925-30 and 1.0965-70 were filled but sell orders are still noted at 1.1000-10 (stops above) and 1.1050-60, selling interest should emerge around 1.1080 and 1.1100-10. On the downside, bids are now seen at 1.0940-45, 1.0910-20 and 1.0890-00, buy orders are reported at 1.0880 (stops below), mixture of bids and stops is located at 1.0865-70, fresh demand is tipped at 1.0850 and 1.0820-30, more stops are placed below 1.0800-10.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Jun 01 15 10:21 GMT
EUR: The single currency retreated after meeting renewed selling interest at 1.1006 on Friday and bids at 1.0950, 1.0925 and 1.0900 were filled but buy orders are still seen at 1.0880 (stops below), mixture of bids and stops is located at 1.0865-70, buying interest is tipped at 1.0850 and 1.0820-30, more stops are placed below 1.0800-10. On the upside, offers are now seen at 1.0925-30 and 1.0965-70, offers are reported at 1.1000-10 (stops above) and 1.1050-60, selling interest should emerge around 1.1080 and 1.1100-10. Option expires today include: 1.0850 (large), 1.0925 (large), 1.1000 (large), 1.1030 and 1.1050.
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Daily Report: Euro Recovery Lost Steam, Weakens on Greek Impasse Print E-mail
Market Overview | Written by ActionForex.com | Jun 01 15 08:20 GMT
Euro's recovery seemed to have completed as the common currency weakens generally today on Greek impasse. European commission president Jean-Claude Juncker warned over the weekend that a Greek exit could damage trust in Euro. He noted that if a country were to withdraw from Euro, "it would fix the idea in heads that the euro is not irreversible". Juncker will meet German Chancellor Angela Merkel and French President Francois Hollande today. Greece is rushing to speed up the negotiation this week and is facing a deadline on June 5, when it need to pay the first of four payments to IMF. German's EU commissioner expressed optimism today that Greece would strike a deal with international creditors this week. Oettinger, however, didn't expect any result from the meeting from the meeting between Juncker, Merkel and Hollande.
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