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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.



US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Oct 04 13 15:51 GMT
EUR: The single currency slipped in European session in part due to pre-weekend liquidation, bids at 1.3615 and 1.3600 were filled but buy orders are still noted at 1.3575-80 (some stops below 1.3570-75), 1.3565 and 1.3550, fresh demand should emerge further out at 1.3520 and 1.3500. On the upside, offers are lowered to 1.3620-30, 1.3650 barrier with stops building up above 1.3660, more selling interest is tipped at 1.3680 and from 1.3700 up to 1.3720 as well as 1.3750.
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Mid-Day Report: Sterling Drops Sharply, Possibly Reversing Near Term Trend Print E-mail
Market Overview | Written by ActionForex.com | Oct 04 13 13:09 GMT
Sterling drops sharply in a rather dull day today. There is no clear reason for weakness in Sterling but it could be due to readjustment of BoE rate expectations. Recent solid economic data triggered some speculations that unemployment rate in UK could fall to 7% threshold earlier than BoE forecast. But BoE governor Carney reiterated earlier this week that "we're not going to begin to think about raising interest rates or tightening monetary policy until we see the conditions in the economy where the economy is really growing." Meanwhile, fiscal impasse in US could also delay the recovery in UK. Technically, EUR/GBP's rebound showed sign of near term reversal. Meanwhile, GBP/USD and GBP/JPY both showed divergence condition in 4 hours MACD. We'd probably see more sterling weakness in near term.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Oct 04 13 09:10 GMT
EUR: The single currency has eased after rising to 1.3646 yesterday and minor consolidation is in store ahead of the release of US job reports later today. At the moment, bids are reported at 1.3615, 1.3600 and 1.3580 (some stops below 1.3570-75), more buy orders are tipped at 1.3565 and 1.3550, fresh demand should emerge further out at 1.3520 and 1.3500. On the upside, offers are reported at 1.3650 barrier with stops building up above 1.3660, more selling interest is tipped at 1.3680 and from 1.3700 up to 1.3720 as well as 1.3750. Option expires today include: 1.3500, 1.3550, 1.3575, 1.3585 and 1.3600.
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Daily Report: Yen Mildly Higher as BoJ on Hold Print E-mail
Market Overview | Written by ActionForex.com | Oct 04 13 07:35 GMT
Yen is mildly firmer today after BoJ kept rates unchanged at near 0% and maintained its massive monetary stimulus as widely expected. That is, it will continue to increase the monetary base by JPY 60-70T a year. The central bank noted that the economy is "recovering moderately", unchanged from prior assessment. Meanwhile, it noted that capital expenditure is "picking up as corporate profits improve" affirming the view express in last statement. Also, it said that housing investment have also increased. Meanwhile, the BoJ also maintained the pledge to keep monetary easing as long as needed to achieve the 2% inflation target.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Oct 03 13 14:54 GMT
EUR: The single currency found renewed buying interest just above indicated bids at 1.3580 and buy orders are still noted at 1.3565 and 1.3550, fresh demand should emerge around 1.3525, 1.3500 as well as 1.3485. On the upside, offers are still noted at 1.3650, 1.3680 and 1.3700 with sizeable buy stop orders above all three levels, fresh offers should emerge around 1.3720 and 1.3750 option barrier (more stops above).
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Mid-Day Report: Euro Stays Firm after Bond Auctions Print E-mail
Market Overview | Written by ActionForex.com | Oct 03 13 12:42 GMT
Euro remains firm today after solid bond auctions in Spain and France. Also, concerns over the fiscal impasse in US also provided some support to the common currency. Spain sold EUR 3.509b in bonds today, meeting the upper end of the target of EUR 2.5b to EUR 3.5b. Yield on the 10 year bond sold dropped to 4.269%, comparing with prior auction's 4.503%. That's also the lowest yield since September 2010. The 5-year bond was solid with yield at 3.128%, also down from prior 3.477%. Another January 2018 note was sold with yield at 2.795%. France sold EUR 7.460b in 10 year fixed rate bond, or OAT and a 2029 non-benchmark bond today. It just missed the upper end of the target of EUR 6.5b to EUR 7.5b. Average yield dropped to 2.37%, down from prior 2.57%.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Oct 03 13 09:09 GMT
EUR: The single currency continued to move higher after yesterday's rally and offers at 1.3620 were filled, however, sell orders are still noted at 1.3650, 1.3680 and 1.3700 with sizeable buy stop orders above all three levels, fresh offers should emerge around 1.3720 and 1.3750 option barrier (more stops above). On the downside, bids are raised to 1.3580, 1.3565 and 1.3550, fresh demand should emerge around 1.3525, 1.3500 as well as 1.3485. Option expires today include: 1.3350, 1.3390, 1.3475, 1.3500, 1.3550, 1.3600 and 1.3660.
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Daily Report: Dollar Stays Soft on Budget Impasse Print E-mail
Market Overview | Written by ActionForex.com | Oct 03 13 05:32 GMT
Dollar remains soft against other major currencies in Asian session today. After a meeting between US president Obama and congressional leaders, there was still not resolution on the fiscal impasses that caused the first partial government shutdown in 17 years. Obama insisted that there won't be negotiation on budget until the Republicans raise the debt ceiling without conditions. Meanwhile, House speaker Boehner urged to revolve the differences between political leaders. House Republicans are expected to bring up a plan to raise the debt limit next week as part of the attempt to force Obama into budget negotiation. US is facing a deadline of October 17 to raise the debt limit to avoid a default. Dollar's weakness is mainly centered against European majors and Yen. Due to risk aversion, Aussie and Kiwi are only mildly higher against the greenback while Canadian is indeed trading in negative territory this week against the greenback.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Oct 02 13 14:44 GMT
EUR: The single currency rallied on news that Letta won a confidence vote in Italian Parliament, euro broke through 1.3600 level and hit a fresh 8-month high of 1.3607, stops above 1.3600 were tripped but sell orders are still noted at 1.3620 and 1.3650, fresh selling interest should emerge around 1.3680 and further out at 1.3700 with sizeable buy stop orders above both levels. On the downside, bids are raised to 1.3570-75 and also at 1.3540-50, some stops are placed below 1.3530, followed by sizeable buy orders at 1.3505-10 with stops building up below 1.3500 and 1.3470.
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Mid-Day Report: Euro Higher as Italian PM Letta Won Confidence Vote, ECB on Hold Print E-mail
Market Overview | Written by ActionForex.com | Oct 02 13 13:23 GMT
Euro strengthens in early US session as Italian prime minister Letta won his confidence vote while ECB left rates unchanged. In Italy, former prime minister Berlusconi unexpected did a U-turn ahead of the confidence vote and said he would support the government. It reported that several members of Berlusconi's People of Freedom Party insisted that would back prime minister Letta's confidence motion. And, at the time of writing, it's reported that Letta has already won the confidence vote in Senate. ECB left rates unchanged at historical low os 0.50% today as widely expected. President Draghi reiterated the forward guidance that rates would remain at current or lower levels "for an extended period of time". He noted that the economy would continue to recover at a "slow pace" and risks were skewed to the downside. Also, ECB would continue to pay close attention to developments in the money markets. Inflation risks are "broadly balanced". In the Q&A session, Draghi noted there was a discussion on rate cut during the meeting but policymakers generally thought the current rate was appropriate.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Oct 02 13 09:38 GMT
EUR: Despite falling to 1.3508 earlier today, euro found good support there and has rebounded in European morning, however, offers in good size are still noted at 1.3550 and 1.3570 (stops above), more sizeable sell orders are still noted at 1.3590-00 (more stops above), 1.3620 and also at 1.3650, fresh selling interest should emerge around 1.3680 and further out at 1.3700 with sizeable buy stop orders above both levels. On the downside, bids remain at 1.3500-10, 1.3465-75 and 1.3440-50, more buy orders are located at 1.3400-20 region, followed by mixture of bids and stops is located at 1.3380-85. Option expires today include: 1.3430, 1.3500, 1.3525, 1.3530, 1.3550, 1.3590, 1.3600 and 1.3615.
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Daily Report: Dollar Recovered on Muted Response to Government Shutdown, ECB Watched Print E-mail
Market Overview | Written by ActionForex.com | Oct 02 13 03:28 GMT
While the US government started its first partial shutdown in 17 years, DOW reversed initial weakness to close higher by 62 pts. Dollar also recovered after hitting an 8 month low against Euro, as well as versus other major currencies. Investors seemed not too worried about the impact of the shutdown, which put as many as 800k federal workers on no pay leave and could cost USD at least $300m a day in output. Nonetheless, it should be noted again that the CBO has already stated clearly that the measures to avoid exceeding the debt limit will be exhausted on October 17. And the government will run out of can between October 21 and 31.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Oct 01 13 14:29 GMT
EUR: Although the single currency retreated again in part due to stronger-than-expected US data, decent demand is still seen at 1.3520 with stops building up below 1.3515-20, more buy orders in good size are seen at 1.3500, 1.3475-80 and 1.3450-60 (stops below 1.3440), sizeable bids are tipped further out at 1.3410-20, mixture of bids and stops is located at 1.3380-85. On the upside, offers are now seen at 1.3565-70 and also at 1.3590-00 with more stops placed above 1.3600 barrier, selling interest is tipped at 1.3620-1.3625, 1.3650-60, 1.3680 as well as 1.3700.
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Mid-Day Report: Dollar Decline Continues as US Government Begins Partial Shutdown Print E-mail
Market Overview | Written by ActionForex.com | Oct 01 13 12:43 GMT
Dollar remains broadly weak today as the US government begins a partial shutdown, first in 17 years. Non-essential government services are set to be closed while up to 00K federal employees would take no pay leaves. The House Republicans voted twice to send a bill including measures to delay Obama's Affordable Care Act (Obamacare) to the Senate. Yet, the plans were rejected in the Senate twice. The real fight between the Democrats and the Republicans is Obamacare. Yet, the partial government shutdown would not affect the enrollment of the plan which indeed begin today (October 1) as it is paid for out of mandatory funding not covered in a shutdown. If the Congress still fails to raise the debt ceiling by October 17, it would debt default for the first time in history. The IHS estimated that the shutdown would cost the country at least USD 300m in lost economic output at the start compared with the country's economy of USD15.7T
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Oct 01 13 09:03 GMT
EUR: The single currency found renewed buying interest just below 1.3520 and rallied from there earlier today, mixture of offers and stops at 1.3565-70 was tripped, however, more sizeable sell orders are located at 1.3590-00 with more stops placed above 1.3600 barrier, selling interest is tipped at 1.3620-1.3625, 1.3650-60, 1.3680 as well as 1.3700. On the downside, bids are now seen at 1.3540, 1.3515-20 and in good size at 1.3500, more buy orders are reported at 1.3475-80,1.3450-60 (stops below 1.3440) and further out at 1.3410-20, mixture of bids and stops is located at 1.3380-85. Option expires today include: 1.3450, 1.3460, 1.3550, 1.3570, 1.3575, 1.3580, 1.3590 (large) and 1.3600).
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Daily Report: Dollar Soft as US Shutdown Looms, Yen Dives on Strong Tankan Print E-mail
Market Overview | Written by ActionForex.com | Oct 01 13 03:09 GMT
Dollar stays soft in Asian session and the first US government shutdown in 17 years looms. There were hope of a temporarily funding extension but that was dented as politicians failed to agree on anything. The selloff in US equities and dollar weren't too bad with DOW just closing -128.57 pts lower at 15129.67. 10 year bond has indeed rose slightly with yield dropped -0.004% to 2.615%. Markets seemed to be able to cope with closure of non-essential government services on a temporary basis. The main challenge is for politicians to come up with deal on debt ceiling by October 17, when the US government will run out of money. Economists warned that lack of resolution by then could trigger a panic situation.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Sep 30 13 14:03 GMT
EUR: The single currency jumped in reaction to rumors out of Italy, offers at 1.3520-25 and 1.3545-50 were filled, mixture of offers and stops at 1.3565-70 is now in focus, more sizeable sell orders are located at 1.3580 with more stops placed above there, followed by option defensive offers ahead of 1.3600 barrier, more selling interest is tipped at 1.3620-1.3625, 1.3650-60, 1.3680 as well as 1.3700. On the downside, bids are now seen at 1.3515-20 and in good size at 1.3475-80, more buy orders are reported at 1.3450-60 (stops below 1.3440) and further out at 1.3410-20, mixture of bids and stops is located at 1.3380-85.
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Mid-Day Report: Dollar Selloff Intensifies US Closer to Shutdown Print E-mail
Market Overview | Written by ActionForex.com | Sep 30 13 13:19 GMT
Dollar's selloff intensifies in early US session, in particular against the Japanese yen on worry of first government shutdown in 17 years. The greenback even reversed initial gain against Euro, which was then hit by political turmoil in Italy. Nonetheless, while US 10 year yield opens the day lower, loss is so far limited. Gold also drops to as low as 1325.9 so far. Both developments are providing some support to dollar. Global equities were weighed down by both negative news. US futures point to a sharply lower opening as DOW might head back to 15000 psychological level.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Sep 30 13 09:16 GMT
EUR: The single currency opened lower today, however, euro found decent demand just above support at 1.3472 and has rebounded, more buy orders are reported at 1.3450-60 (stops below 1.3440) and further out at 1.3410-20, mixture of bids and stops is located at 1.3380-85. On the upside, offers are still seen at 1.3520-25, 1.3545-50 and more sizeable sell orders are located at 1.3565 and 1.3580 with stops placed above there, followed by option defensive offers ahead of 1.3600 barrier, more selling interest is tipped at 1.3620-1.3625, 1.3650-60, 1.3680 as well as 1.3700.
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Daily Report: Euro Dives on Italian Political Crisis Print E-mail
Market Overview | Written by ActionForex.com | Sep 30 13 03:37 GMT
Euro opened the week sharply lower, unsettled by political turmoil in Italy. The Italian cabinet failed to agree on the measures to lower the budget deficit to meet EU's limit. Prime minister Letta challenged former prime minister Berlusconi's Forza Italia party to support him in a confidence vote in the parliament. And on Saturday, Berlusconi pulled his five ministers out of the cabinet, effectively bringing down the government, and called for new elections just seven months after the last one. Letta is forced to call for a confidence vote on Wednesday. Euro is pressured by the news and is back trading below 1.35 again dollar, took out 131.86 near term support against yen and broke 0.8352 low against Sterling. EUR/CHF is also hit hard by taking out 1.2218 support.
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