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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 | Dec 17 13 14:19 GMT
GBP: The British pound dropped again in London and bids at 1.6290-00 as well as 1.6260 were filled but buy orders are still noted at 1.6250 (some stops placed below 1.6240) and further out at 1.6225, mixture of bids and stops is located at 1.6190-00. On the upside, offers are now lowered to 1.6310 and in good size at 1.6340-50 (stops are building up above 1.6360), more sell orders are located at 1.6390 and 1.6420, selling interest from leverage accounts and macro names should emerge around 1.6440-50, followed by mixture of offers and stops at 1.6470.
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Mid-Day Report: Dollar Staying in Range after Inflation Data Print E-mail
Market Overview | Written by ActionForex.com | Dec 17 13 13:40 GMT
Dollar remains in tight range against euro and yen after tamer than expected inflation data. CPI was flat mom rose 1.2% yoy in November. While the reading showed a mild pick up from October's 1.0% yoy, it missed expectation of 1.3% yoy. Core CPI was unchanged at 1.7% yoy as expected. Stock futures point to a mildly higher open in US markets. While DOW could extend this week's rebound, we'd expect some pressure above 16000 handle. After all, investors would stay cautious ahead of FOMC announce tomorrow where Fed will decide whether to taper the asset purchase of not. Plus, Fed will also release new economic projections.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Dec 17 13 09:01 GMT
GBP: The British pound also rebounded since late NY but offers are still seen at 1.6330 and in good size at 1.6350-60 (stops are building up above there), more offers are located at 1.6390 and 1.6420, selling interest from leverage accounts and macro names should emerge around 1.6440-50, followed by mixture of offers and stops at 1.6470. On the downside, bids remain at 1.6290-00 (stops below 1.6285), 1.6250-60 (some stops placed below 1.6240) and further out at 1.6225, mixture of bids and stops is located at 1.6190-00. Option expires today include: 1.6400 and 1.6500.
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Daily Report: Aussie Stays Soft as RBA Left Door Open for Rate Cut Print E-mail
Market Overview | Written by ActionForex.com | Dec 17 13 04:12 GMT
Aussie stays soft in tight range against dollar in Asian session after RBA signaled in its meeting minutes that the door is still open for further interest rate cut. The central bank noted that "given the substantial degree of policy stimulus that had been imparted, it was prudent to hold the cash rate steady." However, the board won't "close off the possibility of reducing it further should that be appropriate to support sustainable growth in economic activity." RBA also said Aussie's exchange rate remained "uncomfortably high" and "a lower level would likely be needed to achieve balanced growth." That is, boosting growth in other sectors to pick up the slack left by mining investments, which topped. Also released, conference board leading indicator rose 0.5% in October. Technically, while AUD/USD lost some downside momentum as markets prepare for the FOMC announcement later this week, the near term trend is still bearish for a test on 0.8847 low. EUR/AUD is also staying in tight range around 1.54, holding on to near term bullishness for next projection level at 1.5787.
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Mid-Day Report: Dollar Staying in Range as Traders Got Cautious ahead of FOMC Later This Week Print E-mail
Market Overview | Written by ActionForex.com | Dec 16 13 14:22 GMT
There was no sustainable momentum for dollar to rebound further as markets continue to engage in consolidative trading ahead of FOMC later this week. The odds for tapering or not tapering are even as there are strong arguments for both sides. Traders are cautiously preparing surprises from Fed. Meanwhile, economic data release from US provided little inspiration. Empire state manufacturing index improved to 1 in December but missed expectation of 5. TIC capital flow rose to USD 35.4b in October but missed expectation of USD 40.0b. Industrial production, on the other hand, rose 1.1% in November versus consensus of 0.6%. We'd expect more sideway trading for the rest of the session.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Dec 16 13 14:02 GMT
EUR: The single currency rebounded in European session on better-than-expected PMI data, offers at 1.3770-75 and 1.3790 were filled but sell orders are still seen at 1.3800-10 and also at 1.3820-25, selling interest is tipped at 1.3840-50 (option barrier) and 1.3870-85. On the downside, bids are raised to 1.3750-60 and 1.3725-30, more buying interest is located at 1.3700-10 (stops below 1.3680) and 1.3650-60 with more stops tipped below both levels, fresh demand from macro names should emerge around 1.3610-30 area.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Dec 16 13 08:37 GMT
EUR: The single currency found support just below 1.3710 and offers at 1.3750-60 were filled, however, offers are still noted at 1.3770-75 (some stops above), selling interest is located at 1.3790-10 area, more sell orders are tipped at 1.3820-25, 1.3840-50 (another barrier) and 1.3870-85. On the downside, bids are reported at 1.3725-30 and 1.3700-10 (stops below 1.3680), more buy orders are located further out at 1.3650-60 with more stops tipped below both levels, fresh demand from macro names should emerge around 1.3610-30 area. Option expires today include: 1.3650, 1.3700, 1.3705, 1.3720, 1.3725, 1.3745, 1.3750, 1.3755, 1.3800 and 1.3820.
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Daily Report: Yen Rebounds Further on Encouraging Tankan Print E-mail
Market Overview | Written by ActionForex.com | Dec 16 13 03:54 GMT
The Japanese yen extends rebound in Asian session today with the boost from an encouraging Q4 Tankan survey. The large manufactures index rose to 16 versus expectation of 15, up from 12. That was the highest reading in six years since 2008. Improvements were also seen in sentiments of medium and small companies, which rose to 6 and 1. Large Non-manufacturing index improved to 20, also beat expectation of 15, up from 14. Medium and small non-manufacturing sentiments also improved to 11 and 4 respectively. Large companies are planning to increase capital spending by 4.6% in 2014. The results showed the the so Abenomics are not only helping large companies, but also spreading to businesses of all sizes. And overall, the survey points to further expansion in the Japanese economy through first half of 2014.
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Weekly Review and Outlook: Investors Lightened Positions ahead of FOMC on Tapering Uncertainties Print E-mail
Market Overview | Written by ActionForex.com | Dec 14 13 16:38 GMT
Price actions in the financial markets indicated that investors were lightening up their positions ahead of FOMC meeting this week, as well as year end holiday in around two week's time. The House passed a bipartisan budget plan which should reduce the near term fiscal drag. And together with recent solid economic data release US, markets have perceived there is increased chance for Fed to taper the USD 85b per month asset purchase program in the last 2013 FOMC meeting. But it should be noted that there is no consensus view on the issue among analysts. And we doubt if there is consensus among Fed officials too at this point. There are arguments for Fed to taper this month and there are equally strong arguments for Fed to wait till March to act. The result of the coming FOMC meeting is highly uncertain.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Dec 13 13 14:04 GMT
EUR: The single currency slipped again from 1.3769 to as low as 1.3708 just ahead of US opening and bids at 1.3745-50 and stops below 1.3735 were tripped, however, bids are still seen at 1.3700-10 (stops below 1.3680) and further out at 1.3650-60 with more stops tipped below both levels, fresh demand from macro names should emerge around 1.3610-30 area. On the upside, offers are reported from 1.3750 up to 1.3770 (some stops above), selling interest is located at 1.3790-10 area, more sell orders are tipped at 1.3820-25, 1.3840-50 (another barrier) and 1.3870-85.
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Mid-Day Report: Dollar Gathers Further Momentum for Rebound Print E-mail
Market Overview | Written by ActionForex.com | Dec 13 13 13:45 GMT
Dollar's rebound gathers some more pace today as European majors also gave way to the greenback. In particular, note that GBP/USD's break of 1.6290 support has some near term bearish implication. Dollar was also strong against yen with USD/JPY making now five year high today. AUD/USD stays soft, maintain near term bearish outlook for 0.8847 low. Dollar was supported by news that the House has finally passed the first bipartisan budget in four years yesterday, with a clear 332-94 vote. The budget agreement would keep around half of the automatic spending cut in place in 2014 and around three quarters in of the planned cuts in 2015. That is, it would release USD 40b in cuts in 2014 and USD 20b in cuts in 2015 with USD 23b in deficit reduction. The Senate is expected to pick up the deal next week. But agreement on rasing the debt ceiling was not reached yet. Data from US saw PPI dropped -0.1% mom, rose 0.7% yoy in November. Core PPI rose 0.1% mom, 1.3% yoy.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Dec 13 13 09:28 GMT
EUR: The single currency found support just above 1.3740 and has recovered in European morning, however, offers are still noted at 1.3760-70 and also at 1.3790-10 area, more sell orders are located at 1.3820-25, 1.3840-50 (another barrier) and 1.3870-85, mixture of offers and stops is located further out at 1.3890-00 barrier. On the downside, bids are still seen at 1.3745-50 with stops below 1.3735-40, fresh demand should emerge 1.3700-10 (stops below 1.3680) and further out at 1.3650-60 with more stops tipped below both levels, fresh demand from macro names should emerge around 1.3610-30 area. Option expires today include: 1.3600, 1.3750, 1.3800 and 1.3810.
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Daily Report: USDJPY Heading to 2013 High after Brief Consolidations Print E-mail
Market Overview | Written by ActionForex.com | Dec 13 13 03:43 GMT
Dollar regained some grounds overnight as markets continued to price in Fed's tapering. DOW also dropped for another day on such backdrop and closed -104.1 pts lower at 15739.43 and long term yields rose mildly. While the greenback is still stuck in tight range against European majors, its strength was more apparent against the Japanese yen and Australian dollar. USD/JPY's retreat proved to be short-lived as the pair resumed recent rally and reached as high as 103.65 so far, which is close to 2013 high of 103.73. The pair took EUR/JPY to new 2013 high of 142.51. The expectation of diverged policy path was the main driver in the moves as Fed is expected to scale back the asset purchase while BoJ is expected to launch another round of easing next year to boost inflation to its 2% target. Fed and BoJ will meet next week.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Dec 12 13 14:43 GMT
EUR: The single currency has retreated after faltering below yesterday's high of 1.3811, bids at 1.3770 and 1.3750 were filled, stops below 1.3735-40 are now in focus, however, fresh demand should emerge 1.3700-10 and further out at 1.3650-60 with more stops tipped below both levels. On the upside, offers are now seen at 1.3790-00 and 1.3820-25, more sell orders in good size are tipped at 1.3840-50 (another barrier), more stops are reported at 1.3870-85 with mixture of offers and stops located further out at 1.3900 barrier.
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Mid-Day Report: Dollar Steady after Mixed Economic Data, SNB Stood Pat Print E-mail
Market Overview | Written by ActionForex.com | Dec 12 13 14:09 GMT
Dollar stays in tight range against European majors and yen in early US session after mixed economic data. Retail sales rose 0.7% in November versus expectation of 0.3%. Ex-auto sales rose 0.2%, also beat consensus of 0.2%. However, initial jobless claims surged sharply by 68k to 368k in the week ended December 6, much higher than expectation of 321k. Just a week ago, the figure was revised slightly up to 300k. The volatility in the series was viewed as due to seasonal adjustments around thanks giving holidays. And, more volatility could be seen in the coming weeks due to Christmas holidays. Continuing claims rose 40k to 2.79m in the week ended November 30. Also released from US, import price index dropped -0.6% mom in November. Canadian new housing price index rose 0.1% mom in October.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Dec 12 13 09:22 GMT
EUR: The single currency continued to move higher, barrier at 1.3800 was tripped, however, offers are still noted at 1.3820-25 and in good size at 1.3840-50 (another barrier), more stops are reported at 1.3870-85 with mixture of offers and stops located further out at 1.3900 barrier. On the downside, bids are now seen at 1.3770 and 1.3750 with stops building up below 1.3735-40, fresh demand should emerge 1.3700-10 and further out at 1.3650-60 with more stops tipped below both levels. Option expires today include: 1.3750, 1.3760, 1.3765, 1.3835 and 1.3850.
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Daily Report: NZDUSD Steady after RBNZ, SNB Next Print E-mail
Market Overview | Written by ActionForex.com | Dec 12 13 04:54 GMT
Equities in US dropped sharply overnight as the bipartisan budget agreement reached earlier this week triggered some anxiety that Fed would taper the asset purchase program sooner as there is stability on the fiscal front. The house of representatives could vote as soon as today while Fed will have the last FOMC meeting in 2013 next week. There are increasing speculations that Fed would start scaling back the treasury buying during this meeting, even though that might only be a small step. DOW failed to hold on to 16000 level and dropped -129.60 pts to close at 15843.53. S&P 500 also closed down -20.40 pts at 1782.22. 10 year yield, on the other hand, rose 0.047% to close at 2.844% while 30 year yield close up 0.051% at 3.880%. However, there wasn't much support for the dollar as it stayed soft against Euro and Swiss Franc, as well as Canadian dollar and yen.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Dec 11 13 14:29 GMT
GBP: The British pound extended intra-day fall after faltering below 2-year high formed yesterday at 1.6466, bids at 1.6400-10 and 1.6375-85 were filled but buy orders in good size are still noted at 1.6350-60 and 1.6330, more buy orders are reported at 1.6315 and 1.6290-00 (more stops below). On the upside, offers are lowered to 1.6410-20, 1.6440-50 and in good size at 1.6470-80, more sell orders are tipped ahead of barrier at 1.6500, 1.6520-30 and 1.6550.
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Mid-Day Report: Markets Lack Directions, RBNZ Watched in Upcoming Asian Session Print E-mail
Market Overview | Written by ActionForex.com | Dec 11 13 13:23 GMT
Markets are rather mixed for today without a clear direction. Sterling's retreat is most notable as it weakened sharply against dollar after just hitting a two year high this week. Crosses selling of the pound against euro and yen also helped weigh down it. Meanwhile, the Japanese yen continues to extend this week's recovery on as Asian equities pulled back sharply. Commodity currencies were mixed with USD/CAD extending this week's decline but AUD/USD fails to sustain corresponding rebound. After all, Euro and Swissy are both firm and steady in range against the greenback, seems not too affected by volatility elsewhere.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Dec 11 13 10:45 GMT
EUR: The single currency retreated after rising to 1.3795 yesterday and bids at 1.3750 were filled but buy orders are still seen at 1.3740, 1.3720 and further out at 1.3700, fresh demand should emerge around 1.3680 and 1.3650-60. On the upside, offers are now seen at 1.3775-80 and also in good size at 1.3795-00 with stops building up above barrier at figure, more sell orders are tipped at 1.3825 and 1.3840-50 (another barrier and more stops above). Option expires today include: 1.3620, 1.3650, 1.3690, 1.3700, 1.3770, 1.3775 and 1.3800.
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