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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: Dollar Firm as Non-Farm Payroll Awaited Print E-mail
Market Overview | Written by ActionForex.com | Nov 06 15 01:25 GMT
Dollar stays firm and remain one of the strongest major currencies as markets are awaiting employment data from US today. Stocks retreated mildly but both DJIA and S&P 500 stayed well inside recent upward trajectory. Treasury yields also extended recent rise with 30 year yield closed above 3% level at 3.013% while 10 year yield closed at 2.245%. Earlier this week, Fed chair Janet Yellen said that "if the incoming information supports that expectation then our statement indicates that December would be a live possibility". Fed fund futures are pricing in 58% chance of a December hike by Fed as of yesterday. Currency traders, bond and stocks investors are so far responding to such expectation well. And today's non-farm payroll will be another important piece of important for Fed's decision.
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Mid-Day Report: Sterling Tumbles on Dovish BoE Print E-mail
Market Overview | Written by ActionForex.com | Nov 05 15 12:51 GMT
Sterling tumbles sharply as BoE lowered both growth and inflation forecast. Also, the MPC noted that "inflation is likely to remain lower than previously expected until late 2017". And, CPI is expected to stay below 1% until second half of 2016, with downside risks. GDP projection was lowed to 2.7% in 2015 and 2.7% in 2016. That compared to prior forecast of 2.8% and 2.7% respectively. BoE held bank rate unchanged at 0.50% and kept the asset purchase target at GBP 375b as widely expected. Ian McCafferty dissented again and voted for a rate hike.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Nov 05 15 09:39 GMT
EUR: The single currency bounced off multi-month low of 1.0834 in European morning, however, offers are still noted at 1.0880, 1.0900 and 1.0935-40, more sell orders are reported at 1.0960-70 (stops above) and 1.1000, selling interest is tipped at 1.1020-25, 1.1050 and 1.1075-80. On the downside, bids are now seen at 1.0850, 1.0830-35 and 1.0800, fresh demand should emerge around 1.0785 and 1.0750. Option expires today include: 1.0800 (large), 1.0875, 1.0890, 1.0900, 1.0950 (large) and 1.1000 (1 bln).
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Daily Report: Dollar Supported by Fed Yellen, BoE Super Thursday Watched Print E-mail
Market Overview | Written by ActionForex.com | Nov 05 15 06:59 GMT
Dollar was supported by job data and Fed chair Yellen's comment and remains firm today. As Yellen testified before the House Committee, she expressed confidence over US economic developments. According to her, "at the moment what we see is a domestic economy that is pretty strong and growing at a solid pace, offset by some weakening spilling over to us from the global economy". The Fed has been expecting that the "economy will continue to grow at a pace that is sufficient to generate further improvements in the labor market and to return inflation to our 2% target over the medium term". On the monetary policy, "if the incoming information supports that expectation then our statement indicates that December would be a live possibility". Rate hike "moving in a timely fashion - if the data and the outlook justify such a move - is a prudent thing to do because we will be able to move in a more gradual and measured pace".
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Nov 04 15 14:05 GMT
EUR: The single currency has continued to trade lower but buy orders are still noted at 1.0900, 1.0885 and 1.0850, buying interest is tipped at 1.0830 and 1.0800, fresh demand should emerge around 1.0785 and 1.0750. On the upside, offers are seen at 1.0950-60, 1.0980 and 1.1000, sell orders are expected at 1.1020-25 and 1.1050, selling interest is located at 1.1075-80 and 1.1100.
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Mid-Day Report: Dollar Surges as ADP Met Expectations Print E-mail
Market Overview | Written by ActionForex.com | Nov 04 15 14:00 GMT
Dollar strengthens in early US session as employment data met expectation. ADP report showed 182k growth in private sector jobs in October. Trade deficit narrowed to USD -40.88 in September. Exports rose 1.6% to USD 187.9b while imports dropped -1.8% to USD 22.87b. Focus will turn to Fed chair Janet Yellen's testimony and ISM services. But EUR/USD might take out 1.0896 support as recent decline resumes. Released from Canada, trade deficit narrowed to CAD -1.73b in September.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Nov 04 15 11:06 GMT
EUR: The single currency has remained under pressure after yesterday's decline, bids at 1.0950 and 1.0920 were filled but buy orders are still noted at 1.0900, 1.0885 and 1.0850, buying interest is tipped at 1.0830 and 1.0800, fresh demand should emerge around 1.0785 and 1.0750. On the upside, offers are seen at 1.0960, 1.0980 and 1.1000, sell orders are expected at 1.1020-25 and 1.1050, selling interest is located at 1.1075-80 and 1.1100. Option expires today include: 1.0925, 1.0950, 1.0995 and 1.1000.
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Daily Report: Kiwi Weighed Down by Poor Job Data Print E-mail
Market Overview | Written by ActionForex.com | Nov 04 15 03:31 GMT
New Zealand dollar is under some pressure today after worse than expected job data. The job market contracted -0.4% qoq in Q3 versus consensus of 0.4% qoq. And, that's the first contraction in three years. Unemployment rate rose to 6.0% with participation rate falling sharply to 68.6% from 69.3%. Meanwhile, labor cost rose less than expected by 0.4% qoq. Last week, RBNZ left the OCR unchanged at 2.75%, after three rate cut, but maintained an easing bias. There are speculations of another cut in December and the job data reinforced this view.
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Mid-Day Report: Dollar Strengthens Mildly in Cautious Markets Print E-mail
Market Overview | Written by ActionForex.com | Nov 03 15 14:36 GMT
Dollar is back in the driving seat today and strengthens mildly against other major currencies. Though, it's overall bounded in familiar range and the current recovery could be just part of recent consolidative pattern. Traders would remain cautious ahead of the non-farm payroll report on Friday. Fed chair Janet Yellen will testify tomorrow but she may just reiterate the non-committal possibility of rate hike in December. Fed's decision will remain heavily data dependent. In other markets, US stocks open mildly lower as recent rally losses momentum. Gold extends recent decline and takes out 1130. Crude oil, on the other hand, is attempting for further rebound.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Nov 03 15 14:31 GMT
EUR: The single currency dropped today and bids at 1.0980 were filled but buy orders are still noted at 1.0950 and 1.0920, buying interest is tipped at 1.0900, 1.0885 and 1.0850, fresh demand should emerge around 1.0830 and 1.0800. On the upside, offers are seen at 1.0990-00 and 1.1025-30 and 1.1050, sell orders are expected at 1.1075-80, 1.1100 and 1.1130, selling interest is located at 1.1150, 1.1165 and 1.1180, mixture of offers and stops remains at 1.1200-10.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Nov 03 15 10:09 GMT
EUR: The single currency slipped in European morning and bids at 1.1000-10 were filled but buy orders are still noted at 1.0980, 1.0950 and 1.0920, buying interest is tipped at 1.0900, 1.0885 and 1.0850, fresh demand should emerge around 1.0830 and 1.0800. On the upside, offers are seen at 1.1050, 1.1075-80 and 1.1100, sell orders are expected at 1.1130, 1.1150 and 1.1165, selling interest is located at 1.1180 and 1.1120. Option expires today include: 1.1000 (over 1.5 bln), 1.1050 and 1.1100.
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Daily Report: Aussie Recovered as RBA Noted Improved Outlook Print E-mail
Market Overview | Written by ActionForex.com | Nov 03 15 08:34 GMT
Aussie recovered today after RBA left interest rate unchanged a acknowledged improved outlook. The cash rate was held unchanged at 2.00%. The central bank appeared less concerned over the global developments. As noted in the accompanying statement, the global economy 'is expanding at a moderate pace' and 'volatility in financial markets has abated somewhat for the moment'. It also remained aware of the Fed's potential tightening of monetary policy sometime in the future. Domestically, policymakers acknowledged 'moderate expansion' continued and business surveys suggested a 'gradual improvement in conditions over the past year'. Inflation was still low and should 'remain so, with the economy likely to have a degree of spare capacity for some time yet'. Policymakers forecast that inflation should 'be consistent with the target over the next one to two years, but a little lower than earlier expected'.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Nov 02 15 13:39 GMT
GBP: The British pound jumped to an intra-day high of 1.5498 before easing, offers are still noted at 1.5500-10 (stops above), more sell orders are reported at 1.5530 and 1.5550. On the downside, bids are raised to 1.5450, 1.5420 and 1.5400-05, buy orders are expected at 1.5380, 1.5350 and 1.5325-30, buying interest should emerge around 1.5300, 1.5285 and 1.5240-50 (stops below).
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Mid-Day Report: Sterling Advances in Steady Forex Markets Print E-mail
Market Overview | Written by ActionForex.com | Nov 02 15 13:14 GMT
The forex markets are generally staying in tight range today with mild strength. The greenback is soft against European majors and yen but is mildly firming against commodity currencies. ISM manufacturing indices will be released in US session today and may trigger some volatility. But the main event is Friday's non-farm payroll report. Meanwhile, traders are also cautious ahead of a number of events including RBA in the coming Asian session and BoE "Super Thursday".
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Nov 02 15 09:45 GMT
EUR: The single currency traded in narrow range after meeting resistance at 1.1073 on Friday, offers are still noted at 1.1050, 1.1075-80 and 1.1100 (stops above), selling interest is tipped at 1.1120-30 and 1.1150, sell orders are reported at 1.1165, 1.1180 and 1.1200. On the downside, bids are seen at 1.1020, 1.1000 and 1.0980, buy orders are expected at 1.0950, 1.0915-25 and 1.0900, buying interest should emerge around 1.0885, 1.0850 and 1.0830. Option expires today include: 1.1000 (over 1 bln) and 1.1130 (over 1 bln).
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Daily Report: Asian Markets Lower on China, Eventful Week ahead Print E-mail
Market Overview | Written by ActionForex.com | Nov 02 15 02:03 GMT
Asian markets open generally lower following weak economic data from China. Released over the weekend, the official China PMI manufacturing was unchanged at 49.8 in October, below expectation of 50.0. That's the third straight month of contractionary reading. The official PMI non-manufacturing also dropped to 53.1 and hit the lowest level since December 2008. Released today, the China Caixin PMI manufacturing rose to 48.3 versus expectation of 47.6 but stayed well below 50. Some economists noted that the manufacturing sector in China is still in contraction even though the pace stabilized. Some expected a modest rebound by the end of the year due to infrastructure investments but overall momentum would likely remain sluggish.
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Weekly Review and Outlook: Dollar Pared Post FOMC Gains as Focus Turns to Economic Data Print E-mail
Market Overview | Written by ActionForex.com | Nov 01 15 01:49 GMT
Dollar was boosted by the more hawkish than expected FOMC statement. Weaker than expected GDP from US limited dollar's rally. And the greenback lost momentum towards the end of the week as dollar bulls turned cautious ahead of this week's key economic data. Dollar in the end closed the week mixed, up against Euro, Swiss and Aussie but down against other major currencies. Canadian dollar ended the week as the strongest one following the rebound in crude oil prices. Meanwhile, Australian dollar was the weakest one as speculations of further rate cut continued.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Oct 30 15 14:59 GMT
EUR: The single currency surged today as traders re-assessed FOMC implication, offers at 1.1020-30 and 1.1050 were filled but sell orders are reported at 1.1075-80 and 1.1100 (stops above), selling interest is tipped at 1.112025 and 1.1140-50. On the downside, bids are raised to 1.1020, 1.1000 and 1.0960-65, buy orders are expected at 1.0915-25, 1.0900 and 1.0885, buying interest should emerge around 1.0850 and 1.0830, fresh demand is located at 1.0800, 1.0785, 1.0765 and 1.0750.
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Mid-Day Report: Dollar Reversed Post FOMC Gains Print E-mail
Market Overview | Written by ActionForex.com | Oct 30 15 13:05 GMT
The greenback reversed much of the post FOMC gains and is trading mixed before the weekly close. While dollar is down against European majors for the week, it's still maintaining some gains against commodity currencies. Released from US, personal income and spending rose 0.1% in September, both below expectation. Headline PCE slowed to 0.2% yoy but core PCE was unchanged at 1.3% yoy. Employment cost index rose 0.6% in Q3, inline with consensus. From Canada, GDP rose 0.1% mom in August, meeting expectation.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Oct 30 15 10:46 GMT
EUR: The single currency continued to edge higher, offers at 1.0980 and 1.1000 were filled but sell orders are reported at 1.1020-30 and 1.1050, selling interest is tipped at 1.1075-80 and 1.1100. On the downside, bids are seen at 1.0960-65, 1.0915-25 and 1.0900, buy orders are expected at 1.0885, 1.0850 and 1.0830, buying interest should emerge around 1.0800, 1.0785, 1.0765 and 1.0750. Option expires today include: 1.0800 (large), 1.0850, 1.0900 (large), 1.0925 (over 1 bln), 1.0950 (large), 1.0985, 1.1000 (1.5 bln), 1.1030 and 1.1035.
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