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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 10 13 13:58 GMT
EUR: The single currency maintained a firm undertone after intra-day initial rise to 1.3768, however, sell orders are still seen at 1.3770-90 and 1.3810-35 area with stops building up above 1.3835-40 and 1.3850 barrier. On the downside, bids remains at 1.3720-25 and 1.3690-00 (stops below), more buy orders are expected at 1.3670-80 as well as 1.3640-50 with bigger stops placed below 1.3620 and 1.3600.
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Mid-Day Report: Euro Firm on Tight Liquidity, Yen Recovering Print E-mail
Market Overview | Written by ActionForex.com | Dec 10 13 13:44 GMT
Euro remains firm against dollar today and this week's rally showed sign of acceleration. It's reported that the common currency was lifted by repatriation flows as European banks shore up their capital for an ECB asset quality review at the end of the year. That's reflected in three-month eurodollar cross currency basis swaps which turned positive for the first time since 2008, indicating that banks need to pay a premium to buy euro versus dollar. And there was talk that based on current tightness in liquidity condition, EUR/USD could extend recent rise and have a strong close at 2013 high for the year. Meanwhile, comments from ECB executive board member Coeure also provided support to the common currency. Coeure said overnight that there is no need for "spectacular" measures like "US style large scale asset purchases" because "inflation prospects are consistent with our objective".
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Dec 10 13 09:14 GMT
EUR: The single currency surged again earlier today, offers at 1.3730-35 and 1.3750 were filled but sell orders are still seen at 1.3770-90 and 1.3810-35 area with stops building up above 1.3835-40 and 1.3850 barrier. On the downside, bids are raised to 1.3720-25 and 1.3690-00 (stops below), more buy orders are expected at 1.3670-80 as well as 1.3640-50 with bigger stops placed below 1.3620 and 1.3600. Option expires today include: 1.3590, 1.3600, 1.3700, 1.3725, 1.3750, 1.3800 and 1.3850.
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Daily Report: Dollar Stayed Weak against Europeans Despite Tapering Talks Print E-mail
Market Overview | Written by ActionForex.com | Dec 10 13 04:52 GMT
Dollar continued to shrug off tapering talks and weakened against European majors. The dollar index dipped to as low as 80.019 in Asian session before recovering and looks set to take out 80 psychological level today. St. Louis Fed Bullard threw the idea of small December tapering in a speech overnight. Bullard said that "based on labor market data alone, the probability of a reduction in the pace of asset purchases has increased." And, "a small taper might recognize labor market improvement while still providing the opportunity to carefully monitor inflation during the first half of 2014." He noted that "there is no widely accepted reason why inflation is running as low as it is" but "should inflation not return toward target, the Fed could pause tapering at subsequent meetings."
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Mid-Day Report: Euro Firm as Markets Awaits Fedspeaks Print E-mail
Market Overview | Written by ActionForex.com | Dec 09 13 14:28 GMT
Euro remains firm against dollar and yen today after lackluster data release. Eurozone Sentix investor confidence unexpectedly dropped to 8 in December. German industrial production contracted -1.2% mom in October. German trade surplus came in narrower than expected at EUR 16.8b in October. Other data from Europe saw Swiss unemployment rate unchanged at 3.2% in November while retail sales rose 1.2% yoy in October. Markets are generally quiet today as focus will be on central banker's speeches. BoE governor Carney will speak at Economic Club of New York. More importantly, Fed's Lacker, Bullard and Fisher are also scheduled to speak today. Markets will try to get more hints on Fed's stance before December FOMC meeting. The attention will be on any comments regarding the timing of tapering, and more importantly, the pace of tapering.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Dec 09 13 14:17 GMT
EUR: The single currency continued to move higher and offers at 1.3725 were filled but sell orders are still noted at 1.3730-35, 1.3750 and 1.3775, fresh selling interest is tipped at 1.3800 and further out at 1.3825. On the downside, bids remain at 1.3680-90 and from 1.3660 down to 1.3640, fresh demand should emerge around 1.3625 and 1.3600, more buy orders are expected at 1.3585 and 1.3550-60.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Dec 09 13 10:37 GMT
EUR: The single currency edged higher after Friday's rally but offers are still noted at 1.3725-35, more sell orders are located at 1.3750 and 1.3775, fresh selling interest is tipped at 1.3800 and further out at 1.3825. On the downside, bids are reported at 1.3680 and from 1.3660 down to 1.3640, fresh demand should emerge around 1.3625 and 1.3600, more buy orders are expected at 1.3585 and 1.3550-60. Option expires today include: 1.3340, 1.3415, 1.3440, 1.3450, 1.3590, 1.3600, 1.3700 and 1.3750.
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Daily Report: Yen Weakness Continues as China Data Lifted Risk Appetite Print E-mail
Market Overview | Written by ActionForex.com | Dec 09 13 06:51 GMT
Yen's broad based weakness continued in Asian session today on risk appetite. Economic data released from China eased worry on tightening and boosted Asian equities higher. Headline CPI eased to 3.0% in November from an 8-month high of 3.2%. Food inflation, easing to 5.9% yoy from 6.5% in October, remains the main driver of overall inflation, although both food and core inflation moderated slightly. Merchandise exports climbed 12.7% yoy in November, up from 5.6% a month ago and consensus of a 6.5% increase. Seasonally adjusted, export grew 13.2% in November. Imports rose 5.3% yoy, down from 7.6% in October. Seasonal adjusted, November import growth accelerated to 9.3% yoy, up from 2.7% in October and confirming a pickup in domestic demand. The trade surplus rose to US$ 33.8B, the highest level since early 2009, in November. Economists viewed that inflation won't be a big problem to Chinese authority in the coming months and would give leeway for keeping policies unchanged. The strong growth in exports also argued that the economy would regain momentum ahead.
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Weekly Review and Outlook: Dollar Failed to Rally Despite Solid Data, Yen Maintained Broad Based Weakness Print E-mail
Market Overview | Written by ActionForex.com | Dec 08 13 05:00 GMT
In spite of a string of strong economic data from US, the dollar failed to stage a solid rally against other major currencies last week. The dollar index extended recent choppy decline to close at 80.315. down from prior week's 80.645. Stocks also rebounded after initial dip. DOW rebounded strongly after dropping to as low as 15791.29 and closed above 16000 handle at 16020.20. S&P 500 also closed back above 1800 level at 1805.09. Long term treasury yield closed higher with 30 year yield at new high of 3.917%. 10 year yield also closed higher at 2.883% but is staying below 2013 high of 2.979%.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Dec 06 13 14:00 GMT
EUR: The single currency slipped from 1.3678 in New York morning as NFP and unemployment rate of US both came in better than expected, bids at 1.3640-50 and 1.3625 were filled but buy orders are still noted at 1.3600 with stops building up below 1.3580-90, followed by sizeable demand at 1.3550-60 and 1.3535 with more stops placed below 1.3520 but buying interest is expected at 1.3500-10, 1.3485 and further out at 1.3450-60. On the upside, offers are lowered to 1.3660 and remain at 1.3680 (stops above), more sell orders are located at 1.3700 (more stops above this barrier) and 1.3715-20, selling interest is tipped at 1.3735 and ahead of barriers at 1.3750 and further out at 1.3800.
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Mid-Day Report: Yen Broadly Lower after NFP Surprise, Dollar Struggles to Rally Print E-mail
Market Overview | Written by ActionForex.com | Dec 06 13 13:58 GMT
Dollar is trying to rally in early US session but we're not seeing much sustainable momentum yet. The non-farm payroll report post an upside surprise to the markets by showing 203k growth, versus consensus of 183k. Prior month's figure was revised slightly down from 204k to 200k. Meanwhile, unemployment rate unexpectedly dropped to a five year low of 7% versus expectation of 7.2%, down from prior month's 7.3%. Stock futures responded positively to release and point to higher open. Larger reaction was indeed found in the Japanese yen while dipped through recent low against Euro. Meanwhile, USD/JPY also rebounds strongly while should now be heading back to this week's high at 103.37.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Dec 06 13 10:28 GMT
EUR: The single currency eased from fresh 5-week high of 1.3677 made yesterday but buy orders are still noted at 1.3640-50, 1.3625 and also in good size at 1.3600, sell stop orders are building up below 1.3580-90, followed by sizeable demand at 1.3550-60 and 1.3535 with more stops placed below 1.3520 but buying interest is expected at 1.3500-10, 1.35485 and further out at 1.3450-60. On the upside, offers are reported at 1.3680 (stops above), more sell orders are located at 1.3700 (more stops above this barrier) and 1.3715-20, selling interest is tipped at 1.3735 and ahead of barriers at 1.3750 and further out at 1.3800. Option expires today include: 1.3490 (1 bln), 1.3500, 1.3590 (large), 1.3600 and 1.3610.
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Daily Report: Dollar Soft ahead of Non-Farm Payroll, Stocks Tumbled again Print E-mail
Market Overview | Written by ActionForex.com | Dec 06 13 04:42 GMT
Dollar remains mildly soft as markets are awaiting the highly anticipated non-farm payroll report from US. So far, the reactions to solid economic data from US were mixed. Stocks tumbled with DOW and S&P 500 losing ground for the fifth straight day overnight. However, dollar failed to gain ground on these positive data with dollar index gyrating lower through 80.3 level. The greenback is staying in negative territory against Euro, Yen, Swiss Franc and Kiwi this week. Markets seems not to be buying on the case of a December tapering announcement from Fed no matter what despite all the speculations. March tapering is still the base case to most. And Fed could also try to pave out a paced schedule when that happens to smooth the impact to the markets.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Dec 05 13 14:35 GMT
EUR: The single currency went through a very choppy session today, retreated sharply from 1.3640 to 1.3543 on stronger-than-expected US data and then rallied from there in New York morning to a fresh 5-week high above 1.3650 due to ECB's press conference. Offers at 1.3640-50 were filled, stops placed above 1.3665-70 are in focus, mixture of offers and stops is located further out at 1.3700-10. On the downside, bids are now seen at 1.3600 and in good size at 1.3540-45, more buy orders are located at 1.3525-30 with sell stops building up below 1.3520 and 1.3490-00 (bids above).
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Mid-Day Report: Euro Jumps as ECB No in Rush for Action Despite Lowering Inflation Forecast Print E-mail
Market Overview | Written by ActionForex.com | Dec 05 13 14:24 GMT
ECB left rates unchanged at historical low of 0.25% as widely expected. The central bank lowered 2014 inflation projection to 1.1%, down from prior forecast of 1.3%. Also, ECB provided 2015 inflation forecast and is estimated to be at 1.3%. That means, its seeing inflation staying well below its own 2% target for two years. Growth projection, on the other hand, was revised up to 1.1% in 2014, comparing to prior forecast of 1.0%. Growth is expected to pick up further to 1.5% in 2015. ECB president Draghi said in the press conference that "medium term underlying price pressure in the euro are are expected to remain subdued". Meanwhile, looking ahead to 2014 and 2015, output is expected to recover at a slow pace".
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Dec 05 13 09:30 GMT
EUR: The single currency reversed yesterday's retreat after ADP and rallied in NY session, euro surged again this morning in Asia and offers at 1.3620-25 and stops above 1.3630 were cleared, however, sell orders are still noted at 1.3640-50 with more stops placed above 1.3665-70, mixture of offers and stops is located further out at 1.3700-10. On the downside, bids are now seen at 1.3580-90 and in good size at 1.3550-60, more buy orders are located at 1.3525-30 with sell stops building up below 1.3520 and 1.3490-00 (bids above). Option expires today include: 1.3400, 1.3460, 1.3485, 1.3490, 1.3500, 1.3520, 1.3565 and 1.3570.
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Daily Report: Euro Extends Rally ahead of ECB Press Conference Print E-mail
Market Overview | Written by ActionForex.com | Dec 05 13 06:49 GMT
After being bounded in range for a while, Euro finally edged higher against dollar today as markets await ECB rate decision. It's widely expected that ECB would keep rates unchanged after the surprise rate cut to 0.25% historical low last month. The main focus will be on the press conference as well as the updated economic projections. This will be the first time ECB publish forecast for 2015. Most importantly, the figures would give markets insights into inflation outlook in Eurozone over the medium term. A key question is when ECB expects inflation would climb back to the 2% target and could have impact on whether the central bank would do more over the coming months. BoE will also announce rate decision and it's widely expected to stand pat with interest rates and asset purchase target. BoE announce would likely be a non-event.
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Mid-Day Report: CAD Weakens after BoC, Dollar Gains Capped by ISM Services Print E-mail
Market Overview | Written by ActionForex.com | Dec 04 13 15:28 GMT
Canadian dollar extends recent decline after BoC left rates unchanged at 1.00% as widely expected. The central noted in the accompanying statement that Q3 GDP growth, at 2.7% was better than projection. However, the composition of GDP "does not yet indicate a rebalancing towards exports and investment". Recovery in business investment spending was also "slower than anticipated". Meanwhile, BoC said inflation has "moved further below" the 2% target with core inflation held by "significant excess supply and by effects of heightened competition in the retail sales". And the outlook is "more persistent than anticipated". Overall, BoC said downside risks to inflation appear to be greater. The statement reaffirmed the case for BoC to stand pat in the near term, and could probably stay so for longer than originally thought. Also released from Canada trade balance showed CAD 0.1B surplus in October.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Dec 04 13 14:35 GMT
EUR: The single currency tumbled again on dollar's broad-based rebound in part due to the release of better-than-expected ADP job data, bids at 1.3550-60 together with stops below there were cleared, however, buy orders in good size remain at 1.3520-25, more buy orders are located from 1.3510 down to 1.3480, fresh demand should emerge at 1.3450-60, 1.3420 and further out at 1.3400. On the upside, offers are lowered to 1.3570-75 and in good size at indicated level of 1.3600-10 as well as 1.3625 (stops above).
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Dec 04 13 10:05 GMT
EUR: The single currency met renewed selling interest just below previous resistance at 1.3616 and retreated since NY, however, bids are still noted at 1.3550-60 (stops below) and in good size at 1.3520-25, more buy orders are located from 1.3510 down to 1.3480, fresh demand should emerge at 1.3450-60, 1.3420 and further out at 1.3400. On the upside, offers are lowered to 1.3600-10 and 1.3625 (stops above), fresh selling interest should emerge at 1.3640-50 (more stops above), 1.3670, 1.3700 and further out at 1.3750. Option expires today include: 1.3390 (large), 1.3490, 1.3500, 1.3510, 1.3515 (large), 1.3520, 1.3600, 1.3640 and 1.3650.
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