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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: Euro Soars on Upbeat ECB Draghi Print E-mail
Market Overview | Written by ActionForex.com | Mar 06 14 14:24 GMT
Euro jumps sharply after ECB left rates unchanged at 0.25% today. More importantly, ECB president Draghi noted in the post-meeting press conference that inflation is going to accelerate gradually ahead. Inflation is expected to climb from February's 0.8% to 1.0% by the end of the year, 1.3% in 2015 and 1.7% in Q4 of 2016. Also, growth forecast was revised up to 1.2% in 2014. For 2015, growth is projected to be 1.5% and 1.8% for 2016. Meanwhile, Draghi also noted that latest economic data "fully confirm our decision to maintain an accommodative stance for as long as necessary." As widely expected, BoE left the Bank Rate unchanged at 0.50% and kept the asset purchase target at GBP 375b. Only a brief statement was released and focus will turn to meeting minutes to be published on March 19.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Mar 06 14 14:22 GMT
EUR: The single currency surged in NY opening on soft US data and Draghi, offers at 1.3750, 1.3780-85 and 1.3800-10 were filled, some sell orders are tipped at 1.3825-30 (some stops above), 1.3850 (more stops above barrier at 1.3850) and 1.3875, selling interest is expected at 1.3890-00 with buy stop orders tipped above barrier at 1.3900. On the downside, bids are raised to 1.3770-75 and 13750, more buy orders are located at 1.3720-25 with stops building up below there, more sizeable stops are placed below 1.3700, fresh demand should emerge around 1.3675 and 1.3650 (more stops below 1.3640).
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Mar 06 14 08:37 GMT
EUR: The single currency traded narrowly as market await ECB rate decision and monetary policy statement, buy orders are still seen at 1.3700-05, mixture of bids and stops is located at 1.3690, fresh demand should emerge around 1.3675 and 1.3650 (more stops below 1.3640), buying interest is expected at 1.3630 and 1.3600-10. On the upside, offers remain at 1.3750, 1.3780-85 and 1.3800-10, sell orders are tipped at 1.3825-30 (some stops above), 1.3850 (more stops above barrier at 1.3850) and 1.3875, selling interest is expected at 1.3890-00 with buy stop orders tipped above barrier at 1.3900. Option expires today include: 1.3600 (large), 1.3605, 1.3620, 1.3625, 1.3635, 1.3640, 1.3645, 1.3650, 1.3655, 1.3660, 1.3700, 1.3750 and 1.3815.
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Daily Report: Euro Soft ahead of ECB, Aussie Surges on Data Print E-mail
Market Overview | Written by ActionForex.com | Mar 06 14 04:34 GMT
Euro is soft against most major currencies, except yen and swiss franc, as markets await ECB rate decision and press conference. Economists generally expect the central bank to hold interest rates unchanged at 0.25% as February inflation data held above expectation. But the opinions were not one-sided given that, CPI at 0.8% yoy is way below ECB's target of 2%. Meanwhile, there are speculations that ECB could instead opt to loosen lending condition. Also, the governing council will release updated staff projections that stretch into 2016. And ECB president Draghi had described there will be a "very significant change in our analysis". Technically, Euro is staying near term bullish against dollar, and yen. However, the outlook against Sterling is rather unclear even though EUR/GBP is staying above a key support level at 0.8164. EUR/AUD, on the other hand, looks set to head lower. BoE will also release rate decision today but will likely stand pat and just release a brief statement.
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Mid-Day Report: Dollar Steady Despite Weak Job and Services Data Print E-mail
Market Overview | Written by ActionForex.com | Mar 05 14 15:08 GMT
Quick update: BoC left rates unchanged at 1.00% as widely expected. BoC also maintained a neutral stance and noted "The timing and direction of the next change to the policy rate will depend on how new information influences this balance of risks." In US, ISM services missed expectations and dropped to 51.6 in Feb. Dollar showed little reaction.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Mar 05 14 14:21 GMT
EUR: The single currency met renewed selling interest around indicated level of 1.3750 and has slipped again and bids at 1.3710-20 were filled, however, buy orders are still seen at 1.3700, mixture of bids and stops is located at 1.3690, fresh demand should emerge around 1.3675 and 1.3650 (more stops below 1.3640), buying interest is expected at 1.3630 and 1.3600-10. On the upside, offers remain at 1.3750, 1.3780-85 and 1.3800-10, sell orders are tipped at 1.3825-30 (some stops above), 1.3850 (more stops above barrier at 1.3850) and 1.3875, selling interest is expected at 1.3890-00 with buy stop orders tipped above barrier at 1.3900.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Mar 05 14 09:09 GMT
EUR: The single currency slipped after running into heavy offers around 1.3781 yesterday, bids at 1.3740-45 were filled but buy orders are still seen at 1.3700-20 area, mixture of bids and stops is located at 1.3690, fresh demand should emerge around 1.3675 and 1.3650 (more stops below 1.3640), buying interest is expected at 1.3630 and 1.3600-10. On the upside, offers are noted at 1.3750, 1.3780-85 and 1.3800-10, sell orders are tipped at 1.3825-30 (some stops above), 1.3850 (more stops above barrier at 1.3850) and 1.3875, selling interest is expected at 1.3890-00 with buy stop orders tipped above barrier at 1.3900. Option expires today include: 1.3645, 1.3650, 1.3670, 1.3675 (large), 1.3700 (huge), 1.3725 and 1.3800.
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Daily Report: Yen Stays Pressured on Risk Appetite and Ukraine Tensions Eased Further Print E-mail
Market Overview | Written by ActionForex.com | Mar 05 14 07:30 GMT
Risk appetites returned as tensions in Ukraine eased further. S&P 500 surged to close at another record high of 1873.91 overnight while DOW also rose 1.4% to 16395.9. Asian equities followed with Nikkei up 1.2% at 14897.6 even though it's still kept below 15000 handle. US treasury yield also staged a strong rebound with 30 year yield closed at 3.638% up 0.081% while 10 year yield close at 2.691%, up 0.084%. Dollar index is back above 80 level and is trading at 80.18 at the time of writing. In the currency markets, yen was hurt by the improvement in sentiments but USD/JPY, EUR/JPY and GBP/JPY are still held in recent range, below 102.82, 101.26 and 171.88 resistance levels respectively. Dollar is mixed in right range against other major currencies.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Mar 04 14 14:11 GMT
EUR: The single currency maintained a firm undertone after intra-day rebound from 1.3721 as Putin ordered troops back to base, however, offers are still noted at 1.3780-85, 1.3800 and 1.3825 (some stops above), more sell orders are expected at 1.3840-50 (more stops above barrier at 1.3850), 1.3875 and 1.3890-00 with buy stop orders tipped above barrier at 1.3900. On the downside, bids are seen at 1.3740-45 and 1.3700-20 area, mixture of bids and stops is located at 1.3690, fresh demand should emerge around 1.3675 and 1.3650 (more stops below 1.3640), buying interest is expected at 1.3630 and 1.3600-10.
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Mid-Day Report: Yen Lower as Ukraine Tensions Eased Print E-mail
Market Overview | Written by ActionForex.com | Mar 04 14 12:49 GMT
Yen weakens against other major currencies as tensions in Ukraine eased. It's reported that Russia ordered tens of thousands of troops in western Russia near the Ukraine border to return to their own permanent bases. Russian president Putin said there was "no need" for sending troops but warned that they reserve the right to "use all means to protect" Russian and Ukrainian citizens in Ukraine. The situation is far from being totally solved as warning shots were fired by Russian soldiers to ward off Ukrainians marching on an airbase in Crimea. USD/JPY is back at 101.9 at the time of writing after dipping to as low as 101.19 yesterday. EUR/JPY and GBP/JPY are also mildly higher today even though both are stuck in familiar range.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Mar 04 14 08:33 GMT
EUR: The single currency slipped overnight in late NY but the pair rebounded today as Putin ordered troops back to base. At the moment, offers are reported at 1.3780-85, 1.3800 and 1.3825 (some stops above), more sell orders are expected at 1.3840-50 (more stops above barrier at 1.3850), 1.3875 and 1.3890-00 with buy stop orders tipped above barrier at 1.3900. On the downside, bids are noted at 1.3750 and 1.3700-20 area, mixture of bids and stops is located at 1.3690, fresh demand should emerge around 1.3675 and 1.3650 (more stops below 1.3640), buying interest is expected at 1.3630 and 1.3600-10. Option expires today include: 1.3700, 1.3750, 1.3755 and 1.3855.
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Daily Report: Aussie Steady as RBA on Hold, Euro Hit by Ukraine Tensions Print E-mail
Market Overview | Written by ActionForex.com | Mar 04 14 04:12 GMT
RBA left interest rates unchanged at 2.50% today as widely expected. The central bank also maintained that "on present indications, the most prudent course is likely to be a period of stability in interest rates." Also, RBA held the outlook for economy unchanged, expecting growth to strengthen with help from lower interest rates and lower exchange rate. Inflation is expected to be within 2-3% target range over the next two years. And unemployment is expected to rise further before peaking. Aussie is staying in tight range above 0.89 against dollar after the release.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Mar 03 14 14:15 GMT
JPY: Dollar fell again in European session but buy orders are still seen at 101.00-20 area with more stops placed below 100.90, fresh demand should emerge further out at 100.50-70 region (more stops below). On the upside, offers remain at 101.50 and 101.70, more sell orders are expected from 101.90 up to 102.20 and further out from 102.40 up to 102.70, indicated selling interest from Asian sovereign names remains at 103.00-20 area.
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Mid-Day Report: Ukraine in Focus as Stocks Tumbled, Yen Soared Print E-mail
Market Overview | Written by ActionForex.com | Mar 03 14 13:43 GMT
Markets are overwhelmed by the escalating geo-political tension in Ukraine. At the time of writing, the FTSE is down -118 pts, or -1.7%, DAX is down -272 pts or -2.8%, CAC is down -100 pts, or -2.2%. US stock futures also point to lower opening. The ruble tumbled to an all time low and the Russian central bank responded by raising interest rates sharply to 7.00%, up from 5.50%. The central bank noted that "the decision is meant to avoid emerging risks to inflation and financial stability associated with the recently seen increased volatility on the financial markets." In the currency markets, the Japanese yen is broadly higher risk reversion while Canadian dollar and New Zealand dollar are the weakest ones.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Mar 03 14 09:02 GMT
EUR: Although the single currency recovered after intra-day initial fall to 1.3755, offers are lined up at 1.3785 and 1.3800-10, more sell orders in good size are tipped at 1.3830 and 1.3850 (barrier), fresh selling interest is tipped at 1.3875 and 1.3900 (another barrier). On the downside, bids remain at 1.35750-55 (some stops below), 1.3735 and 1.3700-10, mixture of bids and stops is located at 1.3690, fresh demand should emerge around 1.3675 and 1.3650 (more stops below 1.3640), buying interest is expected at 1.3630 and 1.3600-10. Option expires today include: 1.3650, 1.3675, 1.3710, 1.3800 and 1.3825.
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Daily Report: Yen and Swiss Franc Surged on Ukraine Tensions Print E-mail
Market Overview | Written by ActionForex.com | Mar 03 14 07:18 GMT
Yen and Swiss Franc soared in Asian session today as risk sentiments were weighed down by Ukraine tensions. The news headlines were dominated by Russian armies' move into the Crimean region over the week, Russia's parliament unanimously approved President Putin's request to authorize the country's forces to intervene in Ukraine until "the normalization of the political situation" there. The move has not only raised tensions between the 2 countries but also worldwide. Ukrainian Prime Minister Arseniy Yatsenyuk said the country was "on the brink of disaster" while US and other countries in the G7 condemned Russia's "clear violation of the sovereignty and territorial integrity of Ukraine". The group has suspended preparations for the planned G8 summit in Sochi this June.
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Weekly Review and Outlook: Euro Extended Rally ahead of ECB Meeting, S&P 500 at Record High Before Heavy Weight Data Print E-mail
Market Overview | Written by ActionForex.com | Mar 01 14 13:17 GMT
There were two important developments last week. Firstly, markets were initial building up expectation of a rate cut from ECB in the March meeting this week and traders have been adjusting their positions. Euro was pressured for most of the week. Then it came the higher than expected Eurozone CPI figure. And, sentiments towards the Euro quickly reversed. EUR/USD then jumped to as high as 1.3824 to extend recent rebound from 1.3476. EUR/JPY was also back above 140 handle after initial dip to 138.78. But indeed, it should be noted that the Swiss Franc was even stronger with EUR/CHF extending the medium term fall from 1.2649 to as low as 1.2132. The development indicated some safe haven support to the Swiss Franc on political tensions in Europe.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Feb 28 14 14:35 GMT
EUR: The single currency rallied on higher-than-expected EMU's CPI data, stops above 1.3780 and barrier at 1.3800 were tripped, some offers are reported at 1.3825-30 and mixture of offers and stops is located further out at 1.3850, sizeable sell orders are expected to emerge around 1.3890-00. On the downside, bids are raised to 1.3770-80 and 1.3740-50, some stops are placed below 1.3720, followed by fresh demand around 1.3690-00 and 1.3660-65.
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Mid-Day Report: Euro Jumps as CPI Beat Expectations Print E-mail
Market Overview | Written by ActionForex.com | Feb 28 14 13:55 GMT
Euro jumps sharply against most major currencies today as inflation data eased the pressure for ECB to take immediate action to add stimulus during next week's meeting. CPI came in at 0.8% yoy in February, unchanged from upwardly revised 0.8% yoy in January. Unemployment rate was also unchanged at 12.00%. Earlier today, ECB president Draghi said that the central bank will "remain alert as to whether any indication on further downside risks to price stability emerge" and pledged that ECB stands "ready to act". EUR/USD surged through 1.3772 resistance in reaction to the news and resumed recent rebound from 1.3476. It's possibly now heading to 1.3892 (2013 high). Nonetheless, note that Swiss Franc is even stronger with EUR/CHF extending recent fall to as low as 1.2148. Other data released from Europe saw German retail sales rose 2.5% yoy in January, Swiss KOF leading indicator improved to 2.03 in February, UK Gfk consumer confidence was unchanged at -7 in February.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Feb 28 14 08:56 GMT
GBP: The British pound jumped again in London morning and offers at 1.6690-00 and 1.6725-35 together with stops above latter level were cleared, however, sell orders are still noted at 1.6750-70 area, more sizeable offers are located at 1.6790-00 and further out at 1.6840-50. On the downside, bids are now tipped at 1.6700 and 1.6680 with stops building up below 1.6650, followed by mixture of bids and stops at 1.6600-10, more buy orders are expected at 1.6580-85 (stops below 1.6570-80), fresh demand should emerge further out at 1.6500-10. Option expires today include: 1.6600, 1.6635 and 1.6650.
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