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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: S&P at New Record High on Fed Expectations, Dollar Weak Print E-mail
Market Overview | Written by ActionForex.com | Oct 18 13 13:58 GMT
S&P 500 opens the day at another new record high while dollar stays generally soft. It's generally expected that the uncertainties over the debt limit negation will postpone Fed's tapering, at least into 2014. Dollar dipped to as low as 79..478 earlier today before recovering mildly. The greenback is seen weakened against all other major currencies, dropping most against Aussie and Kiwi on risk appetite. Meanwhile, Canadian dollar was the second weakest currency this week after release of tame inflation data.
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Daily Report: Dollar Remains Soft as Fed Officials Indicated Delay in Tapering Print E-mail
Market Overview | Written by ActionForex.com | Oct 18 13 06:10 GMT
Dollar stays soft in Asian session today as markets focus turned to adjustment in expectation of Fed's tapering. There were talks that Fed policymakers would postpone its tapering so as to gauge the impacts of the government shutdown. Treasury yields dropped as default risk was removed and expectations for a QE tapering in the near-term diminished. 10 year yield closed at 2.587%, after hitting the lowest level since August. Some Fed members signaled that the central bank should consider carefully the impacts of the government shutdown on the country's recovery. Chicago Fed President Charles Evans suggested that policymakers should need "more information about how the economy is proceeding, how we are going to weather the most recent government shutdown". He added that "the most likely outcome is one where we continue to go for a couple of meetings to assess this". Hawkish Dallas Fed president Fisher also indicated that no adjustment would be announced in October. He said that "given all this uncertainty, it would be "hard even to argue a change in course of monetary policy" and the Fed would likely "to stay the course at the next meeting". Indeed, there have been saying that the Fed would push backward the timing of tapering to early 2014.
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Mid-Day Report: Dollar Tumbled after Short Term Debt Deal Print E-mail
Market Overview | Written by ActionForex.com | Oct 17 13 12:45 GMT
Dollar drops sharply today even though the US Congress finally passed a bill, agreeing to extend the Treasury's borrowing authority until February 7 and funding of the government until January 15. The bill was passed by 81-18 in the Democratic-controlled Senate and then by 285-144 in the House of Representatives. The deal would raise the USD 16.7T debt limit and offers only a temporary solution to the fiscal budget. S&P estimated that partial government shutdown had removed USD 24b from economy and would cut growth significantly in 4Q13. Concerning the Obamacare plan, the Republicans pledged to continue to fight against it. Senate Minority Leader McConnell said that "Republicans remain determined to repeal this terrible law... But for today - for today - the relief we hope for is to reopen the government, avoid default and protect the historic cuts we achieved under the Budget Control Act".
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Daily Report: Risk Appetite Jumped as Senate Passed Debt Bill Print E-mail
Market Overview | Written by ActionForex.com | Oct 17 13 03:13 GMT
DOW jumped as much as 205 pts over night as US senate passed the accord that would help end the current fiscal impasse and avoid the first default in history. S&P 500 also jumped 23.48 pts to close at 1721.54, very close to record high of 1729.86. Dollar index edged higher to 80.75 but failed to sustain gain and is back at around 80.4 at the time of writing. In the currency markets, the greenback is still struggling in tight range against Euro and there is no follow through buying against Sterling and Swiss Franc. Indeed, the greenback is mildly lower against Aussie and Loonie on risk appetite. Yen is mildly softer in crosses but there was no decisive moves neither.
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Mid-Day Report: Dollar Stays Soft as Markets Await Debt Deal Print E-mail
Market Overview | Written by ActionForex.com | Oct 16 13 13:34 GMT
Dollar weakens broadly today as the deadline for US debt negotiation looms. Senate leaders are expected to announce an accord as early as this morning that would fund the US government through mid January and suspend the debt ceiling until early February. While markets are still optimistic that there would be a deal before the October 17 deadline, investors are getting more cautious. Fitch's put the AAA rating of US sovereign debts on negative watch and warned that although it "continues to believe that the debt ceiling will be raised soon, the political brinkmanship and reduced financing flexibility could increase the risk of a US default".
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Daily Report: Dollar Pares Gains as Debt Negotiation Drama Continues Print E-mail
Market Overview | Written by ActionForex.com | Oct 16 13 01:59 GMT
DOW dropped -133 pts over night as markets were disappointed that Senates talk on the impasse was suspended after two plans proposed by Republicans were voted down in House. Senate Majority leader Democrat Reid and Minority leader Republican McConnell then said talks had resumed and they both expressed optimism of a deal before Thursday 17 deadline to avoid default. But the current uncertainty, just a day ahead of the deadline, triggered warning from Fitch. The rating agency put US AAA credit rating on "watch negative" for potential downgrade yesterday. It noted that "the political brinkmanship and reduced financing flexibility could increase the risk of a U.S. default." And, US may be "forced to incur widespread delays of payments to suppliers and employees, as well as social security payments to citizens -- all of which would damage the perception of U.S. sovereign creditworthiness and the economy."
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Mid-Day Report: Dollar Jumps Against Europeans as US Debt Deal Close Print E-mail
Market Overview | Written by ActionForex.com | Oct 15 13 12:40 GMT
Dollar rises sharply against European majors today on expectation that Senate could agree to a deal on raising the debt limit ahead of the October 17 default deadline, as soon as today. Also, that would end the first partial government shutdown in 17 years. European indices are generally higher while US futures point to another day of rally in stocks. Aussie remains the strongest currency this week as boosted by return of risk appetite. Meanwhile, Swiss franc is the weakest one as it also faces tremendous selling pressure against Euro and Sterling.
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Daily Report: Aussie Shines on Risk Appetite, Markets Optimistic on US Debt Deal Print E-mail
Market Overview | Written by ActionForex.com | Oct 15 13 05:11 GMT
Asian markets are generally higher today, following another day of rebound in DOW on optimism that US politicians are close to a deal in the debt limit negotiation. Majority Leader Harry Reid, a Democrat, said that he was "very optimistic" about the "constructive, good-faith negotiations". Meanwhile, Senate Minority Leader Mitch McConnell expected to "get a result that will be acceptable to both sides". The meeting between President Obama and Congressional leaders was postponed so as to, according to the White House, "allow leaders in the Senate time to continue making important progress towards a solution that raises the debt limit and reopens the government". Meanwhile, it's reported that the a deal under consideration was one that would fund federal agencies until January 15 next year and increase the debt limit until February 15. It is expected that Republicans would soften their stance as polls showed that many people disproved how they handled the issue.
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Daily Report: Dollar Mildly Lower as Budget Standoff Continues Print E-mail
Market Overview | Written by ActionForex.com | Oct 14 13 07:10 GMT
Dollar is mildly lower as the week starts on news that the talks between US president Obama and House speaker Boehner on the debt limit issue broken down over the weekend. Nonetheless, Senator Majority leader Reid said that the talk with Minority leader McConnell was substantive and he remained optimistic. The negotiations will carry on today. Although market participants continued to expect a compromise would be made before the debt ceiling deadline, October 17, a prolonged shutdown of the government would be negative to the economic recovery. Canadian finance minister Flaherty said he's "discouraged" by the lack of progress in the US budget talks. Japan finance minister Aso said the US standoff is a "big issue" for Japan but there is no other way than for the Americans to sort it out themselves.
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Weekly Review and Outlook: Risk Markets Rebounded on Debt Deal Optimism ahead of October 17 Deadline Print E-mail
Market Overview | Written by ActionForex.com | Oct 12 13 09:06 GMT
Risk markets staged a strong rally towards the end of last week on the believe that US lawmakers could finally make an agreement on raising the debt ceiling, before October 17 deadline, to avoid a default. DOW closed the week at 15237.11 after dipping to as low as 14719.43. S&P 500 was even stronger and closed at 1703.20 after hitting hitting 1464.47. Investors seemed to be confidence that there would at least be a deal for a short term increase in the debt limit and gives room for further negotiation. Technically, it should be noted that even at the worst day, S&P 500 managed to stay well above prior low of 1627.47 made back in October. DOW's breach of corresponding support at 14760 was rather brief and the 55 days EMA is so far flat rather than trending down. Trader confidence seemed not being hurt to much in the political drama in US that triggered more than 10 days of partial government shutdown.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Oct 11 13 14:30 GMT
EUR: The single currency extended intra-day rise and offers at 1.3570-80 were filled, however, more sell orders are reported at 1.3600-05 (stops above 1.3610), fresh selling interest should emerge around 1.3620-25 and 1.3640-50 (stops above barrier at 1.3650), larger offers are tipped further out at 1.3680 and 1.3700. On the downside, bids are raised to 1.3545-50, 1.3510-15 and 1.3500, more buy orders are noted at 1.3485-90 and 1.3470, fresh demand should emerge further out at 1.3440-50 (stops below), 1.3420 as well as 1.3400.
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Mid-Day Report: CAD Mildly Higher as Unemployment Rates Fell Print E-mail
Market Overview | Written by ActionForex.com | Oct 11 13 12:58 GMT
Canadian dollar strengthens mildly in early US session after release of job market data. Employment grew 11.9k in September, missing expectation of 15.0k. However, unemployment rate dropped to 6.9% versus expectation of staying unchanged at 7.1%. That;s the lowest unemployment rate since December 2008. The drop in unemployment rate was mainly attributed to a 25.1k decrease in the size of workforce. Other data released today saw UK construction output dropped -0.1% mom in August. German CPI was finalized at 1.4% yoy in September. Japan Money stock M2 + CD rose 3.8% yoy in September. Domestic CGPI rose 0.3% mom in September.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Oct 11 13 09:30 GMT
JPY: Dollar continued to move higher in part due to cross-selling in yen, offers at 98.30 and 98.50 were filled, mixture of offers and stops is located at 98.65-75, fresh selling interest should emerge around 98.80 and 99.00 (stops above), more sell orders are located at 99.20 and 99.50. On the downside, bids are raised to 98.20 and from 98.00 down to 97.80, more buy orders are tipped at 97.60-65 and 97.50 (stops below 97.45), fresh demand should emerge around 97.20 and 97.00. Option expires today include: 94.00, 96.00, 96.25, 96.50, 97.30, 97.50, 97.80, 98.00, 98.75 (large) and 99.00.
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Daily Report: Risk Sentiments Lifted as US Close to Short Term Debt Ceiling Deal Print E-mail
Market Overview | Written by ActionForex.com | Oct 11 13 06:56 GMT
Risk markets surged on news that the US is close to having a deal on raising the debt ceiling for short term. House of Representatives threw a proposal to raise the debt ceiling to cover borrowing requirements through till November 22, paving the way for negotiation on the fiscal budget. Yet, the plan does not resolve the government shutdown. House Republicans described the meeting with Obama as "a useful and productive" while the White House described "a good meeting," though "no specific determination was made" about the Republicans' offer. Negotiations on the matter would continue. The White House said that Obama would sign a Republican-proposed plan to increase the short-term debt ceiling with "no partisan strings attached".
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Oct 10 13 14:41 GMT
JPY: Dollar rose sharply again in New York morning and offers at 97.85-98.00 region and 98.20 were cleared, however, sell orders are still noted at 98.30, fresh selling interest should emerge around 98.50, mixture of offers and stops is located at 98.65-75. On the downside, bids are raised to 97.60-65, 97.35-40 and 97.20, more demand should emerge around 97.00 and 96.75-85, buy orders in good size are reported at 96.50 (option barrier), 96.20-30 and further out at 96.00.
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Mid-Day Report: Budget-Debt Optimism Sent Yields Higher, Yen Lower Print E-mail
Market Overview | Written by ActionForex.com | Oct 10 13 13:30 GMT
The talk that US politicians are finally making progress in reaching a comprise on the debt limit, budget impasse lifted sentiments. US treasury yields jump sharply in early US session while equity futures point to a higher open. Meanwhile, the Japanese yen drops broadly on the news too. It's reported that House Republicans and Senate Democrats are open to a short-term increase in the debt ceiling and that would help end the first government shutdown in 17 years. And more importantly, that would help avoid the first government default in history. Treasury Secretary Lew warned in Congressional testimony that failing to raise the debt limit by October 17 deadline could put social security and Medicare payments at risks.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Oct 10 13 10:07 GMT
EUR: The single currency has remained under pressure after yesterday's selloff, bids and stops at 1.3490-00 was tripped, however, more bids are located at 1.3485 and 1.3470, fresh demand should emerge further out at 1.3440-50 (stops below), 1.3420 as well as 1.3400. On the upside, offers are lowered to 1.3525, 1.3540-50, 1.3570-80, more sell orders are tipped at 1.3600, 1.3620 and 1.3650-60 (stops above), selling interest tipped further out at 1.3680 and 1.3700. Option expires today include: 1.3465, 1.3495, 1.3510, 1.3525, 1.3550, 1.3560, 1.3600 and 1.3620.
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Daily Report: Dollar Rebounds Further on Hope of Resolution to Fiscal Impasse Print E-mail
Market Overview | Written by ActionForex.com | Oct 10 13 03:30 GMT
Dollar extended rebound against European majors and yen on hope that there would be temporary resolution in US fiscal impasse and government shutdown. There were reports that Republicans and Democrats are floating around the possible increase in the debt limit to allow time for full negotiations on the budget. Meanwhile, President Obama was inviting politicians from both parties for a meeting in the White House. In addition, Obama finally nominated Yellen for the Fed chair job after Bernanke's term expires on January 31. He hailed that "America's workers and their families will have a champion in Janet Yellen." It's believed that Yellen would easily win confirmation in the Democrats controlled Senate. As a known dove, Yellen is expected to hold her hands on withdrawing stimulus for a longer than expected time and her nomination provided some support to market sentiments.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Oct 09 13 14:29 GMT
GBP: Cable tumbled also on dollar's broad-based strength, mixtures of bids and stops at 1.5990-00 and 1.5950-60 were tripped, fresh demand should emerge around 1.5920 and 1.5900 (more stops below latter level) and 1.5880. On the upside, offers are lowered to 1.5990-00, 1.6080 and 1.6100, more sell orders are still noted at 1.6125-30 and 1.6150, selling interest is tipped at 1.6165, 1.6180 as well as 1.6200.
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Mid-Day Report: Dollar Rebounds as Markets Digested Yellen Nomination News Print E-mail
Market Overview | Written by ActionForex.com | Oct 09 13 13:04 GMT
Dollar rebounds today as US budget impasse and government shutdown continues. There is some support to the greenback on news that President Obama is going to announce the nomination of Fed Vice Yellen to take up the Fed chair job after Bernanke's term expires on January 31. It seemed puzzling that dollar responded positively to the news as Yellen is a known dove and could push back Fed's tapering. But there were talks that Yellen's nomination was positive to risk sentiments and firstly, it removed some uncertainties. Secondly, It's expected that Yellen would lead Fed into more stimulus should the current budget impasse creates more trouble for the US economy.
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