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Action Insight: Market Overview
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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.
- Market overviews covers major happenings in the markets as well as their impacts.
- Technical analysis of specific currency pair will be found in the technical outlook section. Covered pairs include EUR/USD, USD/JPY, GBP/USD, USD/CHF, USD/CAD, AUD/USD, EUR/JPY, EUR/CHF, EUR/GBP, GBP/JPY
- Special reports covers medium to longer term forecasts on exchange rates based on fundamentals, central bank meetings previews and reviews, plus any current issues that will have an impact on exchange rates.
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Market Overview |
Written by ActionForex.com |
Jul 04 12 08:39 GMT
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Markets are generally steady in tight range on thin trading as US markets will be on July 4 holiday today. Euro stayed in tight range against most major currencies as markets are awaiting tomorrow's ECB meeting as well as an important 10 year bond auction in Spain. Eurozone services PMI was revised higher to 47.1 in June. Sterling is mildly softer ahead of BoE rate decision but is basically just stuck in range. UK PMI services came in weaker than expected at 51.3 in June and added some weigh on the pound. Aussie was lifted mildly earlier today on stronger than expected retail sales figures but no follow through buying was seen. Canadian dollar also failed to extend yesterday's rally as Crude oil retreated ahead of 90 psychological level.
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Market Overview |
Written by ActionForex.com |
Jul 04 12 06:59 GMT
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EUR: Although the single currency rebounded yesterday by European closing and tripped stops above 1.2615-20, euro ran into fresh offers just below 1.2630 and has retreated from there in late U.S. session partly due to a report that the Spanish bank aid may be delayed until 20 July. At the moment, some bids are still noted at 1.2580 and also in very good size at 1.2550-60 with stops building up below 1.2540, however, fresh demand should emerge around 1.2520 and 1.2500. On the upside, offers from Asian CBs and real money accounts remain at 1.2600-10, 1.2630 as well as 1.2650 with stops placed above 1.2670, followed by mixture of offers and stops at 1.2690-00 (related to option barrier at 1.2700).
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Market Overview |
Written by ActionForex.com |
Jul 03 12 13:59 GMT
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EUR: The single currency slipped again on dollar's rebound across the board, however, decent demand from various parties are still seen at 1.2550 with stops building up below 1.2540-45 and also 1.2520 but fresh buying interests from Middle East names are likely to emerge around 1.2500 and further out at 1.2470. On the upside, offers from option players, Asian CBs and real money accounts are noted at 1.2600-10 with some stops seen above 1.2625-30 and more selling interests from same parties should emerge around 1.2665-75, followed by combination of offers and stops located further out at 1.2690-00.
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Market Overview |
Written by ActionForex.com |
Jul 03 12 13:35 GMT
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Euro is mildly softer in quite markets today. Trading activities are subdued ahead of July 4 holiday in US. Nonetheless, Euro pared some EU summit triggered gains against dollar and yen as Greece is starting to prepare for austerity re-negotiation. A spokesman from the new Greek government, Kedikoglou, said that they're going to present "astounding" information to troika on Wednesday, which are "alarming in terms of the recession and unemployment". He said that it's "beyond any doubt" that the current policy brings the "opposite results". Socialist leader Venizelos said that Greece "cannot remain indifferent to this deep recessions.... unemployment rate that exceeds 22% and 55% among young people. Venizelos urged that "extension of the economic adjustment program is the cornerstone of the country's strategy and of the basis of the coalition government's cooperation".
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Market Overview |
Written by ActionForex.com |
Jul 03 12 06:53 GMT
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Aussie remains firm after RBA left rates unchanged at 3.50% as widely expected. Governor Stevens noted that after "material easing in monetary policy" over the past six months, the monetary stance remains "appropriate". It's noted in the accompanying statement that inflations are expected to be "consistent with the target" and growth "close to trend" even though the international outlook was now more subdued comparing to a few months ago. RBA cut a total 125 basis points in four of its previous seven meetings. The benchmark interest rate is now at the lowest level since November 2009. More rate cuts are still expected by economists, probably as much as 75bps over the next 12 months, starting August. But some postponed the expectation of another cut as today's statement signaled that RBA is adopting a wait-and-see attitude and would probably need more time to gauge the effect of prior cuts and global developments.
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Market Overview |
Written by ActionForex.com |
Jul 03 12 06:48 GMT
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EUR: Despite falling from 1.2681-1.2569 yesterday, the single currency has rebounded this morning partly due to risk appetite and offers at 1.2605-10 were just filled, however, offers from European names are still noted at 1.2665-75 with some stops placed above there and mixture of offers and stops in good size remains at 1.2690-00. On the downside, decent demand from Asian and Middle East names are lined up at 1.2550-60 with stops building up below 1.2540-45 and also 1.2520 but fresh buy interests should emerge around 1.2500.
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Market Overview |
Written by ActionForex.com |
Jul 02 12 14:11 GMT
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Worse than expected economic data from US triggered mild pull back in risk markets as well as commodity currencies. The ISM manufacturing index unexpected dipped into contraction region at 49.7 in June. DOW pared earlier gains and is down more tan -50 pts at the time of writing. The development sent Aussie and Canadian mildly lower again dollar while then Japan yen is also trying to recover. Euro dipped mildly earlier today as firstly markets calmed down from EU summit optimism. Secondly, Finland and the Netherlands have expressed that they will block using ESM to buy government bonds in the secondary market. The recovery in dollar and yen doesn't warrant reversal yet. But some consolidations would likely be seen today and tomorrow.
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Market Overview |
Written by ActionForex.com |
Jul 02 12 14:02 GMT
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EUR: Despite intra-day rebound to 1.2667, the single currency met renewed selling interests there and has slipped again in European session, bids at 1.2610-15 and 1.2600 were filled whilst stops below 1.2590 were just tripped, however, more buying interests are likely to emerge around 1.2580 and 1.2550-60 with more stops seen below 1.2520 and 1.2500. On the upside, offers from European names are expected at 1.2650-60 and sizeable sell orders remain at 1.2690-00 with stops building up above 1.2710 and 1.2740, followed by combination of offers and stops located at 1.2775-85. A large 1.2650 option is going to expire today NY cut.
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Market Overview |
Written by ActionForex.com |
Jul 02 12 07:05 GMT
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EUR: Although the single currency surged to as high as 1.2693 on Friday after the EU summit, euro slipped today since Asian opening and has continued to trade lower as traders getting cautious on the announced measures, bids at 1.2645-50 were filled and more bids are reported at 1.260-0 as well as 1.2550-60 with stops building up below latter level. On the upside, nearest offers are tipped at 1.2650 and 1.2675-80, followed by mixture of offers and stops located at 1.2695-00 but larger sell orders remain at 1.2740-50 with sizeable stops building up above there.
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Market Overview |
Written by ActionForex.com |
Jul 02 12 05:01 GMT
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Dollar and yen recover mildly as the week starts but strength is very weak. Markets are calming down from the boost from EU summit. But sentiments are still positive, in particular with expectation of more central bank easing to be announced later this week. BoE is expected to expand its asset purchase target by another GBP 50b while ECB is expected to cut rates by 25bps. While some said that ECB rate cut could be euro negative, we'd like to point out that the risk sentiments lifted by a cut from ECB, and overall market development, would be even more dollar and yen negative. That is, Euro should remain firm against dollar and yen in near term. As for today, a number of important economic data will be released, including PMI data from Swiss, Eurozone, UK and US. The UK manufacturing PMI will be important in determining the direction in EUR/GBP, which has been quite directionless recently. The US ISM manufacturing will have an impact on equities and commodity currencies.
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Market Overview |
Written by ActionForex.com |
Jun 30 12 15:25 GMT
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Expectations on last week's EU summit was pretty low but the responses were overwhelmingly positive. Risk markets were given a strong boost where DOW jumped from an intraweek low of 12450 to close at 12880. European equities were also strong with FTSE jumped from intraweek low of 5435 to close at 5571, while DAX also rebound from intraweek low of 6096.9 to close at 6416. Commodity markets were also strong with CRB index rebounded to close at 284.19, after dipping to 266.78. Dollar index, on the other hand, dived to as low as 81.43 before closing at 81.62, comparing to intraweek high of 82.88. The strong momentum is risk markets suggests that more rally lies ahead in near term and we'd now possibly see DOW revisiting this year's high in Q3. Based on that development, dollar and yen would likely remain pressured.
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Market Overview |
Written by ActionForex.com |
Jun 29 12 12:47 GMT
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The response to EU summit was so far overwhelmingly positive. European indices were generally higher along with other risk markets with DAX up over 2.7%, CAC up over 3.2% at the time of writing. While US equities also point to higher opens. Dollar and yen are broadly sold off on risk appetite. Naturally, in the risk seeking environment, Aussie and Kiwi gained most against other major currencies with Aussie up over 1.7% against dollar and yen while Kiwi was up over 1.6% against dollar and yen. Among European majors, Sterling lagged behind on reduced safe haven demand. In commodity markets, Gold followed weakness in the greenback and is heading back to 1600 level. But crude oil, while also recovered, was relatively weak and struggled around 80/81.
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Market Overview |
Written by ActionForex.com |
Jun 29 12 07:25 GMT
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Expectations on the EU summit was so low that when something concrete was agreed, Euro and risks markets were given a strong boost. After a brief dip to 1.2406 against dollar and 98.32 against yen, Euro is now back pressing 1.26 against dollar and breached 100 against yen already. Investors cheered the outcome of first day of the summit with Asian equities broadly higher while European stocks also have a strong open. Dollar and yen were, on the other hand sharply lower with dollar index back below 82 level.
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Market Overview |
Written by ActionForex.com |
Jun 29 12 06:56 GMT
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EUR: Despite yesterday's fall to 1.2409, the single currency staged a strong rebound this morning in Asia on very positive reactions from traders to the steps by EU leaders to lower funding costs for the nations of the eurozone, stops above 1.2500, 1.2535-40 and 1.2590 were triggered, more stops are reported above 1.2630, more stops are expected around 1.2700-10, followed by mixture of offers and stops at 1.2740-50. On the downside, first layer of buy orders are located at 1.2570 and also at 1.2550 with more buying interests expected from 1.2530 down to 1.2500.
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Market Overview |
Written by ActionForex.com |
Jun 28 12 13:46 GMT
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EUR: The single currency slipped again in European session on German government source saying the EU summit will not produce detailed decisions and stops below 1.2435-40 were finally tripped, however, mixture of bids and stops is still seen at 1.2390-00, if stops at 1.2390 are triggered, further fall to 1.2370 and 1.2350 (where more stops are located) cannot be ruled out. On the upside, offers from various parties are lowered to 1.2465-70 and also at 1.2500-10 with stops now building up above 1.2535-40, fresh sell orders should emerge around 1.2550 and 1.2580-90.
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Market Overview |
Written by ActionForex.com |
Jun 28 12 13:00 GMT
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Euro dips through near term support against dollar and yen today as the highly anticipated two-day EU summit starts. Germany is expected to face strong push from France, Italy and Spain on the issue o Eurobonds but Merkel has repeatedly reiterated her firm opposition. Italy sold EUR 5.42b in 5- and 10- year bonds today, near to its maximum target of EUR 5.5b. Yield on the 10 year bond rose slightly to 6.19%, up from 6.03% at May's auction. Yield on 5 year bond also rose to 5.84%, comparing to 5.66% in May. The results were seen as solid even though unspectacular. Technically, the break of 1.2435 in EUR/USD and 95.53 in EUR/JPY opened the case for revisiting recent low at 1.2287 and 98.53.
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Market Overview |
Written by ActionForex.com |
Jun 28 12 07:22 GMT
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EUR: Although the single currency slipped to 1.2445 in New York session overnight, indicated bids above support at 1.2441-42 continued to put a floor on the pair and price has rebound from there this morning in Asia on short-covering ahead of the EU summit meeting, offers and stops at 1.2500-10 were cleared but offers are still noted at 1.2530, 1.2550 (stops are also reported there) as well as 1.2580-85 with stops tipped at 1.2590-00 and also at 1.2640-50. On the downside, bids from Asian and Middle East names remain at 1.2470-75 and also at 1.2440-50 with stops in good size placed below latter level, followed by combination of bids and stops in good size at 1.2400.
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Market Overview |
Written by ActionForex.com |
Jun 28 12 04:59 GMT
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Markets continues to stay in tight range, awaiting a fresh round of inspiration from EU summit even though the hope for something concrete is dim. There were talk that China is going to introduce additional stimulus and another reserve requirement ratio cut in July. However, judging from the reactions in China stocks, which dropped for the seventh consecutive days, and Hong Kong stocks, which struggled to gather momentum for rebound, markets are not buying into the idea. In the fx market, Euro continues to struggle in tight range against dollar and yen at the time of writing but will likely have a breakout either today or tomorrow, before markets close this week.
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Market Overview |
Written by ActionForex.com |
Jun 27 12 13:59 GMT
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EUR: Although the single currency rebounded after falling to 1.2442 yesterday, renewed selling interest emerged again at below indicated offers at 1.2510 and has retreated again in U.S. opening partly due to the release of stronger-than-expected U.S. durable goods order, however, bids are still noted above 1.2440 stops and more buying interests from Asian and Middle East names remain at 1.2400-10 with bigger stops placed below there. On the upside, said offers are still standing at 1.2510-20 with stops building up above 1.2530-35 but fresh sell orders are expected around 1.2580-90.
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Market Overview |
Written by ActionForex.com |
Jun 27 12 12:51 GMT
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Euro continues to tread water as markets are awaiting the EU summit later this week. German Chancellor Merkel will meet with French President Hollande today in preparation of the two-day EU summit in Brussels on Thursday and Friday. Merkel was blunt in her rejection of Eurobonds and said yesterday that she doesn't see "total debt liability" as long as she lives. And, her spokesman Seibert reiterated today that "even within Germany after 60 years there isn't joint liability", and Merkel doesn't see it in Europe either. Yesterday, US rating agency cut Germany's rating to A+ from AA-.
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