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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: Dollar Retreats Mildly as NFP Disappoints Print E-mail
Market Overview | Written by ActionForex.com | Sep 05 14 12:53 GMT
Dollar retreats mildly against Euro and yen in early US session after lower than expected employment data. Non-farm payroll grew 142k in August versus expectation o 216k. That's the smallest gain this year. Meanwhile, unemployment rate dropped from 6.2% to 6.1% as expected. That was also accompanied by a fall in participation rate from 62.9% to 62.8%. Dollar's loss against Euro is limited so far and the common currency remains broadly weak after yesterday's ECB inspired selloff. Yen, on the other hand, is trying to gather some broad based momentum to close the week with a strong note.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Sep 05 14 08:53 GMT
EUR: The single currency has remained under pressure after yesterday's post-ECB selloff, bids at 1.2950 together with stops below this barrier were tripped, however, buy orders are still noted at 1.2900-20 area and 1.2875, more buying interest is tipped at 1.2840-50, 1.2800 and further out at 1.2750. On the upside, offers are lowered to 1.2950, 1.2970-80 and 1.3000, more sell orders are expected at 1.3035 and 1.3050-60, selling interest should emerge around 1.3080 and 1.3100-10. Option expires today include: 1.3025 (large), 1.3050 (large) and 1.3100 (over 1 bln).
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Daily Report: Dollar Firm after ECB Shock, Focus on NFP Print E-mail
Market Overview | Written by ActionForex.com | Sep 05 14 04:49 GMT
Dollar stays firm against against European majors after yesterday's ECB triggered selloff in euro. Focus will turn to employment data from US today. Markets are expecting the non-farm payroll report to show 216k growth in August while unemployment rate is expected to fall to 6.1%. The leading indicators to NFP were generally neutral. ADP employment showed 204k growth versus expectation of 218k. Employment component of ISM manufacturing dropped slightly from 58.2 to 58.1. Employment component of ISM non-manufacturing rose from 56.0 to 57.1. The four week moving average of initial jobless claims rose from 297k to 302k. So, overall, the leading indicators suggested that US would likely have another month of solid job growth, but that wouldn't been very spectacular.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Sep 04 14 14:47 GMT
EUR: The single currency tumbled as ECB cut rate to 0.05%, bids at 1.3120-25, 1.3100-10, 1.3085, 1.3065, 1.3050 and barrier at 1.3000 were all tripped, not much orders are heard at the moment, some defensive bids are tipped above 1.2950 and 1.2900-10. On the upside, offers are now seen at 1.3030, 1.3050 and 1.3070-75, more sell orders are located at 1.3100-10 and in good size at 1.3140-50 with stops building up above 1.3160.
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Mid-Day Report: EUR/USD Breaches 1.3 as ECB Cut Rates and Starts Buying ABS Print E-mail
Market Overview | Written by ActionForex.com | Sep 04 14 12:41 GMT
Euro tumbles sharply today as ECB unexpectedly cut the benchmark interest rates by another 10bps to new record low of 0.05% today. The deposit rate was lowered further into negative territory at -0.20%. Further selloff is seen as ECB president Draghi said in the press conference that the central bank will start buying broad portfolio of asset backed securities. EUR/USD drops from as high as today's high of 1.3153 and breaches 1.3 handle at the time of writing. Dollar is not bothered by the slightly below expected employment data. BoE left interest rate unchanged at 0.50% and maintained asset purchase target at GBP 375b as widely expected. Only a brief statement is released and focus will turn to meeting minutes to be published on September 17.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Sep 04 14 09:00 GMT
EUR: The single currency traded narrowly after meeting indicated offers at 1.3160 and further sideways trading is in store ahead of ECB rate decision, sell orders are still noted at 1.3160, 1.3185-90 and 1.3200, more selling interest is tipped at 1.3220-40 area, followed by mixture of offers and stops at 1.3250. On the downside, bids remain at 1.3120-25 and 1.3100-10 (stops below barrier at figure), fresh demand should emerge around 1.3085, 1.3065 and 1.3050.
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Daily Report: BoJ on Hold, Focus on ECB Print E-mail
Market Overview | Written by ActionForex.com | Sep 04 14 06:10 GMT
Euro stays in tight range today ahead of ECB rated decision. President Draghi's dovish comments in the Jackson Hole conference weeks ago have raised speculations that it might act in September. Disappointing economic data only raised the likelihood. For instance, the final GDP estimate for Germany stayed at an unrevised -0.2% contraction in 2Q14. The reading for the 18-nation Eurozone is expected to remain flat. On inflation, PPI might deteriorated further, contracting -1.1% y/y in July after the -0.8% drop in June. Against this backdrop, we expect modest reduction of main refi rate, i.e. by -10bps, while the marginal lending and deposit rates would also be cut by the same amount. While Draghi's speech indicated that the inflation outlook has deteriorated to an extent that QE might be needed, with the TLTROs and ABS purchased not yet started, we do not see high possibility that the ECB would accelerate QE measures in coming months.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Sep 03 14 14:29 GMT
EUR: The single currency edged higher again throughout European session on short-covering, however, offers are still noted at 1.3160, 1.3185-90 and 1.3200, more selling interest is tipped at 1.3220-40 area, followed by mixture of offers and stops at 1.3250. On the downside, bids remain at 1.3120 and 1.3100-10 (stops below), fresh demand should emerge around 1.3085, 1.3065 and 1.3050.
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Mid-Day Report: CAD Recovers as BoC Sounds Positive, Dollar Retreats as Russia and Ukraine Cease-fire Print E-mail
Market Overview | Written by ActionForex.com | Sep 03 14 14:11 GMT
Canadian dollar recovers against the greenback in early US session after BoC left interests unchanged at 1.00% as widely expected. In the accompanying statement, BoC maintained its neutral stance and reiterated that the direction and timing of next change in rate will depend on incoming information. Nonetheless, regarding the economy, the central bank said that stronger growth was seen in Q2, which brought GDP almost as projected. Meanwhile, increasing number of export sectors "sectors appear to be turning the corner toward recovery". "Activity in the housing market has been stronger than anticipated". The tone was overall slightly more positive.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Sep 03 14 09:26 GMT
EUR: Although data out of eurozone came in weaker than expected, the single currency rebounded in European morning on short-covering, offers at 1.3140-50 were filled but sell orders are still noted at 1.3160, 1.3185-90 and 1.3200, more selling interest is tipped at 1.3220-40 area, followed by mixture of offers and stops at 1.3250. On the downside, bids are raised to 1.3120 and 1.3100-10 (stops below), fresh demand should emerge around 1.3085, 1.3065 and 1.3050. Option expires today include: 1.3100, 1.3180 and 1.3200.
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Daily Report: Sterling Tumbles Further on Growing Support for Scottish Independence Print E-mail
Market Overview | Written by ActionForex.com | Sep 03 14 04:24 GMT
Sterling is so far the weakest major currency next to yen. The selloff in the pound seems accelerating after reports on the referendum on Scottish independence. It's reported that a YouGov poll showed jump in the support from pro-independence to 47% this week. That compared to 53% support of anti-independence. So, the case of independence is becoming a possibility to the markets. It's perceived that independence of Scotland would create both political and economic uncertainties. And, the future of Sterling is a major focus of debate as Scottish first minister Salmond insisted the continuation of pound in case of independence. But three other main political parties rejected that idea. There would be much more volatility in the pound ahead of the ballot on September 18.
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Mid-Day Report: Dollar Bullish Runs Continues as ISM Manufacturing Surges to 3 Year High Print E-mail
Market Overview | Written by ActionForex.com | Sep 02 14 14:18 GMT
Dollar extends recent rally against yen and other major currencies in early US session after better than expected manufacturing data. The ISM manufacturing index jumped to 59.0 in August, comparing to expectation of a fall to 56.8. That;s the highest reading in three years since March 2011. The employment component was also strong, dipping slightly to 58.1, just shy of last month's three year high of 58.2. Also released from US, construction spending rose 1.8% mom in July versus expectation of 0.9% mom. The greenback is set to continue recent bullish momentum.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Sep 02 14 14:11 GMT
JPY: Dollar surged to 8-month high above psychological level at 105.00 on broad-based demand on the greenback, barrier and stops at 105.00 were tripped, more sell orders are expected from 105.25 up to 105.50 (more stops above), selling interest is tipped at 105.85 and 106.00. On the downside, bids are raised to 104.70-75, 104.50 and 104.20-25, more buy orders are reported at 104.00, 103.75-85 and 103.60-65, mixture of bids and stops is tipped at 103.50.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Sep 02 14 10:51 GMT
EUR: The single currency remained under pressure on dollar's broad-based strength, however, cross-related buying interest is still seen at 1.3100-10 (stops below), fresh demand should emerge around 1.3085, 1.3065 and 1.3050. On the upside, offers remain at 1.3150-60 and 1.3185-90, sell orders remain at 1.3200 and from 1.3220 up to 1.3250 (stops above), more selling interest is tipped at 1.3280-85, 1.3300 and 1.3320 with stops placed above there. Option expires today include: 1.3100 (large), 1.3125 and 1.3200 (over 1 bln).
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Daily Report: Aussie Soft after RBA on Hold, Dollar Rally Extends Print E-mail
Market Overview | Written by ActionForex.com | Sep 02 14 05:11 GMT
Aussie weakened in Asia session today following broad based rally in the greenback. And Aussie stays weak after RBA left rates unchanged at 2.50% as widely expected. The central bank maintained the neutral stance that "the most prudent course is likely to be a period of stability in interest rates." In the accompanying statement, RBA maintained the forecast that growth will be "a little below trend" over the year ahead. But it also noted improving business conditions and recovery in household sentiment. It also noted that the labor market has "a degree of spare capacity" and it will take some time for unemployment to decline consistently. And, it maintained that inflation would be consistent with target even in case of depreciation in exchange rates. Overall, the statement offered nothing new to the markets. Also released from Australia, current account deficit widened to AUD -13..7b in Q2, building approvals rose 2.5% mom in July.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Sep 01 14 14:21 GMT
EUR: The single currency recovered from intra-day low of 1.3119, buying interest is still seen at 1.3100-10 (stops below), fresh demand should emerge around 1.3085, 1.3065 and 1.3050. On the upside, offers remain at 1.3150-60 and 1.3185-90, sell orders remain at 1.3200 and from 1.3220 up to 1.3250 (stops above), more selling interest is tipped at 1.3280-85, 1.3300 and 1.3320 with stops placed above there.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Sep 01 14 10:35 GMT
EUR: The single currency dropped again on Friday and barrier at 1.3150 together with bids at 1.3135 and 1.3120 were tripped, however, buying interest is still seen at 1.3100-10 (stops below), fresh demand should emerge around 1.3085, 1.3065 and 1.3050. On the upside, offers are lowered to 1.3150-60 and 1.3185-90, sell orders remain at 1.3200 and from 1.3220 up to 1.3250 (stops above), more selling interest is tipped at 1.3280-85, 1.3300 and 1.3320 with stops placed above there. Option expires today include: 1.3135, 1.3185, 1.3195, 1.3290 and 1.3300.
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Daily Report: Sterling Pares Initial Gains as PMI Disappoints Print E-mail
Market Overview | Written by ActionForex.com | Sep 01 14 08:42 GMT
Sterling opened the week higher against other major currencies but pared back some gains after disappointing manufacturing data. The PMI manufacturing dropped to 52.5 in August comparing to expectation of 55.1. Mortgage approvals dropped to 67k in July versus expectation of 66k. M4 money supply rose 0.3% mom in July versus expectation of 0.5% mom. Also released today, Eurozone PMI manufacturing was finalized at 50.7 in August. German GDP was finalized at -0.2% qoq in Q2. Swiss SVME PMI dropped to 52.9 in August. China official PMI manufacturing dropped to 51.1 in August versus expectation of 51.3. HSBC manufacturing PMI was revised lower to 50.2. Japan capital spending rose 3.0% in Q2. New Zealand terms of trade rose 0.3% qoq in Q2.
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Weekly Review and Outlook: Euro Broadly Lower as Focus Turns to ECB Print E-mail
Market Overview | Written by ActionForex.com | Aug 30 14 13:57 GMT
Euro turned into consolidation after initial dip against the greenback last week. But finally, the common currency seemed to have given up on Friday and extended recent decline, closing near the weekly low at 1.3130 against dollar. Indeed, weakness of the euro was rather broad based. In particular, EUR/AUD and EUR/CAD were the two weakest pairs as Aussie and Canadian were both lifted by strength in the stock markets. That was in sharp contrast to Sterling, which remained relatively resilient in crosses even though there was practically no momentum for GBP/USD to stage a meaningful recovery during the week. Dollar and yen were mixed.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Aug 29 14 14:09 GMT
EUR: The single currency traded narrowly today, defensive buy orders are still noted above barrier at 1.3150 with stops building up below there, more buying interest is located at 1.3135, 1.3120 and 1.3100-05 (stops below), fresh demand should emerge around 1.3085, 1.3065 and 1.3050. On the upside, offers remain at 1.3200 and from 1.3220 up to 1.3250 (stops above), more sell orders are tipped at 1.3280-85, 1.3300 and 1.3320 with stops placed above there, selling interest is expected at 1.3350 and 1.3370.
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