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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.



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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Daily Report: Dow Broke 16000 on Fed Speculations, ADP and ISM Services Watched Print E-mail
Market Overview | Written by ActionForex.com | Dec 04 13 07:04 GMT
Risk aversions are back driving the market this week on Fed speculations. DOW finally lost the 16000 handle and closed down -94.15 pts overnight at 15914.62. S&P 500 also lost 1800 to close at 1795.15, down -5.75 pts. Recent economic data argued that the US economy handled the temporary government shutdown rather well and revived talks that Fed could start scaling back the $85 per month asset purchase in December meeting. The ISM manufacturing index released earlier this week was impressive which rose to 57.3 and hit the highest level since April 2011. More economic data would be released from US today which could reinforce the expectation of Fed's tapering soon. Two pieces of data would be closely watched including the ADP employment which is expected to show 173k growth in private sector jobs in November. ISM services is expected to drop slightly to 55.1 in November. Any upside surprise in the data would trigger deeper selloff in stocks and give dollar a boost. Also to be released from US are , trade balance, new home sales data and Fed's Beige Book report.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Dec 03 13 14:51 GMT
EUR: The single currency staged a strong rebound from intra-day low of 1.3524 on dollar's broad-based weakness, offers at 1.3570-80 were filled but sell orders are still noted at 1.3600 and 1.3620-30 (stops above), fresh selling interest should emerge from 1.3650 up to 1.3670. On the downside, bids are raised to 1.3560-65 and in good size at 1.3520-25, more buy orders are located from 1.3500 down to 1.3480, fresh demand should emerge at 1.3450-60, 1.3420 and further out at 1.3400.
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Mid-Day Report: Yen Recovers as Stocks Retreat, Canadian Dollar Weak Print E-mail
Market Overview | Written by ActionForex.com | Dec 03 13 14:11 GMT
Yen recovers against other major currencies today as investors took profits from stock markets. Major European indices are staying in negative territory while US futures also point to lower opens. While there were some speculations that Fed could start tapering earlier than expected, the greenback failed to hold on to this week's gain against European majors. AUD/USD also failed to break through 0.9055 temporary low in spite of initial weakness today. Nonetheless, USD/CAD extended recent rise and took out 1.0656 resistance, hitting the highest level since 2010. No economic data is scheduled to be released from US today and focus will turn to tomorrow's job and services data.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Dec 03 13 08:46 GMT
EUR: Despite intra-day marginal fall to 1.3524, the single currency found good support there and has rebounded, bids are still noted at 1.3520-25 and from 1.3500 down to 1.3480, more buy orders are expected at 1.3450-60, 1.3420 and further out at 1.3400. On the upside, offers are tipped at 1.3570-80 and also at 1.3600, more sell orders are located at 1.3620-30 and from 1.3650 up to 1.3670. Option expires today include: 1.3360, 1.3400, 1.3500, 1.3515, 1.3520, 1.3525, 1.3535, 1.3600 and 1.3625.
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Daily Report: Aussie, Mildly Lower after RBA, Dollar Firmer on Fed Speculations Print E-mail
Market Overview | Written by ActionForex.com | Dec 03 13 07:59 GMT
Aussie weakens mildly but stays in range against dollar and euro after RBA left rates unchanged at 2.50% as widely expected. The accompanying statement was almost a carbon copy of the prior ones. The central bank noted the full effects of prior rates "are still coming through, and will be for a while yet". Also, it reiterated that Aussie remained "uncomfortably high" in spite of recent depreciation and "a lower level of the exchange rate is likely to be needed to achieve balanced growth in the economy. Overall, some analysts noted that RBA would be happy to stay on sidelines and the bar for another rate cut is quite high. Also released from Australia today, retail sales rose slightly more than expected by 0.50% mom in October. Technically, AUD/USD is consolidating above 0.9055 temporary low while EUR/AUD is consolidating below 1.5030 temporary top. Outlook is quite mixed as another decline is mildly in favor in AUD/USD. But EUR/AUD could extend the pull back from 1.5030.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Dec 02 13 14:02 GMT
EUR: Despite intra-day brief bounce to 1.3616, the single currency has retreated sharply after faltering below Friday's high of 1.3622 and bids at 1.3575-80, 1.3565 and 1.3550 were filled, however, some buy orders are still seen at 1.3510-20, fresh demand should emerge from 1.3495 down to 1.3475 with stops building up below 1.3470-75 and 1.3450. On the upside offers are lowered to 1.3560-80 area, mixture of offers and stops is seen at 1.3620-25, selling interest is still seen around 1.3640-50 (stops above barrier at 1.3650), offers are reported at 1.3670, 1.3700 and further out at 1.3750.
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Mid-Day Report: Euro Tumbles on Diverging Outlook, Sterling Firm Print E-mail
Market Overview | Written by ActionForex.com | Dec 02 13 13:24 GMT
Euro weaken sharply today even though there were some positive economic data released. Eurozone PMI manufacturing was revised higher to 51.6 in November, up from initial reading of 51.5. That was the highest reading in more than two years since June 2011. Also, that's the fifth straight month that the index stayed above 50 in expansionary region. Italian PMI manufacturing also improved to 51.4 in November. However, markets seemed to be worried about diverging developments in the Eurozone. Spain manufacturing PMI tumbled sharply to 48.6 versus expectation of a rise to 51.3. That was a big disappointment as the Spanish factory sector is back in contraction. French PMI manufacturing also tumbled to a five month low of 48.3, staying below 50 for the 21st consecutive months.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Dec 02 13 09:31 GMT
EUR: The single currency continued to meet heavy offers just below Friday's high of 1.3622 and selling interest is still seen around 1.3620-25 and 1.3640-50 (stops above barrier at 1.3650), offers are reported at 1.3670, 1.3700 and further out at 1.3750. On the downside, bids remain at 1.3575-80 (stops below) and 1.3565, more buy orders are tipped at 1.3550 and 1.3510-20, fresh demand should emerge from 1.3495 down to 1.3475 with stops building up below 1.3470-75 and 1.3450-60. Option expires today include: 1.3515, 1.3520, 1.3590, 1.3625 (large) and 1.3650.
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Daily Report: Aussie and Kiwi Higher on Data, Manufacturing Data Featured Today Print E-mail
Market Overview | Written by ActionForex.com | Dec 02 13 07:04 GMT
Aussie and Kiwi opened the week higher with support from economic data. Meanwhile, sterling also extended rally against the greenback and yen with support from cross buying against Europeans. Yen is stuck in range for the moment. Asian equities were mixed, swinging between gains and losses. Housing data from Australia saw building approves dropped -1.8% mom, rose 23.1% yoy in October. that was better than expectation of -5.0% mom, 17.0% yoy. TD securities inflation expectation rose 0.2% mom in November. New Zealand terms of trade index rose sharply by 7.5% qoq in Q3 comparing to expectation of 2.9% qoq.
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Weekly Review and Outlook: Yen Tumbled Before Month Close on BoJ Speculations, Dollar to Face Key Economic Data Print E-mail
Market Overview | Written by ActionForex.com | Nov 30 13 08:04 GMT
Yen's broad based weakness continued last week on the back of extended rally in risk markets as well as expectation of further stimulus from BoJ. US equities continued to make new record high with DOW hitting as high as 16174.51 while S&P 500 hit 1813.55. German DAX also hit new record high 9424.62. US treasuries attempted to stage a recovery during the markets but failed lacked follow through momentum. 10 year yield ended the week mildly lower at 2.741% while 30 year yield closed lower at 3.808%. No much development were seen in commodity markets with crude oil extending recent market towards 90 psychological level. Gold was soft in range around 1250 but there was no follow through selling below there. Dollar index is still struggling in consolidative pattern around 55 days EMA and stayed above 80.50.
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Mid-Day Report: EUR/CHF Dives on Netherlands Downgrade Print E-mail
Market Overview | Written by ActionForex.com | Nov 29 13 13:45 GMT
Swiss Franc jumps against Euro today after S&P lowered the Netherlands' credit rating from AAA to AA+. That left Germany, Finland and Luxembourg as the only AAA countries in the Eurozone. S&P noted that the Netherlands' real GDP per capital trend growth is "persistently lower than that of peers at similarly high levels of economic developments". And, "strong contribution of net exports to growth has not been enough to offset a weak domestic economy". The rating agency said it didn't anticipate real economic output to surpass 2008 levels before 2017. On, the other hand, Swiss franc was supported by KOF leading indicator, which rose to 1.85 in November, hitting the highest level since July 2011. That's above expectation of 1.81. KOF said that the positive tendencies dominate in Switzerland. EUR/CHF dives through 1.23 level in European session but is held within recent range above 1.2284 so far.
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