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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: USD/JPY Dives on Risk Aversion, Dragging Down Dollar Print E-mail
Market Overview | Written by ActionForex.com | Apr 08 14 12:39 GMT
The Japanese yen finally gathers some momentum to extend last week's rebound on risk aversion as the -202 pts decline in Nikkei was followed by broad based weakness in European equities. At the time of writing FTSE, DAZ and CAC are all losing over -0.8% and US futures also point to lower open. Markets are concerned that recent selloff in US stocks would intensify further, in particular the NASDAQ. USD/JPY is trading at around 102.3 for the moment and weakness in the pair has dragged the greenback broadly lower. In particular, Sterling was boosted by solid economic data and broke through 1.6683 resistance against dollar to resume recent rise. Aussie and Canadian also took out near term resistance against the greenback. Focus in the US session would be on whether stocks would really accelerates lower and whether treasury yields would finally break out from recent consolidations. If the happen, we'd possibly seen steeper fall in the dollar.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Apr 08 14 08:55 GMT
EUR: The single currency jumped in European morning and offers at 1.3740-50 were filled but sell orders are still noted at 1.3775-85, more selling interest is located from 1.3800 all the way up to 1.3850 with stops building up above latter level. On the downside, bids are raised to 1.3735-40, 1.3720 and 1.3700, more buy orders are located at 1.3685 and 1.3665, buying interest is reported at 1.3650 (more stops below) and 1.3625, fresh demand is tipped at 1.3600 barrier (stops below) and further out at 1.3585. Option expires today include: 1.3650, 1.3700 (1 bln), 1.3750, 1.3800 and 1.3830 (large).
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Daily Report: Yen Pares Gain on Asian Market Recovery, BoJ Stands Pat Print E-mail
Market Overview | Written by ActionForex.com | Apr 08 14 04:38 GMT
The Japanese yen pares some of this week's again following the recovery in Asian equities and after BoJ announced policy decisions. BoJ refrained from adding stimulus and help policies unchanged today. That is, interest rate was held near zero while the annual pace of monetary base expansion was kept at JPY 60-70T. The central bank noted in the accompanying statement that while the economy continued to have moderate recovery, there would be "some fluctuations due to the consumption tax hike." But it expected the economy to continue the recovery "as a trend". But it also noted that business fixed investment pick-up "has become increasingly evident" and private consumption and housing investment "have remained resilient". BoJ noted Inflation expectations "appear to be rising on the whole" but CPI excluding tax hike is "likely to be around 1.25% for some time".
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Apr 07 14 13:55 GMT
EUR: The single currency traded with a firm undertone on solid German data, offers at 1.3730 were filled but sell orders are still noted at 1.3740-50 and 1.3775-85, more selling interest is located from 1.3800 all the way up to 1.3850 with stops building up above latter level. On the downside, bids are raised to 1.3700-10, 1.3685 and 1.3665, more buy orders are reported at 1.3650 (more stops below) and 1.3625, fresh demand is tipped at 1.3600 barrier (stops below) and further out at 1.3585.
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Mid-Day Report: Yen Struggles to Extend Gains ahead of BoJ Print E-mail
Market Overview | Written by ActionForex.com | Apr 07 14 13:23 GMT
The Japanese yen was mildly higher earlier today on risk aversion but struggles to extend gain ahead of tomorrow's BoJ policy announcement. Economists are generally expecting the central bank to keep policies unchanged. That is, rates would be held near zero while the target of monetary base expansion would be held at JPY 60-70T per annum. Nonetheless, it's also generally expected that BoJ would launch another round of easing later this year to offset the impact of the sales tax hike. According to a survey by Bloomberg at the end of March, majority of analysts expected the move in July. And, most expected raising the pace of monetary expansion, with increase in JGBs and ETF purchase. In addition, nearly 80% of survey respondents expected the government to launch a fiscal stimulus package to support the economy within this fiscal year, which could be as large as JPY 1-3T.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Apr 07 14 08:32 GMT
EUR: The single currency rebounded again today in European morning on short-covering but sell orders are still noted at 1.3730-50 area and 1.3775-85, more selling interest is located from 1.3800 all the way up to 1.3850 with stops building up above latter level. On the downside, bids are raised to 1.3700, 1.3685 and 1.3665, more buy orders are reported at 1.3650 (more stops below) and 1.3625, fresh demand is tipped at 1.3600 barrier (stops below) and further out at 1.3585. Option expires today include: 1.3650 (large), 1.3700 (large), 1.3765, 1.3775, 1.3790, 1.3795 and 1.3800.
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Daily Report: Yen Higher on Risk Aversion as Nikkei Back Below 15000 Print E-mail
Market Overview | Written by ActionForex.com | Apr 07 14 07:50 GMT
The Japanese yen is generally higher in Asian session on risk aversion. Nikkei followed the sharp decline in US and dropped -254.9 pts, or -1.7%, back below 15000 handle at 14808.85. Hong Kong HSI is also down -140 pts, or 0.62% at the time of writing. The forex markets are relatively steady elsewhere. Commodity currencies are firm against dollar but stays below last week's high. European majors are mildly higher too, but is also stuck in tight range. The common currency also recovers mildly in crosses against Sterling, Swiss Franc and Aussie.
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Weekly Review and Outlook: Canadian Dollar Strength Overwhelmed, Euro Vulnerable after ECB Print E-mail
Market Overview | Written by ActionForex.com | Apr 05 14 13:38 GMT
In a week full of heavy weight events, the Canadian dollar ended up being the strongest currency with help from strong employment data. Economic data from US were solid. While the March ISM indices missed expectations, there were improvements over February's figures. Non-farm payroll also met expectations while the steady unemployment rate was due to rise in participation rate, which was a positive sign. While the greenback did appreciate against most major currencies, it was overwhelmed by the Canadian and Australian dollar. Euro, on the other hand, was pressured as ECB Draghi mentioned the discussion of QE in the post meeting press conference. Yen was mixed as it reversed initial weakness when stocks suffered steep selloff of Friday. New Zealand dollar ended up as the biggest loser.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Apr 04 14 14:39 GMT
EUR: The single currency bounced off intra-day low of 1.3681 as US job data came in lower than expected, offers at 1.3730 were filled but sell orders are still noted at 1.3740-50 and 1.3775-85, more selling interest is located from 1.3800 all the way up to 1.3850 with stops building up above latter level. On the downside, bids and stops at 1.3690-95 were tripped, however, buy orders are still seen at 1.3680, 1.3665 and 1.3650 (more stops below), fresh demand is tipped at 1.3625, 1.3600 barrier (stops below) and further out at 1.3585.
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Mid-Day Report: US NFP Solid, But Overshadowed by Canadian Data Print E-mail
Market Overview | Written by ActionForex.com | Apr 04 14 12:54 GMT
Dollar has some knee jerk reactions after non-farm payroll report and edged higher. But it seems that traders couldn't make up their mind on buying the greenback after having the first taste on the news. NFP showed 192k growth in March, basically inline with expectation of 190k. Prior month's figure, however, was revised up from 175k to 197k. Meanwhile, unemployment rate was unchanged at 6.7% versus expectation of drop to 6.6%. Dollar is seen strengthening against European majors and yen after the release but there is so far no follow through buying yet. Also, its strength is overshadowed by Canadian dollar. Aussie and Kiwi are also mildly higher against the greenback.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Apr 04 14 08:55 GMT
EUR: The single currency has remained under pressure after yesterday's selloff, bids at 1.3700 were filled and mixture of bids and stops at 1.3690-95 is in focus, however, bids are still noted at 1.3685, 1.3665 and 1.3650 (more stops below), fresh demand is tipped at 1.3625, 1.3600 barrier (stops below) and further out at 1.3585. On the upside, offers are lowered to 1.3730-50 area and 1.3775-85, more sell orders are located from 1.3800 all the way up to 1.3850 with stops building up above latter level, selling interest is expected at 1.3880 and 1.3900. Option expires today include: 1.3625, 1.3650, 1.3700 (1 bln), 1.3750, 1.3795 and 1.3850.
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Daily Report: Dollar Firm ahead of Employment Data Print E-mail
Market Overview | Written by ActionForex.com | Apr 04 14 04:20 GMT
Traders are cautiously awaiting the employment data from US today. DOW edged up to historical intraday high overnight at 16604.15 but pared gains to close nearly flat at 16572.55. S&P 500 also hit new high at 1893.8 but closed mildly lower at 1888.77. Dollar maintains the post ECB gains against while dollar index is consolidating above 80.5 after taking out 80.35 resistance yesterday. Economists are expecting NFP to show 190k growth in March while unemployment rate is expected to drop to 6.6%.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Apr 03 14 14:37 GMT
EUR: The single currency collapsed on comments from Draghi as he said ECB had a rich discussion on rates and QE, bids at 1.3750, 1.3725-35 and 1.3710 were filled, some buy orders are reported at 1.3695-00, fresh buying interest is expected at 1.3660-70 with bigger stops placed below 1.3650. On the upside, offers are lowered to 1.3740-50 and 1.3770, more sell orders are tipped at 1.3790-00 and in good size from 1.3820 up to 1.3850 (stops above latter level), mixtures of offers and stops are located at 1.3870 and 1.3900.
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Mid-Day Report: Euro Tumbled as ECB Draghi Said QE Discussed Print E-mail
Market Overview | Written by ActionForex.com | Apr 03 14 13:45 GMT
ECB left the main-refinancing rate unchanged at 0.25% as widely expected. Euro weakens as ECB president Draghi mentioned in the post meeting conference that there was a discussion about quantitative easing among policy makers. Draghi said that "the Governing Council is unanimous in its commitment to using also unconventional instruments within its mandate in order to cope effectively with risks of a too prolonged period of low inflation." And, policy makers discussed about "lower interest rate", "lower deposit rate" and "QE". Nonetheless, he reiterated that deflation risk remained limited and more information is needed to assess where there is deviation in the medium term inflation outlook. At the time of writing, EUR/USD is still holding above 1.3704, last week's low. However, USD/CHF has taken the lead and breached 0.89 handle, which could be seen as a warning of Euro weakness ahead.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Apr 03 14 09:34 GMT
EUR: The single currency traded narrowly after yesterday's fall from 1.3820 as traders await ECB, bids at 1.3760 were filled but buy orders are still noted at 1.3750 and in good size at 1.3725-35 (stops below), more buy orders are reported at 1.3695-10, buying interest is expected at 1.3660-70 with bigger stops placed below 1.3650. On the upside, offers are lowered to 1.3790-00 and in good size from 1.3820 up to 1.3850 (stops above latter level), mixtures of offers and stops are located at 1.3870 and 1.3900. Option expires today include: 1.3600 (large), 1.3620, 1.3650, 1.3700 (large), 1.3770, 1.3785 (large), 1.3800, 1.3805, 1.3850, 1.3925 and 1.3935.
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Daily Report: Equities Extended Bull Run, Euro Soft ahead of ECB Print E-mail
Market Overview | Written by ActionForex.com | Apr 03 14 03:34 GMT
US equities extended the bull run overnight as S&P 500 rose to another record close of 1890.9, up 5.38 pts or 0.29%. DOW also rose 40.39 pts, or 0.24% to close at 16573, just below record close of 16576.66. Treasury yields also surged with 10 year yield up 0.044 to 2.803 while 30 year yield rose 0.045 to 3.649. Dollar index, on the other hand, continued to hover in tight range above 80, around 55 days EMA, without any progress. Yen's recovery was rather brief and dipped to new low against dollar as overwhelmed by surging yield and risk appetite. European majors are staying in tight range against the greenback, so was Canadian dollar. Australia dollar dipped mildly after mixed data but quickly recovered back into prior range.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Apr 02 14 14:19 GMT
EUR: The single currency slipped again in NY opening, offers are lowered to 1.3800 and in good size from 1.3820 up to 1.3850 (stops above latter level), mixtures of offers and stops are located at 1.3870 and 1.3900. On the downside, bids at 1.3790 and 1.3770 were filled but buy orders are tipped at 1.3750-60 and in good size at 1.3725-35 (stops below), more buy orders are reported at 1.3695-10, buying interest is expected at 1.3660-70 with bigger stops placed below 1.3650.
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Mid-Day Report: Dollar Mixed Despite Solid ADP Print E-mail
Market Overview | Written by ActionForex.com | Apr 02 14 13:34 GMT
Dollar is mixed in early US session even after solid job market data. ADP employment report showed 191k growth in private sector jobs in March, basically inline with expectation of 190k. Prior month's figure, however, was revised sharply to 178k, up from 138k. Reaction is muted though probably because the ADP hasn't been tracking the NFP quite closely in recent month. To be released on Friday, economists are expecting 190k growth in NFP in the same month while unemployment rate is expected drop to 6.6%. So far, strong conference board consumer confidence reading and ADP are positive to NFP but the ISM manufacturing employment was negative. We'd probably get more hint on how NFP would perform after tomorrow's ISM services and jobless claims.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | Apr 02 14 08:57 GMT
EUR: The single currency retreated after rising to 1.3820 and offers are still noted from 1.3820 up to 1.3850 (stops above latter level), mixtures of offers and stops are located at 1.3870 and 1.3900. On the downside, bids are raised to 1.3790, 1.3750-70 area and in good size at 1.3725-35 (stops below), more buy orders are reported at 1.3695-10, buying interest is tipped at 1.3660-70 with bigger stops placed below 1.3650. Option expires today include: 1.3700, 1.3725, 1.3750 and 1.3800.
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Daily Report: Yen Tumbled as S&P 500 Hits Record High Print E-mail
Market Overview | Written by ActionForex.com | Apr 02 14 04:35 GMT
Stock markets staged a strong rally overnight with S&P 500 up 13.18 pts, or 0.70% to close at new record high of 1885.52. DOW also rose 74.95 pts, or 0.46% to close at 16532.61, not far from the historical high of 16588.25. Asian equities followed with Nikkei trading up over 200 pts at the time of writing and is back above 15000 handle. Yen is the biggest loser this week in the current risk seeking environment and is so far down over 1% versus swiss franc, Euro, Canadian dollar and New Zealand dollar. Euro is the second strongest currency this week so far as markets are getting more confidence that ECB will leave policies unchanged this week in spite of recent weak inflation data. The strength in the common currency took swiss franc higher together, which even exceeded Euro as the strongest currency this week. Main focus will remain on ECB meeting on Thursday and non-farm payroll on Friday. But we'll also have US ADP employment report today which could trigger some volatility in all markets.
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