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Daily market news by Cozfx

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Re: Daily market news by Cozfx

Postby dwang » Thu Aug 17, 2017 4:02 am

COZfx: USD/CAD falls on U.S. data, higher oil prices

COZforex: The US dollar fell against its Canadian counterpart on Wednesday, weighed by the release of downbeat US housing sector data, while higher oil prices lent support to the commodity-related Canadian currency.

USD/CAD hit 1.2714 during early US trade, the pair’s lowest since Monday; the pair subsequently consolidated at 1.2726, shedding 0.24%. In technical analysis, COZFX strategist Nigel Boynton said: USD/CAD was likely to find support at 1.2667, Monday’s low and resistance at 1.2781, Tuesday’s high and a one-month peak.

The greenback weakened after the US Commerce Department reported on Wednesday that the number of housing starts and building permits both fell in July.

The weak report offset optimism sparked on Tuesday by data showing that US retail sales rose at a faster than expected rate last month.

Market participants were looking ahead to the Federal Reserve’s most recent policy meeting for indications on another potential rate hike this year.

Meanwhile, the Canadian dollar benefited from a rise in oil prices on Wednesday, ahead of weekly supply data.

Markets seemed to shrug off a separate report showing that Canada’s foreign securities purchases fell by C$923 million in June, compared to expectations for an increase of C$23.45 billion.

Foreign securities purchases climbed by C$29.44 billion in May, whose figure was revised from a previously estimated rise of C$29.46 billion.


(COZ forex UK)
dwang
 
Posts: 331
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Re: Daily market news by Cozfx

Postby dwang » Tue Aug 22, 2017 10:26 am

COZfx: Aussie ticks lower in early Asia, dollar weakness closely eyed

COZforex: The Aussie ticked lower in early Asia on Tuesday with no major regional data as investors continue to monitor dollar weakness in the face of political turmoil in the US.

AUD/USD traded at 0.7937, down 0.01%, while AUD/USD traded at 109.07, up 0.09%.

The USD index, which measures the greenback’s strength against a trade-weighted basket of 6 major currencies, was last quoted down 0.39% to 93.00.

Overnight, the dollar traded lower against a basket of global currencies on Monday amid an uptick in safe-haven demand, following renewed geopolitical tension in the Korean Peninsula, as U.S.-South Korea military exercises got underway.

The greenback lost ground against safe-haven currencies like the yen and the Swiss franc after the US and South Korea began computer-simulated military exercises on Monday, risking a reaction from North Korean leader Kim Jong Un, who may view such exercises as preparation for an invasion of the isolated nation.

Also adding to the downbeat sentiment on the greenback was Chicago manufacturing data that undershot economists’ forecasts.

The Chicago Fed Activity Index, measuring economic activity and inflation projections, missed expectations slightly, falling 0.01% to 0.15 from the previous month.

The slump in the dollar comes ahead of the key events due later this week, including speeches by central bankers Janet Yellen and Mario Draghi, expected to provide further direction for the beleaguered dollar.


(COZ forex UK)
dwang
 
Posts: 331
Joined: Wed Mar 13, 2013 6:24 am

Re: Daily market news by Cozfx

Postby dwang » Mon Sep 04, 2017 4:15 am

COZfx: Interest rates need to start rising now: BOE’s Michael Saunders

COZforex: For the past trading session, the GBP rose 0.15% against the USD and closed at 1.2941, following hawkish remarks from the Bank of England’s monetary policy committee member, Michael Saunders.

Michael Saunders urged for an immediate interest rate hike in order to combat rising inflation and warned a delay could lead to ‘a more abrupt and painful economic slowdown’. Further, he added that risks emerging from Britain’s departure from the European Union does not justify holding off raising interest rates at record low levels.

However, gains in the Pound were limited amid heightened concerns over Brexit as the third round of Brexit negotiations concluded with little fruition, while the European Union’s chief negotiator, Michel Barnier, warned that negotiations were lacking sufficient progress.

In the Asian session, the pair is trading at 1.2945, with the GBP trading a tad higher against the USD from yesterday’s close.

In technical analysis, COZFX strategist Nigel Boynton said: GBP/USD is expected to find support at 1.2883 and a fall through could take it to the next support level of 1.2821; Meanwhile, the pair is expected to find its first resistance at 1.2977, and a rise through could take it to the next resistance level of 1.3009.

Ahead in the day, traders will focus on Britain’s Markit manufacturing PMI for August.


(COZ forex UK)
dwang
 
Posts: 331
Joined: Wed Mar 13, 2013 6:24 am

Re: Daily market news by Cozfx

Postby dwang » Wed Dec 27, 2017 4:28 am

COZfx: UK CBI manufacturing order growth stayed at a 30-year high

COZforex: For the past trading session, the GBP rose 0.38% against the USD and closed at 1.3383.

Data indicated that the UK CBI industrial trends orders remained unchanged at 17 in December from the last month. Market had expected CBI industrial trends orders to dip slightly to 15.

In the Asian session, the pair is trading at 1.3380, with the GBP trading a tad lower from yesterday’s close.

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: GBP/USD is expected to find support at 1.3335 and a fall through could take it to the next support level of 1.3289; Meanwhile, the pair is expected to find its first resistance at 1.3422, and a rise through could take it to the next resistance level of 1.3463.

With no economic data scheduled in the UK today, trading in the currency pair would be governed by global macroeconomic events.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.


(COZ forex UK)
dwang
 
Posts: 331
Joined: Wed Mar 13, 2013 6:24 am

Re: Daily market news by Cozfx

Postby dwang » Wed Jan 03, 2018 3:29 am

COZfx: German inflation rose above market expectations in December

COZforex: For the past trading session, the EUR rose 0.54% against the USD and closed at 1.2008, following better-than-expected inflation figures from Germany.

Data indicated that the flash consumer price index in Germany advanced more-than-anticipated by 1.7% on an annual basis in December, thus offering tentative signs of sustained pick-up in inflation in the Euro-bloc’s largest economy. The CPI had climbed 1.8% in the prior month, while markets were expecting for a gain of 1.5%.

In the Asian session, the pair is trading at 1.2013, with the EUR trading marginally higher against the USD from yesterday’s close.

In technical analysis, COZforex senior currency strategist Ian • Quigley said: EUR/USD is expected to find support at 1.1998 and a fall through could take it to the next support level of 1.1982; Meanwhile, the pair is expected to find its first resistance at 1.2026, and a rise through could take it to the next resistance level of 1.2038.

Moving ahead, market participants would look forward to the release of final Markit manufacturing PMI for December across the Euro-zone, due in a few hours. Moreover, the US final Markit manufacturing PMI for December, scheduled to be released later in the day, will be on investors’ radar.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.


(COZ forex UK)
dwang
 
Posts: 331
Joined: Wed Mar 13, 2013 6:24 am

Re: Daily market news by Cozfx

Postby dwang » Tue Jan 09, 2018 2:54 am

COZfx: Canada’s unemployment rate plunged to its lowest level since January 1976 in December

COZforex: For the past trading session, the USD declined 0.67% against the CAD and closed at 1.2407 on Friday.

The Canadian Dollar gained ground against the USD, after stronger-than-expected data on Canada’s labour market boosted odds for a January interest rate hike.

Data revealed that Canada’s unemployment rate unexpectedly fell to a four-decade low of 5.7% in December, on the back of a surge in job creation, thus highlighting a rapidly diminishing slack in the nation’s labour market. In the prior month, the unemployment rate had recorded a level of 5.9%, while market participants had envisaged for a rise to a level of 6.0%.
Other data showed that Canada’s seasonally adjusted Ivey–PMI fell to a level of 60.4, compared to a reading of 63.0 in the previous month. Moreover, the nation’s international merchandise trade deficit surprisingly expanded to C$2.54 billion in November, after recording a revised deficit of C$1.55 billion in the prior month and confounding market expectations for the nation’s trade deficit to narrow to C$1.13 billion.

In technical analysis, COZFX strategist Nigel Boynton said: USD/CAD is expected to find support at 1.2331 and a fall through could take it to the next support level of 1.2265; Meanwhile, the pair is expected to find its first resistance at 1.2488, and a rise through could take it to the next resistance level of 1.2579.

Going forward, the Bank of Canada’s business outlook survey report, scheduled to release later in the day, would be on investors’ radar.


(COZ forex UK)
dwang
 
Posts: 331
Joined: Wed Mar 13, 2013 6:24 am

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