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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)
Posts: 328
Joined: Wed Mar 13, 2013 6:24 am

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)
Posts: 328
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)
Posts: 328
Joined: Wed Mar 13, 2013 6:24 am


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