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Daily market news by Cozfx

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Re: Daily market news by Cozfx

Postby dwang » Fri Oct 23, 2015 3:16 am

COZfx: GBP/USD climbs to 1-week highs on UK retail sales data

COZforex: The pound climbed to a 1 week high against the U.S. dollar on Thursday, as the release of better-than-expected UK retail sales data fuelled optimism over the strength of the British economy.

GBP/USD hit 1.5508 amid European morning trade, the pair's highest since October 15; the pair subsequently consolidated at 1.5489, up 0.48%. In technical analysis, COZFX strategist Nigel Boynton said: GBP/USD was likely to find support at 1.5338, the low of September 22 and resistance at 1.5569, the high of September 21.

The UK Office for National Statistics reported on Thursday that retail sales surged by 1.9% last month, blowing past forecasts for a gain of 0.3%. Retail sales in August dropped by 0.4%, whose figure was revised from a previously reported gain of 0.2%.

Year-on-year, retail sales increased by 6.5% in September, above expectations for a 4.8% gain, after rising at a rate of 3.5% in August.

The data came a day after Bank of England Governor Mark Carney warned of the potential pitfalls of being a member of the European Union, as the country prepares to vote on membership of the single market.

Carney did also praise the benefits of EU membership, which he said had increased dynamism and openness in the UK's economy for "the majority" of the four decades it has been part of the EU.

The comments came during mounting concerns that the referendum promised by David Cameron by the end of 2017 may actually lead to the UK's leaving the EU.


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Re: Daily market news by Cozfx

Postby dwang » Tue Oct 27, 2015 3:33 am

COZfx: JPY trading higher in the morning session

COZforex: For the past trading session, the USD strengthened 0.57% against the JPY and closed at 121.40.

Data showed that Japan’s final leading economic index dropped to a level of 103.5 in August, from a reading of 105.0 in the prior month. The preliminary figures had also indicated a drop to 103.5. At the same time, the nation’s final coincident index fell to a level of 112.2 in August, compared to a reading of 113.1 in July. It was initially estimated to fall to a level of 112.5.

In technical analysis, COZforex senior currency strategist Ian • Quigley said: USD/JPY is predicted to find support at 120.40 and a drop through could take it to the next support line of 119.68; Meanwhile, the pair is predicted to find its first resistance at 121.67, and a rise through could take it to the next resistance line of 122.21.

Moving ahead, investors will concentrate on Japan’s retail trade and large retailer’s sales data, both for the month of September, scheduled to be released tomorrow.


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Re: Daily market news by Cozfx

Postby dwang » Fri Oct 30, 2015 3:39 am

COZfx: Euro trading on a weaker footing before Germany’s unemployment rate data

COZforex: For the last trading session, the EUR declined 1.00% against the USD and closed at 1.0927, after Germany’s GfK consumer confidence index weakened in November.

Data showed that Germany’s Gfk consumer confidence index dropped 0.2 points to a level of 9.4 in November, reaching its lowest level since February, from a reading of 9.6 in the previous month. The decline was attributed to the migrant crisis that is underway in Europe. Moreover, the consumer confidence in France fell to a level of 96.0 in October, compared to market expectations of a steady reading. In the prior month, the index had registered a level of 97.0.

Separately, the ECB’s chief economist, Peter Praet, mentioned that the central bank will not hesitate from using all its instruments in order to achieve its goal. In other speech, the ECB Vice President, Vitor Constancio, stated that the central bank will stick to low interest rates and will continue to expand its balance sheet through asset purchases until inflation rebounds.

The greenback gained ground after the Federal Reserve left benchmark interest rate unchanged in the October monetary policy meeting. It issued a surprisingly hawkish post-meeting statement, clearly indicating that the US central bank will be looking for progress in employment and labour when deliberating a rate hike at its December meeting. In particular, the Fed suggested that recent global headwinds have eased and downgraded concerns surrounding slowing growth in China.

In technical analysis, COZFX strategist Nigel Boynton said: EUR/USD is predicted to find support at 1.0849 and a drop through could take it to the next support level of 1.0773; Meanwhile, the pair is predicted to find its first resistance at 1.1049, and a rise through could take it to the next resistance level of 1.1173.

Moving ahead, market participants will look forward to Germany’s unemployment rate and consumer price index data, both for the month of October, scheduled to be released today. Additionally, the US Q3 GDP data and weekly initial jobless claims, scheduled to be released later in the day, will also garner a significant amount of investor attention.


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Re: Daily market news by Cozfx

Postby dwang » Tue Nov 03, 2015 4:18 am

COZfx: NZD/USD slips lower, but downside seen limited

COZforex: The New Zealand dollar slipped lower against its US counterpart on Monday, but losses were expected to remain limited as Friday's disappointing US data continued to dampen demand for the greenback.

NZD/USD hit 0.6739 amid late Asian trade, the session low; the pair subsequently consolidated at 0.6769, edging down 0.15%. In technical analysis, NZD/USD was likely to find support at 0.6682, Friday's low and resistance at 0.6819, the high of October 27.

The greenback remained under pressure after the University of Michigan said on Friday that its consumer sentiment index fell to 90.0 this month from 92.1 in September, compared to expectations for a rise to 92.5.

In addition, the US Bureau of Economic Analysis said that personal spending rise 0.1% last month, disappointing expectations for a 0.2% rise and after a 0.4% increase in August.

The data added to concerns over the strength of the economy after the Commerce Department said last Thursday that US gross domestic product grew at an annual rate of 1.5% in the three months to September, missing expectations for growth of 1.6%.

Elsewhere, data on Monday showed that China's Caixin manufacturing purchasing managers' index rose to 48.3 in October from 47.2 the previous month, beating expectations for an uptick 47.5. China is New Zealand's second biggest export partner.


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Re: Daily market news by Cozfx

Postby dwang » Fri Nov 06, 2015 3:17 am

COZfx: AUD trading higher before the RBA’s monetary policy statement

COZforex: For the past trading session, the AUD weakened 0.53% against the USD to close at 0.7145.

In commodities, LME Copper prices rise 0.32% or $16.5/MT to $5165.5/MT; Meanwhile, Aluminium prices rise 0.17% or $2.5/MT to $1472.5/MT.

Yesterday, the RBA Governor, Glenn Stevens, stated that the central bank’s next official interest rate move will “almost certainly” be a cut due to Australia’s low inflation and a potentially cooling housing market. He further stated that economic growth in China, Australia’s largest trading partner, was uncertain and presented a challenge for Australian miners.

In technical analysis, COZFX strategist Nigel Boynton said: AUD/USD is predicted to find support at 0.7114 and a drop through could take it to the next support line of 0.7073; Meanwhile, the pair is expected to find its first resistance at 0.7208, and a rise through could take it to the next resistance line of 0.7262.

Going ahead, market participants will look forward to Australia’s AiG performance of construction index for October, scheduled to be released later today. Moreover, investors will closely watch the RBA’s monetary policy statement, scheduled overnight.


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Re: Daily market news by Cozfx

Postby dwang » Wed Nov 11, 2015 4:45 am

COZfx: USD/CAD continues near 1-month highs

COZforex: The US dollar held steady near one-month highs against its Canadian counterpart on Tuesday, as expectations for a US rate hike before the end of the year continued to support the greenback.

USD/CAD hit 1.3294 amid early US trade, the session high; the pair subsequently consolidated at 1.3285. In technical analysis, COZforex senior currency strategist Ian • Quigley said: USD/CAD was likely to find support at 1.3152, the low of November 6 and resistance at 1.3432, the high of September 30.

The greenback remained supported after the Labor Department reported on Friday that the US economy added 271,000 jobs last month, well ahead of the 180,000 expected by economists and the largest increase since December. The unemployment rate fell to a seven-and-a-half year low of 5.0%.

The strong data paved the way for the Fed to raise interest rates at its December meeting, a move that would make the dollar more attractive to yield-seeking investors.

The euro remained under pressure after Reuters reported on Monday that the European Central Bank could cut its deposit rate deeper into negative territory at its December meeting.


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dwang
 
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Re: Daily market news by Cozfx

Postby dwang » Mon Nov 16, 2015 8:13 am

COZfx: Japan’s industrial production rose in September

COZforex: For the last trading session, the USD weakened 0.15% against the JPY and closed at 122.64.

In the Asian session, the pair is trading at 122.58, with the USD trading marginally lower from yesterday’s close.

Early morning data showed that Japan’s final industrial production rise slightly by 1.1% in September, after dropping by 1.2% in the previous month. The preliminary figures had indicated a rise of 1.0%.

Meanwhile, the nation’s tertiary industry index dropped unexpectedly by 0.4% amid the same month, after recording a rise of 0.1% in the previous month. Investors had expected it to remain unchanged.

In technical analysis, COZforex senior currency strategist Ian • Quigley said: USD/JPY is predicted to find support at 122.35 and a drop through could take it to the next support level of 122.13; Meanwhile, the pair is predicted to find its first resistance at 122.95, and a rise through could take it to the next resistance line of 123.32.

Moving ahead, investors will look forward to Japan’s preliminary Q3 GDP data and the BoJ’s interest rate decision, scheduled to be announced next week.


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dwang
 
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Re: Daily market news by Cozfx

Postby dwang » Wed Nov 18, 2015 4:50 am

COZfx: EUR/USD remains under 1.07 during optimistic US inflation data

COZforex: EUR/USD dropped steadily on Tuesday remaining near 7 month lows, as optimistic US inflation data augmented hawkish arguments for an interest rate hike by the Federal Open Market Committee when it meets again next month.

The currency pair traded in a tight range between 1.0631 and 1.0691 before settling at 1.0645, down 0.0042 or 0.39% on the session. The euro has closed lower against the dollar in three straight sessions and four of the last 6 trading days. After a robust monthly US jobs report strengthened the case for an imminent rate hike by the Federal Reserve earlier this month, EUR/USD has closed below 1.085 in each of the last eight sessions. More broadly, the euro has fallen by more than 6% against its American counterpart over the last 30 days of trading.

In technical analysis, COZforex senior currency strategist Ian • Quigley said: EUR/USD likely gained support at 1.0519, the low from April 13 and was met with resistance at 1.1496, the high from Oct. 15.

Fluctuations in the currency pair were also minor after a soccer match between Germany and the Netherlands in Hanover on Tuesday was cancelled due to a serious bomb threat, according to German officials. The euro fell 0.85% against the dollar on Monday in the first full day of trading following Friday's terrorist attacks in Paris that killed at least 120 people and wounded at least 350 others. The coordinated attacks included several explosions outside the Stade de France stadium during a friendly between France and Germany.


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dwang
 
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Re: Daily market news by Cozfx

Postby dwang » Mon Nov 23, 2015 4:05 am

COZfx: JPY trading on a weaker footing in the Asian session

COZforex: For the past trading session, the USD weakened 0.53% against the JPY and closed at 122.92.

Yesterday, the BoJ Governor, Haruhiko Kuroda, downplayed concerns about the nation’s third quarter contraction and stated that the nation’s business capital expenditure is likely to improve.

In other economic news, Japan’s final machine tool orders dropped 22.9% YoY in October, after declining by 19.1% in the previous month. The preliminary figures had indicated a drop of 23.1%.

In technical analysis, COZforex senior currency strategist Ian • Quigley said: USD/JPY is predicted to find support at 122.53 and a drop through could take it to the next support line of 122.12; Meanwhile, the pair is predicted to find its first resistance at 123.45, and a rise through could take it to the next resistance line of 123.95.

Moving ahead, investors will look forward to Japan’s Nikkei manufacturing PMI, national consumer price inflation, unemployment rate data and the BoJ’s October meeting minutes, all scheduled to be released next week.

The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.


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dwang
 
Posts: 328
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Re: Daily market news by Cozfx

Postby dwang » Fri Nov 27, 2015 4:22 am

COZfx: NZD/USD gains higher but upside seen limited

COZforex: The New Zealand dollar edged higher against its US counterpart on Tuesday, but gains were expected to remain limited as demand for the greenback remained broadly supported by hopes for an upcoming US rate hike.

NZD/USD hit 0.6537 amid late Asian trade, the session high; the pair subsequently consolidated at 0.6527, easing up 0.09%. In technical analysis, COZforex senior currency strategist Ian • Quigley said: NZD/USD was likely to find support at 0.6463, the low of November 19 and resistance at 0.6596, the high of November 19.

The greenback has remained broadly supported in recent weeks by expectations that the Federal Reserve is on track to raise interest rates next month.

New York Fed President William Dudley said Friday that there is a "strong case" for hiking rates at the central bank’s next meeting in December as long as economic data continues to remain solid.

Markets shrugged off a report by the U.S. National Association of Realtors on Monday showing that existing home sales decreased by 3.4% to 5.36 million units last month from 5.55 million in September. Analysts had expected existing home sales to fall 2.3% to 5.40 million units in October.


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