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Daily market news by Cozfx

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Daily market news by Cozfx

Postby dwang » Mon Nov 17, 2014 4:12 am

COZforex: USD/CAD weekly outlook for 17 - 21Nov

COZforex: The US dollar dropped to almost 2 week lows against the Canadian dollar on Friday as rising oil prices and upbeat data on Canadian factory sales bolstered risk appetite.

USD/CAD was down 0.72% to 1.1286 in late trade, from 1.1364 on Thursday. The pair ended the week 0.37% lower. In technical analysis, COZFX strategist Nigel Boynton said, USD/CAD is predicted to find support at 1.1324 and a drop through could take it to the next support level of 1.1263. Meanwhile, the pair is predicted to find its first resistance at 1.1419, and a rise through could take it to the next resistance line of 1.1453.

Oil prices regained ground on Friday after falling below $80 a barrel in the previous session as forecast for cooler weekend weather in many parts of the US boosted the demand outlook for heating oil Heating Oil, helping support the oil sensitive Canadian dollar.

The Canadian dollar received an additional boost after data showed that domestic manufacturing sales rise more strongly than expected in September.

Statistics Canada reported that manufacturing sales rise 2.1% to C$53 billion in September. Economists had forecast a 1.3% gain after a 3.5% drop in August.

The rebound was driven by higher sales in the transportation equipment the report said, including an increase in sales of autos and auto parts.

Yesterday, the Bank of Canada’s Senior Deputy Governor, Carolyn Wilkins stated that the central bank was mulling over the possibility of getting into the electronic money business itself. She further added that the central bank was closely following the risks posed by the new forms of e-money, as it was the bank’s duties to issue currency promote financial stability and oversee Canada’s payment systems.


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Re: Daily market news by Cozfx

Postby dwang » Thu Nov 20, 2014 4:24 am

COZfx: Euro reverses its gains after the ZEW reported upbeat economic sentiment data

COZforex: For the past trading session, the EUR rise 0.66% against the USD and closed at 1.2532, after the ZEW reported upbeat economic sentiment data registered by the Euro-zone and Germany.

The ZEW’s index of German economic sentiment surged to 11.5 in November, registering its first rise since December 2013, beating expectations of an advance to 0.5 and compared to a level of -3.6 recorded in the previous month. In additional, the ZEW’s index of the Euro-zone economic sentiment increased to 11.0 in November from 4.1 in October, thus raising hopes of an improvement in the Euro-economy. Meanwhile, Germany’s current situation index surprisingly rises to 3.3 in November, compared to market expectations of a decline to 1.7. The index had recorded a level of 3.2 in the preceding month.

In the US, the housing market index surprisingly gained to 58.0 in November, higher than market expectations of a rise to a level of 55.0 and compared to a reading of 54.0 recorded in October. Meanwhile, monthly producer price unexpectedly rise 0.2% in October, following a decline of 0.1% registered in September, while markets were anticipating it to fall 0.1%. On the other hand, the seasonally adjusted US Redbook index slid 0.9% on a monthly basis in the week ended November 14, after registering a drop of 1.0% in the previous week.

In technical analysis, COZFX strategist Nigel Boynton said, the pair is predicted to find support at 1.2475 and a drop through could take it to the next support line of 1.2433. Meanwhile, the pair is predicted to find its first resistance at 1.2552, and a rise through could take it to the next resistance line of 1.2587.

Trading trends in the pair today are expected to be determined by the FOMC minutes from its latest monetary policy meeting, scheduled later in the day.


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Daily market news by Cozfx

Postby dwang » Tue Nov 25, 2014 3:02 am

COZfx: Pound gains ahead of US GDP report

COZforex: The pound rise against the dollar on Monday in a session void of major US and UK economic indicators, which gave investors room to sell the greenback for profits ahead of Tuesday's US gross domestic product report.

The dollar rise last week after China cut interest rates and after European Central Bank President Mario Draghi reiterated that monetary authorities will do what it takes to prop up the economy.

In US trading on Monday, GBP/USD was up 0.33% at 1.5710, up from a session low of 1.5629 and off a high of 1.5714. In technical analysis, COZFX strategist Nigel Boynton said, GBP/USD is predicted to find support at 1.5621 and a drop through could take it to the next support line of 1.5582. Meanwhile, the pair is predicted to find its first resistance at 1.5704, and a rise through could take it to the next resistance line of 1.5749.

The dollar rise on safe-haven demand last Friday when ECB President Mario Draghi reiterated that the central bank is prepared to act rapidly if low inflation persists, comments that sparked expectations for fresh stimulus measures. Draghi also expressed concerns over the euro zone's weak growth, pointing out he saw no improvements in the coming months.
Also supporting the dollar last week was news that China cut its benchmark 1 year deposit rate by 25 basis points to 2.75% and trimmed its 1 year lending rate by 40 basis points to 5.6%.

By Monday, profit taking sent the dollar dipping against the pound, as investors flocked to the sidelines to await the release of revised data on US third-quarter gross domestic product and a report on consumer confidence.

The current conditions index rose to 110.0 from 108.4 last month and the expectations index improved to 99.7 from 98.3, both figures topping market forecasts.


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Re: Daily market news by Cozfx

Postby orni308 » Tue Nov 25, 2014 5:17 pm

EURUSD has a slight shift downward, but there was enough buying to support the pair and turn things around.
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Daily market news by Cozfx - 01Dec14

Postby dwang » Mon Dec 01, 2014 3:00 am

COZfx: Japan’s inflation figures showed further softening

COZforex: For the past trading session, the USD strengthened 0.22% against the JPY and closed at 117.87. In the Asian session, the pair is trading at 118.29, with the USD trading 0.36% higher from yesterday’s close, after dismal core CPI and retail sales data in Japan.

Early morning data indicated that, Japan’s national CPI rise 2.9% on an annual basis in October, lower than market expectations to advance to a level of 3.0% and compared to a 3.2% increase registered in the previous month. The core CPI, which excludes volatile fresh food prices and the sales tax hike, dropped 0.9%, highlighting the challenges facing the BoJ. Meanwhile, the nation’s jobless rate unexpectedly eased to a level of 3.5% in October, lower than market expectations of a steady reading. In the previous month, unemployment rate had recorded a level of 3.6%.

On the other hand, Japan’s industrial production retreated 1.0% on annual basis in October, after registering a rise of 0.8% in September and compared to market expectations of a drop of 1.7%.

Other data showed that the nation’s seasonally adjusted retail trade slid 1.4% on a monthly basis in October, higher than market expectations of a decline of 0.5% and compared to an advance of 2.8% registered in September. Also the nation’s housing starts dropped 12.3% on a YoY basis in October, lower than market expected decline of 15.0%.

In technical analysis, COZFX strategist Nigel Boynton said, the pair is predicted to find support at 117.57 and a drop through could take it to the next support level of 116.84. Meanwhile, the pair is predicted to find its first resistance at 118.68, and a rise through could take it to the next resistance line of 119.07.


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Re: Daily market news by Cozfx

Postby orni308 » Tue Dec 02, 2014 4:22 pm

USDJPY has been trading low, there some buying in the middle but doesnt enough to lift the pair. there might be a bit of lagging in the pair.
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Re: Daily market news by Cozfx

Postby dwang » Thu Dec 04, 2014 4:43 am

COZfx: Australia’s GDP growth missed forecasts in Q3

COZforex: For the past trading session, the AUD weakened 0.57% against the USD to close at 0.8448. In the Asian session, the pair is trading at 0.8394, with the AUD trading 0.64% lower from yesterday’s close.

In economic news, Australia’s AiG performance of service index rise to 43.8 in November from prior month’s level of 43.6.

In commodities, LME Copper prices rise 1.10% or $70.0/MT to $6455.0/MT. Meanwhile, Aluminium prices dropped 0.30% or $6.0/MT to $2015.0/MT.

Earlier today, data indicated that Australia’s GDP advanced 0.3% on a quarterly basis in 3Q 2014, lower than market expectations for a rise of 0.7% and following a growth of 0.5% registered in the prior quarter.

Elsewhere, in China, Australia’s biggest trading partner, the HSBC services PMI edged up to a reading of 53.0 in November, compared to previous month’s level of 52.9. In addition, the nation’s NBS non-manufacturing PMI climbed to 53.9 in November, following a level of 53.8 registered in October.

In technical analysis, COZFX strategist Nigel Boynton said, AUD/USD is predicted to find support at 0.8339, and a drop through could take it to the next support line of 0.8285. Meanwhile, the pair is predicted to find its first resistance at 0.8496, and a rise through could take it to the next resistance line of 0.8599.

Meanwhile, market participants look forward to Australia’s retail sales as well as trade balance data, scheduled in the early hours tomorrow.


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Daily market news by Cozfx - 17Dec14

Postby dwang » Wed Dec 17, 2014 2:04 am

COZfx: Euro trading higher before the Euro-zone PMI data

COZforex: For the past trading session, the EUR dropped 0.23% against the USD and closed at 1.2444, after the US recorded encouraging industrial as well as manufacturing data in November.

The greenback traded on a stronger footing, after industrial production in the US rose more than expected 1.3%, registering its biggest rise since May 2010 in November and up from previous month’s revised increase of 0.1%. Markets were expecting it to post a rise of 0.7%. Additionally, the nation’s manufacturing production advanced 1.1% in November, registering its largest increase in 9-months and exceeding market expectations for a 0.7% gain.

In other economic news, the NY Empire State manufacturing index registered an unexpected drop to -3.60, lower than market expectations of an advance to 12.0 and following a level of 10.16 in the previous month. Also, the nation’s NAHB housing market index surprisingly fell to 57.0 in December, lower than market expectations of an advance to 59.0.

In technical analysis, COZFX strategist Nigel Boynton said, EUR/USD is predicted to find support at 1.2423 and a drop through could take it to the next support line of 1.2386. Meanwhile, the pair is predicted to find its first resistance at 1.2489, and a rise through could take it to the next resistance line of 1.2517.

Trading trends in the Euro today are expected to be determined by the services and manufacturing PMI data from the Euro-zone and its peripheries, coupled with Germany’s ZEW economic sentiment data, scheduled in a few hours.


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Daily market news by Cozfx - 26Dec14

Postby dwang » Fri Dec 26, 2014 2:00 am

COZfx: Gold price remains below $1,200

COZforex: Gold prices pulled away from a 3 week low on Tuesday, but still remained below the $1,200 threshold as the strong US dollar continued to weigh on the precious metal.

On the Comex division of the New York Mercantile Exchange, gold futures for February delivery were up 0.23% to $1,182.50. The February contract ended Monday's session 1.35% lower at $1,179.80 an ounce.

The dollar remained supported after the Federal Reserve signalled last week that it was on track to raise interest rates next year but said it was taking a patient stance.

Higher US interest rates would boost the greenback and weigh on gold, which has benefited from central bank liquidity and a low interest rate environment since the 2008 financial crisis. The central bank also acknowledged the improvement in the US labor market and noted that the economy is making progress toward its goals in inflation and employment.

Markets shrugged off industry data released on Monday showing that US existing home sales declined by 6.1% in November to 4.93 million units from a revised total of 5.25 million the previous month.

Investors were now eyeing additional US economic reports to be released later in the day, including final third-quarter GDP data, as well as on core durable goods orders and new home sales.

Trading volumes were expected to remain light this week with many investors away for the Christmas holiday and ahead of the New Year's holiday.


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Daily market news by Cozfx - 31Dec2014

Postby dwang » Wed Dec 31, 2014 2:57 am

COZfx: USD/JPY declines on year-end profit-taking

COZforex: The US dollar dropped against the yen on Tuesday, pulling away from close to 3 week highs as traders locked in profits from the greenback's recent rally most other major currencies.

Trading volumes were expected to remain light ahead of the New Year's holiday.

USD/JPY hit 119.19 amid European early afternoon trade, the pair's lowest since December 19; the pair subsequently consolidated at 119.51, retreating 0.94%. In technical analysis, COZforex senior currency strategist Ian • Quigley said, USD/JPY was likely to find support at 118.23, the low of December 18 and resistance at 120.83, the high of December 23.

The dollar remained broadly supported after final data last week showed that US gross domestic product rose 5.0% in the third quarter, exceeding expectations for a growth rate of 4.3% and up from 3.9% in the 3 months to June.

The strong data fuelled further optimism over the strength of the US economic recovery and added to expectations for the Federal Reserve to raise interest rates next year.

Later in the day, the US was to release data on consumer confidence.


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