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Daily Market News By FXNET

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Re: Daily Market News By FXNET

Postby Froso@FXNET » Fri Jan 31, 2014 8:07 am

Asian session – Dollar strong on GDP data, yen up after Japan inflation numbers

The US dollar was higher after being lifted by US GDP data yesterday and traded at a one-week high against a basket of major currencies. The US economy grew at a 3.2% rate in the last three months to December, with exports and household spending playing a large role in contributing to the increase.

The euro was one of the worst performing G10 currencies, due to German inflation data raising drawing attention of the European Central Bank. A CPI report from Germany showed soft inflation in Europe’s largest economy, which does not bode well for Eurozone CPI data due later today. This raises concerns that the ECB may have to take action to prevent deflationary pressures in the region.

EURUSD tumbled over 100 pips on Thursday, and the pair mostly consolidated in the Asian session before heading lower just before the European session, down to 1.3538.

The yen strengthened today after some optimistic data from Japan. The country’s core consumer price inflation accelerated to 1.3 percent in January, the highest level in five years. This was good news for the Bank of Japan who has pursued aggressive monetary easing for more than a year to fight deflation.

The stronger yen pushed the USDJPY down from 102.70 to 102.31. EURJPY fell from139.20 to 138.65.

Aussie was knocked lower after some disappointing Australian PPI numbers (Producer Price Index). AUDUSD fell off an early session high of $0.8822 down to a low of $0.8751.
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Re: Daily Market News By FXNET

Postby Froso@FXNET » Mon Feb 03, 2014 7:37 am

Market report 3-02-2014

Asian Session - Quiet session ahead of risk-filled week

The currency markets started the new week off with a weak tone, mostly consolidating Friday’s moves and also because investors are being cautious ahead of a busy week full of risk events. There will be two major central bank policy meetings – Bank of England and European Central Bank, both on Thursday.

Meanwhile, there Reserve Bank of Australia is also having a policy meeting on Tuesday. On Friday US nonfarm payrolls are expected, which will be highly anticipated and could cause much volatility in the markets.

Chinese markets were still enjoying the Lunar Year Holiday today, keeping volumes thin during the Asian session.

The euro started the week near a ten-week low against the dollar on growing expectations of a dovish on Thursday following weak CPI data on Friday.

EURUSD did very little in Asia, trading sideways between 1.3479-96 and testing Friday’ lows.

GBPUSD extended lower in Asia to 1.6419 from Friday’s close of 1.6437.

USDCHF was up modestly from 0.9064 to 0.9082.

AUDUSD opened in Asia at 0.8766 and fell to 0.8737 after negative Australian data releases. An as expected China official manufacturing PMI out over the weekend was somewhat supportive for the aussie.
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Re: Daily Market News By FXNET

Postby Froso@FXNET » Mon Feb 03, 2014 7:37 am

Market report 3-02-2014

Asian Session - Quiet session ahead of risk-filled week

The currency markets started the new week off with a weak tone, mostly consolidating Friday’s moves and also because investors are being cautious ahead of a busy week full of risk events. There will be two major central bank policy meetings – Bank of England and European Central Bank, both on Thursday.

Meanwhile, there Reserve Bank of Australia is also having a policy meeting on Tuesday. On Friday US nonfarm payrolls are expected, which will be highly anticipated and could cause much volatility in the markets.

Chinese markets were still enjoying the Lunar Year Holiday today, keeping volumes thin during the Asian session.

The euro started the week near a ten-week low against the dollar on growing expectations of a dovish on Thursday following weak CPI data on Friday.

EURUSD did very little in Asia, trading sideways between 1.3479-96 and testing Friday’ lows.

GBPUSD extended lower in Asia to 1.6419 from Friday’s close of 1.6437.

USDCHF was up modestly from 0.9064 to 0.9082.

AUDUSD opened in Asia at 0.8766 and fell to 0.8737 after negative Australian data releases. An as expected China official manufacturing PMI out over the weekend was somewhat supportive for the aussie.
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Asian Session – Euro slides ahead of ECB policy meeting

Postby Froso@FXNET » Thu Feb 06, 2014 9:31 am

The euro eased lower ahead of key event risk as investors positioned for the European Central Bank's policy review due on Thursday.
EURUSD held steady for most of the Asian session just above a two-month low near $1.3477 that had been set on Monday before sliding to $1.3515.

Growing speculation recently that the ECB may be forced to ease monetary policy further to help fight off the threat of deflation has weighed on the euro recently. Even if the ECB does not act to cut rates today, then it is expected this could happen at the next meeting in March.

Against the yen, the euro was little changed and supported above the key 137.00 support level. EURJPY has managed to stay above an 11-week low of 136.25 yen reached on Tuesday.

USDJPY rose slightly during the session to a high of 101.65 yen, staying above Tuesday's 11-week trough of 100.75 yen.
This week the Japanese currency received a boost from safe haven demand in the wake of a recent selloff in emerging market equities and currencies.

The dollar weakened against the yen as mixed US data on Wednesday offered little support for the greenback. US PMI for the service sector picked up pace in January but the ADP jobs numbers disappointed as private employers added 175,000 jobs in January, the smallest gain since August. The US non-farm payrolls report on Friday will be closely watched.

The Australian dollar was the biggest mover today, surging against the US dollar after strong data added to the view the Reserve Bank of Australia (RBA) will not likely cut interest rates soon.

AUDUSD jumped as much as half a cent to $0.8981, its highest in nearly a month, from $0.8909 in early trade.
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Re: Daily Market News By FXNET

Postby Froso@FXNET » Tue Feb 11, 2014 7:40 am

Asian Session – Dollar broadly weaker ahead of Yellen testimony

After a quiet US session, currency markets saw more movement despite the holiday in Japan today. The US dollar was weak across the board ahead of an important risk event later today. Fed Chair Janet Yellen will make her first appearance at the House of Representatives.

Yellen will be answering questions from US lawmakers, some hostile to the central bank, who will want to know how committed she is to winding back exceptional stimulus measures.

The only economic data released during the Asian session was from Australia which showed that Australian business conditions rose to its highest in nearly three years in January.

AUDUSD rose to a one-month high of $0.9016, getting a boost after the data, up 0.6 percent from late US trade on Monday. The Aussie last fetched $0.9004.

USDJPY opened the Asian session at 102.26 after a quiet US session, then jumped to a high of 102.40 yen. Volumes were thin due to the holiday in Tokyo.

EURUSD opened the Asian session around 1.3645 after a very slow US session. The pair then idled between 1.3640/50 for the first few hours before spiking to a two-week high of 1.3679.

Other major pairs mostly traded sideways as markets await Yellen’s testimony. GBPUSD traded a 1.06404-34 range in Asia and USDCHF traded a 0.89385-0.8970 range.
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Re: Daily Market News By FXNET

Postby Froso@FXNET » Thu Feb 13, 2014 8:23 am

Asian Session – Soft Australian employment data hurt aussie

The Australian dollar was the worst performer during the Asian session after being hurt by soft Australian employment data.

According to a labour force survey for January, the domestic economy showed a surprise 3,700 drop in the number of employed Australians, which came on top of a slight downward revision in December's figures. The unemployment rate rose to the highest level since July 2003, at 6%.

The aussie tumbled over 100 pips against the US dollar in reaction to the disappointing data today.

AUDUSD fell to 0.8926 from 0.9030, reversing Wednesday’s gains made after strong China trade data.

In other currencies, the euro, pound and yen gained against the US dollar. There is caution with trading the greenback today ahead of a report today that forecast to show U.S. retail sales stalled.

The euro gained for the first time in three days against the dollar before an ECB monthly report later today.

EURUSD opened in Asia at 1.3592 and rose to 1.3615, regaining some losses from the sharp tumble yesterday following ECB policy makers comments on negative interest rates.

GBPUSD climbed to a high of 1.6622, the highest since January 28. The pound was lifted by BOE governor Mark Carney’s comments that the UK’s economic recovery was gaining momentum. Markets factored in a rate increase earlier in 2015, sooner than previously thought.

USDJPY slid to a low of 101.98 from 102.51. US retail sales will be a key risk for the dollar. A relatively flat outcome for sales will provide little rationale to buy the currency.
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Re: Daily Market News By FXNET

Postby Froso@FXNET » Tue Feb 18, 2014 8:26 am

Asian Session – Yen weakens after Bank of Japan policy announcement

The yen tumbled against major counterparts after the announcement from the Bank of Japan that it left its monetary policy and economic assessment unchanged. The Bank also extended and doubled two loan programs.

USDJPY and the JPY crosses rallied with the Nikkei following the BOJ policy announcement. From just below 102.00, USDJPY surged up to 102.73. EURJPY rallied from 139.50 to 140.50, GBPJPY from 170.17 to 171.35.

EURUSD opened in Asia at 1.3705, Trading was extremely quiet over the past 24 hours with the pair hovering around 1.3700. During the Asian session the pair traded a 1.3695-1.3717 range.

Looking ahead, the euro will be in focus as the German ZEW investor sentiment data will be released in the European session today.

GBPUSD edged higher from 1.6710 to 1.6736 in Asia following the downside retracement to 1.6694 overnight. EURGBP consolidated between 0.8193-97 in Asia after the bounce last night.

Key risk for the sterling today will be UK inflation data.

AUDUSD opened in Asia and held between 0.9030-42 ahead of the Reserve Bank of Australia minutes then rose to a fresh one-month peak of $0.9081. The minutes had nothing new to say but alt of the move in AUD was based on positioning.
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Re: Daily Market News By FXNET

Postby Froso@FXNET » Wed Feb 26, 2014 8:54 am

Asian Session – Dollar struggles after weak US consumer confidence data

Weak US data dampened sentiment keeping the dollar heavy against the yen. US Consumer confidence in February fell to 78.1 versus 80 forecast and 79.4 previous. Meanwhile there were comments from the Fed policy maker Tarullo who said that monetary is possible tool to deal with broad sustained systemic risk and that it is possible that interest rates will remain historically low for some time after Fed starts to raise them.

USDJPY opened the Asian session at 102.24 after trading with a heavy tone through the US session due to weak US consumer confidence and a drop in the 10-yr Treasury yield to 2.70%. The pair eased to 102.13 in early Asia.

The Australian dollar was in focus today as there was domestic data on the construction sector. Fourth-quarter total construction fell 1.0% on the quarter while engineering construction was down 0.5%. Also weighing on the aussie lately was the weaker Chinese yuan.

AUDUSD opened the Asian session at $0.9018 and traded a moderate 0.8969-0.9021 range.

EURUSD barely moved yet again in Asia and could only manage a $1.3739/1.3748 range for the entire morning session.

GBPUSD traded a 1.6669-85 range in Asia. Yesterday the pound rose above $1.6720 after comments by the BOE's McCafferty that the UK could raise interest rates in Q2 2015.

Revised GDP for the UK will be released in the European session today and US new home sales in the US session.
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Re: Daily Market News By FXNET

Postby Froso@FXNET » Fri Feb 28, 2014 6:36 am

Asian Session – Yen lifted by upbeat Japanese data

The yen performed well in today’s Asian session after a series of upbeat data released from Japan. Most figures came in on or better than expectations, which reduced the expectations in the market that the Bank of Japan might be taking action for further policy easing.

USDJPY opened the Asian session at 102.12 and traded to 102.20 before falling after the Japan data to 101.76. Yesterday the dollar got a bit of a boost after Fed Chair Yellen’s testimony.

EURUSD opened the Asian session at 1.3709 after a recovery in EURJPY and a broadly weaker USDJPY. EURUSD could only manage a 1.3703/15 range.

The main event during the European session will be Euro zone inflation data and the outcome will likely shape the European Central Bank expectations ahead of next week’s meeting.

GBPUSD traded a 1.6677-95 range as did USDCHF which traded a 0.8877-08889 range during the Asia n session.

AUDUSD opened today at 0.8965 and traded a moderate 0.8944-90 range in Asia with dips to 0.8955 in early trades but it wasn't long before the 0.8990 level was tested. China data this weekend will be a key risk to the aussie.
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Re: Daily Market News By FXNET

Postby Froso@FXNET » Thu Mar 06, 2014 8:21 am

Asian Session – Australian dollar rallies after strong retail sales and trade data

The Australian dollar was the best performer today after Australian retail sales beat expectations by more than double the forecast, while the nation’s trade balance posted a strong surplus. The upbeat data lessened the possibility of a rate cut by the Reserve Bank of Australia and helped sentiment for the AUD.

Australian retail sales jumped by 1.2% m/m versus a consensus of 0.5% while the trade surplus widened to A$1.433 billion versus a previous A$591 million and above the A$270 million forecasted.

AUDUSD rallied to a high above 0.9030 while AUSDJPY rose to a high above 92.60 yen.
In other news overnight there was soft US data. The private payrolls processor ADP showed a tepid increase of 139,000 jobs in February, while jobs growth in January was revised down sharply to 127,000 from 175,000. The ISM non-manufacturing PMI fell to a 4-year low last month.

However the dollar remained buoyant as Fed policy maker Williams said yesterday that he expects the first rate hike to be in mid 2015. This gave a boost to the dollar.

USDJPY rose to a high above 102.75 in Asia today, up from the session open of 102.30 and up 1.2% since Monday.

EURUSD traded at $1.3728, little-changed in Asia but off 2-month high of $1.38255 hit on Friday. A key risk for the euro will be today’s European Central Bank meeting. Interest rates are expected to remain the same at 0.25% but many expect the central bank to end its SMP sterilization program, which means an end to bond buying that was draining liquidity. By ending this program, the increase in liquidity in the financial system of the Euro zone will weaken the euro.

GBPUSD was flat trading a 20-pip range above $1.6706. The Bank of England policy announcement will be in focus today.It is expected to be a non-event as the rate is predicted to remain at 0.50%.

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