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Markets React to and PBOC's Decision to Cut Rates

PostPosted: Wed Aug 26, 2015 1:00 pm
by Froso@FXNET
The US dollar was higher against the euro and yen for the second consecutive day after having lost momentum on Monday amidst china’s market decline. The dollar was mainly supported by a positive consumer confidence index.

Markets were broadly affected by The People’s Bank of China’s (PBOC) decision to cut interest rates late on Tuesday and lower the amount of reserves that the banks must hold in an attempt to save the market from collapsing. The Chinese market had lost almost 20 percent in three days.

The U.S. Conference Board said on Tuesday that its index of consumer confidence was at its seven months high at 101.5 for August after being at 91.0 in July.

The USD/JPY pair was 0.5 percent higher at 119.5 and EUR/USD lost 0.18 percent to 1.1499.

NZD/USD added 0.29 percent trading at 0.6493, the pair was expected to find support at 0.6423 and resistance at 0.6567.
The AUD/NZD pair was also lower losing 0.37 percent and trading at 1.0972. The Kiwi was supported by a positive trade balance.

EUR/NZD lost 0.55 percent to trade at 1.7692.

The U.S. dollar index which measures the greenback against a basket of six other major currencies added 0.18 percent to trade at 94.09 recovering from Monday’s 92.52.

Brent for October delivery on the ICE Futures Exchange in London was 25 cents higher at 43.46 dollars a barrel and U.S. Crude for October delivery on the New York Mercantile Exchange was 26 cents higher at 39.57 dollars a barrel.

Gold futures for December delivery on the Comex of the New York Mercantile Exchange added 0.37 percent to 1,142.50 dollars a troy ounce during U.S. morning trading hours on Wednesday. Overnight gold prices had fallen sharply as the dollar gained strength following a positive U.S. consumer report.

Elsewhere on the Comex silver futures added 0.34 percent to 14.660 dollars a troy ounce and copper futures lost 0.20 percent to 2.259 dollars a pound after having fallen to 2.209 on Tuesday their lowest level in six years.

Re: Daily Market News By FXNET

PostPosted: Wed Sep 02, 2015 1:07 pm
by Froso@FXNET
The dollar rebound from yesterday’s slump and gained momentum despite ongoing concerns over China’s economic slowdown and, US small business borrowing falling for July.

Economic reports on Tuesday showed that manufacturing activity in China contracted at its fastest rate in three years for August, and the service sector activity was also slower raising concerns about global health as the world’s second largest economy shrinks.

The USD/JPY pair adding 0.53 percent to trade at 119.97. EUR/USD lost 0.46 percent trading at 1.1265, after the euro had gained against the dollar on Tuesday as manufacturing activity in Europe was seen weaker than expected.

NZD/USD added 0.47 percent during early Asian trade hitting 0.6369 and consolidating at 0.6360. The pair was expected to find support at 0.6244 and resistance at 0.6481.

AUD/USD added 0.33 percent to 0.7039 after the Australian Bureau of Statistics reported that the country’s Gross Domestic Product (GDP) added 0.2 percent for its second quarter, lower than expectations of a 0.4 percent growth and after a 0.9 percent expansion in the first quarter. The AUD/USD pair was expected to find support at 0.6854 and resistance at 0.7156.

The British Pound was at its 3 month lows after the release of the Markit construction purchasing managers’ index which had gone up to 57.3 for August from July’s 57.1 but failed to reach the expected 57.5. The index still indicated expansion as it read above 50.0.

GBP/USD was at 1.5291 from last night’s 1.5271.

The U.S. dollar index which measures the greenback against a basket of six other major currencies added 0.32 percent to trade at 95.70.

Investors are looking ahead for Friday’s U.S. non-farm payrolls. “U.S. payrolls will be the focus, but I doubt it will change the current debate over whether the Federal Reserve will hike rates in the near term or not” said Alvin Tan from Societe Generale.

Expectations are on a job growth of 220,000 for August, after July’s 215,000 increase in July. Unemployment rate is expected to fall from 5.3 percent to 5.2 percent.

Crude oil for October delivery was 2.2 percent lower on the New York Mercantile Exchange trading at 44.41 dollars a barrel during European morning trading hours, and once again falling below the 50 dollar benchmark.

Brent Oil for October delivery on the ICE Futures Exchange in London lost 1.8 percent to trade at 48.67 dollars a barrel. On Tuesday Brent had already lost 8.48 percent.

Re: Daily Market News By FXNET

PostPosted: Wed Sep 02, 2015 1:23 pm
by Froso@FXNET
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Market News by FxNet

PostPosted: Thu Sep 10, 2015 12:44 pm
by Froso@FXNET
The U.S. dollar fell against the Euro for five consecutive sessions despite a positive survey which showed good US job data. Euro gains have been accumulating over the past month giving the shared currency a monthly boost of 2.2 percent against its U.S. counterpart. Gains however have been modest with the strongest gain of the month being 0.30 percent.
EUR/USD traded between 1.1132 and 1.1217 overnight, by Early Asian trading on Thursday the pair settled at 1.1207, a 0.03 percent gain. The pair is expected to find support at 1.1086 and resistance at 1.1562.
Despite underperforming against the Euro the dollar was supported by the U.S. Labour Department that said on Wednesday in its Job Openings and Labour Turnover Survey that nationwide openings increased in July, reaching 5.8 million. In May the survey had hit 5.4 million and for July it hit a new record which is the highest in the 15 year history of surveys.
The job openings rate added 3.9 percent in July, after being at 3.6 percent for three months. This report balances out last Friday’s disappointing nonfarm payroll report.
USD/CAD added 0.36 percent to 1.3255, after the Bank of Canada (BOC) decided to keep its interest rates on the same level, USD/JPY added 0.58 percent closing at 120.50, the yen was affected by an unexpected fall of Japan’s key gauge of capital spending, this was its second consecutive fall in the last two months which highlights the economy’s weakness.
NZD/USD lost 1.82 percent trading at 0.6278 while AUD/USD lost 0.78 percent trading at 0.6963. The Aussie was affected by the overall employment rate fall which dropped to 6.2 percent from 6.3 with the addition of 11,500 jobs.
China’s struggling market saw further negativity, when China’s consumer inflation in August was higher, but producer prices fell for the forty second straight month keeping the country at risk of deflation.
With big slowdowns in the world’s second and third largest economies, global growth forecasts by ANZ bank were revised for the years 2016 and 2017 dropping the growth rate to 3.5 percent instead of the 4 percent which had been previously predicted.
The U.S. dollar index which measures the greenback’s strength against a basket of six major currencies lost 0.14 percent to 95.83.
West Texas Intermediate (WTI) crude for October delivery lost 0.05 percent on the New York Mercantile Exchange falling to 44.19 dollars a barrel.
Brent Crude for October delivery on the Intercontinental Exchange (ICE) lost 3.86 percent trading at 47.62 dollars a barrel.
Gold for December delivery added 0.33 percent on the Comex of the New York Mercantile Exchange trading at 1,105.60 dollars a troy ounce.
Silver futures for December delivery lost 0.04 percent to trade at 14.570 dollars a troy ounce.
Copper for December delivery added 0.39 percent to 2.432 dollars a pound.

Re: Daily Market News By FXNET

PostPosted: Thu Sep 17, 2015 1:00 pm
by Froso@FXNET
EUR/USD saw some gains on Wednesday afternoon after falling in the morning. The pair fluctuated between 1.1214 and 1.1321. It settled 0.20% up at 1.1288. Over the last month of trading the Euro has gained 1.75% in value against the American dollar. EUR/USD was expected to gain support at 1.1015 and resistance at 1.1625.

The office of National Statistics said U.K. retail sales were 0.2% higher in August as expected. They were 3.7% up from the same month the previous year, just a tick below the forecast 3.8%. Core retail sales which exclude automobile sales added 0.1% Month on Month for August and 3.6% Year on Year. GBP/USD rose up to 1.5526 and consolidated at 1.5495.
Statistics New Zealand showed that the Gross Domestic Product (GDP) of the country was 0.4% higher for the second quarter (April-June) slightly lower than expectations of a 0.5% increase. The first quarter had seen a 0.2% increase. NZD/USD lost 0.14% consolidating at 0.6358.

The Swiss National Bank (SNB) announced its decision to keep its benchmark interest rate unchanged at -0.75% as expected. The bank also left the target range for the three months libor unchanged between -1.25% and -2.25%. The decision came after the State Secretariat for Economic Affairs said its expectation for Switzerland's economic growth is at 0.9% for 2015 and 1.5% for 2016. USD/CHF fell 0.41% trading at 0.9673.

The US dollar Index which measures the greenback against a basket of six other major currencies lost over 0.40% on Wednesday to an intraday low of 95.30.

US West Texas Intermediate (WTI) crude were at 47.13 dollars per barrel at 4:30 GMT unchanged from their previous close, Brent was 6 cents higher at 49.81 dollars per barrel.

Gold futures for December delivery on the Comex of the New York Mercantile Exchange were at 1,118.3 dollars an ounce falling from overnight’s 1,122.4.

Silver Futures for December delivery lost 0.24% falling to 14.85 dollars an ounce. Copper for December delivery lost 0.62% to trade at 2.437 dollars a pound.

The interest rate decision will be announced by the Fed at 2 PM EST, 6 PM GMT.

Re: Daily Market News By FXNET

PostPosted: Tue Sep 22, 2015 1:15 pm
by Froso@FXNET
The US dollar was steady to lower on Tuesday after recovering losses on Monday. Market volatility surrounding the Fed’s interest rate hike decision was the leading reason behind most currency movements, and now the Fed is coming under attack for prompting uncertainty.
EUR/USD lost 0.17 percent trading at 1.1172, its lowest level since September 9th.
Australia's second quarter house price index rose by 4.7 percent, higher than the 2.5 percent quarter on quarter rise. AUD/USD added 0.13 percent trading at 0.7140. The US dollar held strong despite yesterday's disappointing housing data report. USD/JPY lost 0.16 percent to 120.37.

The National Association of Realtors said on Monday that existing home sales lost 4.8 percent to an annual rate of 5.31 million units. Expectations were on a 5.51 million unit pace of home sales for August. From a year ago sales were up 6.2 percent. Nationwide the median home price fell slightly in August to 228,700 dollars, 4.7 percent higher than a year earlier but left the year over year rate at its lowest since August 2014. In the West, prices were up by 7.1.

The US dollar index which measures the greenbacks’ strength against a basket of six major currencies lost 0.07 percent overnight to 95.97 then rose to 96.15.

Overnight West Texas Intermediate (WTI) crude futures lost 48 cents trading at 46.20 dollars per barrel, while Brent futures were 45 cents lower at 48.47 dollars a barrel. Prices fell after surging on Monday following a decline in US rigs drilling for oil. Prices are expected to rise according to Reuters analyst Wang Tao, who says Brent will rise to 49.70 dollars per barrel and WTI could reach 47.78 based on Fibonacci retracement indicators.

Gold futures for December delivery on the Comex of the New York Mercantile Exchnage traded at 1,133 dollars a troy ounce. Silver for December delivery lost 0.24 percent to 15.185 dollars a troy ounce, while Copper for December lost 0.27 percent to 2.383 dollars a pound.

Re: Daily Market News By FXNET

PostPosted: Wed Sep 23, 2015 10:15 am
by Froso@FXNET
EUR/USD fell late on Tuesday trading between 1.1114 and 1.1207 before settling at 1.1132, 0.51 percent lower for the session. This comes after the pair had gained for eight straight sessions. The pair was expected to find support at 1.1086 and resistance at 1.1713.
China's Caixin Manufacturing index for September fell to 47 from August's 47.3, falling to a 78 month low. In response the Aussie fell weaker as Australia is China's biggest importing partner, AUD/USD lost 21 percent trading at 0.7075 late on Tuesday, while USD/JPY added 0.05 percent to 120.22.
The US dollar index was 0.15 percent higher at 96.64.
The Asia Development Bank (ADB) lowered its 2015 economic growth projections for China from 7.2 percent to 6.8 percent. The bank also revised its economic growth expectations for India from 7.8 percent to 7.4 percent. Economic growth for the entire Asian region was reduced from 6.3 percent to 5.8 percent, as for the Southeast Asian Region forecast was lowered to 4.4 from 4.9.

Gold futures for December delivery on the Comex of the New York Mercantile Exchange lost 0.12 percent trading at 1.123.50 dollars a troy ounce following the drop in China's Manufacturing Index (considering china is one of the world's largest gold importers). Silver for December lost 0.24 percent to 14.720 dollars a troy ounce, while copper for December delivery lost 0.39 percent to 2.295 dollars a pound understandable as China accounts for approximately 40 percent of all copper consumption in the world.

The American Petroleum Institute (API) said that crude stocks were lower by 3.7 million barrels for last week better than the expected 700,000 barrel drop. West Texas Intermediate (WTI) crude for November lost 0.33 percent trading at 46.20 dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery on the Intercontinental Exchange (ICE) traded between 47.70 and 49.17 dollars a barrel before settling at 49.03 dollars, 0.22 percent higher for the day. Later in the day the US Department of Energy will release numbers on crude and refined product stockpiles.

Re: Daily Market News By FXNET

PostPosted: Thu Sep 24, 2015 9:57 am
by Froso@FXNET
Markets were mainly affected by European Central Bank (ECB) President Mario Draghi’s speech. Draghi spoke in Brussels before the European Parliament's Committee on Economic and Monetary Affairs on Wednesday saying that the future of the quantitative easing program is difficult to forecast.

"more time is needed to determine whether the loss of growth momentum in emerging markets is of a temporary or permanent nature and to assess the driving forces behind recent episodes of severe financial turbulence" he said.
Following Draghi's speech EUR/USD added 0.44 percent to 1.1105 and was expected to find support at 1.1086 and resistance at 1.1209. EUR/NZD lost 0.17 percent to 1.7785. EUR/GBP lost 0.2 percent to 73.29 pence.

Elsewhere total British car production rose almost 41 percent to 99.919 cars for August according to the Society of Motor Manufacturers and Traders (SMMT).

The greenback was 0.2 percent lower than the Japanese yen in early Asian trading on Thursday at 120.03 yen.
AUD/USD remained close to its two and a half week lows at 0.6992 consolidating at 0.6997. The pair was expected to find support at 0.6942 and resistance at 0.7095.

NZD/USD added 0.26% to 0.6294. The pair was expected to find support at 0.6233 and resistance at 0.6405.
New Zealand's trade balance for August widened to a deficit of 1.035 billion NZ dollars month on month, higher than the 850 million NZ dollars deficit seen. Late on Wednesday NZD/USD added 0.17 percent to 0.6287.

The US dollar index which measures the greenback against a basket of six major currencies was up 0.1 percent during Thursday’s early Asian trade at 96.173; still below Wednesday’s two and a half week high of 96.548.

The Energy Information Administration (EIA) released data on Wednesday showing that U.S. crude oil stocks were 1.9 million barrels lower for the week ending September 18th more than expectations of a 533,000 barrels decrease.
Oil prices gained momentum following the bullish news with Brent climbing 29 cents to 48.04 dollars a barrel. US Crude added 33 cents to 44.81 dollars a barrel.

Gold futures for December delivery on the Comex of the New York Mercantile Exchange lost 0.04 percent trading at 1,131.00 dollars a troy ounce. Elsewhere on the Comex Silver for December delivery added 0.04 percent to 14.795 dollars a troy ounce while Copper for December added 0.21 percent to 2.299 dollars a pound.

Re: Daily Market News By FXNET

PostPosted: Wed Oct 14, 2015 1:26 pm
by Froso@FXNET
Markets were affected on Wednesday by low data from China which highlighted the risk global economy can have on the US and supported the delay of the rate hike.

Chinese consumer inflation softened more than expected in September thanks in part to slower food price growth, the Consumer Price Index (CPI) added only 1.6 percent compared to a year earlier while the Producer Price Index (PPI) fell nearly 6 percent as it had in August, its biggest drop in six years. Third quarter Gross Domestic Product (GDP) will be released next week and is expected to fall below 7 percent; its lowest since the start of the economic crisis.
EUR/USD added 0.22 percent to 1.1404. USD/JPY lost 0.19 percent to 119.50 and USD/CHF lost 0.15 percent to 0.9564. GBP/USD added 0.75 percent to 1.5363. AUD/USD was steady at 0.7241, NZD/USD added 1.29 percent to 0.6729 and USD/CAD lost 0.14 percent to 1.3018.

The UK Office for National Statistics released unemployment figures showing that unemployment rate fell to its lowest second quarter number since 2008 at 5.4 percent from 5.5 percent in the first quarter. The number of people claiming unemployment benefits rose by 4,600 to a total of 796,000, expectations had been on a 2,100 decline.

The US dollar index which measures the greenback’s strength against a basket of six major currencies was 0.23 percent lower to 94.58.

Brent oil for December delivery on the ICE Futures Exchange lost 0.16 percent to 49.61 dollars a barrel during Wednesday’s morning European trading hours.

Crude oil for November delivery lost 0.04 percent on the New York Mercantile Exchange to 46.64 dollars a barrel.
Gold for December delivery on the Comex of the New York Mercantile Exchange rallied through four straight sessions to hit their three months high at 1,174.50 dollars a troy ounce, and then traded at 1,173,000, a 0.65 percent increase.

Elsewhere on the Comex Copper for December delivery lost 0.17 percent to 2.384 dollars a pound.

Market News By FXNET

PostPosted: Wed Nov 04, 2015 11:38 am
by Froso@FXNET
Research group Markit said that the seasonally adjusted Markit/CIPS Service Purchasing Managers Index increased to 54.9 last month from 53.3 in September. Expectations were for the index to rise to 54.9.

GBP/USD rose to 1.5432 from 1.5416 after the release of the report, while EUR/GBP rose to 0.7080 from 0.7087.

Markit surveys showed that quarterly economic growth in the Eurozone was around 0.4 percent as expected by a Reuters poll which was published in October. Markit’s final October Composite Purchasing Managers’ Index (PMI) came in at 53.9, less that the expected 54.0.
EUR/USD lost 0.34 percent to 1.0926 and EUR/JPY lost 0.25 percent to 132.4.

NZD/USD hit 0.6633 during late Asian trade and consolidated at 0.6658 0.09 percent lower. The pair was expected to find support at 0.6618 and resistance at 0.6782.

Statistics New Zealand reported on Tuesday that the number of employed people by 0.4 percent in the third quarter confounding expectations for a 0.4 percent rise after a 0.3 percent gain in the second quarter.

The U.S. will release later Wednesday ADP jobs reports for October and trade balance data while the Institute of Supply Management will release its report on service sector growth for October, while on Friday US nonfarm payrolls will be released and expectations are on a growth of 182,000 jobs in October after an increase of 142,000 in September, while unemployment is expected to be steady at 5.1 percent.

In addition, Fed Chair Janet Yellen will appear before a congressional committee on Wednesday to testify on the U.S. central bank's role in overseeing the country's financial system.

The US dollar index which measures the greenback against a basket of six major currencies was up 0.24 percent the 97.50.

Crude oil for December delivery lost 0.56 percent on the New York Mercantile Exchange trading at 47.63 dollars a barrel during European morning hours. A day earlier oil on the NYMEX added 3.81 percent.

Brent for December delivery on the ICE Futures exchange in London lost 0.95 percent trading at 50.06 dollars a barrel. On Tuesday Brent prices added 3.59 percent.

Gold for December delivery on the Comex of the New York Mercantile Exchange added 0.41 percent trading at 1,118.70 dollars a troy ounce during European morning hours.

Elsewhere on the Comex copper for December delivery added 0.38 percent to 2.350 dollars a pound.