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Forex Forum to Share, Discuss, Communicate and Trade Forex • Daily market news by Cozfx
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Re: Daily market news by Cozfx - 07/01/15

PostPosted: Wed Jan 07, 2015 2:13 am
by dwang
COZfx: EUR/GBP gains but upside seen limited

COZforex: The euro edged higher against the pound on Tuesday, after upbeat service sector data from Germany and France but gains were capped by mounting expectations for fresh easing by the European Central Bank, coupled with concerns over a potential Greek exit from the euro zone.

EUR/GBP hit 0.7849 amid European afternoon trade, the session high; the pair subsequently consolidated at 0.7845, gaining 0.26%. In technical analysis, COZFX strategist Nigel Boynton said, EUR/GBP was likely to find support at 0.7807, the low of December 30 and a more than one-month low and resistance at 0.7870, the high of December 26.

Research firm Markit earlier reported that Germany's services purchasing manager's index rose to 52.1 last month from a reading of 51.4 in November. In France, the services PMI swung into expansion territory in December with a reading of 50.6, up from 49.8 the previous month.

However, the Markit composite PMI, which measures activity in the manufacturing and services sectors in the euro area, was revised down to 51.4 in December from the preliminary estimate of 51.7. The figure was still higher than November’s reading of 51.1. The weak data added to pressure on the ECB to implement quantitative easing measures ahead of its upcoming meeting on January 22.

Separately, ongoing uncertainty over Greece’s future in the euro zone if far-left anti-austerity party Syriza won elections due to be held later this month also weighed on the single currency.

In the UK, data on Tuesday showed that the Markit/CIPS Services PMI decreased to 55.8 last month from a reading of 58.6 in November. Analysts had expected the index to dip to 58.5 in December. The report underlined expectations that the Bank of England will keep rates on hold for most of 2015.

Later in the day, the Institute of Supply Management was to release data on US non-manufacturing activity.


(COZ forex UK)

Re: Daily market news by Cozfx

PostPosted: Thu Jan 22, 2015 2:40 am
by dwang
Cozfx: AUD/USD drop in China GDP weighs

COZforex: The Australian dollar was lower against its US counterpart on Tuesday, as a downbeat Chinese economic growth report weighed and demand for the greenback remained broadly supported.

AUD/USD hit 0.8160 amid late Asian trade, the pair's lowest since January 15; the pair subsequently consolidated at 0.8203, easing 0.09%. In technical analysis, COZforex senior currency strategist Ian • Quigley said, AUD/USD was likely to find support at 0.8066, the low of January 14 and resistance at 0.8300, the high of January 15.

Data earlier showed that China's gross domestic product rise 1.5% in the last quarter, disappointing expectations for a growth rate of 1.7% and down from 1.9% in the third quarter. China is Australia's biggest export partner.

Meanwhile, the greenback remained broadly supported after the Swiss National Bank shocked markets last Thursday by abandoning its three-year old 1.20 per euro exchange rate cap.

Earlier Tuesday, the New Zealand Institute of Economic Research said its business confidence index rose to 23 in the fourth quarter from a reading of 19 in the three months to September.


(COZforex UK)

Re: Daily market news by Cozfx

PostPosted: Tue Jan 27, 2015 4:30 am
by dwang
COZfx: USD/CAD rises to fresh multi-year highs in early trade

COZforex: The US dollar rise to fresh multi-year highs against its Canadian counterpart on Monday, trading at a nearly 6-year peak as investors were still cautious following Greek anti-austerity Syriza party's election win on Sunday.

USD/CAD hit 1.2476 amid early US trade, the pair's highest since March 2009; the pair subsequently consolidated at 1.2458, rising 0.31%. In technical analysis, COZforex senior currency strategist Ian • Quigley said, USD/CAD was likely to find support at 1.2355, Friday's low and resistance at 1.2714.

Market sentiment weakened earlier amid concerns over Syriza’s pledge to renegotiate the terms of Greece's €240 billion international bailout and reverse many of the austerity measures imposed by the European Union and International Monetary Fund.

The commodity-linked Canadian dollar was also hit as news of Syriza'a victory sent crude oil futures down to the lowest level in nearly 6 years on Monday.

The euro found some support after data earlier showed that German business confidence improved to the highest level in 6 months in January, easing concerns over the health of the euro zone's largest economy.

The German research institute, Ifo said its Business Climate Index rise to 106.7 this month, above forecasts for 106.3 and up from a reading of 105.5 in December.


(COZ forex UK)

Re: Daily market news by Cozfx

PostPosted: Fri Jan 30, 2015 4:21 am
by dwang
COZfx: Swiss franc continues slide amid intervention speculation

COZforex: The Swiss franc dropped against the other major currencies on Thursday, extending the broad based drop seen in recent sessions amid heightened expectations for further intervention by the Swiss National Bank against the currency.

USD/CHF was up 1.57% to 0.9185, the strongest level since January 15. EUR/CHF added 1.58% to trade at 1.0374. In technical analysis, COZFX strategist Nigel Boynton said, USD/CHF is predicted to find support at 0.9022 and a decline through could take it to the next support line of 0.8938. Meanwhile, the pair is predicted to find its first resistance at 0.9153, and a rise through could take it to the next resistance line of 0.9201.

On Tuesday, SNB Vice President Jean-Pierre Danthine said it was still “fundamentally prepared” to intervene in currency markets, even after scrapping its cap.

The euro has been floating freely against the Swiss franc since Switzerland’s central bank abandoned its 3.5 year old 1.20 per euro exchange rate cap on January 15. The bank also cut rates to minus 0.75%, from minus 0.25% previously.
The move came as prospects of quantitative easing by the European Central Bank to combat the threat of deflation in the euro area increased pressure on the Swiss franc.

The ECB unveiled a €60 billion a month government bond purchasing program on January 22.

Figures on Monday showed that sight deposits at the SNB rise almost 8% last week. It was the largest increase since July 2013, indicating that the bank has been purchasing foreign currency in the market.


(COZ forex UK)

Re: Daily market news by Cozfx

PostPosted: Tue Feb 10, 2015 2:55 am
by dwang
COZfx: Euro trading higher before Germany’s factory orders data

COZforex: For the past trading session, the EUR dropped 0.26% against the USD and closed at 117.27.

In the Euro-zone, the final services PMI rise more than expected to 52.6 in January, compared to market expectations of an unchanged reading of 52.3 recorded in the previous month. Additionally, Germany’s services PMI surprisingly advanced to 54.0 in January, higher than market expectations for a rise to a level of 52.7, thus indicating that the European economy was gaining momentum in early 2015.

In other economic news, retail sales in the Euro-zone increased 2.8% on a YoY basis, posting a 8-year high in December, higher than previous month’s advance of 1.5% and compared to market expected advance of 2.0%.

The greenback traded on a stronger footing, after the US ISM non-manufacturing PMI stood at 56.7 in January, from previous month’s reading of 56.5. Also, the final Markit services PMI recorded a rise to 54.2 in January, higher than market expectations of a rise to a level of 54.1. On the other hand, the ADP private sector employment climbed less than anticipated by 213.0 K in January, following a revised gain of 253.0 K in the prior month. Markets were expecting the private sector employment to rise 220.0 K. Meanwhile, mortgage applications in the US advanced 1.3% in the week ended 30 January 2015, compared to a decline of 3.2% registered in the prior week.

Separately, the Cleveland Fed President, Loretta Mester opined that there was a need to hike interest rates in near term, amid escalating economic recovery in the US. Furthermore, she indicated that gradual recovery in the labour markets and low oil prices could provide a boost to consumer spending in the nation.

In technical analysis, COZFX strategist Nigel Boynton said, EUR/USD is predicted to find support at 1.1279 and a drop through could take it to the next support line of 1.1201. Meanwhile, the pair is predicted to find its first resistance at 1.146, and a rise through could take it to the next resistance level of 1.1563.


(COZ forex UK)

Re: Daily market news by Cozfx

PostPosted: Wed Feb 11, 2015 2:56 am
by dwang
COZfx: Yen continues its gains this morning

COZforex: For the past trading session, the USD weakened 0.36% against the JPY and closed at 118.64.

In economic news, Japan’s Eco watchers survey for the current situation advanced to 45.60 in January, while markets were expecting it to rise to 45.80. On the other hand, the nation’s Eco watchers survey for the future outlook climbed unexpectedly to a level of 50.00 in January, compared to market expectations of a decline to 45.80. The future outlook had recorded a reading of 46.70 in the previous month.

Overnight data showed that Japan’s tertiary industry index unexpectedly dropped 0.30% on a monthly basis in January, lower than market expectations which called for an unchanged reading. The index had registered a rise of 0.20% in the previous month. Meanwhile, housing loans in the nation climbed 2.50% on an annual basis, in 4Q 2014, compared to an advance of 2.80% registered in prior quarter.

In technical analysis, COZFX strategist Nigel Boynton said, USD/JPY is predicted to find support at 118.18 and a drop through could take it to the next support line of 117.91. Meanwhile, the pair is predicted to find its first resistance at 118.88, and a rise through could take it to the next resistance line of 119.3.


(COZ forex UK)

Re: Daily market news by Cozfx

PostPosted: Sat Feb 21, 2015 4:54 pm
by orni308
USDJPY rose a bit up but there is still enough support and this pair might get choppy has to wait and watch.

COZfx: NZD/USD higher as markets digest US data

PostPosted: Wed Mar 04, 2015 5:09 am
by dwang
COZforex: The New Zealand dollar was higher against its US counterpart on Tuesday, as demand for the greenback cooled after Monday's upbeat US economic reports sparked expectations for a rate hike in the near future.

NZD/USD hit 0.7285 amid late Asian trade, the session high; the pair subsequently consolidated at 0.7545, gaining 0.44%. In technical analysis, NZD/USD was likely to find support at 0.7472, the low of February 25 and resistance at 0.7617, the high of February 25.

The greenback had rallied broadly on Monday after data showed that US manufacturing activity continued to expand in February supported expectations for higher interest rates.

The kiwi was lower against the Australian dollar, with AUD/NZD rising 0.35% to 1.0375.

The Reserve Bank of Australia surprised markets on Tuesday when it held its benchmark interest rate at 2.25%, but signalled that rate cuts could be necessary in the future. Analysts had expected the central bank to lower borrowing costs by 0.25% this month.

Commenting on the decision, RBA Governor Glenn Stevens said that "further easing of policy may be appropriate over the period ahead, in order to foster sustainable growth in demand and inflation consistent with the target."

Separately, the Australian Bureau of Statistics reported that building approvals increased by 7.9% in January, beating expectations for a 1.8% decline. December's figure was revised to a 2.8% drop from a previously estimated 3.3% slide.


(COZ forex UK)

COZfx: Aussie trading lower this morning

PostPosted: Thu Mar 12, 2015 8:59 am
by dwang
COZforex: For the past trading session, the AUD weakened 0.79% against the USD to close at 0.7631.

Yesterday, the RBA Assistant Governor, Christopher Kent stated that the Australian dollar was still having elevated value and continued to hamper the nation’s economic growth.

LME Copper prices dropped 0.28% or $16.5/MT to $5783.5/MT. Meanwhile, Aluminium prices dropped 0.62% or $11.0/MT to $1749.5/MT.

Data just released indicated that in China, Australia’s biggest trading partner, retail sales rise 10.7% YoY, lower than market expected advance of 11.7%. In addition, the nation’s industrial production declined to 6.8% on an annual basis in February, after registering a level of 7.9% in the preceding month.

Early morning data showed that Australian home loans slid 3.5% in January, higher than market expected drop of 2.0% and following a drop of 2.7% registered in the prior month. Meanwhile, investment lending in the nation fell 0.1% in January after registering a rise of 6.0% in December.

Overnight data indicated that Australia’s Westpac consumer confidence index dropped to a level of 99.5 in March, compared to a rise to a reading of 100.7 registered in the previous month.

In technical analysis, COZFX strategist Nigel Boynton said, AUD/USD is predicted to find support at 0.7565 and a drop through could take it to the next support line of 0.7532. Meanwhile, the pair is predicted to find its first resistance at 0.7658, and a rise through could take it to the next resistance line of 0.7719.


(COZ forex UK)

COZfx: Aussie weakens after minutes show scope for further r

PostPosted: Tue Mar 17, 2015 3:54 am
by dwang
COZforex: The Aussie dropped on Tuesday after the central bank released minutes of its latest policy decision that showed scope for a further cash rate cut.

A cash rate cut to a record low 2.25% in February needs to work its way through the economy, but a further cut may be appropriate, the Reserve Bank of Australia said in minutes from its March meeting.

AUD/USD traded at 0.7619, down 0.29%, after the minutes, while USD/JPY changed hands at 121.46, up 0.10%. EUR/USD eased to 1.057, down 0.10%.

Overnight, the dollar remained lower against a basket of other major currencies on Monday, as investors continued to lock in profits from the greenback's recent rally to 11.5 year highs and after disappointing US data dampened optimism over the strength of the economy.

Official data earlier showed that US industrial production rose just 0.1% in February, falling short of expectations for a 0.2% gain. Manufacturing output dipped 0.1% as automobile production fell, indicating that economic growth could slow in the first quarter.

Another report showed that manufacturing activity growth in New York State slowed in March for a second straight month as new orders fell.

Market participants were now eyeing Wednesday’s Federal Reserve statement to see if it would drop its reference to being patient before raising rates and signal that it is ready to hike rates depending on economic data.

The US dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was flat at 100.14.


(COZ forex UK)