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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

PostPosted: Fri Dec 02, 2016 9:17 am
by dwang
COZfx: BoE warns of elevated risks for UK’s financial stability

COZforex: For the past trading session, the GBP rose 0.18% against the USD and closed at 1.2511.

Yesterday, the Bank of England, in its financial stability report, stated that outlook for UK’s financial stability “remains challenging” following the Brexit vote and warned that a disorderly Brexit would have damaging effects on the financial system and the broader economy. It further warned that the US election outcome has “reinforced existing vulnerabilities” in UK’s financial system.

In the Asian session, the pair is trading at 1.2524, with the GBP trading 0.1% higher against the USD from yesterday’s close.

In technical analysis, coz forex senior derivatives trader Daniel • Moloney said: GBP/USD is expected to find support at 1.2446 and a fall through could take it to the next support level of 1.2369. The pair is expected to find its first resistance at 1.2571, and a rise through could take it to the next resistance level of 1.2619.

Ahead in the day, market participants would closely monitor UK’s Markit manufacturing PMI for November.


(COZ forex UK)

Re: Daily market news by Cozfx

PostPosted: Wed Dec 07, 2016 3:52 am
by dwang
COZfx: Euro-zone’s retail sales surged to a two year high level in October

COZforex: For the past trading session, the EUR rose 1.91% against the USD and closed at 1.0755, as investors shrugged off the initial shock of a “No” vote in the Italian constitutional referendum, following the resignation of the country’s Prime Minister.

Gains in the Euro were boosted further, after the Euro-zone’s retail sales rebounded 1.1% on a monthly basis in October, growing at its strongest pace in more than two years. Markets anticipated retail sales to rise 0.8%, following a revised drop of 0.4% in the previous month. On the contrary, the region’s final Markit services PMI unexpectedly fell to a level of 53.1 in November, revised from a level of 54.1, recorded in the preliminary print and following a reading of 52.8 in the prior month. Additionally, the region’s Sentix investor confidence index surprisingly weakened to a level of 10.0 in December, compared to a level of 13.1 in the previous month and defying investor consensus for the index to rise to a level of 14.3.

Separately, Germany’s final services PMI surprisingly rose to a six month high level of 55.1 in November, offering further signs that the Euro-zone’s largest economy will rebound in the fourth quarter.

Macroeconomic data released in the US showed that the non-manufacturing PMI accelerated more-than-anticipated to a level of 57.2 in November, notching its highest level in thirteen-months, thus highlighting continuous growth in the nation’s biggest sector. The index had registered a reading of 54.8 in the prior month, while investors had envisaged it to climb to a level of 55.5.

In technical analysis, COZFX strategist Nigel Boynton said: EUR/USD is expected to find support at 1.0593 and a fall through could take it to the next support level of 1.0434; Meanwhile, the pair is expected to find its first resistance at 1.0854, and a rise through could take it to the next resistance level of 1.0956.

Moving ahead, investors will look forward to the Euro-zone’s final 3Q GDP accompanied with Germany’s factory orders and construction PMI data, all scheduled to release in a few hours.


(COZ forex UK)

Re: Daily market news by Cozfx

PostPosted: Tue Dec 13, 2016 3:51 am
by dwang
COZfx: Canadian dollar hits fresh 7-week highs on oil price surge

COZforex: The Canadian dollar rose to fresh 7 week highs against its US counterpart on Monday as oil prices surged, boosting the risk-sensitive, commodity-linked Canadian currency.

USD/CAD was last at 1.3122, down 0.49% for the day after touching lows of 1.3112, the weakest level since October 20.
Oil prices hit the highest levels since July 2015 earlier Monday after major oil producers reached a deal over the weekend to cut output in an attempt to reduce the global supply overhang.

Higher prices for oil, one of Canada's major exports, typically boost the Canadian dollar.

Demand for the loonie, as the Canadian dollar is also known, continued to be underpinned despite the Bank of Canada last Wednesday noting "significant" slack in the Canadian economy as it kept interest rates on hold.

Meanwhile, investors were turning their attention to the outcome of the final Federal Reserve meeting of 2016 on Wednesday.

The Fed is also expected to announce updated economic forecasts and markets will be watching for signals the outlook for inflation and the expected pace of rate hikes in 2017.


(COZ forex UK)

Re: Daily market news by Cozfx

PostPosted: Fri Dec 16, 2016 3:53 am
by dwang
COZfx: Switzerland’s ZEW economic expectations index hits highest level in six-months

COZforex: For the past trading session, the USD rose 0.84% against the CHF and closed at 1.0206.

In economic news, Switzerland’s ZEW survey for economic expectations index climbed to a level of 12.9 in December, jumping to its highest level in six-months, compared to a reading of 8.9 in the previous month.

In the Asian session, the pair is trading at 1.0222, with the USD trading 0.16% higher against the CHF from yesterday’s close.

In technical analysis, COZ senior foreign exchange risk investment trader Desmond Doyle said: USD/CHF is expected to find support at 1.0113 and a fall through could take it to the next support level of 1.0005; Meanwhile, the pair is expected to find its first resistance at 1.0294, and a rise through could take it to the next resistance level of 1.0367.

Moving ahead, market participants will keep a close watch on Swiss National Bank’s interest rate decision, scheduled to release in a few hours.


(COZ forex UK)

Re: Daily market news by Cozfx

PostPosted: Wed Dec 21, 2016 3:41 am
by dwang
COZfx: Economy tipped to rebound next year: RBA minutes

COZforex: For the past trading session, the AUD declined 0.43% against the USD and closed at 0.7248.

In technical analysis, COZforex senior currency strategist Ian • Quigley said: LME Copper prices declined 1.6% or $88.0/MT to $5561.0/MT. Aluminium prices declined 0.9% or $15.5/MT to $1717.0/MT.

In the Asian session, the pair is trading at 0.7252, with the AUD trading 0.06% higher against the USD from yesterday’s close.

According to minutes of the Reserve Bank of Australia’s recent meeting, policymakers expect economic growth to soften towards the year-end before regaining momentum in the next year. Further, it indicated that the central bank was trying to balance the benefits of lower interest rates against the risk of higher household debt.

In technical analysis, coz forex senior derivatives trader Daniel • Moloney said: EUR/USD is expected to find support at 0.7224 and a fall through could take it to the next support level of 0.7195; Meanwhile, the pair is expected to find its first resistance at 0.7291, and a rise through could take it to the next resistance level of 0.7329.

Going ahead, market participants will focus on Australia’s Westpac leading index for November, slated to release overnight.


(COZ forex UK)

Re: Daily market news by Cozfx

PostPosted: Tue Dec 27, 2016 4:32 am
by dwang
COZfx: Japanese Yen trading marginally higher in the Asian session

COZforex: For the past trading session, the USD slightly rose against the JPY and closed at 117.53.

In the Asian session, the pair is trading at 117.47, with the USD trading a tad lower against the JPY from yesterday’s close.

In technical analysis, COZforex senior currency strategist Ian • Quigley said: USD/JPY is expected to find support at 117.18 and a fall through could take it to the next support level of 116.88; Meanwhile, the pair is expected to find its first resistance at 117.82, and a rise through could take it to the next resistance level of 118.16.

Next week, market participants will keep a close watch on minutes of the BoJ’s latest monetary policy meeting along with its summary of opinions. Moreover, Japan’s jobless rate, consumer price inflation, small business confidence, flash industrial production, retail trade and large retailers’ sales, all scheduled next week, would also garner a lot of market attention.


(COZ forex UK)

Re: Daily market news by Cozfx

PostPosted: Fri Dec 30, 2016 3:53 am
by dwang
COZforex: COZfx: Italy’s consumer confidence surprisingly jumped to a five month high

COZforex: For the past trading session, the EUR declined 0.4% against the USD and closed at 1.0415.

On the economic front, Italy’s consumer confidence index unexpectedly advanced to a level of 111.1 in December, notching its highest level in five months. The index registered a revised reading of 108.1 in the prior month, while defying market expectations for the index to ease to a level of 107.5.

Macroeconomic data indicated that pending home sales in the US surprisingly dropped 2.5% on a monthly basis in November, dropping to its lowest level in nearly a year, thus suggesting that rising interest rates could be weighing on the nation’s housing market. Pending home sales recorded a rise of 0.1% in the prior month, whereas markets were expecting pending home sales to rise 0.5%.

In technical analysis, coz forex senior derivatives trader Daniel • Moloney said: EUR/USD is expected to find support at 1.0380 and a fall through could take it to the next support level of 1.0319; Meanwhile, the pair is expected to find its first resistance at 1.0490, and a rise through could take it to the next resistance level of 1.0539.

Ahead in the day, investors will focus on the US advance goods trade balance and flash wholesale inventories data, both for November, along with weekly jobless claims, and all due later in the day.


(COZ forex UK)

Re: Daily market news by Cozfx

PostPosted: Thu Jan 05, 2017 3:51 am
by dwang
COZfx: Canadian dollar hits 3-week highs against weaker greenback

COZforex: The Canadian dollar rose to the highest levels in 3 weeks against its broadly weaker U.S. counterpart on Wednesday while higher prices for oil, a major Canadian export also lent support.

USD/CAD was down 0.76% to 1.3325 after falling as low as 1.3300 earlier, the lowest level since December 15.

The greenback pulled back from 14-year highs against a currency basket on Wednesday with investors wary of pushing the U.S dollar any higher before getting fresh signals on the strength of the economy and the expected pace of rate hikes in 2017.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.43% to 102.81.

The Federal Reserve is to publish the minutes of its December meeting, when it hiked interest rates for the first time in a year, at 14.00 ET and analysts will be examining them for any indications that officials are more upbeat on growth than the quarterly economic projections released following the meeting showed.

Analysts will also be looking for what Fed officials said about potential fiscal policy changes under the incoming Trump administration and how they may react to measures that could spur growth and inflation.

The loonie, as Canada's currency is colloquially known, was boosted as oil prices pushed higher on the back of the weaker greenback and hopes that an agreement between major producers to cut production will be effective in reducing a global supply glut.

Higher prices for oil, one of Canada's major exports, typically boost the Canadian dollar.


(COZ forex UK)

Re: Daily market news by Cozfx

PostPosted: Tue Jan 10, 2017 8:13 am
by dwang
COZfx: Sterling hits 10-week lows on ‘hard Brexit’ fears

COZforex: The pound fell sharply against the dollar and the euro on Monday, pressured lower by fears over the prospects of a ‘hard Brexit’ following comments by British Prime Minister Theresa May on Sunday.

GBP/USD fell 1.12% to 1.2146, a level not seen since October 31.

The selloff in sterling came after May said in a television interview broadcast on Sunday said that the country would not be keeping "bits" of European Union membership.

The remarks were seen as an indication that the UK won’t try to negotiate continued full access to the European single market when it leaves the EU.

Sterling failed to find support after May said on Monday it was wrong to say a "hard Brexit" was inevitable.

"I'm tempted to say that the people who are getting it wrong are those who print things saying I'm talking about a hard Brexit, (that) it is absolutely inevitable there's a hard Brexit," she said.

"I don't accept the terms hard and soft Brexit. What we're doing is going to get an ambitious, good and best possible deal for the United Kingdom in terms of trading with and operating within the single European market," she added.

Demand for the dollar continued to be underpinned after Friday’s U.S. nonfarm payrolls report for December, which showed a slowdown in hiring but the fastest wage growth in over seven years, supported the case for rate hikes this year.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of 6 major currencies, rose 0.28% to 102.46.


(COZ forex UK)

Re: Daily market news by Cozfx

PostPosted: Fri Jan 13, 2017 10:58 am
by dwang
COZfx: Japan’s trade surplus narrowed in November

COZforex: For the past trading session, the USD declined 0.39% against the JPY and closed at 115.38.

In the Asian session, the pair is trading at 114.41, with the USD trading 0.84% lower against the JPY from yesterday’s close.

Overnight data showed that Japan’s trade surplus narrowed less-than-expected to ¥313.4 billion in November, from a surplus of ¥587.6 billion in the prior month. Market anticipation was for the nation to record a surplus of ¥254.4 billion. On the contrary, the nation’s adjusted (total) current account surplus narrowed to ¥1799.6 billion in November, more than market consensus for it to narrow to ¥1870.4 billion and following a surplus of ¥1928.90 billion in the previous month.

Earlier in the session, data indicated that the nation’s Eco-Watchers survey for the current situation remained steady at 51.4 in December, while the Eco-Watchers survey for the future outlook fell to a level of 50.9 in December, compared to a revised reading of 51.3 in the prior month.

In technical analysis, COZforex senior currency strategist Ian • Quigley said: USD/JPY is expected to find support at 113.48 and a fall through could take it to the next support level of 112.54; Meanwhile, the pair is expected to find its first resistance at 116.1, and a rise through could take it to the next resistance level of 117.78.


(COZ forex UK)