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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: Wed Jan 18, 2017 3:28 am
by dwang
COZfx: AUD trading higher in the Asian session

COZforex: For the past trading session, the AUD declined 0.17% against the USD and closed at 0.7468.

In commodities, LME Copper prices rose 1.0% or $60.0/MT to $5857.0/MT; Meanwhile, Aluminium prices rose 1.2% or $21.5/MT to $1812.0/MT.

Yesterday, the IMF revised up China’s economic growth forecast to 6.5%, up by 0.3% from its earlier forecast, on expectations for continued government stimulus. However, the Fund warned that the growth will not be sustainable amid rising risks from corporate debt and as growth is reliant on government spending.

Earlier in the session, data indicated that Australia’s home loan approvals rebounded 0.9% in November, compared to a revised drop of 0.6% in the previous month.

In technical analysis, COZforex senior currency strategist Ian • Quigley said: AUD/USD is expected to find support at 0.7461 and a fall through could take it to the next support level of 0.7441; Meanwhile, the pair is expected to find its first resistance at 0.7495, and a rise through could take it to the next resistance level of 0.7509.

Going ahead, Australia’s Westpac consumer confidence index for January, scheduled to release overnight, will garner significant amount of market attention.


(COZ forex UK)

Re: Daily market news by Cozfx

PostPosted: Mon Jan 23, 2017 3:23 am
by dwang
COZfx: ECB keeps key interest rate on hold, Draghi says no ‘convincing’ sign of inflation rise

COZforex: For the 24 hours to 23:00 GMT, the EUR rose 0.22% against the USD and closed at 1.0656, after the European Central Bank held the key interest rate steady as widely expected.

The ECB, in its first policy meeting of the year, left the benchmark interest rates at record low level of 0.00% and maintained its unprecedented stimulus in place to shore-up the Euro-bloc’s slow but steady recovery. In a press conference accompanied with the meeting, the ECB President, Mario Draghi, stated that inflation in the common currency region is being primarily driven by higher energy costs and the recent pick-up in momentum is unlikely to sustain. Further, he added that risks to the region’s growth outlook remains tilted to downside due to global factors. The ECB Chief also reiterated that the central bank continues to expect its key interest rates to remain at present or lower levels for an extended period of time and well past the horizon of the net asset purchases if the outlook becomes less favourable. Commenting on the Brexit issue, Draghi stated that it was too early to assess what impact Britain’s planned exit from the European Union and its single market would have.

On the data front, the Euro-zone’s seasonally adjusted current account surplus widened to €36.1 billion in November, from a revised current account surplus of €28.3 billion in the previous month.

In technical analysis, COZFX strategist Nigel Boynton said: EUR/USD is expected to find support at 1.0616 and a fall through could take it to the next support level of 1.0549; Meanwhile, the pair is expected to find its first resistance at 1.0722, and a rise through could take it to the next resistance level of 1.0761.

Ahead in the day, market participants will look forward to Germany’s producer price index for December, scheduled to release in a few hours. Additionally, the US President-elect Donald Trump’s inauguration, slated later in the day, will be eyed by traders.


(COZ forex UK)

Re: Daily market news by Cozfx

PostPosted: Thu Jan 26, 2017 4:26 am
by dwang
COZfx: USD/CAD trims losses but remains near 1-week trough

COZforex: The US dollar trimmed losses but remained close to a one-week trough against its Canadian counterpart on Wednesday, amid ongoing uncertainties surrounding the US administration, while a decline in oil prices was expected to limit the Canadian currency’s gains.

USD/CAD hit 1.3089 during early US trade, the pair’s lowest since January 18; the pair subsequently consolidated at 1.3120, declining 0.30%. In technical analysis, COZforex senior currency strategist Ian • Quigley said: USD/CAD was likely to find support at 1.3037, the low of January 18 and resistance at 1.3191, the high of January 17.

The greenback weakened after US President Donald Trump said on Twitter that he would seek a "major investigation" into alleged voter fraud, focusing on two states and illegal voters.

The call came despite Republican election officials in key states saying they have found no evidence of fraudulent voting.

The dollar has been under pressure since Trump’s inauguration last Friday amid concerns over a lack of clarity on his economic policies and fears that his protectionist trade stance could hit corporate profits and act as a drag on growth.

But the commodity-related Canadian dollar was also under pressure as oil prices moved lower ahead of the weekly report on US stockpiles.


(COZ forex UK)

Re: Daily market news by Cozfx

PostPosted: Wed Feb 08, 2017 3:12 am
by dwang
COZfx: UK’s BRC retail sales surprisingly dropped in January

COZforex: For the past trading session, the GBP declined 0.16% against the USD and closed at 1.2464.

In the Asian session, the pair is trading at 1.2468, with the GBP trading a tad higher against the USD from yesterday’s close.

Overnight data indicated that UK’s BRC retail sales across all sectors unexpectedly eased 0.6% YoY in January, compared to market expectations for an advance of 0.9% and after recording a gain of 1.0% in the previous month.

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: GBP/USD is expected to find support at 1.2428 and a fall through could take it to the next support level of 1.2389; Meanwhile, the pair is expected to find its first resistance at 1.2502, and a rise through could take it to the next resistance level of 1.2537.

Moving ahead, market participants would await UK’s Halifax house prices data for January, set to release in a few hours.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.


(COZ forex UK)

Re: Daily market news by Cozfx

PostPosted: Wed Feb 15, 2017 3:59 am
by dwang
COZfx: Japanese economy grew at a slower pace in the fourth quarter

COZforex: For the past trading session, the USD rose 0.11% against the JPY and closed at 113.39 on Friday.

In the Asian session, the pair is trading at 113.89, with the USD trading 0.44% higher against the JPY from Friday’s close.
Overnight data indicated that Japanese flash gross domestic product advanced 0.2% on a quarterly basis in 4Q 2016, undershooting market expectations for an advance of 0.3%. In the prior quarter, GDP had risen 0.3%.

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: USD/JPY is expected to find support at 113.10 and a fall through could take it to the next support level of 112.31; Meanwhile, the pair is expected to find its first resistance at 114.42, and a rise through could take it to the next resistance level of 114.95.

Looking ahead, Japan’s final industrial production for December, due to release tomorrow, will be on investor’s radar.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.


(COZ forex UK)

Re: Daily market news by Cozfx

PostPosted: Fri Feb 17, 2017 3:36 am
by dwang
COZfx: Australia’s unemployment rate surprisingly dropped in January

COZforex: For the past trading session, the AUD rose 0.46% against the USD and closed at 0.7708.

LME Copper prices declined 2.1% or $129.0/MT to $6016.0/MT. Aluminium prices declined 1.2% or $22.0/MT to $1871.0/MT.

In the Asian session, the pair is trading at 0.7710, with the AUD trading a tad higher against the USD from yesterday’s close.

Overnight data revealed that Australia’s seasonally adjusted unemployment rate unexpectedly eased to 5.7% in January, while market participants anticipated for it to remain steady at 5.8%, recorded in the prior month. Meanwhile, the nation’s consumer inflation expectations declined to 4.1% in February, compared to a reading of 4.3% in the previous month.

In technical analysis, COZforex senior currency strategist Ian • Quigley said: AUD/USD is expected to find support at 0.7650 and a fall through could take it to the next support level of 0.7590; Meanwhile, the pair is expected to find its first resistance at 0.7751, and a rise through could take it to the next resistance level of 0.7792.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.


(COZ forex UK)

Re: Daily market news by Cozfx

PostPosted: Wed Feb 22, 2017 4:21 am
by dwang
COZfx: Euro-zone’s consumer sentiment drops further in February

COZforex: For the past trading session, the EUR marginally rose against the USD and closed at 1.0614.

In economic news, the Euro-zone’s flash consumer confidence index deteriorated to a three-month low level of -6.2 in February, more than market expectations of a fall to a level of -4.9, indicating that rising political uncertainty and higher inflation in the Euro-bloc may be taking its toll on the economy. The index had recorded a revised level of -4.8 in the previous month.

Separately, according to Bundesbank monthly report, German economy will likely strengthen in the first quarter of 2017, driven by high industrial activity and consumer spending.

In other economic news, Germany’s producer price index advanced 2.4% YoY in January, accelerating at its fastest pace since March 2012 and surpassing market consensus for a gain of 2.0%. In the prior month, the index had recorded a rise of 1.0%.

In technical analysis, COZFX strategist Nigel Boynton said: EUR/USD is expected to find support at 1.0559 and a fall through could take it to the next support level of 1.0541; Meanwhile, the pair is expected to find its first resistance at 1.0613, and a rise through could take it to the next resistance level of 1.0649.

Going ahead, investors will closely monitor the release of preliminary Markit manufacturing and services PMI, both for February across the Euro-zone, slated to release in a few hours. Moreover, the US flash Markit manufacturing and services PMI, both for February, scheduled to release later today, will be eyed by traders.


(COZ forex UK)

Re: Daily market news by Cozfx

PostPosted: Tue Feb 28, 2017 10:17 am
by dwang
COZfx: Canada’s annual inflation accelerated at its fastest pace since October 2014 in January

COZforex: For the past trading session, the USD marginally declined against the CAD and closed at 1.3095 on Friday.

Macroeconomic data showed that Canada’s consumer price index jumped to its highest level in more than two-years, after it advanced more-than-anticipated by 2.1% on an annual basis in January, amidst a surge in gasoline prices and boosted by new carbon taxes in Alberta and Ontario. Markets expected the CPI to increase 1.6%, compared to a 1.5% rise in the previous month. Meanwhile, on a monthly basis, Canada’s CPI surpassed expectations and rose by 0.9% last month.

In the Asian session, the pair is trading at 1.3099, with the USD trading a tad higher against the CAD from Friday’s close.

In technical analysis, COZ senior foreign exchange risk investment trader Desmond Doyle said: USD/CAD is expected to find support at 1.3061 and a fall through could take it to the next support level of 1.3024; Meanwhile, the pair is expected to find its first resistance at 1.3129, and a rise through could take it to the next resistance level of 1.3160.

The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.


(COZ forex UK)

Re: Daily market news by Cozfx

PostPosted: Fri Mar 03, 2017 4:44 am
by dwang
COZfx: UK’s manufacturing growth slowed in February

COZforex: For the past trading session, the GBP declined 0.65% against the USD and closed at 1.2295, after data revealed that the pace of manufacturing sector growth in UK unexpectedly slowed in February.

Britain’s Markit manufacturing PMI unexpectedly declined to a level of 54.6 in February, dropping to a three-month low level and compared to market expectations for a rise to a level of 55.8. In the previous month, the PMI had recorded a revised level of 55.7. On the contrary, the nation’s number of mortgage approvals for house purchases climbed more-than-anticipated to a level of 69.9K in January, registering its highest level in nearly a year, compared to a revised reading of 68.3K in the previous month. Investors had envisaged mortgage approvals to advance to a level of 68.7K. Additionally, the nation’s net consumer credit grew by £1.4 billion in January, in line with market expectations and following a gain of £1.0 billion in the prior month.

In technical analysis, COZforex senior currency strategist Ian • Quigley said: GBP/USD is expected to find support at 1.2230 and a fall through could take it to the next support level of 1.2181; Meanwhile, the pair is expected to find its first resistance at 1.2358, and a rise through could take it to the next resistance level of 1.2437.

Moving ahead, investors will look forward to Britain’s Markit construction PMI for February, slated to release in a few hours.


(COZ forex UK)

Re: Daily market news by Cozfx

PostPosted: Wed Mar 08, 2017 3:45 am
by dwang
COZfx: RBA leaves interest rate unchanged at 1.5%

COZforex: For the past trading session, the AUD declined 0.13% against the USD and closed at 0.7583.

Yesterday, data showed that Australia’s AiG performance of construction index rose to a level of 53.1 in February, from a reading of 47.7 in the previous month.

In commodities, LME Copper prices declined 0.9% or $54.0/MT to $5856.0/MT; Meanwhile, Aluminium prices declined 2.2% or $41.0/MT to $1868.0/MT.

Earlier today, the Reserve Bank of Australia, in a widely expected move, maintained the official cash rate steady at a record low level of 1.5% for a sixth straight meeting. The RBA Governor, Philip Lowe stated that global economic conditions have improved over recent months and that the Australian economy continues to transition after the mining boom. He further added that while the nation’s headline inflation is expected to pick up over the course of 2017, there remains considerable variation across the nation’s jobs and housing markets.

In technical analysis, coz forex senior derivatives trader Daniel • Moloney said: AUD/USD is expected to find support at 0.7571 and a fall through could take it to the next support level of 0.7540; Meanwhile, the pair is expected to find its first resistance at 0.7630, and a rise through could take it to the next resistance level of 0.7658.


(COZ forex UK)