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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: Mon Mar 13, 2017 9:07 am
by dwang
COZfx: Switzerland’s unemployment rate remained steady in February

COZforex: For the past trading session, the USD declined 0.24% against the CHF and closed at 1.0124.

Macroeconomic data revealed that Switzerland’s seasonally adjusted unemployment rate remained unchanged at 3.3% in February, meeting market expectations.

In the Asian session, the pair is trading at 1.0115, with the USD trading 0.09% lower 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 1.0080 and a fall through could take it to the next support level of 1.0046; Meanwhile, the pair is expected to find its first resistance at 1.0155, and a rise through could take it to the next resistance level of 1.0196.

Moving ahead, investors will keep a close watch on Swiss National Bank’s (SNB) interest rate decision, due to be announced next week.

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


(COZ forex UK)

Re: Daily market news by Cozfx

PostPosted: Thu Mar 16, 2017 10:52 am
by dwang
COZfx: Japan’s industrial production declined less than initially estimated in January

COZforex: For the past trading session, the USD declined 0.22% against the JPY and closed at 114.68.

In the Asian session, the pair is trading at 114.83, with the USD trading 0.13% higher against the JPY from yesterday’s close.
Earlier today, data showed that Japan’s final industrial production fell 0.4% in January, compared to a fall of 0.8% in the flash estimate and following a rise of 0.7% in the previous month.

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: USD/JPY is predicted to find support at 114.48 and a fall through could take it to the next support level of 114.14; Meanwhile, the pair is expected to find its first resistance at 115.18, and a rise through could take it to the next resistance level of 115.54.

Looking ahead, market participants await the Bank of Japan’s interest rate decision, scheduled in the early hours tomorrow. Markets broadly expect the central bank to keep the monetary policy unchanged.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.


(COZ forex UK)

Re: Daily market news by Cozfx

PostPosted: Tue Mar 21, 2017 3:49 am
by dwang
COZfx: Euro-zone’s trade surplus shrunk in January, construction output dropped further in the same month

COZforex: For the past trading session, the EUR declined 0.28% against the USD and closed at 1.0741 on Friday.

On the macro front, the Euro-zone’s seasonally adjusted trade surplus narrowed more-than-expected to a level of €15.7 billion in January, compared to market expectations for the nation’s trade surplus to narrow to a level of €22.0 and following a revised surplus of €23.1 billion in the prior month. Moreover, the nation’s seasonally adjusted construction output fell 2.3% in January. In the previous month, construction output had registered a revised drop of 0.6%.

Meanwhile, the European Central Bank policymaker, Ewald Nowotny, stated that the ECB will decide later whether to raise interest rates before or after ending its bond purchase programme, thus hinting that an interest rate hike could be on the cards by year end.

Macroeconomic data revealed that the US flash Reuters/Michigan consumer sentiment index climbed more-than-anticipated to a level of 97.6 in March, compared to a reading of 96.3 in the previous month, while market participants anticipated for a rise to a level of 97.0. Further, the nation’s leading indicator surged to its highest level in more than a decade, after it increased more-than-expected by 0.6% in February, compared to a similar rise in the previous month. Additionally, the nation’s manufacturing production registered a rise of 0.5% in February, meeting market expectations and advancing for the sixth consecutive month, suggesting that recovery in the manufacturing sector was gathering speed as rising commodity prices boost demand for machinery and other equipment. In the prior month, manufacturing production had registered a revised similar rise.

In technical analysis, COZFX strategist Nigel Boynton said: EUR/USD is expected to find support at 1.0729 and a fall through could take it to the next support level of 1.0700; Meanwhile, the pair is expected to find its first resistance at 1.0785, and a rise through could take it to the next resistance level of 1.0812.

Moving ahead, investors will look forward to Germany’s producer price index for February, slated to release in a few hours. Moreover, the US Chicago Fed national activity index for February will also be closely watched by market participants.


(COZ forex UK)

Re: Daily market news by Cozfx

PostPosted: Fri Mar 24, 2017 4:57 am
by dwang
COZfx: USD/CAD pares gains after US data

COZforex: The US dollar pared gains against its Canadian counterpart on Thursday, after the release of downbeat US jobless claims data and as investors remained cautious ahead of a highly-anticipated vote on Donald Trump’s healthcare plan scheduled later in the day.

USD/CAD pulled away from 1.3356, the session high, to hit – during early US trade, still up 0.08%. In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: USD/CAD was likely to find support at 1.3262, the low of March 21 and resistance at 1.3409, Wednesday’s high.

The US Department of Labor said initial jobless claims increased by 15,000 to 258,000 in the week ending March 18 from the previous week’s revised total of 243,000. Analysts had expected jobless claims to drop by 1,000 to 240,000 last week.
Meanwhile, market participants were concerned about Trump’s ability to gather enough support for his healthcare bill – set to replace Obama care and one of his key campaign pledges.

The commodity-related Canadian dollar was also under pressure however, as oil prices moved lower after data on Wednesday showed that that crude oil inventories rose by 5.0 million barrels last week to an all-time high of 533.1 million.


(COZ forex UK)

Re: Daily market news by Cozfx

PostPosted: Thu Mar 30, 2017 2:58 am
by dwang
COZfx: British pound weaker in Asia as markets await Brexit details

COZforex: The pound fell in Asia on Wednesday as markets looked ahead to the UK's formal move to start a split from the European Union later in the day, an historic moment that will see British Prime Minister Theresa May outline the end game on areas from trade to defense cooperation.

The US dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose 0.06% to 99.59. USD/JPY changed hands at 111.21, up 0.04% after retail sales data in Japan showed a lower than expected rise of 0.1% from a 0.5% increase expected.

Overnight, the dollar rose against a basket of major currencies on Tuesday, as investors shifted focus from Trump’s healthcare bill setback to upbeat economic data and bullish comments from Federal Reserve officials.

The greenbacks bounce back from 4-month lows, buoyed by upbeat consumer confidence data while talk of further rate hikes from Fed officials lifted sentiment.

The Consumer Board Consumer Confidence Index hit 125.6, far above expectations of a 114 print. Consumer confidence rose to its highest level in nearly 17 years.

Meanwhile, comments from Chicago Fed President Charles Evans and Dallas Federal Reserve Bank President Robert Kaplan on Monday, added support to the greenback as both suggested that the US central bank would continue on its monetary tightening cycle.

Investors continued to monitor comments from Federal Reserve officials to gauge the Fed’s willingness to hike rates, after the Fed hiked rates by 0.25% on March 15.


(COZ forex UK)

Re: Daily market news by Cozfx

PostPosted: Mon Apr 03, 2017 11:41 am
by dwang
COZfx: Australian private sector credit rose less than expected in February

COZforex: For the past trading session, the AUD declined 0.29% against the USD and closed at 0.7643.

In technical analysis, LME Copper prices rose 0.2% or $13.0/MT to $5860.0/MT; Meanwhile, Aluminium prices rose 1.2% or $24.0/MT to $1955.0/MT.

Early morning data indicated that Australia’s private sector credit recorded a rise of 0.3% on a monthly basis in February, falling short of market expectations for an advance of 0.5%. In the prior month, the private sector credit had registered a rise of 0.2%.

Elsewhere in China, Australia’s largest trading partner, manufacturing PMI climbed to a level of 51.8 in March, expanding at its fastest pace in almost five years, thus adding to evidence that the world’s second-largest economy is gaining steam early in the year. The PMI had registered a reading of 51.6 in the previous month, whereas markets were expecting a rise to a level of 51.7. Moreover, the nation’s NBS non-manufacturing PMI rose to a two-year high level of 55.1 in March, reflecting strength in the nation’s services sector and following a reading of 54.2 in the preceding month.

In technical analysis, COZFX strategist Nigel Boynton said: AUD/USD is expected to find support at 0.7623 and a fall through could take it to the next support level of 0.7607; Meanwhile, the pair is expected to find its first resistance at 0.7667, and a rise through could take it to the next resistance level of 0.7695.

Next week, traders will closely monitor the Reserve Bank of Australia’s interest rate decision along with Australia’s AiG performance of manufacturing, services and construction PMI’s as well as retail sales and trade balance data.


(COZ forex UK)

Re: Daily market news by Cozfx

PostPosted: Thu Apr 06, 2017 3:34 am
by dwang
COZfx: Japan’s service sector growth expanded at strongest pace in 19 months in March

COZforex: For the last trading session, the USD marginally declined against the JPY and closed at 110.82.

In the Asian session, the pair is trading at 110.70, with the USD trading 0.11% lower against the JPY from yesterday’s close.

The Japanese Yen gained ground, after early morning data indicated that activity in Japan’s services sector jumped to a level of 52.9 in March, accelerating at its fastest pace in 19 months and hinting that the world’s third largest economy continues to strengthen. The PMI had registered a reading of 51.3 in the previous month.

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: USD/JPY is expected to find support at 110.32 and a fall through could take it to the next support level of 109.95; Meanwhile, the pair is expected to find its first resistance at 110.99, and a rise through could take it to the next resistance level of 111.29.

Going ahead, traders would concentrate on Japan’s consumer confidence index for March, scheduled to release tomorrow.

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


(COZ forex UK)

Re: Daily market news by Cozfx

PostPosted: Tue Apr 11, 2017 4:37 am
by dwang
COZfx: German industrial output surprisingly jumped in February, trade surplus widened more than anticipated in the same month

COZforex: For the past trading session, the EUR declined 0.48% against the USD and closed at 1.0592 on Friday.

In economic news, Germany’s seasonally adjusted industrial production unexpectedly rose 2.2% on a monthly basis in February, driven by robust activity in the construction sector. Industrial production registered a revised similar rise in the prior month, while markets were expecting for a fall of 0.2%. Moreover, the nation’s seasonally adjusted trade surplus expanded more-than-expected to a level of €19.9 billion in February, on the back of an increase in exports, while investors had envisaged the nation to post a surplus of €17.7 billion. In the previous month, the nation had reported a revised surplus of €14.9 billion.

The US Dollar gained ground against its major counterparts on Friday, after an influential Federal Reserve official, William Dudley, stated that central bank’s plan to shrink its bond portfolio later this year would prompt only a “little pause” in the central bank’s rate hike plans.

The greenback initially lost ground against its major peers, after the latest jobs report painted a mixed picture of the nation’s labour market.

In technical analysis, COZFX strategist Nigel Boynton said: EUR/USD is expected to find support at 1.0539 and a fall through could take it to the next support level of 1.0505; Meanwhile, the pair is expected to find its first resistance at 1.0637, and a rise through could take it to the next resistance level of 1.0701.

Going ahead, investors will look forward to the Euro-zone’s Sentix investor confidence index for April, slated to release in a few hours. Moreover, a speech by the US Federal Reserve Chair, Janet Yellen, due later today, will also be closely watched by traders.


(COZ forex UK)

Re: Daily market news by Cozfx

PostPosted: Fri Apr 14, 2017 3:40 am
by dwang
COZfx: BoC leaves key interest rate unchanged at 0.50%

COZforex: For the past trading session, the USD declined 0.62% against the CAD and closed at 1.3245.

Yesterday, the Bank of Canada left the benchmark interest rate unchanged at 0.50%, as widely expected. Further, the BoC Governor, Stephen Poloz, stated that it is too early to conclude that the economy is on a “sustainable growth path” despite a recent rebound that led it to bump up its 2017 outlook. However, the central bank disclosed that the nation’s economic growth in recent quarters has been stronger than it forecasted in January, but also mentioned that it was “uneven expansion”.

In the Asian session, the pair is trading at 1.3232, with the USD trading 0.1% lower against the CAD from yesterday’s close.

In technical analysis, COZforex senior currency strategist Ian • Quigley said: USD/CAD is expected to find support at 1.3194 and a fall through could take it to the next support level of 1.3155; Meanwhile, the pair is expected to find its first resistance at 1.3305, and a rise through could take it to the next resistance level of 1.3377.

Moving ahead, Canada’s new housing price index for February, slated to release later today, will be closely watched by investors.

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


(COZ forex UK)

Re: Daily market news by Cozfx

PostPosted: Wed Apr 19, 2017 4:14 am
by dwang
COZfx: Labour market somewhat weaker than expected: RBA minutes

COZforex: For the past trading session, the AUD rose 0.08% against the USD and closed at 0.7586.

Yesterday, in China, Australia’s largest trading partner, gross domestic product surprisingly expanded 6.9% on an annual basis in 1Q 2017, driven by higher government spending, thus indicating that world’s second largest economy ended the first quarter on a stronger footing. The nation’s economy expanded 6.8% in the prior quarter, while markets anticipated for the GDP to climb 6.8%. Moreover, the nation’s industrial production jumped 7.6% on an annual basis in March, notching its highest level since December 2014. Market anticipation was for industrial production to gain 6.3%, compared to a rise of 6.0% in the previous month.

In the Asian session, the pair is trading at 0.7557, with the AUD trading 0.38% lower against the USD from yesterday’s close, after minutes of the Reserve Bank of Australia’s recent meeting revealed growing concern about Australia’s jobs and housing market.

According to minutes, policymakers stated that Australia’s labour market is somewhat weaker than expected and warned that the domestic labour and housing markets warranted “careful monitoring” over coming months. However, board members also noted that the Australian economy likely made steady progress in the first quarter of 2017.

In technical analysis, COZFX strategist Nigel Boynton said: AUD/USD is expected to find support at 0.7536 and a fall through could take it to the next support level of 0.7515; Meanwhile, the pair is expected to find its first resistance at 0.7594, and a rise through could take it to the next resistance level of 0.7631.

Going ahead, investors will focus on Australia’s Westpac leading index for March, slated to release overnight.


(COZ forex UK)