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Forex Forum to Share, Discuss, Communicate and Trade Forex • Daily market news by Cozfx
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COZfx: Euro trading lower ahead of the Euro-zone’s manufactu

PostPosted: Wed Mar 25, 2015 2:31 am
by dwang
COZforex: For the past trading session, the EUR rise 1.16% against the USD and closed at 1.0963.

In economic news, the preliminary consumer confidence index in the Euro-zone improved to -3.70 in March, compared to a reading of -6.7 in February. Market expectations were for it to advance to -6.00.

Yesterday, the ECB President, Mario Draghi expressed optimism on Euro-zone’s growth outlook and stated that growth in the region was gaining pace, due to recent drop in global oil prices, improving external demand, depreciation of the Euro and the central bank’s recently launched quantitative easing programme. He further hinted that consumer price inflation in the region was expected to remain low or negative in the near term, during a fall in energy prices, however, the region’s inflation was anticipated to pick up gradually towards the end of 2015.

Separately, the Fed’s Vice Chairman Stanley Fischer opined that the hike in the interest rates from near zero would probably be warranted before the end of 2015. Further he added that the subsequent rate hikes would not be uniform or predictable. Meanwhile, the Cleveland Fed President, Loretta Mester opined that monetary policy easing in the US has created only marginal bubble-like activity in financial markets, and it is limited to certain parts of the stock market. Further, she stated that the Fed would undertake further unconventional actions if the economy weakened.

In technical analysis, COZFX strategist Nigel Boynton said, EUR/USD is predicted to find support at 1.0793 and a decline through could take it to the next support line of 1.0678. Meanwhile, the pair is predicted to find its first resistance at 1.0998, and a rise through could take it to the next resistance line of 1.1087.

Trading trends in the Euro today are expected to be determined by the services and manufacturing PMI data from the Euro-zone and its peripheries, scheduled in a few hours.


(COZ forex UK)

Re: Daily market news by Cozfx

PostPosted: Thu Apr 02, 2015 6:33 am
by ashlygody
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rytrading

Re: Daily market news by Cozfx

PostPosted: Thu Apr 09, 2015 7:30 am
by dwang
COZfx: Yen gains sharply after BoJ meeting shows dissent on policy

COZforex: The yen gained against the dollar on Wednesday as the Bank of Japan kept policy steady, but saw continued dissent to easy policy by one key board member.

In technical analysis, COZforex senior currency strategist Ian • Quigley said, USD/JPY is predicted to find support at 119.59 and a drop through could take it to the next support line of 119.06. Meanwhile, the pair is predicted to find its first resistance at 120.55, and a rise through could take it to the next resistance line of 120.99.

The Bank of Japan on Wednesday decided by an 8 to 1 vote to leave the bank's policy target unchanged while board member Takahide Kiuchi, who had been opposed to the Oct. 31 easing, called for an even lower stimulative target than the one before the last easing.

Previously, Kiuchi had proposed the BoJ should maintain the high degree of easing only during the two-year period from April 4, 2013 so that it is not overdone. He had also said the policy target before the Oct. 31 easing was "appropriate."
Now that the two-year period is over, Kiuchi proposed that the BoJ should "conduct money market operations and asset purchases so that the monetary base and the amount outstanding of its JGB holdings will increase at an annual pace about ¥45 trillion."

His proposal was again voted down by the rest of the board.


(COZ forex UK)

COZfx: Kiwi moves lower against stronger greenback

PostPosted: Tue Apr 14, 2015 4:09 am
by dwang
COZforex: The New Zealand dollar was lower against its US counterpart on Monday, weighed by data showing that China's trade surplus narrowed far more-than-expected last month and as the greenback continued to be broadly supported.

NZD/USD hit 0.7446 amid late Asian trade, the pair's lowest since April 2; the pair subsequently consolidated at 0.7471, retreating 0.92%. In technical analysis, COZFX strategist Nigel Boynton said, NZD/USD was likely to find support at 0.7422, the low of April 2 and resistance at 0.7560, the high of April 7.

Data earlier showed that China's trade surplus narrowed to $3.08 billion in March from $60.60 billion the previous month. Analysts had expected the trade surplus to narrow to $45.35 billion last month. China is New Zealand's second biggest export partner.

Meanwhile, demand for the dollar remained supported by expectations for higher interest rates, as investors regained confidence that the US economy would continue to recover after recent economic reports pointed to a slowdown at the start of the year.


(COZ forex UK)

Re: Daily market news by Cozfx

PostPosted: Mon Apr 20, 2015 5:05 am
by dwang
COZfx: NZD/USD weekly outlook: April 20 – 24

COZforex: The New Zealand dollar rallied to a 3 month high against its US counterpart on Friday, as investors increased bets that the Federal Reserve will hold off on raising interest rates until later this year after a recent run of soft economic data dampened optimism on the recovery.

AUD/USD hit 0.7741 on Friday, the pair's strongest level since January 20, before subsequently consolidating at 0.7688 by close of trade on Friday, up 0.21% for the day.

For the week, the pair climbed 1.94% as a recent string of disappointing data fuelled concerns over the strength of the US economy and sparked speculation that the Fed could delay hiking interest rates until late 2015, instead of tightening midyear.

The Labor Department reported Friday that US inflation edged up 0.2% last month, matching a similar gain in February. On a year-over-year basis, consumer prices dipped 0.1% in March after remaining flat in February.

The report came after data earlier in the week showed that US retail sales for March came in below expectations. Another report, showing a larger-than-forecast drop in industrial output pointed to a slowdown the first quarter.

The US dollar index, which measures the greenback’s strength against a trade-weighted basket of 6 major currencies, fell 0.27% on Friday to hit 97.62 by close of trade. The index ended the week down 1.9%.

Market players are also looking ahead to New Zealand inflation data due on Monday.


(COZ forex UK)

Re: Daily market news by Cozfx

PostPosted: Thu Apr 23, 2015 4:10 am
by dwang
COZfx: EUR/USD erases gains after strong US data

COZforex: The euro erased gains against the US dollar on Wednesday, after strong US home sales data and as concerns over Greece's debt woes continued to dampen demand for the single currency.

EUR/USD pulled away from 1.0799, the pair's highest since April 20, to hit 1.0723 amid US morning trade, easing 0.13%. In technical analysis, COZFX strategist Nigel Boynton said, the pair was likely to find support at 1.0622, the low of April 16 and resistance at 1.0850, the high of April 17.

The US National Association of Realtors said that existing home sales rise 6.1% last month to 5.19 million units from revised total units of 4.89 million. Analysts had expected existing home sales to rise 3.0% in March.

The dollar's gains were capped however; as investors pushed back expectations for higher U.S. interest rates after a recent streak of soft economic data dampened optimism on the country's recovery.

Meanwhile, the euro remained under pressure as the Greek government was no closer to reaching an agreement with its euro zone partners and the International Monetary Fund over economic reforms required to access remaining bailout funds, fuelling fears that the country could be forced out of the euro zone.

On Tuesday Bloomberg reported that the European Central Bank is considering tighter rules on Greek banks in return for emergency liquidity, adding to pressure on Athens.


(COZ forex UK)

Re: Daily market news by Cozfx

PostPosted: Tue Apr 28, 2015 4:42 pm
by orni308
GBPUSD has been trading very strongly and it might continue in this week too. There are no major news release which is going to effect the pair considerably.

Re: Daily market news by Cozfx

PostPosted: Thu Apr 30, 2015 3:59 am
by dwang
COZfx: AUD/USD pulls away from 3-month highs in cautious trade

COZforex: The Australian dollar dropped against its US counterpart on Wednesday, pulling away from 3 week highs as market sentiment weakened ahead of the Federal Reserve's policy statement expected later in the day.

AUD/USD hit 0.7980 amid late Asian trade, the session low; the pair subsequently consolidated at 0.7997, shedding 0.31%. In technical analysis, AUD/USD was likely to find support at 0.7829, Tuesday's low and resistance at 0.8052, the high of January 23.

In commodities, LME Copper prices rise 0.49% or $29.5/MT to $6090.5/MT. Meanwhile, Aluminum prices rise 2.22% or $40.5/MT to $1868.0/MT.

The greenback came under pressure after the US Conference Board said on Tuesday that its index of consumer confidence declined to 95.2 this month from a reading of 101.4 in March.

The report added to a recent string of disappointing data which has prompted investors to scale back expectations on the timing of a first rate hike by the US central bank.

Investors were looking ahead to preliminary data on first quarter US economic growth and a report on pending home sales later in the day for further indications on the strength of the recovery, ahead of the Federal Reserve's policy announcement.


(COZ forex UK)

Re: Daily market news by Cozfx

PostPosted: Wed May 06, 2015 3:22 am
by dwang
COZfx: Sterling dips as UK construction slows sharply

COZforex: The pound dipped to session lows on Tuesday after data showed that growth in the UK construction sector lost momentum in April as uncertainty ahead of the upcoming general elections on Thursday weighed.

GBP/USD touched session lows of 1.5088 immediately following the release of the data, before pulling back to 1.5118. In technical analysis, the pair is predicted to find support at 1.5081 and a drop through could take it to the next support line of 1.5042. Meanwhile, the pair is predicted to find its first resistance at 1.5167, and a rise through could take it to the next resistance line of 1.5215.

Research firm Markit said the construction purchasing managers’ index dropped to 54.2 from 57.8 in March. Economists had expected a more modest slowdown to 57.5. It was the slowest rate of expansion in 22 months.

There were indications that construction firms delayed spending decisions ahead of the May 7 election the report said, but job creation in the sector remained robust.

Business confidence regarding the 12-month outlook eased back from the 9 year high seen in March, but remained strong.

The report came after data last week showing similar weakness in the UK manufacturing sector last month and another report showing that economic growth in the UK slowed sharply in the first quarter of the year.

Investors were looking ahead to survey data on Britain’s dominant service sector on Wednesday for an indication of the economic outlook at the start of the second quarter.

Investors were also watching the outcome of Thursday’s parliamentary elections, which were widely expected to result in a hung parliament and an unstable coalition government.


(COZ forex UK)

Re: Daily market news by Cozfx

PostPosted: Mon May 11, 2015 2:45 am
by dwang
COZfx: USD/CAD weekly outlook

COZforex: The US dollar ended lower against the Canadian dollar in a volatile session on Friday following the release of mixed April employment data from both the US and Canada.

The Labor Department reported that the US economy added 223,000 jobs in April, just shy of economists forecast for 224,000. The unemployment rate ticked down from 5.5% to 5.4%, the lowest since May 2008.

But March’s payrolls report was revised to show that only 85,000 jobs were created, the fewest since June 2012.
The data did little to alter expectations that the Federal Reserve will keep rates on hold at current record lows until later in the year.

At the same time Statistics Canada reported that the economy shed 19,700 jobs in April, far more than the decline of 5,000 forecast by economists. It was the largest decline in eight months.

The unemployment rate remained steady at 6.8%, compared to expectations for a slight uptick to 6.9%.

Part-time and retail employment accounted for most of the decline, the report said, after retailer Target closed all of its stores in Canada last month.
USD/CAD initially hit highs of 1.2146 in choppy trade, before slipping back to 1.2070 in late trade, down 0.45% for the day.
The US dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, hit highs of 95.17 after the data, before pulling back to 94.9 in late trade. The index ended the week down 0.57%, its fourth consecutive weekly loss.

In the week ahead investors will be turning their attention to U.S. data on retail sales and consumer sentiment for fresh indications on the strength of the economic recovery.


(COZ forex UK)