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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 May 18, 2015 3:17 am
by dwang
COZfx: Yen weaker ahead of core machinery orders

COZforex: The Japanese yen was weaker in early Asia on Monday ahead of core machinery data with minutes due by the Federal Reserve later this week a focus.

USD/JPY traded at 119.40, up 0.14%, while AUD/USD changed hands at 0.8038, flat. EUR/USD was quoted at 1.1446.
Japan is to publish a report on core machinery orders with a gain of 1.8% expected month-on-month for March, compared to a 0.4% drop in February.

Later, China may release data on house prices for April year-on-year, with a drop of 6.1% seen in March.

The US dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was quoted at 93.30, up 0.01%.

Data showed that US industrial production dropped for the fifth straight month in April and another report showed that US consumer sentiment deteriorated to a 7 month low this month.

The Federal Reserve said industrial output slid 0.3% after a revised 0.3% decline in March. Economists had expected an increase of 0.1%.

The reports came after disappointing data on retail sales and producer inflation earlier in the week and dampened hopes for a second quarter rebound after a sharp slowdown in growth in the first 3 months of the year.

In the week ahead investors will be turning their attention to Wednesday’s Federal Reserve minutes for clues on the possible timing of a rate increase. Friday’s data on US inflation will also be closely watched.


(COZ forex UK)

Re: Daily market news by Cozfx

PostPosted: Wed May 20, 2015 3:39 am
by dwang
COZfx: NZD/USD climbs on NZ inflation expectations report

COZforex: The New Zealand dollar climbed against its US counterpart on Tuesday, after data showed that inflation expectations for New Zealand ticked higher in the last quarter.

NZD/USD hit 0.7444 amid late Asian trade, the session high; the pair subsequently consolidated at 0.7416, gaining 0.33%. In technical analysis, NZD/USD was likely to find support at 0.7314, the low of May 13 and a two-month low and resistance at 0.7494, the high of May 15.

In a report, the Reserve Bank of New Zealand said its inflation expectations for the next two years ticked up to 1.9% in the last quarter from 1.8% in the three months to December.

Meanwhile, the greenback continued to recover from recent losses as investors turned their attention to Friday’s US inflation data and Wednesday’s minutes of the Federal Reserve's April meeting for fresh indications on the timing of an initial rate hike.

The US dollar had come under broad selling pressure as a string of downbeat economic reports dampened hopes for a second quarter rebound after a sharp slowdown in growth in the first three months of the year.

Later in the day, the US was to publish data on building permits and housing starts.


(COZ forex UK)

Re: Daily market news by Cozfx

PostPosted: Wed May 27, 2015 4:26 am
by dwang
COZfx: USD/CAD rises to 1-month highs in early trade

COZforex: The US dollar rise to 1 month highs against its Canadian counterpart on Tuesday, after the release of mixed US durable goods orders data, as expectations for a U.S. rate hike in the coming months continued to support.

USD/CAD hit 1.2416 during early U.S. trade, the pair's highest since April 15; the pair subsequently consolidated at 1.2415, advancing 0.82%. The pair was likely to find support at 1.2275, Monday's low and resistance at 1.2570, the high of April 15.

In a report, the US Commerce Department said that total durable goods orders, which include transportation items, declined by 0.5% last month, compared to expectations for a drop of 0.4%.

Orders for durable goods in March were revised up to a gain of 5.1% gain from a previously reported increase of 4.7%. Core durable goods orders, excluding volatile transportation items, inched up 0.5% in April, beating forecasts for an increase of 0.4%. Core durable goods orders rose 0.6% in March, whose figure was revised up from previously reported gain of 0.3%.

The greenback remained broadly supported after Federal Reserve Chair Janet Yellen reiterated Friday that the bank still expects to start raising interest rates later in the year if the economy continues to improve as expected.

She attributed a slowdown in first quarter growth to "transitory factors", including a harsh winter, but reiterated that the timing of an initial rate hike would be data dependent.


(COZ forex UK)

Re: Daily market news by Cozfx

PostPosted: Thu May 28, 2015 4:37 pm
by orni308
EURUSD went down yesterday but managed to come back very strongly its a good time to go for buy.

Re: Daily market news by Cozfx

PostPosted: Mon Jun 01, 2015 3:12 am
by dwang
COZfx: AUD/USD weekly outlook: June 1 - 5

COZforex: The Australian dollar declined against its US counterpart on Friday to end close to a 7 week low amid growing prospects the Federal Reserve was on track to raise interest rates later this year.

AUD/USD shed 0.09% on Friday to end at 0.7641. A day earlier, the pair slumped to 0.7617, a level not seen since April 15. For the week, the pair lost 2.41%, the second straight weekly decline, amid growing expectations that the Federal Reserve would raise interest rates after the summer.

Official data released Friday showed that the US economy contracted 0.7% in the first three months of 2015, compared to an initial estimate of growth of 0.2%. The downward revision was broadly in line with analysts' expectations.

Despite the disappointing reading, most market experts expect the US economy to rebound in the second quarter, as transitory factors recede.

Economic data released in the past week, including reports on inflation, new home sales, business investment and consumer confidence all indicated that the economy is gaining momentum after a slowdown in the first quarter, supporting the case for higher interest rates later this year.

Despite Friday's losses, the dollar still rise 0.9% on the week after Federal Reserve Chair Janet Yellen said last week that the central bank expects to start raising interest rates later this year if the economy continues to improve as expected.

In the week ahead, investors will be focusing on Friday's nonfarm payrolls report for May, for fresh indications on the strength of the economy and the timing of a US rate increase.

Market players will also be focusing on the outcome of a policy meeting o f the Reserve Bank of Australia on Tuesday.


(COZ forex UK)

Re: Daily market news by Cozfx

PostPosted: Wed Jun 03, 2015 4:24 am
by dwang
COZfx: Euro trading flat ahead of the Euro-zone’s CPI data

COZforex: For the past trading session, the EUR declined 0.35% against the USD and closed at 1.0929.

In economic news, the flash consumer price index in Germany rose 0.10% on a monthly basis in May, at par with market expectations, suggesting that the ECB’s massive monetary stimulus measures were succeeding in pushing up consumer prices in Europe’s biggest economy.

Other economic data showed that Germany’s final manufacturing PMI dropped to 51.10 in May, compared to a level of 52.10 in the previous month, while markets were anticipating it to ease to 51.40. Meanwhile, the Euro-zone’s final manufacturing PMI climbed to 52.20 in May, compared to market expectations of an advance to 52.30.

The greenback traded on a stronger footing, as manufacturing activity in the US expanded at a faster pace than expected in May, easing concerns over the health of the economy.

Data released showed that the nation’s ISM manufacturing index rose to a three-month high of 52.8 in May, from a reading of 51.5 in April. Analysts had expected the manufacturing PMI to edge up to 52.0 in May. Additionally, personal income in the US advanced 0.40% in April on a MoM basis, higher than market expectations for a rise of 0.30%.

In technical analysis, COZFX strategist Nigel Boynton said, EUR/USD is predicted to find support at 1.0884 and a drop through could take it to the next support line of 1.0839. Meanwhile, the pair is predicted to find its first resistance at 1.0977, and a rise through could take it to the next resistance line of 1.1025.

Trading trends in the Euro today are expected to be determined by the Euro-zone’s inflation as well as Germany’s unemployment data, scheduled in a few hours.


(COZ forex UK)

Re: Daily market news by Cozfx

PostPosted: Mon Jun 08, 2015 2:51 am
by dwang
COZfx: USD/JPY weekly outlook for 8 – 12 June

COZforex: The dollar rallied 1% against the yen on Friday; raising to the highest level in 13 years as a robust US employment report for May underlined expectations that the Federal Reserve will start raising interest rates later this year.

The Labor Department reported that the US economy added 280,000 jobs in May, ahead of economists forecast for 220,000. The unemployment rate ticked up to 5.5% from 5.4 in the previous month. April’s payrolls report was revised to show that 221,000 jobs were created.

The upbeat data, particularly the pick-up in wage growth added to the view that the economy is regaining momentum after a weak first quarter. The report also bolstered expectations that the Fed could start to hike interest rates at its September policy meeting.

USD/JPY hit highs of 125.85, the most since June 2002 and was at 125.58 in late trade, 0.99% higher for the day. The pair ended the week with gains of 1.08%.

Comments by Japanese officials during the week indicated that Tokyo is comfortable with the weaker yen.

Speaking Tuesday Bank of Japan Governor Haruhiko Kuroda said it was important for currency rates to reflect economic fundamentals, but gave no sign that Tokyo close to undertaking any measures to stem the steep decline in the yen.

In the week ahead, investors will be focusing on revised data on first quarter growth from Japan and the euro zone, while reports on euro zone industrial production will also be closely watched.


(COZ forex UK)

Re: Daily market news by Cozfx

PostPosted: Wed Jun 10, 2015 4:21 am
by dwang
COZfx: Pound remains lower after UK trade data

COZforex: The pound remained lower against the dollar on Tuesday after data showed that the UK trade deficit fell to the lowest in more than a year in April, indicating that it may create less of a drag on growth in the current quarter.
GBP/USD was at 1.5291, little changed from around 1.5293 ahead of the report.

The Office for National Statistics said the trade deficit narrowed to £1.2 billion in April, the lowest since March 2014 from an upwardly revised £3.1 billion the previous month. The goods trade deficit narrowed to £8.5 billion from £10.7 billion, also the lowest since March last year. The UK’s trade deficit trimmed 0.9% off overall economic growth in the first quarter, and the economy expanded just 0.3%. The report showed that exports rose 4.8% in April, the largest increase since September 2014.

The pound remained under pressure as concerns over the prospect of a possible British exit from the European Union weighed ahead of a referendum on EU membership due to be held before the end of 2017.

Demand for the dollar continued to be underpinned after Friday’s upbeat US jobs report bolstered expectations for a rate hike by the Federal Reserve later this year.

In the euro zone, data on Tuesday confirmed that the euro area economy grew 0.4% in the first 3 months of the year.


(COZ forex UK)

Re: Daily market news by Cozfx

PostPosted: Mon Jun 15, 2015 9:25 am
by dwang
COZfx: EUR/USD relatively flat at 1.12, as Greek drama reaches the weekend

Cozforex: The euro inched up against the dollar on Friday rallying from a minor sell-off one session earlier, as traders prepare for a weekend full of rhetoric in the Greek debt crisis before substantive talks resume next week.

EUR/USD gained 0.0002 or 0.03% to close the week on a strong note at 1.1262. On Friday, the pair wavered between 1.1152 and 1.1295 on a choppy day of trading. For the week, the euro rose roughly 1.4% against its American counterpart after opening on Monday at 1.1112.

In technical analysis, COZFX strategist Nigel Boynton said: EUR/USD likely gained support at 1.0991, the low from June 1 and was met with resistance at 1.1386, the high from June 10.

One day after officials from the International Monetary Fund abruptly broke off talks with Greece in Brussels, Netherlands finance minister Jeroen Dijsselbloem warned that it is practically "unimaginable" for a Greek deal to be completed without the assistance of the IMF. Previously, the head of the euro group of finance ministers indicated that an agreement could be reached at next week's meeting in Luxembourg after Greece reportedly neared an incremental deal with Germany to accept some of the austerity measures proposed by chancellor Angela Merkel in exchange for receiving a portion of the remaining €7.2 billion left in a €240 billion bailout.

On Friday, Greece reportedly submitted a new proposal to its international creditors, according to the Financial Times. The proposal included concessions on debt restructuring, but did not include any pension reform – a major sticking point for the IMF. A day earlier, IMF officials cut tense negotiations short amid a wide rift in pension, tax and financing considerations between the two sides.

Greece is running out of time before the extension of the bailout expires on June 30. The cash-strapped nation also owes a bundled payment of 1.5 billion to the IMF at the end of the month.

"If the Greek government isn't willing to take difficult measures, even if they're unpopular, then Greece will never be saved," Dijsselbloem said.

Stocks among a wide sampling of Greek Banks – the National Bank of Greece, Alpha Bank, Eurobank Ergasias and Piraeus Bank SA – tumbled on Friday, each declining by more than 10% on the session.


(COZ forex UK)

Re: Daily market news by Cozfx

PostPosted: Tue Jun 23, 2015 3:14 am
by dwang
COZfx: USD/CAD slips in early trade, US data ahead

COZforex: The US dollar slipped against its Canadian counterpart on Monday, as lower expectations for an upcoming US rate hike dampened demand for the greenback and as markets awaited the release of US existing home sales data later in the day.

USD/CAD hit 1.2218 during early U.S. trade, the session low; the pair subsequently consolidated 1.2253, edging down 0.12%. In technical analysis, COZforex senior currency strategist Ian • Quigley, the pair was likely to find support at 1.2216, the low of June 17 and a one-month low and resistance at 1.2335, the high of June 17.

The greenback remained under pressure after the Federal Reserve's rate statement last week tempered expectations for a rate hike later this year.

The Fed lowered both its US growth forecast and its interest-rate projections, prompting investors to push back expectations on the timing of an initial rate hike.

Fed Chair Janet Yellen said the central bank wanted to see "more decisive evidence" of sustained growth before raising rates, but acknowledged that the economy has "expanded moderately" after a weak first quarter.


(COZ forex UK)