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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: Thu Jun 25, 2015 4:42 am
by dwang
COZfx: Euro steady as investors await more Greece talks on Thursday

COZforex: The euro was steady in early Asia on Thursday as investors awaited another day of meetings ahead to see what the outcome is for Greece's debt talks.

EUR/USD traded at 1.1204, up 0.01%, while AUD/USD changed hands at 0.7708, up 0.07%. USD/JPY traded at 123.85, flat, with no major data releases scheduled in the region on Thursday.

Euro zone finance ministers ended their Wednesday meeting early as no real progress was made between Greece and its creditors ahead of the Euro group.

European Commission President Jean-Claude Junkers has called another meeting with Greek Prime Minister Alexis Tsipras on Wednesday evening in Europe. The heads of the creditors, the Economy Commissioners as well as Euro group President Jeroen Dijsselbloem are also invited to participate.

The meeting is seen as another effort on behalf of the commission to bridge the gaps between the two sides that revolve around pensions and taxes.

Market sentiment was hit after a Greek government official said Prime Minister Alexis Tsipras told associates that some of Greece's latest proposed reform measures had not been accepted by creditors.

The remarks came as Tsipras departed for Brussels to meet with the heads of the European Commission, the European Central Bank and the International Monetary Fund.

Earlier Wednesday, Greece's economy minister, George Stathakis, said "two or three" areas still needed to be addressed, but added that he was confident a deal would be reached by the time EU leaders meet on Thursday.

Greece has to repay € 1.6 billion to the IMF on June 30 or face going into default, which could trigger the country’s exit from the euro area.


(COZ forex UK)

Re: Daily market news by Cozfx

PostPosted: Tue Jun 30, 2015 3:45 am
by dwang
COZfx: AUD/USD holds steady at 3-week lows in cautious trade

COZforex: The Australian dollar held steady at 3-week lows against its US counterpart on Monday, as mounting concerns over a potential Greek default weighed on risk sentiment and boosted demand for the safe-haven greenback.

AUD/USD hit 0.7588 amid late Asian trade, the pair's lowest since June 8; the pair subsequently consolidated at 0.7657. In technical analysis, COZforex senior currency strategist Ian • Quigley said, AUD/USD was likely to find support at 0.7601, the low of June 8 and resistance at 0.7742, the high of June 26.

Investors remained cautious after last ditch Greek debt negotiations broke down over the weekend, bringing the country a step closer to a debt default ahead of a looming deadline for a repayment to the International Monetary Fund on Tuesday.

Greece’s bailout is due to expire on Tuesday, the same day that Athens is due to repay €1.6 billion to the IMF, but without a rescue package in place Greece will almost certainly default.

Greek Prime Minister Alexis Tsipras abandoned negotiations with creditors on Saturday and called for a referendum to be held on July 5 on the terms proposed by lenders for extending the country’s bailout.

European finance ministers refused a request from the Greek government to extend the bailout program until after the referendum.

A Greek official said Monday that banks would remain closed for 6 days starting on Monday to avert a crisis in the banking sector after deposit outflows accelerated over the weekend. Withdrawals at ATM machines were to be limited to €60 a day per account.

Later in the day, the US was to release data on pending home sales.


(COZ forex UK)

Re: Daily market news by Cozfx

PostPosted: Thu Jul 02, 2015 2:34 am
by dwang
COZfx: Japan’s manufacturing PMI edged down in June

COZforex: For the past trading session, the USD weakened 0.13% against the JPY and closed at 122.41.

Earlier today, data revealed that Japan’s manufacturing PMI edged down to 50.1 in June, but stayed in the expansion territory and compared to prior month’s reading of 50.9.

Overnight data indicated that Japan’s Tankan large manufacturing index rise unexpectedly advanced to 15.0 in 2Q 2015, compared to a reading of 12.0 recorded in the previous quarter. Additionally, the Tankan large manufacturing outlook index climbed to 16.0 in 2Q 2015, following a level of 10.00 in the previous quarter.

Meanwhile, the Tankan non-manufacturing outlook index climbed to 21.00 in Japan, against market expectations of an advance to a level of 22.00.

In technical analysis, coz forex senior derivatives trader Daniel • Moloney said, USD/JPY is predicted to find support at 122.06, and a drop through could take it to the next support line of 121.66. Meanwhile, the pair is predicted to find its first resistance at 122.74, and a rise through could take it to the next resistance line of 123.02.


(COZ forex UK)

Re: Daily market news by Cozfx

PostPosted: Mon Jul 06, 2015 4:45 am
by dwang
COZfx: Euro trading marginally higher ahead of the Euro-zone’s services PMI data

COZforex: For the past trading session, the EUR rise 0.42% against the USD and closed at 1.1089.

In economic news, the Euro-zone’s producer price index remained flat on a monthly basis in May, compared to a decline of 0.10% in the prior month, while markets were expecting it to rise 0.10%.

The greenback came under pressure, as the US non-farm pay rolls report showed that the US economy added fewer jobs than anticipated in June.

Data revealed that the US non-farm payrolls climbed by 223.00 K in June, lower than market anticipations of an advance of 230.00 K. Non-farm payrolls had registered a revised increase of 254.00 K in the previous month.

Additionally, number of Americans filing for unemployment benefits for the first time unexpectedly rose to a level of 281.00 K in the week ended 27 June 2015, compared to a level of 271.00 K in the previous week, while Markets were expecting initial jobless claims to ease to 270.00 K.

On the other hand, unemployment rate in the US slid to 5.3%, notching its lowest mark in seven years in the month of June, after inching up to 5.5% in May.

Other economic data indicated that the US factory orders eased more than expected by 1.0%, registering a 9th fall in ten months in May and following a 0.7% drop in April.

In technical analysis, COZFX strategist Nigel Boynton said, EUR/USD is predicted to find support at 1.1054 and a drop through could take it to the next support line of 1.1014. Meanwhile, the pair is predicted to find its first resistance at 1.1128, and a rise through could take it to the next resistance line of 1.1162.


(COZ forex UK)

Re: Daily market news by Cozfx

PostPosted: Thu Jul 09, 2015 3:54 am
by dwang
COZfx: USD/CAD re-approaches 3-month peak in early trade

COZforex: The US dollar was higher against its Canadian counterpart on Wednesday, re-approaching a three-month peak as ongoing concerns over Greece continued to support safe-haven demand and as a weak building permits report from Canada weighed on the local currency.

USD/CAD hit 1.2768 amid early US trade, the session high; the pair subsequently consolidated at 1.2740, gaining 0.27%. In technical analysis, COZforex senior currency strategist Ian • Quigley said, USD/CAD was likely to find support at 1.2652, Tuesday's low and resistance at 1.2779, Tuesday's high and a 3 month high.

Markets were jittery after after European leaders handed Greece an ultimatum - it has five days to strike a new bailout deal with its euro zone creditors or face a banking collapse.

The Greek government was to present a formal application later Wednesday for a new rescue package from the European Stability Mechanism, the euro zone’s permanent bailout fund. If an agreement cannot be reached in time, European Union leaders will hold an emergency summit in Brussels on Sunday to discuss how to contain the fallout from a Greek exit from the euro zone.

In Canada, data on Wednesday showed that building permits dropped by 14.5% in May, compared to expectations for a 5.0% decline. Building permits increased by 12.1% in April, whose figure was revised from a previously estimated 11.6% gain.


(COZ forex UK)

Re: Daily market news by Cozfx

PostPosted: Mon Jul 13, 2015 4:49 am
by dwang
COZfx: EUR/USD weekly outlook during July 13 -17

COZforex: The euro rise against the dollar and the yen on Friday amid renewed hopes for a deal on a bailout for Greece that would prevent a possible exit from the single currency bloc.

Hopes for a breakthrough on a new bailout deal for Greece were boosted after the government put forward new proposals on budget cuts and economic reforms ahead of a meeting of the euro group of finance ministers on Saturday.
EUR/USD was up 1.1% to 1.1148 late Friday after rising to a one-week peak of 1.1215 earlier in the session.

The single currency pared back gains after Federal Reserve Chair Janet Yellen said the central bank was on track to raise interest rates at some point this year.

She added that she felt an initial rate hike will have a small impact and reiterated that rates would rise only gradually.
The US dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.73% to 95.96 late Friday.

In the week ahead, developments in Greece look likely to continue to dominate sentiment after talks between euro zone finance ministers on a third bailout for Greece ended without an agreement on Saturday. European Union leaders were to hold another summit meeting on Sunday.

China is to release data on second quarter growth, while monetary policy statements by the European Central Bank and central banks in Japan and Canada will also be in focus.


(COZ forex UK)

Re: Daily market news by Cozfx

PostPosted: Thu Jul 16, 2015 4:40 am
by dwang
COZfx: Pound trading lower after UK employment report

COZforex: The pound ticked lower on Wednesday after data showing that the UK unemployment rate unexpectedly rise in May, while salary growth continued to pick up, but at a slightly slower than expected rate.
GBP/USD slipped 0.15% to 1.5612 from around 1.5653 ahead of the report.

The Office for National Statistics said the jobless rate ticked up to 5.6% in the 3 months to May from 5.5% in the previous three month period. Economist had expected an unchanged reading.

It was the first increase in the unemployment rate since early 2013 as the number of people in the labor force fell by 67,000, due in large part to declines in the number of people in part-time work. The number of people claiming unemployment benefits rise by 7,000, compared to expectations for a decline of 8,800.

Pay growth picked up in the three months to May, with average earnings including bonuses rising 3.2% from a year earlier, up from 2.7% in April. It was the fastest increase since April 2010, but was just short of forecasts of 3.3%.
Excluding bonuses, hourly earnings rise 2.8% on a year-over-year basis, up from 2.7% previously, but below forecasts for 3.0%. It was still the biggest increase in six years the ONS said.

Sterling rallied on Tuesday after Bank of England Governor Mark Carney said the time for interest rate hikes is approaching. The comments came during testimony to MP’s on the bank’s quarterly inflation report.


(COZ forex UK)

Re: Daily market news by Cozfx

PostPosted: Thu Jul 16, 2015 6:24 am
by amasud
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Re: Daily market news by Cozfx

PostPosted: Tue Jul 21, 2015 5:05 am
by dwang
COZfx: Construction output in the Euro-zone rebounded 0.3%

COZforex: On Friday, the EUR declined 0.33% against the USD and closed at 1.0844.

In economic news, the seasonally adjusted construction output in the Euro-zone rebounded 0.3% on a monthly basis in May. It followed a 0.2% drop in the preceding month.

In the US, consumer prices advanced 0.3% on a monthly basis, rising for the fifth straight month in June and matching market expectations for a similar gain. In the prior month, consumer prices registered an increase of 0.4%. The positive inflation data has strengthened the case of an interest rate hike in the US this year.

Other economic data showed that housing starts in the US climbed 9.80% to an annual rate of 1174.00 K in June, compared to market expectations of 1109.00 K. In the prior month, it had registered a revised level of 1069.00 K. Meanwhile, building permits unexpectedly climbed 7.40% on a monthly basis in June, to an annual rate of 1343.00 K in June. Markets were anticipating it to ease to 1150.00 K.

On the other hand, the preliminary Reuters/Michigan consumer sentiment index came in at 93.3 in July, down from a final reading of 96.1 in June.

In technical analysis, COZforex senior currency strategist Ian • Quigley said, EUR/USD is predicted to find support at 1.0793 and a drop through could take it to the next support level of 1.0764. Meanwhile, the pair is predicted to find its first resistance at 1.0881, and a rise through could take it to the next resistance level of 1.0938.

Trading trends in the Euro today are expected to be determined by Germany’s producer price index data, scheduled in a few hours.


(COZ forex UK)

Re: Daily market news by Cozfx

PostPosted: Fri Jul 24, 2015 3:08 am
by dwang
COZFX: Japan’s June exports climbed sharply but missed market expectations

COZforex: For the last trading session to 23:00 GMT, the USD strengthened 0.12% against the JPY and closed at 123.99.

In the Asian session, the pair is trading at 123.94, with the USD trading a tad lower from yesterday’s close.

Earlier today, data released showed that Japan’s exports jumped 9.5% YoY, increasing at the fastest pace in 5 months in June, following a 2.4% increase in May. However, the reading came in marginally lower than 10.0% rise anticipated by the analysts.

On the other hand, imports slipped 2.9% on an annual basis in June, compared to a decrease of 8.7% in the previous month. Meanwhile, total merchandise trade deficit narrowed to ¥69.0 billion in June, after recording a deficit of ¥217.2 billion in May and missing market expectations for a ¥5.4 billion surplus.

In technical analysis, COZforex senior currency strategist Ian • Quigley said, USD/JPY is predicted to find support at 123.62 and a drop through could take it to the next support line of 123.29. Meanwhile, the pair is predicted to find its first resistance at 124.21, and a rise through could take it to the next resistance line of 124.48.


(COZ forex UK)