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Re: Daily market news by Cozfx

COZfx: German producer price inflation declined to a 4-month low level in November

COZforex: For the past session, the EUR rose 0.27% against the USD and closed at 1.1873.

On the macro front, the Euro-zone’s seasonally adjusted current account surplus narrowed to €30.8 billion in October, after recording a revised surplus of €39.2 billion in the prior month.

Separately, Germany’s producer price index climbed less-than-anticipated by 2.5% on an annual basis in November, rising at its weakest pace in four months. The PPI had recorded a gain of 2.7% in the previous month, while markets were expecting for an advance of 2.6%.

In the US, data showed that existing home sales climbed 5.6% on a monthly basis to a level of 5.81 million in November, notching its highest level since December 2006, thus suggesting that the nation’s housing sector is on a stable path to recovery. Existing home sales had registered a revised reading of 5.50 million in the prior month, while investors had envisaged for a rise to a level of 5.53 million. On the other hand, the nation’s MBA mortgage applications recorded a drop of 4.9% in the week ended 15 December 2017, compared to a fall of 2.3% in the prior week.

In technical analysis, COZFX strategist Nigel Boynton said: EUR/USD is expected to find support at 1.1829 and a fall through could take it to the next support level of 1.1793; Meanwhile, the pair is expected to find its first resistance at 1.1902, and a rise through could take it to the next resistance level of 1.1939.

Moving ahead, traders would look forward to the Euro-zone’s flash consumer confidence index for December, scheduled to release later in the day. Moreover, the US 3Q GDP and initial jobless claims data, set to release later today, will keep investors on their toes.


(COZ forex UK)

Re: Daily market news by Cozfx

COZfx: Aussie trading on a stronger footing this morning

COZforex: For the past trading session, the AUD rose 0.06% against the USD and closed at 0.7726.

In commodities, LME Copper prices rose 0.6% or $42.0/MT to $7019.0/MT; Meanwhile, Aluminium prices rose 1.4% or $28.5/MT to $2137.0/MT.

In the Asian session, the pair is trading at 0.7739, with the AUD trading 0.17% higher against the USD from yesterday’s close.

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: AUD/USD is expected to find support at 0.7721 and a fall through could take it to the next support level of 0.7702; Meanwhile, the pair is expected to find its first resistance at 0.775, and a rise through could take it to the next resistance level of 0.7760.

With no macroeconomic releases in Australia today, investor sentiment would be governed by global macroeconomic factors.

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


(COZ forex UK)

Re: Daily market news by Cozfx

COZfx: Loonie trading higher, ahead of Canada’s RBC manufacturing PMI

COZforex: For the past trading session, the USD declined 0.06% against the CAD and closed at 1.2558.

In the Asian session, the pair is trading at 1.2536, with the USD trading 0.18% lower against the CAD from yesterday’s close.

In technical analysis, COZ senior foreign exchange risk investment trader Desmond Doyle said: USD/CAD is expected to find support at 1.2520 and a fall through could take it to the next support level of 1.2503; Meanwhile, the pair is expected to find its first resistance at 1.2565, and a rise through could take it to the next resistance level of 1.2593.

Ahead in the day, investors would closely monitor Canada’s RBC manufacturing PMI for December.

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


(COZ forex UK)

Re: Daily market news by Cozfx

COZfx: Euro-zone’s annual inflation slowed as anticipated in December

COZforex: For the past trading session, the EUR declined 0.2% against the USD and closed at 1.2047 on Friday, after data indicated that annual inflation in the Euro-zone slowed in December.

The Euro-zone’s preliminary consumer price index climbed 1.4% on an annual basis in December, meeting market expectations and after recording a rise of 1.5% in the prior month, thus indicating that strong economic conditions in the common currency region have not translated into higher inflation.

Separately, Germany’s retail sales rebounded more-than-expected by 2.3% on a monthly basis in November, surging by the most in a year and hinting that an upturn in the nation’s private consumption is on the cards. Retail sales had recorded a drop of 1.2% in the previous month, while markets had anticipated for a gain of 1.0%. Additionally, activity in the nation’s construction sector expanded at its quickest pace in four months, after it advanced to a level of 53.7 in December, driven by robust growth in commercial building work. The PMI had recorded a reading of 53.1 in the preceding month.

In technical analysis, COZforex senior currency strategist Ian • Quigley said: EUR/USD is expected to find support at 1.2008 and a fall through could take it to the next support level of 1.1984; Meanwhile, the pair is expected to find its first resistance at 1.2070, and a rise through could take it to the next resistance level of 1.2108.

Moving ahead, investors would focus on the Euro-zone’s retail sales figures for November, the Sentix investor confidence index for January as well as Germany’s factory orders data for November, all due to release in a few hours.


(COZ forex UK)

Re: Daily market news by Cozfx

COZfx: UK’s pay growth would accelerate and jobless rate set to fall to fresh lows: BoE’s Saunders

COZforex: For the past trading session, the GBP rose 0.14% against the USD and closed at 1.3809, after an external MPC member of the Bank of England, Michael Saunders, stated that interest rates will likely have to rise faster-than-anticipated this year as he expects Britain’s labour market to tighten further, pushing wage growth to its fastest rate since the financial crisis.

In the Asian session, the pair is trading at 1.3807, with the GBP trading slightly lower against the USD from yesterday’s close.

Overnight data indicated that UK’s RICS house price balance registered an unexpected rise to 8.0% in December, compared to a flat reading in the prior month. Markets had anticipated for house price balance to fall to 1.0%.

In technical analysis, COZforex senior currency strategist Ian • Quigley said: GBP/USD is expected to find support at 1.3729 and a fall through could take it to the next support level of 1.3650; Meanwhile, the pair is expected to find its first resistance at 1.3914, and a rise through could take it to the next resistance level of 1.4020.

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


(COZ forex UK)

Re: Daily market news by Cozfx

COZfx: Oil extends its gains, ahead of EIA’s weekly crude oil inventories data

COZforex: For the past trading session, Crude Oil rose 0.78% against the USD and closed at USD64.36 per barrel.

However, gains in crude prices were limited, after the American Petroleum Institute (API) reported that US crude oil inventories rose by 4.8 million barrels to 416.2 million barrels in the week ended 19 January.

In the Asian session, the pair is trading at 64.47, with oil trading 0.17% higher against the USD from yesterday’s close.

In technical analysis, COZ senior foreign exchange risk investment trader Desmond Doyle said: Crude oil is expected to find support at 63.82 and a fall through could take it to the next support level of 63.17; Meanwhile, the pair is expected to find its first resistance at 65.00, and a rise through could take it to the next resistance level of 65.53.

Crude oil is trading above its 20 Hr and 50 Hr moving averages.


(COZ forex UK)

Re: Daily market news by Cozfx

COZfx: Japanese manufacturing sector growth revised higher in January

COZforex: For the past trading session, the USD rose 0.3% against the JPY and closed at 109.22.

In the Asian session, the pair is trading at 109.34, with the USD trading 0.11% higher against the JPY from yesterday’s close.

Data released overnight showed that Japan’s final Nikkei manufacturing PMI climbed to a level of 54.8 in January, higher than a rise to a level of 54.4 indicated in the preliminary print and remaining at a nearly 4-year high level. In the prior month, the PMI had recorded a level of 54.0.

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: USD/JPY is expected to find support at 108.81 and a fall through could take it to the next support level of 108.28; Meanwhile, the pair is expected to find its first resistance at 109.66, and a rise through could take it to the next resistance level of 109.98.

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


(COZ forex UK)

Re: Daily market news by Cozfx

COZfx: RBNZ keeps rate unchanged as expected at 1.75%

COZforex: The Reserve Bank of New Zealand left the Official Cash Rate unchanged at 1.75 percent. It also released the quarterly Monetary Policy Statement, In line with expectations from COZFX strategist Nigel Boynton.

The RBNZ maintained its forecast for rates to rise in Q2 2019. They see that numerous uncertainties remain in place. Regarding inflation, they see CPI reaching 2% during Q3 2020 (compared to Q2 2018 of the previous statement). Growth forecasts were revised slightly lower.

The kiwi (NZD) fell across the board as the statement was perceived as dovish.

GDP growth eased over the second half of 2017 but is expected to strengthen, driven by accommodative monetary policy, a high term of trade, government spending and population growth.

House price inflation has increased somewhat over the past few months but housing credit growth continues to moderate.

Overall, CPI inflation is forecast to trend upwards towards the midpoint of the target range. Longer-term inflation expectations are well anchored at 2 percent.

Monetary policy will remain accommodative for a considerable period. Numerous uncertainties remain and policy may need to adjust accordingly.


(COZ forex UK)

Re: Daily market news by Cozfx

COZfx: Swiss consumer prices declined in January

COZforex: For the past trading session, the USD rose 0.1% against the CHF and closed at 0.9391.

On the data front, Switzerland’s consumer price index slid 0.1% on a monthly basis in January, less than market expectations for a fall of 0.2%. The CPI had registered a flat reading in the previous month.

In the Asian session, the pair is trading at 0.9391, with the USD trading flat against the CHF from yesterday’s close.

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: USD/CHF is expected to find support at 0.9369 and a fall through could take it to the next support level of 0.9348; Meanwhile, the pair is expected to find its first resistance at 0.9407, and a rise through could take it to the next resistance level of 0.9424.

Moving ahead, Switzerland’s producer and import prices data for January, set to release in a few hours, will be on investors’ radar.

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


(COZ forex UK)

Re: Daily market news by Cozfx

COZfx: Aussie trading on a weaker footing this morning

COZforex: For the past trading session, the AUD declined 0.2% against the USD and closed at 0.7849.

In commodities, LME Copper prices rose 0.5% or $37.5/MT to $7111.0/MT; Meanwhile, Aluminium prices declined 1.0% or $21.5/MT to $2188.5/MT.

In the Asian session, the pair is trading at 0.7842, with the AUD trading 0.09% lower against the USD from yesterday’s close.

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: AUD/USD is expected to find support at 0.7814 and a fall through could take it to the next support level of 0.7787; Meanwhile, the pair is expected to find its first resistance at 0.7881, and a rise through could take it to the next resistance level of 0.7921.

Moving ahead, traders would keep a close watch on Australia’s private sector credit data for January, scheduled to release overnight.

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


(COZ forex UK)

Re: Daily market news by Cozfx

COZfx: German retail sales surprisingly dipped in January

COZforex: For the past trading session, the EUR rose 0.43% against the USD and closed at 1.2329 on Friday.

In economic news, data showed that the Euro-zone’s producer price index (PPI) climbed less-than-anticipated by 1.5% on an annual basis in January, compared to an advance of 2.2% in the previous month, while markets were anticipating the PPI to increase 1.6%.

Separately, Germany’s retail sales registered an unexpected drop of 0.7% on a monthly basis in January, confounding market expectations for a gain of 0.7% and dampening hopes that private consumption will propel growth in Euro-bloc’s largest economy this year. In the previous month, retail sales had registered a revised drop of 1.1%.

The greenback declined against a basket of major currencies on Friday, pressured by continuous fears over trade wars following the US President, Donald Trump’s proposal to impose hefty tariffs on steel and aluminium imports.

On the macro front, the US final Reuters/Michigan consumer sentiment index climbed less than initially estimated to a level of 99.7 in February, compared to a preliminary print indicating a rise to a level of 99.9. In the previous month, the index had recorded a level of 95.7.

In technical analysis, COZFX strategist Nigel Boynton said: EUR/USD is expected to find support at 1.2263 and a fall through could take it to the next support level of 1.2201; Meanwhile, the pair is expected to find its first resistance at 1.2376, and a rise through could take it to the next resistance level of 1.2427.

Moving forward, traders would focus on the final Markit services PMIs for February, slated to release across the Euro-zone in a few hours. Also, the Euro-zone’s Sentix investor confidence for March and retail sales data for January, will be on investors’ radar. Later in the day, the US ISM non-manufacturing and the final Markit services PMIs for February, will be keenly eyed by market participants.


(COZ forex UK)

Re: Daily market news by Cozfx

COZfx: Canada’s housing starts surprised to the upside in February, building permits jumped to an 8-month high in January

COZforex: For the past trading session, the USD slightly rose against the CAD and closed at 1.2892.

Macroeconomic data showed that Canada’s seasonally adjusted housing starts surprisingly climbed to a level of 229.7K in February, defying market expectations for a drop to a level of 215.0K, amid a sharp rise in construction of new buildings. In the prior month, housing starts had recorded a revised level of 215.3K.

Moreover, the nation’s building permits registered an unexpected rise of 5.6% on a monthly basis in January, posting the biggest increase in 8 months and confounding investor consensus for a fall of 1.5%. Building permits had recorded a revised rise of 2.5% in the prior month.

In technical analysis, COZforex senior currency strategist Ian • Quigley said: USD/CAD is expected to find support at 1.2868 and a fall through could take it to the next support level of 1.2832; Meanwhile, the pair is expected to find its first resistance at 1.295, and a rise through could take it to the next resistance level of 1.2996.

Ahead in the day, market participants would draw their attention to Canada’s unemployment rate data for February.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.


(COZ forex UK)

Re: Daily market news by Cozfx

COZfx: Japanese Yen extends its gains in the Asian session

COZforex: For the past trading session, the USD declined 0.14% against the JPY and closed at 106.29.

In the Asian session, the pair is trading at 106.02, with the USD trading 0.25% lower against the JPY from yesterday’s close.
The Japanese Yen gained ground against the USD, following fresh concerns over global trade war, after the US President, Donald Trump, announced plans to impose sharp import tariffs on China in order to trim the US trade deficit by $100.00 billion.

In technical analysis, COZ senior foreign exchange risk investment trader Desmond Doyle said: USD/JPY is expected to find support at 105.66 and a fall through could take it to the next support level of 105.30; Meanwhile, the pair is expected to find its first resistance at 106.55, and a rise through could take it to the next resistance level of 107.08.

Moving ahead, Japan’s final industrial production data for January, slated to release overnight, will be on investors’ radar.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.


(COZ forex UK)

Re: Daily market news by Cozfx

COZfx: UK’s annual inflation growth weakest since September 2017 in February

COZforex: For the past trading session, the GBP declined 0.25% against the USD and closed at 1.4002, after softer-than-expected UK inflation figures alleviated the pressure on the Bank of England to raise key interest rates.

Britain’s consumer price index advanced less-than-anticipated by 2.7% on a yearly basis in February, rising at its weakest pace since July 2017, thus offering fresh evidence of retreating inflation pressures and suggesting that the impact of the Brexit-hit pound has started to abate.

Market participants had expected the CPI to increase by 2.8%, after recording a gain of 3.0% in the prior month.

In the Asian session, the pair is trading at 1.4012, with the GBP trading 0.07% higher against the USD from yesterday’s close.

In technical analysis, COZFX strategist Nigel Boynton said: GBP/USD is expected to find support at 1.3974 and a fall through could take it to the next support level of 1.3937; Meanwhile, the pair is expected to find its first resistance at 1.4058, and a rise through could take it to the next resistance level of 1.4105.

Moving ahead, market participants would keep a close watch on UK’s ILO unemployment rate for the three months ended January as well as public sector net borrowing data for February, both slated to release in a few hours.

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


(COZ forex UK)

Re: Daily market news by Cozfx

COZfx: Swiss ZEW expectations index deteriorated in March

COZforex: For the past trading session, the USD rose 1.12% against the CHF and closed at 0.9568.

On the data front, Switzerland’s ZEW economic expectations index fell to a level of 16.7 in March, after recording a reading of 25.8 in the previous month.

Meanwhile, the KOF Economic Institute, in its latest economic forecast report, boosted Switzerland’s economic growth forecast to 2.5% for this year, up from 2.3% estimated earlier in December. Meanwhile, growth in 2019 is expected to be 1.8%, revised up from 1.7%.

In the Asian session, the pair is trading at 0.9562, with the USD trading 0.06% lower against the CHF from yesterday’s close.

In technical analysis, COZFX strategist Nigel Boynton said: USD/CHF is expected to find support at 0.9490 and a fall through could take it to the next support level of 0.9418; Meanwhile, the pair is expected to find its first resistance at 0.9606, and a rise through could take it to the next resistance level of 0.9650.

Ahead in the day, traders would focus on Switzerland’s KOF leading indicator for March.

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


(COZ forex UK)

Re: Daily market news by Cozfx

COZfx: Aussie trading on a stronger footing this morning

COZforex: For the past trading session, the AUD declined 0.80% against the USD and closed at 0.7661.

LME Copper prices rose 2.1% or $142.0/MT to $6767.0/MT; Meanwhile, Aluminium prices declined 0.2% or $3.0/MT to $1969.0/MT.

In the Asian session, the pair is trading at 0.769, with the AUD trading 0.38% higher against the USD from yesterday’s close.

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: AUD/USD is expected to find support at 0.7660 and a fall through could take it to the next support level of 0.7630; Meanwhile, the pair is expected to find its first resistance at 0.7718, and a rise through could take it to the next resistance level of 0.7746.

Next week, a speech by the Reserve Bank of Australia’s Governor, Philip Lowe as well as the release of Australia’s AiG performance of construction index and the NAB business confidence data, all would be on investors radar.

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


(COZ forex UK)

Re: Daily market news by Cozfx

COZfx: Euro trading flat in the Asian session, ahead of ECB President’s speech

COZforex: For the past trading session, the EUR rose 0.29% against the USD and closed at 1.2358, after hawkish comments from the European Central Bank policymaker, Ewald Nowotny reinvigorated hopes that the central bank will soon wind down its massive monetary policy programme.

In economic news, industrial production in France rebounded 1.2% in February, falling short of market expectations for a rise of 1.4%. Industrial production had recorded a revised drop of 1.8% in the prior month. On the contrary, Italy’s seasonally adjusted industrial production registered an unexpected drop of 0.5% on a monthly basis in February, compared to a revised fall of 1.8% in the prior month, while markets were expecting for a gain of 0.8%.

Macroeconomic data released in the US indicated that the NFIB small business optimism index eased more-than-anticipated to a level of 104.7 in March, compared to a level of 107.6 in the prior month. Markets were anticipating the index to fall to a level of 107.0.

Other data indicated that the nation’s producer price index rose 0.3% on a monthly basis in March, beating market consensus for an advance of 0.1%. The PPI had registered a gain of 0.2% in the prior month.

In technical analysis, COZFX strategist Nigel Boynton said: EUR/USD is expected to find support at 1.2315 and a fall through could take it to the next support level of 1.2271; Meanwhile, the pair is expected to find its first resistance at 1.2390, and a rise through could take it to the next resistance level of 1.2421.

Moving ahead, investors would keep a close watch on a speech by the European Central Bank (ECB) President, Mario Draghi, slated to release in a few hours. Later in the day, the US consumer price inflation data and monthly budget statement, both for March, will garner a lot of market attention. Also, minutes of the FOMC’s March meeting, due to release later today, will be eyed by traders.


(COZ forex UK)

Re: Daily market news by Cozfx

COZfx: Japan’s industrial production revised to flat in February

COZforex: For the past trading session, the USD declined 0.26% against the JPY and closed at 107.13.

In the Asian session, the pair is trading at 107.05, with the USD trading 0.07% lower against the JPY from yesterday’s close.

Early morning data revealed that Japan’s final industrial production came in flat on a monthly basis in February, while the preliminary print had recorded an advance of 4.1%. In the previous month, industrial production had recorded a drop of 6.8%.

In technical analysis, coz forex senior derivatives trader Daniel • Moloney said: USD/JPY is expected to find support at 106.88 and a fall through could take it to the next support level of 106.70; Meanwhile, the pair is expected to find its first resistance at 107.32, and a rise through could take it to the next resistance level of 107.58.

Moving ahead, traders would focus on Japan’s trade balance data for March, due to release overnight.

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


(COZ forex UK)

Re: Daily market news by Cozfx

COZfx: Canada’s annual inflation growth softer-than-anticipated in March

COZforex: For the past trading session, the USD rose 0.69% against the CAD and closed at 1.2753 on Friday.

The Canadian Dollar declined against the USD, following weaker-than-expected rise in Canadian inflation.

Data indicated that Canada’s consumer price index advanced 2.3% on an annual basis in March, less than market expectations for a gain of 2.4%. In the prior month, the CPI had risen 2.2%. Meanwhile, the nation’s retail sales grew 0.4% in February, meeting market expectations and compared to a revised increase of 0.1% in the prior month.

In the Asian session, the pair is trading at 1.2755, with the USD trading marginally higher against the CAD from Friday’s close.

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: USD/CAD is expected to find support at 1.2669 and a fall through could take it to the next support level of 1.2582; Meanwhile, the pair is expected to find its first resistance at 1.2806, and a rise through could take it to the next resistance level of 1.2856.

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


(COZ forex UK)

Re: Daily market news by Cozfx

COZfx: Pound trading higher, ahead of crucial UK 1Q GDP numbers

COZforex: For the past trading session, the GBP declined 0.14% against the USD and closed at 1.3915.

On the data front, Britain’s BBA mortgage approvals dropped to a level of 37.56K in March, compared to a revised reading of 38.03K in the previous month.

In the Asian session, the pair is trading at 1.3925, with the GBP trading 0.07% higher against the USD from yesterday’s close.

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: GBP/USD is expected to find support at 1.3881 and a fall through could take it to the next support level of 1.3836; Meanwhile, the pair is expected to find its first resistance at 1.3984, and a rise through could take it to the next resistance level of 1.4042.

Trading trend in the Pound today is expected to be determined by the release of UK’s flash 1Q GDP figures, due to release in a few hours. Moreover, a speech by the BoE Governor, Mark Carney, will be closely monitored by market participants.

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

COZfx: Officials upbeat on economic growth: RBA monetary policy statement

COZforex: For the past trading session, the AUD rose 0.52% against the USD and closed at 0.7529.

In commodities, LME Copper prices rose 0.77% or $52.0/MT to $6837.0/MT; Meanwhile, Aluminium prices rose 3.53% or $80.0/MT to $2349.0/MT.

In the Asian session, the pair is trading at 0.7549, with the AUD trading 0.27% higher against the USD from yesterday’s close.

Earlier today, the Reserve Bank of Australia, in its monetary policy statement, expressed confidence that economic growth in the resource-rich economy will accelerate this year and next but remained uncertain over the inflation outlook.

The central bank expects economic growth in Australia to hit 3.25% by the end of this year before surging to 3.55% by June 2019. However, the central bank expects doubts that inflation would reach 2.25% before June 2020.

Elsewhere in China, Australia’s largest trading partner, the Caixin/Markit services PMI recorded an unexpected rise to a level of 52.9 in April, defying market expectations for it to remain steady at a level of 52.3 in the previous month.

In technical analysis, COZFX strategist Nigel Boynton said: AUD/USD is expected to find support at 0.7513 and a fall through could take it to the next support level of 0.7478; Meanwhile, the pair is expected to find its first resistance at 0.7570, and a rise through could take it to the next resistance level of 0.7592.

Going ahead, traders would keep a close watch on Australia’s AiG performance of construction index and the NAB business confidence data, both for April, due to release on Monday.

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


(COZ forex UK)

Re: Daily market news by Cozfx

COZfx: Oil trading on a weaker footing this morning

COZforex: For the past trading session, Crude Oil declined 1.36% against the USD and closed at USD70.56 per barrel on Friday, after fresh figures from Baker Hughes disclosed that active oil rigs in the US rose for the sixth straight session by 10 to 844 in the week ended 11 May and amid uncertainty over the US sanctions against Iran.

In the Asian session, the pair is trading at 70.45, with oil trading 0.16% lower against the USD from Friday’s close.

In technical analysis, COZ senior foreign exchange risk investment trader Desmond Doyle said: The crude oil is expected to find support at 69.99 and a fall through could take it to the next support level of 69.52; Meanwhile, the pair is expected to find its first resistance at 71.26, and a rise through could take it to the next resistance level of 72.06.

Crude oil is trading below its 20 Hr and 50 Hr moving averages.


(COZ forex UK)

Re: Daily market news by Cozfx

COZfx: Euro-zone’s construction output dipped for the third consecutive month in March

COZforex: For the past trading session, the EUR declined 0.16% against the USD and closed at 1.1796, amid continuous political uncertainty in Italy.

On the economic front, the Euro-zone’s seasonally adjusted construction output declined 0.3% on a monthly basis in March, dipping for the third straight month and after recording a revised fall of 0.7% in the previous month.

Macroeconomic data showed that the number of Americans filing for fresh unemployment benefits climbed more-than-anticipated to a level of 222.0K in the week ended 12 May, hitting a 1-month high level and compared to market expectations for an advance to a level of 215.0K. Initial jobless claims had registered a level of 211.0K in the prior week. Moreover, the nation’s Philadelphia Fed manufacturing index unexpectedly surged to a 12-month high level of 34.4 in May, defying market consensus for a fall to a level of 21.0, thus suggesting that manufacturing activity is gaining momentum in the world’s largest economy. The index had registered a reading of 23.2 in the prior month.

In technical analysis, COZFX strategist Nigel Boynton said: EUR/USD is expected to find support at 1.1773 and a fall through could take it to the next support level of 1.1745; Meanwhile, the pair is expected to find its first resistance at 1.1834, and a rise through could take it to the next resistance level of 1.1867.

Going ahead, market participants would focus on the Euro-zone’s trade balance figures for March, slated to release in a few hours.

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


(COZ forex UK)

Re: Daily market news by Cozfx

COZfx: UK’s annual inflation advanced at its weakest pace in 13 months in April

COZforex: For the past trading session, the GBP declined 0.55% against the USD and closed at 1.3358, after weaker-than-expected inflation figures in the UK diminished the possibility of a Bank of England interest rate hike.

Data revealed that Britain’s consumer price index rose 2.4% on an annual basis in April, undershooting market expectations for a gain of 2.5% and hitting its lowest level since March 2017. The CPI had climbed 2.50% in the prior month.

In the Asian session, the pair is trading at 1.3361, with the GBP trading slightly higher against the USD from yesterday’s close.

In technical analysis, COZforex senior currency strategist Ian • Quigley said: GBP/USD is expected to find support at 1.3304 and a fall through could take it to the next support level of 1.3247; Meanwhile, the pair is expected to find its first resistance at 1.342, and a rise through could take it to the next resistance level of 1.3479.

Going ahead, investors would closely monitor the release of UK’s retail sales data for April, due in a few hours. Also, a speech by the BoE Governor, Mark Carney will be eyed by market participants.

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

COZfx: Switzerland’s ZEW expectations index jumped in May, while KOF leading indicator unexpectedly fell in the same month

COZforex: For the past trading session, the USD declined 0.22% against the CHF and closed at 0.9888.

On the data front, Switzerland’s ZEW economic expectations index rose to a level of 28.0 in May, after registering a level of 7.2 in the prior month. On the other hand, the nation’s KOF leading indicator surprisingly declined to a level of 100.0 in May, defying market consensus for a rise to a level of 104.7. The index had recorded a revised level of 103.3 in the prior month.

In the Asian session, the pair is trading at 0.9883, with the USD trading 0.05% lower against the CHF from yesterday’s close.

In technical analysis, COZFX strategist Nigel Boynton said: USD/CHF is expected to find support at 0.9863 and a fall through could take it to the next support level of 0.9843; Meanwhile, the pair is expected to find its first resistance at 0.9919, and a rise through could take it to the next resistance level of 0.9955.

Going ahead, investors will closely monitor Switzerland’s 1Q GDP and real retail sales data for April, both set to release in a few hours.

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


(COZ forex UK)

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