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Re: Daily market news by Cozfx

COZfx: Japan’s trade surplus narrowed in March

COZforex: For the past trading session, the USD rose 0.52% against the JPY and closed at 114.31.

On the economic front, Japan’s flash leading economic index advanced to a level of 105.5 in March, in line with market expectations, notching its highest level in 21 months. The index had recorded a revised reading of 104.7 in the prior month. Moreover, the nation’s flash coincident index dropped more-than-expected to a level of 114.6 in March, after recording a revised reading of 115.2 in the prior month.

In the Asian session, the pair is trading at 114.13, with the USD trading 0.16% lower against the JPY from yesterday’s close.

Overnight data indicated that Japan’s trade surplus narrowed less-than-expected to a level of ¥865.5 billion in March, while markets expected the nation’s trade surplus to narrow down to a level of ¥855.0. In the prior month, the nation registered a surplus of ¥1076.8 billion.

In technical analysis, COZFX strategist Nigel Boynton said: USD/JPY is expected to find support at 113.71 and a fall through could take it to the next support level of 113.28; Meanwhile, the pair is expected to find its first resistance at 114.46, and a rise through could take it to the next resistance level of 114.78.

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: German economic growth at a 12-month high level in 1Q 2017

COZforex: For the past trading session, the EUR rose 0.61% against the USD and closed at 1.0928 on Friday, after Germany’s seasonally adjusted preliminary gross domestic product rose 0.6% on a quarterly basis in the first quarter of 2017, meeting market expectations and charting its strongest quarterly growth in a year, thus suggesting that the common currency region’s largest economy started the year on a stronger footing. In the prior quarter, GDP had climbed 0.4%. Moreover, the nation’s final consumer price index advanced 2.0% on an annual basis in April, confirming the preliminary print and compared to an advance of 1.6% in the previous month.

Separately, the Euro-zone’s seasonally adjusted industrial production unexpectedly fell 0.1% on a monthly basis in March, defying market expectations for a rise of 0.3% and compared to a revised fall of 0.1% in the previous month.
The greenback traded lower against its major peers on Friday, as disappointing US inflation and retail sales data raised concerns about the health of the nation’s retail sector and the broader economy.

Data showed that advance retail sales in the US recorded a rise of 0.4% on a monthly basis in April, undershooting market expectations for a rise of 0.6%. Advance retail sales had risen by a revised 0.1% in the previous month.
Moreover, the nation’s consumer price index rose less-than-anticipated by 2.2% on an annual basis in April, compared to market expectations for an advance of 2.3%. In the prior month, the CPI had risen 2.4%. Meanwhile, on a monthly basis, the CPI climbed 0.2% in April, meeting market expectations and following a drop of 0.3% in the prior month.

In technical analysis, COZFX strategist Nigel Boynton said: EUR/USD is expected to find support at 1.0876 and a fall through could take it to the next support level of 1.0825; Meanwhile, the pair is expected to find its first resistance at 1.0956, and a rise through could take it to the next resistance level of 1.0985.

Moving ahead, investors will await the release of German Buba monthly report, slated to release in a few hours. Moreover, the US NAHB housing market index for May, set to release later in the day, will be on investors’ radar.


(COZ forex UK)

Re: Daily market news by Cozfx

COZfx: Oil trading lower, ahead of EIA’s weekly crude oil inventories data

COZforex: For the past trading session, Crude Oil declined 1.29% against the USD and closed at USD48.28 per barrel, after the International Energy Agency warned that an extension to the OPEC-led production cut agreement would not be enough to rebalance the global crude market.

Additionally, the American Petroleum Institute (API) disclosed that US crude oil stockpiles surprisingly rose 0.9 million barrels to 523.4 million barrels in the week ended 12 May.

In the Asian session, the pair is trading at 48.20, with the oil trading 0.17% lower from yesterday’s close.

In technical analysis, coz forex senior derivatives trader Daniel • Moloney said: The oil is expected to find support at 47.69 and a fall through could take it to the next support level of 47.19; Meanwhile, the pair is expected to find its first resistance at 49.04, and a rise through could take it to the next resistance level of 49.89.


(COZ forex UK)

Re: Daily market news by Cozfx

COZfx: USD/CAD hits 3-week lows despite tepid Canadian data

COZforex: The US dollar fell to 3 week lows against its Canadian counterpart on Friday; despite the release of tepid Canadian data as climbing oil prices supported the commodity-related currency and as US political turmoil continued to pressure the greenback lower.

USD/CAD hit 1.3554 during early US trade, the pair’s lowest since April 27; the pair subsequently consolidated at 1.3586, slipping 0.11%. In technical analysis COZforex senior currency strategist Ian • Quigley said: USD/CAD was likely to find support at 1.3528, the low of April 27 and resistance at 1.3671, Thursday’s high.

Statistics Canada reported that the consumer price index rose 0.4% in April, in line with market expectations. Year-on-year, consumer prices increased by 1.6% last month, disappointing expectations for a 1.7% gain.

Data also showed that Canada’s retail sales increased by 0.7% in March, beating expectations for a 0.4% gain and after a revised 0.4% fall the previous month. Core retail sales, which exclude automobiles, slipped 0.2% in March, compared to expectations for a 0.2% rise.

But the Canadian dollar was supported by a sharp rally in oil prices on Friday, amid hopes major oil producers will decide to extend their current supply cut plan.

Meanwhile, the greenback remained under broad selling pressure following reports this week that US President Donald Trump asked former FBI Director James Comey to end the agency's investigation into ties between former White House national security adviser Michael Flynn and Russia.

Former FBI Director Robert Mueller was appointed on Wednesday by the Justice Department as a special counsel to take over the probe into Russia's interference in the 2016 election.


(COZ forex UK)

Re: Daily market news by Cozfx

COZfx: Pound trading flat in the Asian session

COZforex: For the past trading session, the GBP marginally rose against the USD and closed at 1.2877 on Friday.

In the Asian session, the pair is trading at 1.2877, with the GBP trading flat against the USD from Friday’s close.

Overnight data showed that Britain’s Right move house price index fell 0.9% on a monthly basis in August. In the previous month, the index had registered a rise of 0.1%.

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: GBP/USD is expected to find support at 1.2834 and a fall through could take it to the next support level of 1.2790; Meanwhile, the pair is expected to find its first resistance at 1.2919, and a rise through could take it to the next resistance level of 1.2960.

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: Australia’s manufacturing sector expanded at its fastest pace in 15 years in August

COZforex: For the past trading session, the AUD rose 0.48% against the USD and closed at 0.7943.

In commodities, LME Copper prices rose 0.6% or $37.0/MT to $6792.0/MT; Meanwhile, Aluminium prices rose 2.3% or $47.0/MT to $2113.5/MT.

Data revealed that Australia’s AIG performance of manufacturing index advanced to a level of 59.8 in August, expanding at its quickest pace since May 2002 and suggesting that manufacturing sector will propel third quarter economic growth in the resource-rich economy. The PMI had recorded a reading of 56.0 in the prior month.

Elsewhere in China, Australia’s largest trading partner, the Caixin manufacturing PMI recorded an unexpected rise to a level of 51.6 in August, notching a six-month high level. Markets had envisaged the PMI to drop to a level of 51.0, after registering a level of 51.1 in the previous month.

In technical analysis, coz forex senior derivatives trader Daniel • Moloney said: AUD/USD is expected to find support at 0.7896 and a fall through could take it to the next support level of 0.7840; Meanwhile, the pair is expected to find its first resistance at 0.7982, and a rise through could take it to the next resistance level of 0.8012.

Moving ahead, investors will closely monitor the Reserve Bank of Australia’s (RBA) interest rate decision, due next week.


(COZ forex UK)

Re: Daily market news by Cozfx

COZfx: Swiss Franc trading marginally lowers in the morning session

COZforex: For the past trading session, the USD rose 0.22% against the CHF and closed at 0.9560.

In the Asian session, the pair is trading at 0.9563, with the USD trading a tad higher 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 0.9529 and a fall through could take it to the next support level of 0.9496; Meanwhile, the pair is expected to find its first resistance at 0.9595, and a rise through could take it to the next resistance level of 0.9628.

With no macroeconomic releases in Switzerland today, investor sentiment will be governed by global macroeconomic events.
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: Japanese Yen trading slightly lower this morning

COZforex: For the past trading session, the USD rose 0.77% against the JPY and closed at 109.28, as demand for safe-haven currency diminished after Hurricane Irma caused less damage than initially anticipated and as North Korea celebrated its founding day without new provocations.

On the macro front, Japan’s preliminary machine tool orders rose 36.3% on a yearly basis in August, after advancing 28.0% in the previous month.

In the Asian session, the pair is trading at 109.30, with the USD trading a tad higher against the JPY from yesterday’s close.

In technical analysis, COZ senior foreign exchange risk investment trader Desmond Doyle said: USD/JPY is expected to find support at 108.55 and a fall through could take it to the next support level of 107.81; Meanwhile, the pair is expected to find its first resistance at 109.81, and a rise through could take it to the next resistance level of 110.33.

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


(COZ forex UK)

Re: Daily market news by Cozfx

COZfx: Euro-zone’s trade surplus shrunk in July

COZforex: For the past trading session, the EUR rose 0.5% against the USD and closed at 1.1953 on Friday.

On the macro front, the Euro-zone’s seasonally adjusted trade surplus narrowed more-than-expected to €18.6 billion in July, from a revised trade surplus of €21.7 billion in the previous month, while market participants were expecting the region to post a surplus of €20.3 billion.

The greenback lost ground against a basket of currencies, dragged down by a slew of downbeat economic reports from the US.

Data indicated that advance retail sales in the US unexpectedly fell 0.2% in August, dipping to a six-month low level, as sales were partially disrupted by impact of the Hurricane Harvey. Advance retail sales had climbed by a revised 0.3% in the previous month, whereas investors had envisaged for a gain of 0.1%.

Moreover, the nation’s industrial production surprisingly declined 0.9% in August, dropping to a more than eight-year low level, as massive storm depressed the nation’s oil drilling, petroleum refining and other industrial activity. Markets had anticipated industrial production to rise 0.1%, after recording a revised rise of 0.4% in the prior month. Additionally, the nation’s manufacturing production recorded an unexpected drop of 0.3% in August, confounding market consensus for an increase of 0.3%. In the previous month, manufacturing production had recorded a revised flat reading.

In technical analysis, COZforex senior currency strategist Ian • Quigley said: EUR/USD is expected to find support at 1.1904 and a fall through could take it to the next support level of 1.1862; Meanwhile, the pair is expected to find its first resistance at 1.1987, and a rise through could take it to the next resistance level of 1.2028.

Moving ahead, traders will focus on the Euro-zone’s final consumer price inflation data for August, slated to release in a few hours. Moreover, the US NAHB housing market index for September, scheduled to release later in the day, will be on investors’ radar.


(COZ forex UK)

Re: Daily market news by Cozfx

COZfx: Loonie trading on a stronger footing, ahead of Canada’s inflation data

COZforex: For the past trading session, the USD marginally declined against the CAD and closed at 1.2329.

In the Asian session, the pair is trading at 1.2314, with the USD trading 0.12% lower against the CAD from yesterday’s close.

In technical analysis, COZ senior foreign exchange risk investment trader Desmond Doyle said: USDCAD is expected to find support at 1.2294 and a fall through could take it to the next support level of 1.2274; Meanwhile, the pair is expected to find its first resistance at 1.2351, and a rise through could take it to the next resistance level of 1.2388.

Moving ahead, market participants will keep a close watch on Canada’s inflation figures for August as well as retail sales data for July, both due to release later today.

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: Pound trading on a weaker footing this morning

COZforex: For the past trading session, the GBP declined 0.4% against the USD and closed at 1.3398.

In the Asian session, the pair is trading at 1.3387, with the GBP trading 0.08% lower 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 1.3352 and a fall through could take it to the next support level of 1.3316; Meanwhile, the pair is expected to find its first resistance at 1.3435, and a rise through could take it to the next resistance level of 1.3482.

Moving ahead, a speech by the Bank of England’s Governor, Mark Carney, due in a few hours, will garner a lot of market attention.

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: Japan’s trade surplus shrunk in August

COZforex: For the past trading session, the USD slightly rose against the JPY and closed at 112.66.

In the Asian session, the pair is trading at 112.67, with the USD trading marginally higher against the JPY from yesterday’s close.

Overnight data revealed that Japan’s trade surplus narrowed less-than-expected to ¥318.7 billion in August, compared to a revised surplus of ¥566.6 billion in the prior month. Market participants had anticipated the nation’s trade surplus to narrow to ¥264.9 billion.

In technical analysis, COZ senior foreign exchange risk investment trader Desmond Doyle said: USD/JPY is expected to find support at 112.51 and a fall through could take it to the next support level of 112.35; Meanwhile, the pair is expected to find its first resistance at 112.83, and a rise through could take it to the next resistance level of 112.99.

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: Swiss Franc reverses its gains this morning

COZforex: For the past trading session, the USD declined 0.11% against the CHF and closed at 0.9743 on Friday.

On the data front, Switzerland’s producer and import price index recorded a rise of 0.5% on a monthly basis in September, more than market consensus for a gain of 0.3%. In the prior month, the index had registered a rise of 0.3%.

In the Asian session, the pair is trading at 0.9757, with the USD trading 0.14% higher against the CHF from Friday’s close.

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: USD/CHF is expected to find support at 0.9717 and a fall through could take it to the next support level of 0.9678; Meanwhile, the pair is expected to find its first resistance at 0.9784, and a rise through could take it to the next resistance level of 0.9812.

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


(COZ forex UK)

Re: Daily market news by Cozfx

COZfx: Euro trading lower in the Asian session

COZforex: For the past trading session, the EUR rose 0.43% against the USD and closed at 1.1847, despite political upheaval in Spain after the Spanish government threatened to suspend Catalonia’s autonomy and take control as the region’s leader, Carles Puigdemont, refused to abandon a push for independence.

Macroeconomic data released in the US showed that first time claims for the US unemployment benefits dropped to a level of 222.0K in the week ended 14 October, hitting its lowest level since March 1973, thus pointing to a strong labour market growth that would allow the Federal Reserve to hike interest rate again in December. Markets had expected initial jobless claims to fall to a level of 240.0K, after recording a revised level of 244.0K in the previous week. Further, the nation’s Philadelphia Fed manufacturing index unexpectedly climbed to a five-month high level of 27.9 in October, compared to a level of 23.8 in the prior month, while markets were expecting the index to ease to a level of 22.0.

In technical analysis, COZFX strategist Nigel Boynton said: EUR/USD is expected to find support at 1.1765 and a fall through could take it to the next support level of 1.1722; Meanwhile, the pair is expected to find its first resistance at 1.1855, and a rise through could take it to the next resistance level of 1.1902.

Going ahead, investors would eye the Euro-zone’s current account balance data for August, slated to release in a few hours. Moreover, the US existing home sales data for September, slated to release later in the day, would keep investors on their toes.


(COZ forex UK)

Re: Daily market news by Cozfx

COZfx: Aussie Dollar trading on a stronger footing this morning

COZforex: For the past trading session, the AUD declined 0.96% against the USD and closed at 0.7702.

In commodities, LME Copper prices declined 1.5% or $103.0/MT to $6970.0/MT; Meanwhile, Aluminium prices rose 0.3% or $5.5/MT to $2149.5/MT.

In the Asian session, the pair is trading at 0.7713, with the AUD trading 0.14% 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 0.7691 and a fall through could take it to the next support level of 0.7670; Meanwhile, the pair is expected to find its first resistance at 0.7733, and a rise through could take it to the next resistance level of 0.7754.

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


(COZ forex UK)

Re: Daily market news by Cozfx

COZfx: Gold Prices edge Up In Asia Ahead Of Fed Meeting, Nonfarm Payrolls Eyed

COZforex: Gold prices edged up in Asia on Wednesday with the upcoming Fed meeting expected to hold steady and investors cautious ahead of nonfarm payroll data at the end of the week.

Gold futures for December delivery on the Comex division of the New York Mercantile Exchange rose 0.01% to $1,270.65 a troy ounce. Copper futures on the Comex jumped 1.19% to $3.149 a pound.

Overnight, gold prices hovered above session lows pressured by a rising dollar on the back of a duo of bullish economic reports that lifted investor expectations of bullish US economic growth.

The bullish reports come ahead of a busy few days on the economic calendar concerning monetary policy as the Federal Reserve is slated to announce its interest rate decision on Wednesday while President Donald Trump is expected to announce the next head of the Fed on Thursday.

President Donald Trump is leaning toward appointing Federal Reserve Governor Jerome Powell – who shares a similar stance to Janet Yellen on monetary policy – to be next chairman of the Fed, Reuters reported Monday, citing a source.

Gold prices are sensitive to moves higher in both bond yields and the US dollar – A higher dollar makes gold more expensive for holders of foreign currency while an increase in US rates, lift the opportunity cost of holding non-yielding assets such as bullion.


(COZ forex UK)

Re: Daily market news by Cozfx

COZfx: Canada’s trade deficit remained steady, unemployment rate surprisingly rose

COZforex: For the past trading session, the USD declined 0.36% against the CAD and closed at 1.2766 on Friday.

Macroeconomic data showed that Canada reported international merchandise trade deficit of C$3.18 billion in September, from a revised international merchandise trade deficit of C$3.18 billion in the prior month. Market had anticipated the nation to report a trade deficit of C$3.0 billion.

Additionally, the unemployment rate in Canada unexpectedly rose to 6.3% in October, compared to market expectations of an unchanged reading. In the prior month, the unemployment rate stood at 6.2%.

In the Asian session, the pair is trading at 1.2768, with the USD trading a tad higher from Friday’s close.

In technical analysis, COZforex senior currency strategist Ian • Quigley said: USD/CAD is expected to find support at 1.271 and a fall through could take it to the next support level of 1.2652; Meanwhile, the pair is expected to find its first resistance at 1.2831, and a rise through could take it to the next resistance level of 1.2894.

Later in the day, traders will await the release of Canada’s Ivey PMI data for October.


(COZ forex UK)

Re: Daily market news by Cozfx

COZfx: Japan’s machinery orders plunged to a more than 2-year low in September

COZforex: For the past trading session, the USD rose 0.06% against the JPY and closed at 113.87.

In the Asian session, the pair is trading at 114.00, with the USD trading 0.11% higher against the JPY from yesterday’s close.

On the macro front, Japan’s machinery orders fell more-than-expected by 8.1% on a monthly basis in September, dropping at its fastest pace in more than two years. Machinery orders had registered a rise of 3.4% in the previous month, while markets had envisaged for a fall of 2.0%.

On the contrary, the nation’s trade surplus widened to ¥852.2 billion in September, higher than market anticipation for a surplus of ¥832.5 billion. The nation had registered a trade surplus of ¥318.7 billion in the previous month.

Meanwhile, according to the Bank of Japan’s summary of opinions report, policymakers debated calls from one of its board members to target the longer end of the yield curve at its October meeting. Also, officials showed reluctance to loosen monetary conditions further, despite sluggish inflation.

Early morning data indicated that the nation’s Eco-Watchers Survey for the current situation unexpectedly rose to a level of 52.2 in October, confounding market expectations for a fall to a level of 50.8. In the prior month, the index had registered a level of 51.3. Additionally, the nation’s Eco-Watchers Survey for the future outlook climbed to a level of 54.9 in October, higher than market expectations of an advance to a level of 51.5. In the prior month, the index had registered a reading of 51.0.

In technical analysis, COZforex senior currency strategist Ian • Quigley said: USD/JPY is expected to find support at 113.58 and a fall through could take it to the next support level of 113.15; Meanwhile, the pair is expected to find its first resistance at 114.25, and a rise through could take it to the next resistance level of 114.49.


(COZ forex UK)

Re: Daily market news by Cozfx

COZfx: UK’s annual inflation missed market expectations in October

COZforex: For the past trading session, the GBP rose 0.37% against the USD and closed at 1.3162.

Data indicated that British consumer price index climbed less-than-expected by 3.0% on an annual basis in October, signalling that the impact of the Pound’s steep depreciation on inflation may have begun to wane. However, the index retained its 5-year high level. In the previous month, the CPI had registered a rise of 3.0%, while markets were anticipating for an increase of 3.1%.

In the Asian session, the pair is trading at 1.3142, with the GBP trading 0.15% lower against the USD from yesterday’s close.

In technical analysis, COZ senior foreign exchange risk investment trader Desmond Doyle said: GBP/USD is expected to find support at 1.3082 and a fall through could take it to the next support level of 1.3023; Meanwhile, the pair is expected to find its first resistance at 1.3194, and a rise through could take it to the next resistance level of 1.3247.

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: Angela Merkel fails to form a new coalition government in Germany

COZforex: For the past trading session, the EUR rose 0.21% against the USD and closed at 1.1797 on Friday.

On the data front, seasonally adjusted construction output in the Euro-zone climbed 0.1% in September, after recording a revised flat reading in the prior month. Additionally, the region’s seasonally adjusted current account surplus widened to a record high level of €37.8 billion in September, compared to a revised current account surplus of €34.5 billion in the prior month.

Meanwhile, the European Central Bank Chief, Mario Draghi, reiterated that Euro-zone’s robust economic recovery was still in need of “substantial” monetary policy support to boost stubbornly low inflation and sluggish wage growth.

In the Asian session, at GMT0400, the pair is trading at 1.1737 with the EUR trading 0.51% lower against the USD from Friday’s close, after the German Chancellor, Angela Merkel failed to form a coalition Government which sparked a wave of political uncertainty in the Euro-zone’s largest economy.

In technical analysis, COZFX strategist Nigel Boynton said: EUR/USD is expected to find support at 1.1700 and a fall through could take it to the next support level of 1.1663; Meanwhile, the pair is expected to find its first resistance at 1.1796, and a rise through could take it to the next resistance level of 1.1855.

Moving ahead, market participants would focus on a speech by the ECB President, Mario Draghi scheduled in a few hours. Further, the US leading indicator for October, set to release later in the day, will be on investors’ radar.


(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 rose 0.13% against the USD and closed at 0.7627.

In commodities, LME Copper prices rose 0.3% or $23.0/MT to $6895.5/MT; Meanwhile, Aluminium prices rose 0.2% or $5.0/MT to $2090.0/MT.

In the Asian session, the pair is trading at 0.7619, with the AUD trading 0.1% 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 0.7604 and a fall through could take it to the next support level of 0.759; Meanwhile, the pair is expected to find its first resistance at 0.7636, and a rise through could take it to the next resistance level of 0.7654.

Next week, investors would keep a close watch on Australia’s AiG performance of manufacturing index, the HIA new home sales and building approvals data.

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: Canada’s economic growth forecasted to slow next year: OECD

COZforex: For the past trading session, the USD rose 0.39% against the CAD and closed at 1.2812.

Yesterday, the OECD projected the Canadian economy to accelerate 3.0% this year, before slowing to 2.1% in 2018 and 1.9% in 2019 as the nation’s central bank withdraws policy stimulus.

Separately, in its latest financial system review, the Bank of Canada warned that risks to the Canadian financial system remain elevated mainly due to vulnerabilities created by the nation’s high household debt that are continuing to rise.
However, these risks are expected to ease over time as a stronger economy and tighter mortgage requirements would help improve economic conditions.

In the Asian session, the pair is trading at 1.2819, with the USD trading marginally higher against the CAD from yesterday’s close.

In technical analysis, coz forex senior derivatives trader Daniel • Moloney said: USD/CAD is expected to find support at 1.2774 and a fall through could take it to the next support level of 1.2730; Meanwhile, the pair is expected to find its first resistance at 1.2844, and a rise through could take it to the next resistance level of 1.2870.

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: Swiss Franc trading a tad higher, ahead of Swiss inflation data

COZforex: For the past trading session, the USD rose 0.28% against the CHF and closed at 0.9873.

In the Asian session, the pair is trading at 0.9869, with the USD trading marginally lower 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 0.9841 and a fall through could take it to the next support level of 0.9814; Meanwhile, the pair is expected to find its first resistance at 0.9892, and a rise through could take it to the next resistance level of 0.9916.

Ahead in the day, the release of Switzerland’s consumer price inflation data for November would be on investors’ radar.

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: Japan’s tertiary industry index sharply rebounded in October

COZforex: For the past trading session, the USD declined 0.08% against the JPY and closed at 113.54.

In the Asian session, the pair is trading at 113.51, with the USD trading marginally lower against the JPY from yesterday’s close.

Early morning data showed that Japan’s tertiary industry index rebounded 0.3% on a monthly basis in October, beating market expectations for a rise of 0.2%. In the prior month, the index had recorded a drop of 0.2%.

In technical analysis, coz forex senior derivatives trader Daniel • Moloney said: USD/JPY is expected to find support at 113.29 and a fall through could take it to the next support level of 113.06; Meanwhile, the pair is expected to find its first resistance at 113.69, and a rise through could take it to the next resistance level of 113.86.

Looking forward, Japan’s machinery orders for October, scheduled to release overnight, will be eyed by investors.

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: BoE held interest rate steady at 0.50%, stuck to its outlook for modest tightening

COZforex: For the past trading session, the GBP rose 0.09% against the USD and closed at 1.3424, following better-than-expected retail sales data in the UK.

However, gains in the Pound were limited, after the Bank of England, at its latest monetary policy meeting, vowed that interest rates were likely to rise only gradually.

The BoE unanimously voted to keep its benchmark interest rate steady at 0.50% and its asset purchase facility at £435.0 billion, as widely expected. In the minutes accompanying the decision, policymakers stated that growth in the fourth quarter of this year “might be slightly softer” than in the previous quarter, while judging that inflation is likely to be close to its peak and will decline towards the 2.0% target in the medium term. The central bank also held the view that “further modest increases” in interest rates would be warranted over the next few years to help bring inflation to its target of 2.0%. On Brexit negotiations, the central bank stated that the latest developments reduce the chance of a disorderly exit from the EU.

On the macro front, Britain’s retail sales climbed more-than-expected by 1.1% on a monthly basis in November, allaying concerns of a slowdown in consumer spending. Retail sales had posted a revised gain of 0.5% in the prior month, while markets were expecting for an increase of 0.4%.

In technical analysis, COZforex senior currency strategist Ian • Quigley said: GBP/USD is expected to find support at 1.3395 and a fall through could take it to the next support level of 1.3358; Meanwhile, the pair is expected to find its first resistance at 1.3468, and a rise through could take it to the next resistance level of 1.3504.


(COZ forex UK)

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