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  • #91
    COZfx: UK’s manufacturing sector expanded at its weakest pace since June 2017 in January

    COZforex: For the past trading session, the GBP rose 0.49% against the USD and closed at 1.4263, brushing off data showing an unexpected drop in Britain’s manufacturing sector.

    Data showed that UK’s Markit manufacturing PMI registered an unexpected drop to a level of 55.3 in January, hitting its lowest level in 7 months, indicating that the sector lost momentum after a strong performance in recent months. In the prior month, the PMI had registered a revised level of 56.2, while investors had envisaged for an advance to a level of 56.5.

    Other data indicated that Britain’s seasonally adjusted Nationwide house prices rose more-than-estimated by 0.6% in January, compared to a similar rise in the prior month. Market participants had anticipated for a gain of 0.1%.

    In the Asian session, the pair is trading at 1.4272, with the GBP trading 0.06% 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 1.4195 and a fall through could take it to the next support level of 1.4119; Meanwhile, the pair is expected to find its first resistance at 1.4313, and a rise through could take it to the next resistance level of 1.4355.
    Looking ahead, traders would keep a close watch on UK’s Markit construction PMI for January, due to release in a few hours.

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


    (COZ forex UK)

    Comment


    • #92
      COZfx: Canada building permits advanced in December

      COZforex: For the past trading session, the USD rose 0.5% against the CAD and closed at 1.2569.

      Macroeconomic data revealed that Canada’s building permits rebounded 4.8% in December, higher than market expectations for a rise of 2.0%. Building permits had fallen by a revised 7.3% in the prior month.

      In the Asian session, the pair is trading at 1.2559, with the USD trading 0.08% lower against the CAD from yesterday’s close.

      In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: USD/CAD is expected to find support at 1.2511 and a fall through could take it to the next support level of 1.2464; Meanwhile, the pair is expected to find its first resistance at 1.2592, and a rise through could take it to the next resistance level of 1.2626.

      Ahead in the day, market participants will keep a close watch on Canada’s housing starts data for January.

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


      (COZ forex UK)

      Comment


      • #93
        COZfx: Germany’s annual inflation slowed in February

        COZforex: For the past trading session, the EUR declined 0.77% against the USD and closed at 1.2236, after Germany’s annual inflation growth missed market expectations in February.

        Data revealed that Germany’s flash consumer price index registered a rise of 1.4% on an annual basis in February, falling short of market expectations for a gain of 1.5%, thus suggesting that persistently sluggish inflation readings will weigh on the European Central Bank’s decision to pare back its extraordinary stimulus anytime soon. The CPI had recorded an advance of 1.6% in the previous month.

        Separately, the Euro-zone’s final consumer confidence index eased to a level of 0.1 in February, confirming the preliminary print. In the previous month, the index had registered a revised level of 1.4.

        Other data showed that the region’s economic sentiment indicator dropped to a 3-month low level of 114.1 in February, compared to market consensus for a fall to a level of 114.0. In the prior month, the index had registered a revised reading of 114.9. Additionally, the region’s business climate indicator fell to a level of 1.48 in February, hitting its lowest level since October 2017. The index had registered a revised level of 1.56 in the prior month, while markets were expecting it to ease to a level of 1.47.

        The US Dollar advanced against its major peers, after the Federal Reserve Chair, Jerome Powell, conveyed an upbeat picture of the US economy and signaled that the Fed remains on course for gradual interest rate hikes.

        The new Fed Chairman, in a testimony before Congress, noted that the US economic outlook had brightened in the past few months, on the back of stronger economic fundamentals and the passage of a $1.5 trillion tax cut plan. Further, he pledged to “strike a balance” between the risk of an overheating economy while sticking with a plan to gradually raise short-term interest rates as recent data has strengthened prospects of higher inflation. Commenting on the latest stock market rout, Powell stated that these developments would not weigh heavily on the US economy.

        In technical analysis, COZFX strategist Nigel Boynton said: EUR/USD is expected to find support at 1.2177, and a fall through could take it to the next support level of 1.2131. The pair is expected to find its first resistance at 1.2308, and a rise through could take it to the next resistance level of 1.2393.


        (COZ forex UK)

        Comment


        • #94
          COZfx: Swiss Franc trading higher, ahead of Swiss inflation data

          COZforex: For the past trading session, the USD rose 0.38% against the CHF and closed at 0.9400.

          On the data front, Switzerland’s total sight deposits remained steady at a level of CHF576.0 billion in the week ended 02 March.

          In the Asian session, the pair is trading at 0.9392, with the USD trading 0.09% 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 0.9361 and a fall through could take it to the next support level of 0.9329; Meanwhile, the pair is expected to find its first resistance at 0.9416, and a rise through could take it to the next resistance level of 0.9439.
          Ahead in the day, traders would eye Switzerland’s inflation figures for February, slated to release in a few hours.

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


          (COZ forex UK)

          Comment


          • #95
            COZfx: Oil trading slightly higher this morning

            COZforex: For the past trading session, Crude Oil rose 3.09% against the USD and closed at USD62.11 per barrel on Friday, after fresh figures from Baker Hughes indicated that active oil rigs in the US fell by 4 to 796 in the week ended 09 March, dropping for the first time in 7 weeks.

            In the Asian session, the pair is trading at USD62.12 per barrel, with oil trading marginally higher against the USD from Friday’s close.

            In technical analysis, COZ senior foreign exchange risk investment trader Desmond Doyle said: Crude oil is expected to find support at 60.73, and a fall through could take it to the next support level of 59.34; Meanwhile, the pair is expected to find its first resistance at 62.92, and a rise through could take it to the next resistance level of 63.72.

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


            (COZ forex UK)

            Comment


            • #96
              COZfx: Aussie trading on a weaker footing this morning

              COZforex: For the past trading session, the AUD declined 1.13% against the USD and closed at 0.7793.

              In commodities, LME Copper prices declined 1.9% or $129.5/MT to $6885.5/MT; Meanwhile, Aluminium prices declined 1.6% or $33.5/MT to $2062.5/MT.

              In the Asian session, the pair is trading at 0.7777, with the AUD trading 0.21% lower against the USD from yesterday’s close.

              In technical analysis, COZ senior foreign exchange risk investment trader Desmond Doyle said: AUD/USD is expected to find support at 0.7738 and a fall through could take it to the next support level of 0.7699; Meanwhile, the pair is expected to find its first resistance at 0.7849, and a rise through could take it to the next resistance level of 0.7921.

              Next week, the Reserve Bank of Australia’s March meeting minutes and Australia’s unemployment rate data, will keep investors on their toes.

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


              (COZ forex UK)

              Comment


              • #97
                COZfx: UK’s wage growth accelerated in the three months to January, unemployment rate surprisingly dropped in the same period

                COZforex: For the past trading session, the GBP rose 0.94% against the USD and closed at 1.4141, after the latest labour report indicated a pick-up in UK’s wage growth.

                Data showed that Britain’s average earnings excluding bonus rose 2.6% on an annual basis in the three months ended January 2018, meeting market expectations and suggesting that the slack in the nation’s wage growth is finally diminishing. In the previous three months, average earnings excluding bonus had advanced by 2.5%. Further, the nation’s ILO unemployment rate unexpectedly fell to a 4-decade low of 4.3% in the November-January 2018 period, while investors had envisaged the unemployment rate to remain unchanged at 4.4%.

                Additionally, employment in the UK sharply jumped by 168.0K in the November-January 2018 period, exceeding market consensus for a rise of 84.0K. Employment had registered an increase of 88.0K in the October-December 2017 period.

                In other economic news, the nation’s public sector net borrowing reported a less-than-anticipated surplus of £0.3 billion in February, after recording a revised surplus of £11.7 billion in the previous month. Markets were expecting public sector net borrowing to report a surplus of £0.5 billion.

                In technical analysis, COZFX strategist Nigel Boynton said: GBP/USD is expected to find support at 1.4054 and a fall through could take it to the next support level of 1.3944; Meanwhile, the pair is expected to find its first resistance at 1.4222, and a rise through could take it to the next resistance level of 1.4280.

                Trading trends in the Pound today is expected to be determined by the Bank of England’s interest rate decision, due to be announced later in the day. Investors would also eye UK’s retail sales data for February, set to release in a few hours.


                (COZ forex UK)

                Comment


                • #98
                  COZfx: Gold Prices Slip as Trade War Fears Persist

                  COZforex: Gold prices slipped on Wednesday as the dollar pushed higher amid renewed concerns over the prospect of a trade war between the U.S. and China and after steep falls on Wall Street and in Asia led by a selloff in tech stocks.

                  Gold futures for April delivery on the Comex division of the New York Mercantile Exchange slid $1.7 or 0.13% to $1,340.30 a troy ounce by 05:13 AM ET.

                  Demand for the dollar was underpinned amid renewed fears over the prospect of trade war between the U.S. and China after the state run Chinese newspaper the Global Times reported Wednesday that Beijing will soon announce a list of tariffs on U.S. exports to China in response to proposed U.S. tariffs on Chinese imports.

                  Reports that U.S. President Donald Trump discussed China’s trade practices with German Chancellor Angela Merkel and French President Emmanuel Macron also dented hopes that the risk of a trade war was easing.

                  Investors’ fears that trade tensions between the world’s two largest economies could escalate out of control and deal a blow to the global economy.

                  The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was up 0.18% to 89.12, pulling away from Tuesday’s five-week low of 88.53.


                  (COZ forex UK)

                  Comment


                  • #99
                    COZfx: USD/JPY fails to recapture 106.00 on recovery, resumes sinking

                    COZforex: The USD/JPY is heading lower once more after recovering from a bottom of 105.65 in Monday's trading, and the pair is testing below 105.75 as risk aversion continues into the Tuesday Tokyo markets.

                    The Yen saw wide uptake as the Greenback slid and equities and other risk assets tumbled on the post-holiday market action, with risk appetite evaporating at the outset of the new week.

                    The USD/JPY managed to reach a high of 106.45 during the European market session, but with most European exchanges shuttered for the Easter Monday celebrations the broader markets didn't really get moving until the US session, where the USD proceeded to dump approximately righty pips from the day's high.

                    There is very little data for the Yen this week, though Household Spending due late on Thursday may give traders something to bid about if the numbers miss or beat expectations by enough, with the indicator currently forecast to print at 0.3 percent, a decline from the previous reading of 1.3 percent.

                    This week's focus is going to remain squarely on US Non-Farm Payrolls, due on Friday.


                    (COZ forex UK)

                    Comment


                    • COZfx: Loonie trading higher in the morning session

                      COZforex: For the past trading session, the USD rose 0.14% against the CAD and closed at 1.2779.

                      On the data front, Canada’s international merchandise trade deficit widened more-than-estimated to C$2.69 billion in February, following a revised deficit of C$1.94 billion in the previous month. Market anticipation was for the nation to record a trade deficit of C$2.10 billion.

                      In the Asian session, the pair is trading at 1.2754, with the USD trading 0.20% lower against the CAD from yesterday’s close.

                      In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: USD/CAD is expected to find support at 1.2730 and a fall through could take it to the next support level of 1.2707; Meanwhile, the pair is expected to find its first resistance at 1.2792, and a rise through could take it to the next resistance level of 1.2831.

                      Later in the day, traders would await Canada’s unemployment rate data for March.

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


                      (COZ forex UK)

                      Comment


                      • COZfx: Japan’s economy on a moderate growth path, inflation accelerated recently: BoJ Kuroda

                        COZforex: For the past trading session, the USD declined 0.36% against the JPY and closed at 106.82.

                        In the Asian session, the pair is trading at 106.89, with the USD trading 0.07% higher against the JPY from yesterday’s close.

                        Earlier today, the Bank of Japan Governor, Haruhiko Kuroda, reiterated his optimistic view on meeting the central bank’s 2.0% inflation target, but stuck to his pledge of maintaining the central bank’s massive stimulus programme.

                        In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: USD/JPY is expected to find support at 106.65 and a fall through could take it to the next support level of 106.40; Meanwhile, the pair is expected to find its first resistance at 107.14, and a rise through could take it to the next resistance level of 107.38.

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


                        (COZ forex UK)

                        Comment


                        • COZfx: German investor morale deteriorated to a more than 5-year low in April

                          COZforex: For the past trading session, the EUR declined 0.08% against the USD and closed at 1.2372 as the latest data offered further evidence of a decline in investor optimism across the Euro-zone.

                          Data indicated that the Euro-zone’s ZEW economic sentiment index eased to a level of 1.9 in April. In the previous month, the index had recorded a level of 13.4.

                          Separately, Germany’s ZEW economic sentiment index declined to a level of -8.2 in April, marking its weakest reading since November 2012, as concerns over international trade disputes as well as tensions in Syria weighed on investor morale. In the previous month, the index had recorded a reading of 5.1, while market participants had expected for a fall to a level of -1.0. Moreover, the nation’s ZEW current situation index dropped to a level of 87.9 in April, more than market consensus for a fall to a level of 88.0. The index had registered a level of 90.7 in the previous month.

                          The greenback advanced against its major peers, as a slew of upbeat economic releases in the US underlined strength in the world’s largest economy.

                          Data revealed that housing starts in the US unexpectedly climbed 1.9% on monthly basis, to an annual rate of 1319.0K in March, confounding market expectations for a fall to a level of 1267.0K and aided by a rebound in the construction of multi-family homes. Housing starts had registered a revised reading of 1295.0K in the prior month.

                          In technical analysis, COZFX strategist Nigel Boynton said: EUR/USD is expected to find support at 1.2339 and a fall through could take it to the next support level of 1.2299; Meanwhile, the pair is expected to find its first resistance at 1.2417, and a rise through could take it to the next resistance level of 1.2455.

                          Going ahead, investors would focus on Euro-zone’s final inflation figures for March and construction output data for February, both due to release in a few hours. Later in the day, the release of the US Federal Reserve’s Beige Book report, will garner significant amount of investor attention.


                          (COZ forex UK)

                          Comment


                          • COZfx: Aussie trading on a stronger footing in the morning session

                            COZforex: For the past trading session, the AUD declined 0.86% against the USD and closed at 0.7605.

                            LME Copper prices declined 0.23% or $16.0/MT to $6923.0/MT; Meanwhile, Aluminium prices declined 0.45% or $11.0/MT to $2452.0/MT.

                            In the Asian session, the pair is trading at 0.7612, with the AUD trading 0.09% higher against the USD from yesterday’s close.

                            Overnight data revealed that Australia’s consumer price index advanced less-than-anticipated by 0.4% on a quarterly basis in the first three months of 2018, compared to a rise of 0.6% in the prior quarter. Markets were anticipating the CPI to climb 0.5%.

                            In technical analysis, COZforex senior currency strategist Ian • Quigley said: AUD/USD is expected to find support at 0.7567 and a fall through could take it to the next support level of 0.7522; Meanwhile, the pair is expected to find its first resistance at 0.7670, and a rise through could take it to the next resistance level of 0.7728.

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


                            (COZ forex UK)

                            Comment


                            • COZfx: RBA keeps key interest rate steady at 1.50%

                              COZforex: For the past trading session, the AUD declined 0.58% against the USD and closed at 0.7529.

                              LME Copper prices declined 0.21% or $14.0/MT to $6783.0/MT; Meanwhile, Aluminium prices declined 1.11% or $25.0/MT to $2224.0/MT.

                              In the Asian session, the pair is trading at 0.7541, with the AUD trading 0.16% higher against the USD from yesterday’s close.

                              Earlier today, the Reserve Bank of Australia, at its May monetary policy meeting, opted to keep the benchmark interest rate steady at 1.50%, meeting market expectations.
                              Separately, overnight data indicated that Australia’s AiG performance of manufacturing index dropped to a level of 58.3 in April, compared to a reading of 63.1 in the previous month.

                              In technical analysis, COZforex senior currency strategist Ian • Quigley said: AUD/USD is expected to find support at 0.7519 and a fall through could take it to the next support level of 0.7498; Meanwhile, the pair is expected to find its first resistance at 0.7568, and a rise through could take it to the next resistance level of 0.7596.

                              Going ahead, traders would closely monitor a speech by the RBA Governor, Philip Lowe, due in a few hours.

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


                              (COZ forex UK)

                              Comment


                              • COZfx: Canada’s international merchandise trade deficit unexpectedly widened in March

                                COZforex: For the past trading session, the USD declined 0.20% against the CAD and closed at 1.2852.

                                On the macro front, Canada’s international merchandise trade deficit surprisingly widened to C$4.14 billion in March, compared to a revised deficit of C$2.93 billion in the previous month, while markets were expecting the nation’s international merchandise trade deficit to narrow to C$2.25 billion.

                                In the Asian session, the pair is trading at 1.2846, with the USD trading 0.05% lower against the CAD from yesterday’s close.

                                In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: USD/CAD is expected to find support at 1.2806 and a fall through could take it to the next support level of 1.2765; Meanwhile, the pair is expected to find its first resistance at 1.2898, and a rise through could take it to the next resistance level of 1.2949.
                                The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.


                                (COZ forex UK)

                                Comment

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