Announcement

Collapse
No announcement yet.

Cozfx Daily Market Analysis

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • COZfx: Euro-zone’s economic confidence weakened for the eighth-consecutive month in August in August

    COZforex: For the past trading session, the EUR declined 0.38% against the USD and closed at 1.1663.

    On the macro front, the Euro-zone’s final consumer confidence index slid to a level of -1.9 in August, confirming the preliminary print and following a revised level of -0.5 in the prior month. Market participants had anticipated the index to decline to a level of -1.9.

    In the economic news, Germany’s seasonally adjusted unemployment rate remained unchanged at a rate of 5.2% in August, marking its lowest rate since German reunification in 1990 and at par with market expectations. Meanwhile, the preliminary consumer price index rose 2.0% on a yearly basis in August, in line with market expectations.

    In the US, data showed that US personal income advanced 0.3% on a monthly basis in July, undershooting market expectations for an advance of 0.4%. In the prior month, personal income had recorded a rise of 0.4%.

    Data showed that personal spending rose 0.4% on a monthly basis in July, in line with market expectations. In the previous month, personal spending had registered a similar rise.

    On the other hand, the US seasonally adjusted initial jobless claims increased to a level of 213.0K in the week ended 25 August 2018, compared to a level of 210.0K in the prior week. Market participants had envisaged initial jobless claims to climb to a level of 212.0K.

    In technical analysis, COZFX strategist Nigel Boynton said: EUR/USD is expected to find support at 1.1629 and a fall through could take it to the next support level of 1.1598; Meanwhile, the pair is expected to find its first resistance at 1.1705, and a rise through could take it to the next resistance level of 1.1750.

    Going forward, investors will keep an eye on the Euro-zone’s unemployment rate for July and the consumer price index for August, set to release in a few hours. Later in the day, the US Chicago PMI and the Michigan consumer sentiment index, both for August, will keep traders on their toes.


    (COZ forex UK)

    Comment


    • COZfx: Australia’s trade surplus narrowed in July

      COZforex: For the past trading session, the AUD rose 0.17% against the USD and closed at 0.7193.

      In commodities, LME Copper prices rose 0.5% or $27.0/MT to $5850.0/MT; Meanwhile, Aluminium prices rose 0.3% or $6.0/MT to $2046.0/MT.

      In the Asian session, the pair is trading at 0.7203, with the AUD trading 0.14% higher against the USD from yesterday’s close.

      Overnight data showed that Australia’s seasonally adjusted trade surplus narrowed to a level of A$1551.0 million in July, driven by rise in imports and following a revised surplus of A$1937.0 million in the prior month. Market participants had anticipated the nation to record a trade surplus of A$1450.0 million.

      In technical analysis, COZforex senior currency strategist Ian • Quigley said: AUD/USD is expected to find support at 0.7160 and a fall through could take it to the next support level of 0.7117; Meanwhile, the pair is expected to find its first resistance at 0.7231, and a rise through could take it to the next resistance level of 0.7259.

      Trading trend in the Aussie is expected to be determined by Australia’s AiG performance of construction index for August and home loans for July, set to release overnight.

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


      (COZ forex UK)

      Comment


      • COZfx: Oil extends its gains in the Asian session

        COZforex: For the past trading session, Crude Oil rose 0.19% against the USD and closed at USD68.93 per barrel on Friday, ahead of US sanctions on Iran oil.

        Meanwhile, fresh figures from Baker Hughes reported that the number of active oil rigs advanced by 7 to 867, after declining for two straight weeks in the week ended 14 September.

        In the Asian session (at GMT0300), the pair is trading at 68.96, with oil trading slightly higher against the USD from Friday’s close.

        In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: The oil is expected to find support at 67.96 and a fall through could take it to the next support level of 66.97; Meanwhile, the pair is expected to find its first resistance at 69.93, and a rise through could take it to the next resistance level of 70.91.

        Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.


        (COZ forex UK)

        Comment


        • COZfx: Japan’s manufacturing index climbed to 3-month high level in August

          COZforex: For the past trading session, the USD rose 0.18% against the JPY and closed at 112.48.

          On the macro front, Japan’s national consumer price index increased 1.3% on an annual basis in August, compared to a rise of 0.9% in the prior month. Market participants had anticipated the CPI to rise to 1.1%. Moreover, the nation’s flash manufacturing PMI climbed to a 3-month high level of 52.9 in September. In the prior month, the PMI had recorded a reading of 52.5.

          In the Asian session (at GMT0300), the pair is trading at 112.68, with the USD trading 0.18% higher against the JPY from yesterday’s close.

          In technical analysis, COZforex senior currency strategist Ian • Quigley said: USD/JPY is expected to find support at 112.24 and a fall through could take it to the next support level of 111.81; Meanwhile, the pair is expected to find its first resistance at 112.91, and a rise through could take it to the next resistance level of 113.15.

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


          (COZ forex UK)

          Comment


          • COZfx: Britain’s Gfk consumer confidence index eased in September

            COZforex: For the past trading session, the GBP declined 0.73% against the USD and closed at 1.3075.

            In the Asian session (at GMT0300), the pair is trading at 1.3079, with the GBP trading slightly higher against the USD from yesterday’s close.

            Data indicated that the Gfk consumer confidence declined to a level of -9.0 in September, compared to market expectations for a fall to a level of -8.0. In the previous month, the consumer confidence had recorded a level of -7.0. On the contrary, the Lloyds business barometer jumped to a level of 29.0% in September, following a reading of 23.0% in the prior month.

            In technical analysis, COZFX strategist Nigel Boynton said: GBP/USD is expected to find support at 1.3047 and a fall through could take it to the next support level of 1.3014; Meanwhile, the pair is expected to find its first resistance at 1.3138, and a rise through could take it to the next resistance level of 1.3196.

            Trading trend in the Sterling today is expected to be determined by UK’s gross domestic product for 2Q, due to be released in a few hours.

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


            (COZ forex UK)

            Comment


            • COZfx: Loonie extends its losses in the morning session

              COZforex: For the past trading session, the USD rose 0.39% against the CAD and closed at 1.2873.

              In the Asian session (at GMT0300), the pair is trading at 1.2882, with the USD trading 0.07% higher 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 1.2831 and a fall through could take it to the next support level of 1.2780; Meanwhile, the pair is expected to find its first resistance at 1.2910, and a rise through could take it to the next resistance level of 1.2938.

              Trading trend in the Loonie today is expected to be determined by Canada’s Ivey purchasing managers index for September, set to be released later in the day.

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


              (COZ forex UK)

              Comment


              • COZfx: Germany’s trade surplus widened more-than-estimated in August

                COZforex: For the past trading session, the EUR slightly rose against the USD and closed at 1.1496.

                Macroeconomic data showed that Germany’s seasonally adjusted trade surplus widened to €17.2 billion in August, compared to a surplus of €16.5 billion in the prior month. Market participants had expected the nation to post a surplus of €16.2 billion.

                In the US, data indicated that the US NFIB small business optimism index slid to a level of 107.9 in September, compared to market consensus for a drop to a level of 108.0. In the previous month, the index had recorded a reading of 108.8.

                In the Asian session, the pair is trading at 1.1508, with the EUR trading 0.10% higher against the USD from yesterday’s close.

                In technical analysis, COZforex senior currency strategist Ian • Quigley said: EUR/USD is expected to find support at 1.1455 and a fall through could take it to the next support level of 1.1402; Meanwhile, the pair is expected to find its first resistance at 1.1538, and a rise through could take it to the next resistance level of 1.1568.

                Amid lack of macroeconomic releases in the Euro-zone today, traders will keep an eye on the MBA mortgage applications followed by the US producer price index for September, set to release later in the day

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


                (COZ forex UK)

                Comment


                • COZfx: Switzerland’s producer and import price index rose less-than-estimated in September

                  COZforex: For the past trading session, the USD declined 0.39% against the CHF and closed at 0.9870.

                  On the macro front, Switzerland’s producer and import price index advanced 2.6% on an annual basis in September, undershooting market expectations for an advance of 3.1%. In the previous month, the index had registered a rise of 3.4%.

                  Meanwhile, the nation’s total sight deposits rose to a level of CHF577.6 billion in the week ended 12 October, from CHF577.5 billion in the previous week.

                  In the Asian session, the pair is trading at 0.9883, with the USD trading 0.13% higher against the CHF from yesterday’s close.

                  In technical analysis, coz forex senior derivatives trader Daniel • Moloney said: USD/CHF is expected to find support at 0.9851 and a fall through could take it to the next support level of 0.9818; Meanwhile, the pair is expected to find its first resistance at 0.9913, and a rise through could take it to the next resistance level of 0.9942.

                  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: Aussie reverses its losses in the morning session

                    COZforex: For the past trading session, the AUD declined 0.25% against the USD and closed at 0.7065.

                    In commodities, LME Copper prices rose 0.8% or $47.5/MT to $6215.0/MT; Meanwhile, Aluminium prices rose 0.5% or $9.5/MT to $1987.5/MT.

                    In the Asian session (at GMT0300), the pair is trading at 0.7079, with the AUD trading 0.20% 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 0.7055 and a fall through could take it to the next support level of 0.7032; Meanwhile, the pair is expected to find its first resistance at 0.7104, and a rise through could take it to the next resistance level of 0.713.

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


                    (COZ forex UK)

                    Comment


                    • COZfx: US crude oil inventories advanced by 5.7 million barrels, crude oil trading lower

                      COZforex: For the past trading session, Crude Oil declined 0.30% against the USD and closed at USD66.45 per barrel, after the American Petroleum Institute (API) reported that US crude oil inventories advanced by 5.7 million barrels to 430.7 million barrels in the week ended 26 October.

                      In the Asian session (at GMT0400), the pair is trading at 66.39, with oil trading 0.09% lower against the USD from yesterday’s close.

                      In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: The crude oil is expected to find support at 65.39 and a fall through could take it to the next support level of 64.39; Meanwhile, the pair is expected to find its first resistance at 67.32, and a rise through could take it to the next resistance level of 68.26.

                      Going ahead, investors will keep a close watch on the weekly crude inventories data from the Energy Information Administration (EIA), due later in the day.

                      Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.


                      (COZ forex UK)

                      Comment


                      • COZfx: Japanese Yen reverses its losses in the morning session

                        COZforex: For the past trading session, the USD rose 0.20% against the JPY and closed at 113.45.

                        In the Asian session (at GMT0400), the pair is trading at 113.21, with the USD trading 0.21% lower against the JPY from yesterday’s close.

                        Earlier today, data showed that Japan’s preliminary leading economic index fell to a level of 103.9 in September. The index had registered a level of 104.5 in the previous month. Moreover, the nation’s flash coincident index eased to a level of 114.6 in September, compared to a reading of 116.7 in the previous month.

                        In technical analysis, COZforex senior currency strategist Ian • Quigley said: USD/JPY is expected to find support at 112.85 and a fall through could take it to the next support level of 112.48; Meanwhile, the pair is expected to find its first resistance at 113.70, and a rise through could take it to the next resistance level of 114.18.

                        Looking ahead, investors would await Japan’s machine orders and trade balance data, both for September, set to release overnight.
                        The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.


                        (COZ forex UK)

                        Comment


                        • COZfx: Sterling reverses its losses in the morning session

                          COZforex: For the past trading session, the GBP dropped 0.68% against the USD and closed at 1.2852, amid renewed Brexit worries, following reports that Prime Minister, Theresa May had cancelled a cabinet meeting to approve a Brexit deal.

                          In the Asian session (at GMT0400), the pair is trading at 1.2886, with the GBP trading 0.26% 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 1.2828 and a fall through could take it to the next support level of 1.2770; Meanwhile, the pair is expected to find its first resistance at 1.2944, and a rise through could take it to the next resistance level of 1.3002.

                          Looking forward, investors would closely monitor UK’s average weekly earnings and ILO unemployment rate, both for September, slated to release 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: Loonie trading a tad higher in the Asian session

                            COZforex: For the past trading session (24 hours to 23:00 GMT), the USD rose 0.09% against the CAD and closed at 1.3171.

                            In the Asian session (at GMT0400), the pair is trading at 1.3166, with the USD trading slightly 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 1.3143 and a fall through could take it to the next support level of 1.3121; Meanwhile, the pair is expected to find its first resistance at 1.3195, and a rise through could take it to the next resistance level of 1.3225.
                            The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.


                            (COZ forex UK)

                            Comment


                            • COZfx: Euro-zone’s manufacturing PMI slid to a 30-month low level in November, while the service sector activity fell to a 25-month low level in the same month

                              COZforex: For the past trading session, the EUR declined 0.64% against the USD and closed at 1.1330 on Friday, amid sharp decline in the PMI data.

                              Data indicated that the Euro-zone’s preliminary manufacturing PMI unexpectedly declined to a 30-month low level of 51.5 in November, compared to a level of 52.0 in the previous month. Market participants had expected for the PMI to record a flat reading.

                              Separately, in Germany, the seasonally adjusted final gross domestic product retreated 0.2% on quarterly basis in 3Q 2018, confirming the preliminary print and in line with market expectations. In the preceding quarter, the GDP had recorded a rise of 0.5%. Also, the nation’s preliminary manufacturing PMI surprisingly slid to a level of 51.6 in November, compared to a reading of 52.2 in the preceding month. Market had envisaged for the PMI to remain unchanged.

                              The US dollar gained ground against basket of currencies, amid worries over global economic slowdown and as US-Sino trade war reduced the looming uncertainties.

                              In the US, data showed that the US preliminary Markit manufacturing PMI unexpectedly fell to a level of 55.4 November, defying market expectations for an unchanged reading. In the previous month, the PMI had recorded a level of 55.7.

                              In technical analysis, COZFX strategist Nigel Boynton said: EUR/USD is expected to find support at 1.1304 and a fall through could take it to the next support level of 1.1269; Meanwhile, the pair is expected to find its first resistance at 1.1398, and a rise through could take it to the next resistance level of 1.1457.

                              Moving ahead, traders would await Germany’s IFO business climate and expectations, both for November, set to release in a few hours. Later in the day, the US Chicago Fed national activity index for October and Dallas Fed manufacturing activity for November, will be on investors’ radar.


                              (COZ forex UK)

                              Comment


                              • COZfx: Switzerland’s economic growth contracted in 3Q 2018

                                COZforex: For the past trading session, the USD rose 0.28% against the CHF and closed at 0.9962.

                                In the economic news, Switzerland’s seasonally adjusted gross domestic product unexpectedly slid 0.2% on a quarterly basis in 3Q 2018, defying market consensus for a rise of 0.4%. In the prior quarter, GDP had recorded an advance of 0.7%.

                                In the Asian session (at GMT0400), the pair is trading at 0.9965, with the USD trading slightly higher against the CHF from yesterday’s close.

                                In technical analysis, COZ senior foreign exchange risk investment trader Desmond Doyle said: USD/CHF is expected to find support at 0.9930 and a fall through could take it to the next support level of 0.9894; Meanwhile, the pair is expected to find its first resistance at 0.9989, and a rise through could take it to the next resistance level of 1.0012.

                                Going ahead, traders would keep an eye on Switzerland’s retail sales real and consumer price index, scheduled to release next week.

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


                                (COZ forex UK)

                                Comment

                                Top Active Users

                                Collapse

                                There are no top active users.
                                Working...
                                X