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  1. #31
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    COZfx: Low interest rates needed to help Canada grow: BoC Governor Poloz

    COZforex: For the past trading session, the USD slightly rose against the CAD and closed at 1.3381.

    Yesterday, the Bank of Canada (BoC) Governor, Stephen Poloz, stated that Canada has a wide room for economic growth and if interest rates are raised now, it will lead the nation into recession.

    In the Asian session, the pair is trading at 1.3388, with the USD trading marginally higher against the CAD from yesterday’s close.

    In technical analysis, COZ senior foreign exchange risk investment trader Desmond Doyle: USD/CAD is expected to find support at 1.3355 and a fall through could take it to the next support level of 1.3321; Meanwhile, the pair is expected to find its first resistance at 1.3418, and a rise through could take it to the next resistance level of 1.3447.

    Amid no economic releases in Canada today, investor sentiment would be governed by global macroeconomic events.

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


    (COZ forex UK)

  • #32
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    COZfx: Australian retail sales surprisingly dropped in February

    COZforex: For the past trading session, the AUD declined 0.07% against the USD and closed at 0.7638 on Friday.

    In technical analysis, LME Copper prices declined 0.2% or $11.0/MT to $5849.0/MT; Meanwhile, Aluminium prices declined 0.4% or $8.5/MT to $1946.5/MT.

    In the Asian session, the pair is trading at 0.7611, with the AUD trading 0.35% lower against the USD from Friday’s close, after Australia’s seasonally adjusted retail sales unexpectedly fell 0.1% in February, defying market expectations for a rise of 0.3% and following a rise of 0.4% in the previous month.

    Additionally, the nation’s AIG performance of manufacturing index eased to a level of 57.5 in March, compared to a reading of 59.3 in the prior month. On the other hand, the nation’s seasonally adjusted building approvals recorded an unexpected rise of 8.3% on a monthly basis in February, against market consensus for a drop of 1.0% and following a revised rise of 2.2% in the previous month.

    In technical analysis, COZforex senior currency strategist Ian • Quigley said: AUD/USD is expected to find support at 0.7591 and a fall through could take it to the next support level of 0.7572; Meanwhile, the pair is expected to find its first resistance at 0.7646, and a rise through could take it to the next resistance level of 0.7682.


    (COZ forex UK)

  • #33
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    COZfx: UK’s services PMI touches 3-month high level in March

    COZforex: For the past trading session, the GBP rose 0.4% against the USD and closed at 1.2486, after latest data indicated that UK’s service sector activity grew more-than-expected in March.

    Britain’s Markit services PMI advanced to a level of 55.0 in March, soaring to its highest level in three months, compared to market consensus of an advance to a level of 53.5, thus easing some worries that the nation’s economy is losing momentum. The PMI had recorded a reading of 53.3 in the prior month.

    In the Asian session, the pair is trading at 1.2479, with the GBP trading 0.06% 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 1.2433 and a fall through could take it to the next support level of 1.2386; Meanwhile, the pair is expected to find its first resistance at 1.2513, and a rise through could take it to the next resistance level of 1.2546.

    With no economic releases in Britain today, investor sentiment would be governed by global macroeconomic events.

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


    (COZ forex UK)

  • #34
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    COZfx: Australia’s business conditions index soared to its highest level in 9 years in February

    COZforex: For the past trading session, the AUD rose 0.27% against the USD and closed at 0.7511.

    In commodities, LME Copper prices declined 0.7% or $39.0/MT to $5731.0/MT; Meanwhile, Aluminium prices declined 0.03% or $0.5/MT to $1929.0/MT.

    In the Asian session, the pair is trading at 0.7497, with the AUD trading 0.19% lower against the USD from yesterday’s close.

    Earlier in the session, Australia’s NAB business conditions index jumped to a level of 14 in March, surging to its highest level since February 2008 and hinting that the economy could be strengthening. The index registered a level of 9 in the prior month. In contrast, the nation’s NAB business confidence index eased to a level of 6.0 in March, compared to a level of 7.0 in the preceding month.

    In technical analysis, coz forex senior derivatives trader Daniel • Moloney said: AUD/USD is expected to find support at 0.7475 and a fall through could take it to the next support level of 0.7453; Meanwhile, the pair is expected to find its first resistance at 0.7516, and a rise through could take it to the next resistance level of 0.7535.

    Moving ahead, traders would keep a close watch on Australia’s Westpac consumer confidence index for April, scheduled to release in the early hours’ tomorrow.

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


    (COZ forex UK)

  • #35
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    COZfx: Euro trading higher ahead of Germany’s final inflation figures for March

    COZforex: For the past trading session, the EUR rose 0.58% against the USD and closed at 1.0665.

    In economic news, Germany’s wholesale price index remained flat on a monthly basis in March, following a revised rise of 0.5% in the prior month.

    The greenback tumbled against a basket of currencies, after the US President, Donald Trump, stated that the local currency was getting ‘too strong’.

    On the macro front, the US budget deficit widened more-than-anticipated to a level of $176.2 billion in March, compared to market expectations for the nation to post a deficit of $169.0 billion and following a deficit of $108.0 billion in the preceding month. On the contrary, the nation’s mortgage applications rebounded 1.5% in the week ended 07 April, compared to a fall of 1.6% in the previous month.

    In technical analysis, COZforex senior currency strategist Ian • Quigley said: EUR/USD is expected to find support at 1.0614 and a fall through could take it to the next support level of 1.0556; Meanwhile, the pair is expected to find its first resistance at 1.0704, and a rise through could take it to the next resistance level of 1.0736.

    Going ahead, investors will focus on Germany’s final consumer price index for March, slated to release in a few hours. Additionally, in the US, the flash Reuters/Michigan consumer confidence index for April, coupled with weekly jobless claims data, will be on investor’s radar.


    (COZ forex UK)

  • #36
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    COZfx: USD/CAD rises to 2-week highs despite geopolitical concerns

    COZforex: The US dollar rose to a two-week high against its Canadian counterpart on Wednesday, as the greenback continued to recover from the previous session’s disappointing US data and despite ongoing geopolitical concerns and higher oil prices.

    USD/CAD hit 1.3437 during early US trade, the pair’s highest since April 6; the pair subsequently consolidated at 1.3439, gaining 0.43%. In technical analysis, USD/CAD was likely to find support at 1.3309, Tuesday’s low and resistance at 1.3487, the high of March 15.

    The greenback recovered from a report by the US Commerce Department on Tuesday saying that housing starts fell in March, likely due to bad weather, while building permits rose.

    A separate report showed that U.S. industrial production rose in line with economists’ forecasts in March, while manufacturing production unexpectedly fell.

    But sentiment on the greenback remained vulnerable as trade talks between the US and Japan got underway this week, with markets awaiting indications of the direction US trade policy could take under President Donald Trump, who campaigned on a protectionist platform.


    (COZ forex UK)

  • #37
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    COZfx: AUD trading lower in the morning session

    COZforex: For the past trading session, the AUD rose 0.19% against the USD and closed at 0.7567.

    On the economic front, in China, Australia’s largest trading partner, the leading economic index rose 0.9% on a monthly basis in March. In the previous month, the index had climbed by a revised 1.3%.

    In commodities, LME Copper prices rose 0.2% or $11.0/MT to $5612.0/MT; Meanwhile, Aluminium prices declined 0.2% or $4.5/MT to $1928.0/MT.

    In the Asian session, the pair is trading at 0.7559, with the AUD trading 0.11% 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 0.7541 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 0.7581, and a rise through could take it to the next resistance level of 0.7602.

    Moving ahead, traders would keep a close watch on a speech by the Reserve Bank of Australia’s (RBA) Governor, Philip Lowe along with the release of Australia’s consumer price index for 1Q, both due tomorrow.


    (COZ forex UK)

  • #38
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    COZfx: Australia’s private sector credit grew less-than-expected in March

    COZforex: For the past trading session, the AUD declined 0.11% against the USD and closed at 0.7466.

    LME Copper prices rose 0.2% or $9.0/MT to $5686.5/MT. Aluminium prices declined 0.2% or $3.0/MT to $1954.5/MT.

    In the Asian session, the pair is trading at 0.7469, with the AUD trading slightly higher against the USD from yesterday’s close.

    Early morning data showed that Australia’s private sector credit rose 0.3% on a monthly basis in March, lower than market expectations for an advance of 0.5%. In the previous month, the private sector credit had registered a similar rise.

    In technical analysis, coz forex senior derivatives trader Daniel • Moloney said: AUD/USD is expected to find support at 0.7440 and a fall through could take it to the next support level of 0.7411; Meanwhile, the pair is expected to find its first resistance at 0.7495, and a rise through could take it to the next resistance level of 0.7521.

    Going ahead, market participants will await the release of Australia’s AiG performance of manufacturing index for April, slated to release over the weekend.

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


    (COZ forex UK)

  • #39
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    COZfx: Japanese Yen trading on a weaker footing this morning

    COZforex: For the past trading session, the USD rose 0.63% against the JPY and closed at 112.68.

    In the Asian session, the pair is trading at 112.77, with the USD trading 0.08% 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 112.19 and a fall through could take it to the next support level of 111.61; Meanwhile, the pair is expected to find its first resistance at 113.12, and a rise through could take it to the next resistance level of 113.47.

    Amid a holiday on account of Greenery day in Japan today, trading trend in the JPY is expected to be determined by global macroeconomic factors.

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


    (COZ forex UK)

  • #40
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    COZfx: German exports and imports hit record high level in March

    COZforex: For the past trading session, the EUR declined 0.39% against the USD and closed at 1.0880.

    On the economic front, Germany’s seasonally adjusted trade surplus widened more-than-expected by €25.4 billion in March, as both exports and imports surged to a record high level, thus pointing towards robust overseas and domestic demand. The nation registered a revised surplus of €20.0 billion in the previous month, while markets expected the nation’s surplus to widen to a level of €21.5 billion. Additionally, the nation’s exports rose more-than-anticipated by 0.4% on a monthly basis in March, compared to a revised rise of 0.9% in the previous month. Further, imports sharply rebounded by 2.4% in March, compared to a drop of 1.6% in the previous month.

    On the other hand, the nation’s seasonally adjusted industrial production fell 0.4% in March, lower than market expectations for a fall of 0.7%. Industrial production had registered a revised rise of 1.8% in the prior month.

    Macroeconomic data released in the US indicated that JOLTs job openings climbed more-than-expected to a level of 5743.0K in March, compared to a revised reading of 5682.0K in the prior month, while investors had envisaged for a rise to a level of 5725.0K. Moreover, the nation’s final wholesale inventories surprisingly climbed 0.2% in March, compared to a drop of 0.1% in the preliminary print. In the prior month, the wholesale inventories had registered a rise of 0.4%.

    In technical analysis, COZFX strategist Nigel Boynton said: EUR/USD is expected to find support at 1.0857 and a fall through could take it to the next support level of 1.0823; Meanwhile, the pair is expected to find its first resistance at 1.0929, and a rise through could take it to the next resistance level of 1.0967.

    Going forward, market participants will draw their attention to a speech by the European Central Bank President, Mario Draghi, in Dutch Parliament, scheduled in a few hours. Also, the US monthly budget statement for April and MBA mortgage applications data, slated to release later today, will garner significant amount of market attention.


    (COZ forex UK)

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