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  1. #11
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    COZfx: Kiwi moves higher on upbeat GDP, Aussie holds steady

    COZforex: The New Zealand dollar moved higher against its US counterpart on Thursday, helped by upbeat New Zealand economic growth data, while the Australian dollar was steady in pre-Christmas holiday-thinned trade.

    NZD/USD rose 0.23% to 0.7325, still close to Tuesday’s 6 month low of 0.6879.

    Statistics New Zealand earlier reported that the country’s gross domestic product increased by 1.1% in the third quarter, beating expectations for a 0.9% rise.

    New Zealand’s economy grew 0.9% in the second quarter, whose figure was revised from a previously estimated growth rate of 0.9%.
    However, year-on-year, New Zealand GDP rose 3.5% in the last quarter, compared to expectations for a growth rate of 3.7%.

    AUD/USD was almost unchanged at 0.7235, not far from Tuesday’s six-month trough of 0.7250.

    Meanwhile, the greenback remained broadly supported after the Federal Reserve concluded its policy meeting last week by raising interest rates by 25 basis points and projected three more rate hikes for 2017.

    But trading volumes were expected to remain thin as traders were beginning to unwind positions ahead of the Christmas holiday.


    (COZ forex UK)

  2. #12
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    COZfx: Japanese industrial production jumped in November

    COZforex: For the past trading session, the USD rose 0.3% against the JPY and closed at 117.43.

    On Monday, minutes of the Bank of Japan’s recent monetary policy meeting indicated that policy makers maintained optimism over the rate of economic recovery, citing stabilization in global consumer demand. However, board members disagreed over the volume of bonds the bank should purchase in keeping with its new program to control interest rates.

    Other economic news revealed that the nation’s national consumer price index rose 0.5% on an annual basis in November, in line with market expectations, advancing for the second consecutive month. The CPI had advanced 0.1% in the previous month. Further, the nation’s jobless rate unexpectedly rose to 3.1% in November, defying market expectations for it to record an unchanged reading of 3.0%. Also, the small business confidence index increased to a level of 48.8 in December, following a level of 48.3 in the previous month.

    Overnight data showed that Japan’s preliminary industrial production advanced 1.5% on a monthly basis in November, rising the most in five months, thus suggesting that activity in the world’s third-largest economy continues to gain traction. However, the reading was weaker than market expectations of a rise of 1.7%, while recording a flat reading in the prior month.

    In technical analysis, COZFX strategist Nigel Boynton said: USD/JPY is expected to find support at 117.24 and a fall through could take it to the next support level of 116.93; Meanwhile, the pair is expected to find its first resistance at 117.8, and a rise through could take it to the next resistance level of 118.05.

    Looking ahead, BoJ’s summary of opinions report, due to release overnight, will attract market attention.


    (COZ forex UK)

  3. #13
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    COZfx: Australia’s manufacturing sector expanded at the fastest pace since July 2016

    COZforex: For the past trading session, the AUD declined 0.24% against the USD and closed at 0.7193.

    Over the weekend, data showed that in China, Australia’s largest trading partner, the NBS manufacturing PMI eased more-than-expected to a level of 51.4 in December, compared to a level of 51.7 in the previous month, whereas investors had envisaged for a drop to a level of 51.5. Moreover, the nation’s NBS non-manufacturing PMI declined to a level of 54.5 in December, compared to a level of 54.7 in the preceding month.

    Overnight data indicated that Australia’s AiG performance of manufacturing index advanced to a level of 55.4 in December, expanding for the third consecutive month and rising at its fastest pace since July 2016, thus boosting optimism over the health of the nation’s manufacturing sector. The index registered a reading of 54.2 in the previous month.

    Elsewhere in China, the Caixin manufacturing PMI unexpectedly rose to a level of 51.9 in December, marking its fastest rate of growth in three years and further indicating that the world’s second-largest economy is stabilizing.

    In technical analysis, COZforex senior currency strategist Ian • Quigley said: AUD/USD is expected to find support at 0.7181 and a fall through could take it to the next support level of 0.7135; Meanwhile, the pair is expected to find its first resistance at 0.7252, and a rise through could take it to the next resistance level of 0.7277.


    (COZ forex UK)

  4. #14
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    COZfx: Germany’s construction sector accelerated to a 9-month high in December

    COZforex: For the past trading session, the EUR rose 1.12% against the USD and closed at 1.0599, after Germany’s Markit construction PMI advanced to a level of 54.9 in December, expanding at its fastest pace in nine months, driven by a surge in new orders. The PMI had registered a level of 53.9 in the previous month.

    Separately, the Euro-zone’s producer price index surprisingly rebounded 0.1% YoY in November, marking its first increase since 2013, compared to a drop of 0.4% in the preceding month, while investors had envisaged the index to fall 0.1%.

    The greenback lost ground against a basket of major currencies, after downbeat US private sector jobs data reinforced some doubt on the health of the nation’s labour market.

    Data showed that the US ADP private sector employment climbed less-than-expected by 153.0K in December, pointing towards slowdown in the nation’s jobs growth. Markets anticipated private sector to add 175.0K jobs, following a revised gain of 215.0K in the prior month. On the other hand, the nation’s initial jobless claims dropped to a nearly 43-year low level of 235.0K in the week ended 31 December 2016, pointing to further tightening in the labour market. Meanwhile, markets expected for a drop to a level of 260.0K, after recording a revised level of 263.0K in the prior week.

    In technical analysis, COZFX strategist Nigel Boynton said: EUR/USD is expected to find support at 1.0505 and a fall through could take it to the next support level of 1.0425; Meanwhile, the pair is expected to find its first resistance at 1.0640, and a rise through could take it to the next resistance level of 1.0695.

    Trading trends in the Euro today are expected to be determined by the Euro-zone’s final consumer confidence for December and retail sales for November, accompanied with Germany’s factory orders and retail sales data, both for November, all scheduled to release in a few hours.


    (COZ forex UK)

  5. #15
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    COZfx: Canadian housing starts jumped in December, building permits edge down

    COZforex: For the past trading session, the USD rose 0.13% against the CAD and closed at 1.3235.

    Macroeconomic data showed that Canada’s seasonally adjusted housing starts rose more-than-anticipated to a level of 207.0K in December, indicating that housing sector continues to be one of the brightest spots in the economy. Housing starts recorded a revised reading of 187.3K in the prior month, while markets were expecting it to climb to a level of 190.0K. On the contrary, the nation’s building permits slid 0.1% on a monthly basis in November, less than market expectations for a drop of 6.0%. In the previous month, building permits had registered a revised rise of 10.5%.

    In the Asian session, the pair is trading at 1.3244, with the USD trading 0.07% higher against the CAD from yesterday’s close.

    In technical analysis, COZforex senior currency strategist Ian • Quigley said: USD/CAD is expected to find support at 1.3203 and a fall through could take it to the next support level of 1.3162; Meanwhile, the pair is expected to find its first resistance at 1.3271, and a rise through could take it to the next resistance level of 1.3298.

    Amid no economic releases in Canada today, trading trend in CAD is expected to be determined by global macroeconomic news.


    (COZ forex UK)

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