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  1. #41
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    COZfx: Bank of England left interest rates unchanged, lowered 2017 growth forecast

    COZforex: For the 24 hours to 23:00 GMT, the GBP declined 0.32% against the USD and closed at 1.2888, after the Bank of England trimmed Britain’s 2017 economic growth outlook.

    The BoE, at its latest monetary policy meeting, opted to keep its interest rates steady at a record low level of 0.25%, with one member, Kristen Forbes, again voting in favour of an immediate rate hike. Further, the BoE lowered its growth forecast for this year to 1.9% from 2.0%, while raised it for 2018 to 1.7% from 1.6%. Moreover, the bank revised up its inflation forecast, expecting inflation to peak at just below 3.0% in the fourth quarter. In a post meeting statement, the BoE Governor, Mark Carney, warned of a sharper-than-expected squeeze on household income, while also suggested that the central bank could raise rates more sharply than expected if Brexit talks go smoothly and the economy remains stable.

    Prior to the monetary policy meeting, the Pound fell against the USD after the latest economic data indicated that the UK economy slowed sharply in the first quarter.
    Britain’s industrial production dropped more-than-expected by 0.5% on a monthly basis in March, dropping for a third consecutive month and compared to market expectations for a drop of 0.4%. Industrial production had fallen by a revised 0.8% in the prior month. Further, the nation’s manufacturing production eased 0.6% in March, more than market expectations for a drop of 0.2%. In the prior month, manufacturing production had dropped by a revised 0.3%. Also, construction output unexpectedly eased 0.7% in March, defying market expectations for an advance of 0.4%. In the previous month, construction output had registered a revised drop of 1.3%. Moreover, the nation’s total trade deficit widened more-than-expected to a level of £4.9 billion in March, compared to a revised deficit of £2.7 billion in the previous month.

    In other economic news, leading think tanker, NIESR estimated that UK’s gross domestic product advanced 0.2% in the three months to April 2017, whereas investors had envisaged for a rise of 0.4%. In the January-March 2017 period, NIESR estimated GDP had climbed by a revised 0.3%.

    In technical analysis, COZforex senior currency strategist Ian • Quigley said: GBP/USD is expected to find support at 1.2838 and a fall through could take it to the next support level of 1.2792; Meanwhile, the pair is expected to find its first resistance at 1.2939, and a rise through could take it to the next resistance level of 1.2994.


    (COZ forex UK)

  • #42
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    COZfx: Canadian dollar hits 3-week highs against weaker greenback

    COZforex: The Canadian dollar rose to the highest levels in three weeks against its broadly weaker US counterpart on Tuesday as fresh concerns over the Trump administration and a slate of mixed US economic reports pressured the greenback.

    USD/CAD was down 0.18% to 1.36108 by 09.30 ET, not far from a session low of 1.3598, the weakest level since April 27.

    The greenback weakened across the board following reports that US President Donald Trump shared sensitive intelligence obtained from a close US ally with Russia's foreign minister about an Islamic State operation in a meeting last week.

    The report came as Trump's administration reels over his decision to sack former FBI Director James Comey and amid congressional calls for an independent investigation of possible Russian interference with the US election.

    The report underlined doubts over Trump’s ability to successfully push through his economic stimulus program.

    The dollar came under additional selling pressure after data showing that US housing starts slowed unexpectedly in April pointed to a slowdown the housing market recovery.

    Housing starts fell by 2.6% to a seasonally adjusted annual rate of 1.17 million units, the Commerce Department said. It was the lowest since November and added to a recent run of disappointing US economic data. Building permits fell by 2.5% the report said.

    The loonie remained supported as prices of oil, a major Canadian export, rose on Tuesday amid hopes for an extension of a supply cut deal aimed at reducing a global supply glut.


    (COZ forex UK)

  • #43
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    COZfx: Australia’s unemployment rate surprisingly declined to a 4-month low level in April

    COZforex: For the past trading session, the AUD rose 0.07% against the USD and closed at 0.7433.

    In commodities, LME Copper prices declined 0.2% or $9.0/MT to $5575.0/MT; Meanwhile, Aluminium prices rose 0.7% or $13.0/MT to $1928.0/MT.

    In the Asian session, the pair is trading at 0.7453, with the AUD trading 0.27% higher against the USD from yesterday’s close, following upbeat Australian jobs report.

    Data revealed that Australia’s seasonally adjusted unemployment rate registered an unexpected drop to 5.7% in April, dipping to a four-month low level, suggesting that the nation’s labour market is strengthening, despite a slowdown in economic growth. Meanwhile, investors had envisaged the unemployment rate to remain steady at 5.9%. Additionally, the nation’s consumer inflation expectations dropped to 4.0% in May, compared to a level of 4.1% in the previous month.

    Elsewhere, in China, Australia’s largest trading partner, the house price index climbed 10.7% on an annual basis in April, after recording a rise of 11.3% in the previous month.

    In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: AUD/USD is expected to find support at 0.7406 and a fall through could take it to the next support level of 0.7359; Meanwhile, the pair is expected to find its first resistance at 0.7479, and a rise through could take it to the next resistance level of 0.7505.


    (COZ forex UK)

  • #44
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    COZfx: Japanese Yen trading lower in the Asian session

    COZforex: For the past trading session, the USD declined 0.3% against the JPY and closed at 111.15 on Friday.

    Over the weekend, macro data indicated that Japan’s Merchandise total trade balance narrowed more than expected to ¥481.7 billion in April, from ¥614.7 billion reported in the previous month. Markets expected the figures to decrease to ¥520.7 billion. Moreover, the nation’s exports jumped 7.5% in April, less than analysts’ expectations of 8.0% gain, helped by strong demand in Asia for semiconductors, semiconductor-making equipment and steel. Exports had risen 12.0% in the prior month. On the other hand, imports rose 15.1%, more than expectations of 14.8% rise, after recording a 15.8% growth in the previous month.

    In technical analysis, coz forex senior derivatives trader Daniel • Moloney said: USD/JPY is expected to find support at 111.08 and a fall through could take it to the next support level of 110.72; Meanwhile, the pair is expected to find its first resistance at 111.75, and a rise through could take it to the next resistance level of 112.06.

    Going forward, traders will keep a close eye on preliminary reading of Japan’s Nikkei manufacturing PMI data for May, slated to release overnight, to gauge strength in the nation’s manufacturing sector.


    (COZ forex UK)

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