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  1. #61
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    COZfx: Switzerland’s unemployment rate remained steady in July

    COZforex: For the past trading session, the USD declined 0.07% against the CHF and closed at 0.9727.

    Macroeconomic data revealed that Switzerland’s seasonally adjusted unemployment rate remained steady at 3.2% in July, at par with market expectations.

    In the Asian session, the pair is trading at 0.97, with the USD trading 0.28% lower 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 0.9676 and a fall through could take it to the next support level of 0.9651; Meanwhile, the pair is expected to find its first resistance at 0.9749, and a rise through could take it to the next resistance level of 0.9797.

    With no macroeconomic releases in Switzerland today, investor sentiment will be governed by global macroeconomic events.

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


    (COZ forex UK)

  • #62
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    COZfx: Japanese economic growth accelerated in the second quarter of 2017

    COZforex: For the past trading session, the USD declined 0.06% against the JPY and closed at 109.09 on Friday.

    In the Asian session, the pair is trading at 109.37, with the USD trading 0.26% higher against the JPY from Friday’s close.

    Overnight data indicated that Japan’s preliminary gross domestic product advanced 1.0% on a quarterly basis in second quarter of 2017, beating market expectations for a rise of 0.6%, amid robust consumer spending and capital expenditure. In the prior quarter, GDP had climbed 0.3%.

    In technical analysis, COZforex senior currency strategist Ian • Quigley said: USD/JPY is expected to find support at 108.92 and a fall through could take it to the next support level of 108.48; Meanwhile, the pair is expected to find its first resistance at 109.63, and a rise through could take it to the next resistance level of 109.90.

    Going ahead, market participants will focus on Japan’s final industrial production data for June, slated to release tomorrow.

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


    (COZ forex UK)

  • #63
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    COZfx: Britain’s ILO unemployment rate surprisingly declined in the three months to June

    COZforex: For the past trading session, the GBP rose 0.21% against the USD and closed at 1.2894, following upbeat jobs report from the UK.

    Data showed that Britain’s ILO unemployment rate unexpectedly dropped to 4.4% in the three months to June, highlighting that the nation’s jobs growth remains on a solid footing despite an overall slowdown in economic growth. Meanwhile, market participants were expecting the ILO unemployment rate to remain steady at 4.5% registered in the March-May period. Also, the nation’s average earnings including bonus climbed 2.1% on an annual basis in the April-June period, topping market consensus for a gain of 1.8% and following a revised rise of 1.9% in the three months to May.

    In technical analysis, COZforex senior currency strategist Ian • Quigley said: GBP/USD is expected to find support at 1.2860 and a fall through could take it to the next support level of 1.2817; Meanwhile, the pair is expected to find its first resistance at 1.2927, and a rise through could take it to the next resistance level of 1.2951.

    Moving ahead, market participants will focus on Britain’s retail sales data for July, set to release in a few hours.

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


    (COZ forex UK)

  • #64
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    COZfx: Canada’s wholesale sales fell 0.5% in June

    COZforex: For the past trading session, the USD declined 0.18% against the CAD and closed at 1.2562.

    On the macro front, Canada’s wholesale sales fell 0.5% in June, meeting market expectations and compared to a revised rise of 1.0% in the previous month.

    In the Asian session, the pair is trading at 1.2558, with the USD trading slightly lower against the CAD from yesterday’s close.

    In technical analysis, coz forex senior derivatives trader Daniel • Moloney said: USD/CAD is expected to find support at 1.2536 and a fall through could take it to the next support level of 1.2515; Meanwhile, the pair is expected to find its first resistance at 1.2593, and a rise through could take it to the next resistance level of 1.2629.

    Ahead in the day, market participants will keep a close watch on Canada’s retail sales data for June.

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


    (COZ forex UK)

  • #65
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    COZfx: AUD trading a tad lowers this morning

    COZforex: For the past trading session, the AUD rose 0.3% against the USD and closed at 0.7967 on Friday.

    In commodities, LME Copper prices declined 0.2% or $16.0/MT to $6776.0/MT; Meanwhile, Aluminium prices remained flat at $2113.5/MT.

    In the Asian session, the pair is trading at 0.7966, with the AUD trading slightly lower against the USD from Friday’s close.

    In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: AUD/USD is expected to find support at 0.7927 and a fall through could take it to the next support level of 0.7889; Meanwhile, the pair is expected to find its first resistance at 0.7999, and a rise through could take it to the next resistance level of 0.8033.

    Going ahead, traders will anxiously await the Reserve Bank of Australia’s (RBA) interest rate decision, due to be announced tomorrow.

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


    (COZ forex UK)

  • #66
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    COZfx: ECB retained its benchmark interest rate at record low

    COZforex: For the past trading session, the EUR rose 0.81% against the USD and closed at 1.2022, after the European Central Bank President, Mario Draghi, hinted that the long-awaited decision about scaling back the ECB’s quantitative easing programme would likely come in next month.

    The ECB, at its latest monetary policy meeting, opted to leave the key interest rate unchanged at a record low level of 0.00% and pledged to continue its bond-buying programme through December 2017 and possibly beyond if needed. In a post-meeting statement, the ECB President stated that the governing council had held early talks on how long to maintain its extraordinary stimulus efforts and added that the central bank will make the “bulk” of its decisions in October.

    Gains in the Euro were boosted further, after the ECB upgraded the Euro-bloc’s growth outlook, now expecting the common currency region to grow 2.2% in 2017, up from a previous forecast of 1.9%, given the region’s improving fundamentals. However, the central bank lowered its forecasts for inflation to 1.2% next year from 1.3% previously and to 1.5% in 2019 from 1.6%.

    On the macro front, the Euro-zone’s seasonally adjusted final gross domestic product (GDP) rose 0.6% on a quarterly basis in the second quarter of 2017, in line with the preliminary figures. In the previous quarter, GDP had advanced by a revised 0.5%.

    Separately, Germany’s seasonally adjusted industrial production surprisingly remained flat on a monthly basis in July, compared to market consensus for a rise of 0.5%. In the previous month, industrial production had dropped 1.1%.

    The pair is expected to find support at 1.1963, and a fall through could take it to the next support level of 1.1851. The pair is expected to find its first resistance at 1.2138, and a rise through could take it to the next resistance level of 1.2201.

    Moving ahead, investors will focus on Germany’s trade balance figures for July, slated to release in a few hours. Moreover, the US final wholesale inventories and consumer credit change, both for July, will be on investors’ radar.


    (COZ forex UK)

  • #67
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    COZfx: Swiss Franc reverses its losses this morning

    COZforex: For the 24 hours to 23:00 GMT, the USD rose 0.45% against the CHF and closed at 0.9598.

    In the Asian session, the pair is trading at 0.9589, with the USD trading 0.09% lower 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 0.9551 and a fall through could take it to the next support level of 0.9514; Meanwhile, the pair is expected to find its first resistance at 0.9622, and a rise through could take it to the next resistance level of 0.9656.

    Ahead in the day, investors will eye Switzerland’s producer & import prices data for August.

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


    (COZ forex UK)

  • #68
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    COZfx: Oil reverses its gains, ahead of API’s weekly crude oil inventories data

    COZforex: For the past trading session, Crude Oil rose 0.16% against the USD and closed at USD49.97 per barrel, on renewed optimism over crude demand outlook as US refineries continued to restart after getting knocked out by Hurricane Harvey.

    Meanwhile, gains in crude prices were limited, after the Energy Information Administration predicted a rise of 79,000 barrels a day to 6.1 million bpd in 7 major US crude-oil shale plays in October.

    In the Asian session, the pair is trading at 49.89, with the oil trading 0.16% lower against the USD from yesterday’s close.

    In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: Crude Oil is expected to find support at 49.28 and a fall through could take it to the next support level of 48.66; Meanwhile, the pair is expected to find its first resistance at 50.42, and a rise through could take it to the next resistance level of 50.94.
    Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.


    (COZ forex UK)

  • #69
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    COZfx: Japanese manufacturing sector growth hit a 4-month high in September

    COZforex: For the past trading session, the USD declined 0.36% against the JPY and closed at 112.07 on Friday.

    In the Asian session, the pair is trading at 112.27, with the USD trading 0.18% higher against the JPY from Friday’s close.

    Overnight data indicated that Japan’s flash Nikkei manufacturing PMI rose to a level of 52.6 in September, notching a four-month high, amid a pick-up in domestic and export orders. The PMI had registered a level of 52.2 in the previous month.

    In technical analysis, COZforex senior currency strategist Ian • Quigley said: USD/JPY is expected to find support at 111.77 and a fall through could take it to the next support level of 111.27; Meanwhile, the pair is expected to find its first resistance at 112.65, and a rise through could take it to the next resistance level of 113.03.
    Going ahead, investors will focus on a speech by the Bank of Japan Governor, Haruhiko Kuroda, due in some time.

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


    (COZ forex UK)

  • #70
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    COZfx: Pound Could Go From Bad to Worse as May Drama Dominates Mood

    COZforex: There may be no respite for the pound after its worst weekly performance in a year.

    Sterling fell almost 3 percent last week, after a chaotic Conservative party conference cast the premiership of Theresa May in doubt. With political intrigue set to continue, the Brexit talks restarting and manufacturing data due, strategists anticipate another volatile week and investors in the options market have turned bearish. Meanwhile, May could be planning an overhaul of her team of top ministers soon, the Sunday Times reported.

    "Theresa May’s position as prime minister is clearly foremost in the market’s mind,” said Jane Foley, Rabobank’s head of currency strategy. "If she goes, investors are going to be fearful that’s going to open up a catalog of events which will lead to a Labour government.”

    On Friday, Theresa May told reporters that she had the "full support” of her cabinet. Although ex-Tory party chairman Grant Shapps said 30 members of the party were willing to sign a letter calling for her to resign, this falls short of the 48 signatures needed to launch a leadership challenge.

    May will reshuffle her cabinet after an Oct. 19-20 summit in Brussels, the Sunday Times reported, citing unidentified party sources.

    With Brexit talks due to start again this week, one-week volatility on the pound is higher than one- and three-month gauges. That suggests investors see more dramatic moves for sterling in the near term. Meanwhile, one-week risk reversals have turned bearish on the currency.

    The market will also be awaiting any further clarity on the Bank of England’s thinking, having priced in an interest-rate hike in November. This week’s data will provide investors with the latest evidence of both how likely the bank is to tighten policy and whether it would be right to do so, said Foley, with industrial production and house prices key.

    "We’ve had a number of warnings in the past that a rate hike was very possible only to see no action,” said Standard Bank’s head of currency strategy Steven Barrow. "Another episode of this in coming months might not just set the pound back but could also limit the extent that sterling can rise whenever the bank makes similar warnings in the future."


    (COZ forex UK)

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