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  1. #51
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    COZfx: Euro-zone’s construction output rebounded in April

    COZforex: For the past trading session, the EUR declined 0.43% against the USD and closed at 1.1150.

    On the macro front, the Euro-zone’s seasonally adjusted construction output rebounded 0.3% on a monthly basis in April, following a drop of 1.1% in the previous month.

    The US Dollar advanced against its key peers, after a key Federal Reserve policymaker indicated that a third interest rate hike this year remains on the table.

    The New York Federal Reserve President, William Dudley, offered an upbeat assessment of the US economy, stating that tightening in the labour market will push wages higher and will eventually help drive up inflation. However, the Chicago Fed President, Charles Evans, noted that the Fed should move slowly to raise rates and shrink its portfolio, as inflation is stubbornly soft.

    In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: EUR/USD is expected to find support at 1.1127 and a fall through could take it to the next support level of 1.1098; Meanwhile, the pair is expected to find its first resistance at 1.1199, and a rise through could take it to the next resistance level of 1.1242.

    Moving ahead, investors will look forward to the Euro-zone’s current account data for April, slated to release in a few hours. Additionally, market participants would eye comments from a few Fed officials as they are scheduled to speak later in the day.


    (COZ forex UK)

  • #52
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    COZfx: Sterling rises above $1.29 on Carney remarks

    COZforex: The pound jumped higher against the dollar on Wednesday, rising above the $1.29 level after Bank of England Governor Mark Carney appeared to alter his forward guidance on interest rates.

    GBP/USD hit highs of 1.2965, the most since June 9 and was at 1.2949 by 10.08 ET (14.08 GMT), up 1.05% for the day.

    The pound jumped after Carney said some removal of monetary stimulus is likely to become necessary as spare capacity in the economy erodes.

    Speaking at a European Central Bank forum in Portugal, Carney said that policymakers would need to look at the extent to which stronger business investment is offset by weaker consumption, as well as growth in wages and labor costs.

    “These are some of the issues that the MPC will debate in the coming months,” Carney said.

    “Some removal of monetary stimulus is likely to become necessary if the trade-off facing the MPC continues to lessen and the policy decision accordingly becomes more conventional.”

    The BOE’s monetary policy committee was split 5-3 at its meeting earlier this month on whether to raise interest rates from a record-low 0.25%. Carney voted to keep rates unchanged.


    (COZ forex UK)

  • #53
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    COZfx: Canada’s economy expanded as expected in April

    COZforex: For the past trading session, the USD declined 0.23% against the CAD and closed at 1.2963 on Friday.

    The Canadian Dollar gained ground, after Canada’s gross domestic product rose 0.2% on a monthly basis in April, at par with market expectations, increasing the likelihood of an interest rate hike later this month. In the prior month, the GDP had recorded a rise of 0.5%. Additionally, on an annual basis, the economy expanded 3.3% in April, advancing at its fastest pace in three years. Markets were anticipating the GDP to climb 3.4%, compared to an advance of 3.2% in the prior month.

    In the Asian session, the pair is trading at 1.2984, with the USD trading 0.16% higher against the CAD from Friday’s close.

    In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: USD/CAD is expected to find support at 1.2954 and a fall through could take it to the next support level of 1.2924; Meanwhile, the pair is expected to find its first resistance at 1.3007, and a rise through could take it to the next resistance level of 1.3030.

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


    (COZ forex UK)

  • #54
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    COZfx: Australia’s trade surplus sharply widened in May

    COZforex: For the past trading session, the AUD slightly declined against the USD and closed at 0.7607.

    In commodities, LME Copper prices declined 0.5% or $29.0/MT to $5818.0/MT; Meanwhile, Aluminium prices rose 0.5% or $9.5/MT to $1913.0/MT.

    In the Asian session, the pair is trading at 0.7600, with the AUD trading 0.09% lower against the USD from yesterday’s close.

    Earlier in the session, data revealed that Australia’s seasonally adjusted trade surplus widened more-than-expected to a level of A$2471.0 million in May, amid a surge in exports and following a revised trade surplus of A$90.0 million in the previous month. Market anticipation was for the country’s trade surplus to expand to A$1100.0 million.

    In technical analysis, COZforex senior currency strategist Ian • Quigley said: AUD/USD is expected to find support at 0.7570 and a fall through could take it to the next support level of 0.7540; Meanwhile, the pair is expected to find its first resistance at 0.7631, and a rise through could take it to the next resistance level of 0.7662.

    Going ahead, investors will focus on Australia’s AiG performance of construction index for June, slated to release overnight.

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


    (COZ forex UK)

  • #55
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    COZfx: Japan’s Eco-Watchers Survey for the current situation hit a 6-month high in June

    COZforex: For the past trading session, the USD declined 0.1% against the JPY and closed at 114.06.

    Yesterday, the Bank of Japan Governor, Haruhiko Kuroda, reiterated the central bank’s pledge to keep Japanese government bond yields fixed near zero until inflation rises above its 2.0% target in a sustainable manner.

    On the data front, Japan’s Eco-Watchers Survey for the current situation rose more-than-anticipated to a level of 50.0 in June, notching its highest level in 6 months and compared to market expectations of a rise to a level of 49.0. In the previous month, the index had registered a reading of 48.6. Moreover, the nation’s Eco-Watchers Survey for the future outlook climbed more-than-expected to a level of 50.5 in June, following a reading of 49.6 in the prior month.

    In technical analysis, COZFX strategist Nigel Boynton said: USD/JPY is expected to find support at 114.03 and a fall through could take it to the next support level of 113.85; Meanwhile, the pair is expected to find its first resistance at 114.34, and a rise through could take it to the next resistance level of 114.47.

    Looking ahead, traders will keep a close watch on Japan’s flash machine tool orders for June, slated to release in a while.

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


    (COZ forex UK)

  • #56
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    COZfx: German annual inflation advanced as initially estimated in June

    COZforex: For the past trading session, the EUR declined 0.16% against the USD and closed at 1.1397.

    In economic news, Germany’s final consumer price index rose 1.6% on an annual basis in June, confirming the flash estimate. The CPI had advanced 1.5% in the previous month.

    In the US, data showed that the number of Americans filing for fresh jobless claims eased to a level of 247.0K in the week ended 08 July, dropping for the first time in a month, suggesting that the nation’s labour market remains buoyant. In the previous week, initial jobless claims had registered a revised reading of 250.0K, while markets were anticipating for a fall to a level of 245.0K. Additionally, the nation’s producer price index advanced 2.0% on an annual basis in June, surpassing market consensus for a rise of 1.9%. The PPI had registered a rise of 2.4% in the prior month.

    On the other hand, the nation’s budget deficit widened more-than-expected to a level of $90.2 billion in June, compared to market expectations of a deficit of $38.0 billion. In the previous month, the nation had registered a budget deficit of $6.3 billion.

    In technical analysis, COZFX strategist Nigel Boynton said: EUR/USD is expected to find support at 1.1367 and a fall through could take it to the next support level of 1.1327; Meanwhile, the pair is expected to find its first resistance at 1.1452, and a rise through could take it to the next resistance level of 1.1497.

    Going ahead, investors will look forward to the Euro-zone’s trade balance figures for May, slated to release in a few hours. Moreover, traders would closely monitor a slew of crucial economic releases in the US, consisting of the consumer price index, advance retail sales, industrial and manufacturing production, all for June followed by the flash Michigan consumer confidence index for July, all scheduled to release later today.


    (COZ forex UK)

  • #57
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    COZfx: British inflation unexpectedly slowed for the first time since October 2016 in June

    COZforex: For the past trading session, the GBP declined 0.08% against the USD and closed at 1.3044, following softer inflation figures in the UK.

    Data indicated that Britain’s consumer price index climbed 2.6% on an annual basis in June, easing for the first time since October 2016 and diminishing the likelihood of an interest rate hike by the Bank of England in the upcoming months. The CPI had advanced 2.9% in the previous month, while markets had anticipated for a gain of 2.9%.

    In technical analysis, COZforex senior currency strategist Ian • Quigley said: GBP/USD is expected to find support at 1.2980 and a fall through could take it to the next support level of 1.2932; Meanwhile, the pair is expected to find its first resistance at 1.3101, and a rise through could take it to the next resistance level of 1.3174.

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

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


    (COZ forex UK)

  • #58
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    COZfx: Canadian annual inflation grew at its weakest pace in nearly 2 years in June

    COZforex: For the past trading session, the USD declined 0.46% against the CAD and closed at 1.2538 on Friday.

    The Canadian Dollar gained ground, after Canada’s retail sales rose more-than-anticipated by 0.6% in May, climbing for the third straight month. Retail sales had recorded a revised rise of 0.7% in the previous month, while markets were expecting for a gain of 0.3%.

    On the other hand, the nation’s consumer price index rose less-than-expected by 1.0% on an annual basis in June, advancing at its weakest pace since October 2015 and undershooting market expectations for an advance of 1.1%. In the previous month, the CPI had recorded a rise of 1.3%.

    In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: USD/CAD is expected to find support at 1.2508 and a fall through could take it to the next support level of 1.2472; Meanwhile, the pair is expected to find its first resistance at 1.2595, and a rise through could take it to the next resistance level of 1.2646.

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


    (COZ forex UK)

  • #59
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    COZfx: RBA left its key interest rate unchanged for the 11th consecutive month

    COZforex: For the past trading session, the AUD rose 0.26% against the USD and closed at 0.8002.

    In commodities, LME Copper prices rose 1.0% or $64.0/MT to $6347.0/MT; Meanwhile, Aluminium prices rose 0.6% or $12.0/MT to $1904.0/MT.

    Earlier in the session, the Reserve Bank of Australia, at its latest monetary policy meeting, kept its benchmark interest rate steady at 1.5%, in line with market expectations.

    On the data front, Australia’s AiG performance of manufacturing index advanced to a level of 56.0 in July, following a level of 55.0 in the prior month.

    Elsewhere, in China, Australia’s largest trading partner, the Caixin/Markit manufacturing PMI index unexpectedly rise to a level of 51.1 in July, hitting a 4-month high level and defying market consensus for the PMI to remain steady at a level of 50.4.

    In technical analysis, COZFX strategist Nigel Boynton said: AUD/USD is expected to find support at 0.7982 and a fall through could take it to the next support level of 0.793; Meanwhile, the pair is expected to find its first resistance at 0.8064, and a rise through could take it to the next resistance level of 0.8094.

    Going forward, Australia’s building approvals data for June, set to be released in the early hours’ tomorrow, will keep investors on their toes.


    (COZ forex UK)

  • #60
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    COZfx: Euro-zone’s retail sales surprised with an unexpected rise in June

    COZforex: For the past trading session, the EUR rose 0.24% against the USD and closed at 1.1878, boosted by better-than-expected retail sales data from the Euro-bloc.

    The Euro-zone’s seasonally adjusted retail sales unexpectedly advanced 0.5% on a monthly basis in June, suggesting that households ramped-up spending amid optimism that the region’s economy is on a stronger growth path. Retail sales registered a rise of 0.4% in the previous month, while markets were expecting it to record a flat reading. Meanwhile, the region’s final Markit services PMI remained unchanged at a level of 55.4 in July, in line with the flash estimates.

    Separately, Germany’s services sector activity fell more than initially estimated to a level of 53.1 in July, compared to a preliminary print that had indicated a drop to a level of 53.5. In the previous month, the PMI had recorded a reading of 54.0.

    The greenback lost ground against a basket of major currencies, following worse-than-expected US ISM non-manufacturing data.

    The US ISM non-manufacturing PMI declined more-than-expected to a level of 53.9 in July, dipping to an eleven-month low level, thus highlighting a loss of momentum in the nation’s dominant services sector. Markets had expected the PMI to fall to a level of 56.9, compared to a reading of 57.4 posted in the previous month.

    On the contrary, the nation’s seasonally adjusted initial jobless claims fell more-than-anticipated to a level of 240.0K in the week ended 29 July, pointing to a healthier labour market, compared to market expectations of a drop to a level of 243.0K. In the prior week, initial jobless claims had recorded a revised reading of 245.0K.

    In technical analysis, COZFX strategist Nigel Boynton said: EUR/USD is expected to find support at 1.1840 and a fall through could take it to the next support level of 1.1805; Meanwhile, the pair is expected to find its first resistance at 1.1902, and a rise through could take it to the next resistance level of 1.1929.

    Moving ahead, investors will keep a close watch on Germany’s factory orders for June, slated to release in a while. Later in the day, all eyes will be on the crucial US non-farm payrolls and unemployment rate data, both for July, followed by the nation’s trade balance figures for June.


    (COZ forex UK)

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