kiriss5678

COZforex: The US dollar retreated from 7 year peaks against the yen on Friday after the latest US employment report came in lower than expected, prompting investors to take profits on the greenback. The Labor Department reported that the U.S. economy added 214,000 jobs in October, missing expectations for jobs growth of 231,000. September’s figure was revised up to 256,000 from a previously reported 248,000 and Augusts’ figure was also revised up to 203,000 from 180,000 pointing to underlying strength in the labor market. The US unemployment rate ticked down to a fresh six-year low of 5.8% from 5.9% in September. The data prompted investors to sell the dollar to lock in gains following its recent rally but the data did little to alter expectations that the Federal Reserve will raise interest rates ahead of its other major peers. USD/JPY was down 0.56% to 114.58 in late trade on Friday, pulling back from the seven year highs of 115.58 struck earlier in the session. The pair ended the week with gains of 1.56% as the Bank of Japan’s surprise stimulus move on October 31 continued to weigh on the yen. From next year the BoJ will increase its balance sheet by 15% of gross domestic product per year and will extend the average duration of its bond purchases from seven years to 10 years. The move came after data showed that the country’s economy contracted by an annualized 7.1% in the second quarter following a sales tax hike in April. The contraction added to doubts over whether the BoJ’s 2% inflation target can be reached in the fiscal year starting next April. (COZ forex UK)

COZforex: The pound remained moderately higher against the US dollar on Tuesday, even as data showed that UK construction sector activity expanded at the slowest rate in five months in October as investors locked in gains from the greenback's recent rally. GBP/USD hit 1.6009 amid European morning trade, the session high; the pair subsequently consolidated at 1.5994, up 0.13%. In technical analysis, GBP/USD is predicted to find support at 1.5967, and a drop through could take it to the next support line of 1.5934. Meanwhile, the pair is predicted to find its first resistance at 1.6029, and a rise through could take it to the next resistance line of 1.6058. In a report, market research firm Markit and the Chartered Institute of Purchasing & Supply said that their UK construction purchasing managers' index declined to 61.4 last month from a reading of 64.2 in September. Manufacturing activity in Britain unexpectedly expanded to a 3-month high level of 53.2 in October, more than market expectations for a drop to a level of 51.4 and following a revised level of 51.5 recorded in September. Demand for the dollar remained supported after the Insitute of Supply Management reported on Monday that its manufacturing purchasing managers' index rise to 59.0 this month from 56.6 in September. Analysts had expected the index to decline to 56.2 in October. In the euro zone, official data earlier showed that the number of unemployed people in Spain increased by 79,200 in October, compared to expectations for a 23,400 rise, after an increase of 19,700 in September. Later in the day, the US was to release trade balance data. (COZ forex UK)

COZforex: For the past trading session, the AUD traded marginally lower against the USD to close at 0.8766, during a broad strengthening in the greenback. Yesterday, the RBA Governor, Glenn Stevens expressed concerns over Australia’s lending standards and urged banks to carefully monitor the process, as house prices in Australia were already over-heated. In commodities, LME Copper prices rise 1.06% or $70.5/MT to $6730.5/MT. Meanwhile, Aluminium prices rise 0.41% or $8.0/MT to $1980.0/MT. On the macro front, in China, Australia’s biggest trading partner, the manufacturing PMI unexpectedly advanced to a 3-month high reading of 50.4 in October, higher than market expectations for a level of 50.2 and compared to similar reading recorded in the previous month. Separately, the business confidence index in Australia remained unchanged at a level of 6.0 in 3Q 2014. In technical analysis, COZforex senior currency strategist Ian • Quigley said, AUD/USD is predicted to find support at 0.8734, and a drop through could take it to the next support line of 0.8708. Meanwhile, the pair is predicted to find its first resistance at 0.8802, and a rise through could take it to the next resistance line of 0.8844. During no economic releases from Australia, trading trends in the pair today are expected to be determined by economic news from other countries. (COZ forex UK)

COZforex: The New Zealand dollar declined against its US counterpart on Friday, as upbeat US economic data boosted demand for the greenback. NZD/USD hit a daily low of 0.7877 on Friday, before subsequently consolidating at 0.7917 by close of trade on Friday, down 0.45% for the day but still 1.3% higher for the week. COZforex senior currency strategist Ian • Quigley said, NZD/USD is likely to find support at 0.7805, the low from October 15, and resistance at 0.7996, the high from October 16. The greenback was boosted after a report showed that the University of Michigan’s consumer sentiment index unexpectedly rise to 86.4 in October, the most since July 2007. Another report showed that US housing starts rose more than expected in September, bolstering the outlook for the sector. The US Dollar Index, which tracks the performance of the greenback against a basket of six major currencies, was up 0.33% to 85.31 late Friday, but still ended the week lower, its second consecutive weekly decline. Data from the Commodities Futures Trading Commission released Friday showed that speculators turned bearish on the New Zealand dollar in the week ending October 14. Net shorts totalled 2,384 contracts, compared to net shorts of 100 in the preceding week. In the week ahead, investors will be awaiting US data on consumer price inflation and new home sales for fresh signals on the strength of the economic recovery. Market players are also looking ahead to a raft of Chinese economic data later this week, including reports on third quarter gross domestic product, as well as data on industrial production and retail sales. (COZ forex UK)

COZforex: The US dollar trimmed gains against its Canadian counterpart on Tuesday, but remained supported as persistant concerns over global economic growth continued to support safe-haven demand. USD/CAD pulled away from 1.1258, the pair's highest since October 6, to hit 1.1228 during early U.S. trade, still up 0.27%. COZforex senior currency strategist Ian • Quigley said, USD/CAD is predicted to find support at 1.1180, and a drop through could take it to the next support line of 1.1161. Meanwhile, the pair is predicted to find its first resistance at 1.1219, and a rise through could take it to the next resistance line of 1.1239. The greenback remained broadly supported after the International Monetary Fund cut its forecasts for global growth in 2014 and 2015 last week and warned that global growth may never reach its pre-crisis levels ever again. Adding to investors' concerns, data on Tuesday showed that German economic sentiment deteriorated to the lowest level since December 2012 in October. The ZEW Centre for Economic Research said that its index of German economic sentiment fell by 10.5 points to minus 3.6 this month from September’s reading of 6.9. A separate report showed that industrial production in the euro zone dropped 1.8% in August, confounding expectations for a 1.6% decline. Markets were also jittery amid the widening Ebola epidemic. The UK announced on Monday that it will begin conducting fever tests for Ebola at Heathrow airport, after Health Secretary Jeremy Hunt said it is likely that the virus will be diagnosed in the UK by end of year. (COZ forex UK)

COZforex: The EUR rise 0.49% against the USD and closed at 1.2732, continuing its previous session gains. In economic news, the French business sentiment index unexpectedly dropped to a level of 96.0 in September, down from previous month’s reading of 97.0. Market anticipations were for the business sentiment index to remain unchanged. The ECB Vice President Vitor Constancio spoke in favour of the ECB’s recent measures in order to ward of very low inflation the Euro-zone. However, German Bundesbank President Jens Weidmann criticised the ECB’s recent plans to buy private sector bonds as according to him the central bank should have adopted structural reforms to be carried out in individual Euro-zone nations, rather than spend billions on private sector assets and transfer risks from banks to the ECB and ultimately to taxpayers. In the US, the Fed in its latest monetary policy meeting revealed that policymakers intend to end its quantitative easing programme after this month and reiterated that interest rates would remain low for a considerable period of time. It also expressed concern that further strengthening in the greenback could hurt the US exports amid faltering economic growth in the Euro-zone, slowdown in China and Japan along with heightened geopolitical risks. In technical analysis, COZforex senior currency strategist Ian • Quigley said, EUR/USD is predicted to find support at 1.2649, and a decline through could take it to the next support line of 1.2569. Meanwhile, the pair is predicted to find its first resistance at 1.2782, and a rise through could take it to the next resistance line of 1.2835. Trading trends in the Euro today would be determined by Germany’s trade balance as well as current account data, set for release in a few hours from now. Meanwhile, investors keenly await initial jobless claims data from the US, scheduled later in the day. (COZ forex UK)

COZforex: The pound was almost unchanged against the US dollar on Friday, as investors remained cautious ahead of the release of US second quarter economic growth data later in the day. GBP/USD hit 1.6286 amid European morning trade, the session low; the pair subsequently consolidated at 1.6315, easing 0.01%. COZforex senior currency strategist Ian • Quigley said, GBP/USD is predicted to find support at 1.6277, and a fall through could take it to the next support line of 1.6242. Meanwhile, the pair is predicted to find its first resistance at 1.6344, and a rise through could take it to the next resistance line of 1.6376. Demand for the dollar remained supported by mounting expectations for an early US rate hike. Dallas Federal Reserve President Richard Fisher signalled on Thursday that the US central bank may start raising interest rates around the spring of 2015. The pound had strengthened earlier in the week as investor focus returned to the outlook for UK monetary policy in the wake of last week's Scottish independence referendum. (COZ forex UK)

COZforex: The dollar held steady against the yen on Tuesday, boosted by solid US manufacturing data, though profit taking chipped away at the greenback's gains and sent it dipping into negative territory at times. In U.S. trading, USD/JPY was down 0.02% at 108.82, up from a session low of 108.27 and off a high of 108.95. COZforex senior currency strategist Ian • Quigley said, USD/JPY is predicted to find support at 108.5, and a drop through could take it to the next support line of 108.24. Meanwhile, the pair is predicted to find its first resistance at 109.11, and a rise through could take it to the next resistance line of 109.47. The dollar has strengthened against the yen and most other major currencies in recent weeks as investors prep for monetary policy to become less accommodative in the US at a time when Europe and Japan are taking steps to loosen policy. By Tuesday, investors viewed the dollar's rally as due for a breather and sold the greenback for profits, giving the yen room to strengthen despite solid data out of the US. Markit Economics reported earlier that its preliminary US manufacturing purchasing managers’ index came in at 57.9 in September, unchanged from August and the highest since April 2010 though shy of market calls for a 58.0 reading. A separate report showed that the Federal Reserve Bank of Richmond’s monthly manufacturing index rose to 14 this month from 12 in August, defying market forecasts for a decline to 10. On Wednesday, markets will move on new home sales numbers. (COZ forex UK)

COZforex: For the past trading session, the AUD strengthened 0.17% against the USD to close at 0.9029. In the Asian session, the pair is trading at 0.9035, with the AUD trading 0.07% higher from yesterday’s close. In commodities, LME Copper prices dropped 0.09% or $6.0/MT to $6850.0/MT. Meanwhile, Aluminium prices dropped 2.49% or $50.0/MT to $1958.5/MT. Earlier today, the minutes of the RBA’s latest policy meeting indicated that the nation’s business conditions have improved and there are evidences that suggest that growth in non-mining business investment would pick up modestly over the coming quarters. However, the minutes offered no clues on the timing of its next interest rate move. Separately, the RBA Assistant Governor, Christopher Kent, opined that he is optimistic that the new business investment would boost Australia’s economic growth. He further mentioned that a decline in the domestic currency would support demand for local producers that compete with imports. Elsewhere, in China, Australia’s biggest trading partner, the actual FDI registered a drop of 14.0% on an annual basis, in August, compared to a decline of 17.0% in the prior month. In technical analysis, COZFX strategist Nigel Boynton said, AUD/USD is predicted to find support at 0.8996, and a fall through could take it to the next support line of 0.8956. Meanwhile, the pair is predicted to find its first resistance at 0.9063, and a rise through could take it to the next resistance line of 0.9090. (COZ forex UK)

COZforex: For the past trading session, the EUR rise 0.13% against the USD and closed at 1.3151, following report about a possible cease-fire agreement between Russia and Ukraine. The service sector in Germany, Euro-zone’s biggest economy further worsened in August falling to 54.9 in August, against market expectations for a reading of 56.4 and compared to previous month’s similar reading. Elsewhere, the services PMI in the Euro-zone dropped to 53.1 in August, down from a reading of 53.5 in July. Moreover, the retail sales in the Euro-region fell 0.4% on monthly basis in July, compared to revised advance of 0.3% in the prior month. Markets were expecting retail sales to fall 0.3%. Meanwhile, the services PMI of France & Italy recorded a drop in August, while Spain’s services PMI advanced for the same month. In the US, the new orders for factory goods jumped in July, pointing further signs of strength in the manufacturing sector. The factory orders rise 10.5% in July, marking its biggest 1 month increase since 1992, following a 1.5% increase in the previous month. In addition, the number of mortgage applications recorded a rise of 0.2% on a weekly basis, in the week ended 29 August 2014, compared to a rise of 2.8% in the preceding week. Meanwhile, the seasonally adjusted Redbook index registered a rise of 0.7% on a monthly basis, in the week ended 29 August 2014. It had climbed 0.5% in the prior week. On the other hand, the New York City ISM current business condition index eased to 57.1 August, from previous month’s reading of 68.1. In technical analysis, COZforex senior currency strategist Ian • Quigley said, EUR/USD is predicted to find support at 1.3126, and a drop through could take it to the next support line of 1.3104. Meanwhile, the pair is predicted to find its first resistance at 1.3165, and a rise through could take it to the next resistance line of 1.3182. Trading trends in the Euro today would be determined by the much crucial interest rate decision by the ECB, scheduled later today. Meanwhile, investors would also keep a close eye on German factory orders, French unemployment rate and initial jobless claims data from the US, set for release in a few hours. (COZ forex UK)

COZforex: The New Zealand dollar rise against its US counterpart on Monday, supported by upbeat New Zealand overseas trade data and relatively positive Chinese manufacturing reports. NZD/USD hit 0.8377 amid early European trade, the session high; the pair subsequently consolidated at 0.8383, rising 0.28%. COZforex senior currency strategist Ian • Quigley said, NZD/USD was likely to find support at 0.8332, the low of August 27 and resistance at 0.8407, the high of August 28. Official data showed that New Zealand's overseas trade index rise by 0.3% in the second quarter, confounding expectations for a 2.3% decline, after a 1.8% rise in the three months to April. Elsewhere, data showed that China's manufacturing purchasing managers' index ticked down to 51.1 in August, from a reading of 51.7 the previous month, still in expansion territory. China's HSBC Final Manufacturing PMI slipped to 50.2 last month, from 50.3 in July, also remaining in expansion territory. China is New Zealand's second biggest export partner. Also Monday, official data showed that gross company operating profits in Australia dropped 6.9% in the second quarter, compared to expectations for a 1.8% drop. Australia's first quarter gross company operating profits were revised to an increase of 2.0% from a previously estimated 3.1% rise. Trade volumes looked likely to remain light on Monday, with markets in the US closed for the Labor Day holiday. (COZ forex UK)

COZforex: The US dollar was steady against the Swiss franc on Tuesday, still hovering close to 9 month highs as markets eyed the release of US data later in the day for further indications on the country's economic recovery. USD/CHF hit 0.9164 during European morning trade, the session high; the pair subsequently consolidated at 0.9154, inching up 0.01%. COZforex senior currency strategist Ian • Quigley said, USD/CHF is predicted to find support at 0.9133, and a drop through could take it to the next support line of 0.9121. Meanwhile, the pair is predicted to find its first resistance at 0.9165, and a rise through could take it to the next resistance line of 0.9185. Demand for the greenback remained supported after Federal Reserve Chair Janet Yellen said at Jackson Hole on Friday that the US economy is recovering and added the labor market is improving as well. Markets seemed to shrug off data on Monday showing that US new home sales dropped by 2.4% to 412,000 units last month, compared to expectations for an increase of 5.7% to 430,000. Later in the day, the US was to publish reports on July durable goods orders, as well as house price inflation and consumer confidence. (COZ forex UK)

COZforex: For the past trading session, the GBP dropped 0.14% against the USD and closed at 1.6596. The greenback strengthened as the minutes of the latest Fed meeting was hawkish. However, the Pound gained earlier after the BoE minutes of the last policy meeting indicated that two policymakers from the rate-setting committee surprisingly voted in favour of a rate hike in August, marking the first split in more than 3 years. The majority of policymakers voted to hold the benchmark interest rate at 0.50% as they were of the opinion that an earlier rise in rate could leave the economy “vulnerable to shocks”. In economic news, a survey by the CBI indicated that British factory orders grew faster than expected, with the measure rising to 11.0 in August, from a level of 2.0 in the previous month and beating market estimates for a reading of 4.0. In technical analysis, COZforex senior currency strategist Ian • Quigley said, GBP/USD is predicted to find support at 1.6541, and a drop through could take it to the next support line of 1.6506. Meanwhile, the pair is predicted to find its first resistance at 1.6646, and a rise through could take it to the next resistance line of 1.6716. Trading trends in the Pound today would be determined mainly by retail sales data from the UK. (COZ forex UK)

COZforex: On Friday, the AUD traded marginally higher against the USD to close at 0.9319. In the Asian session, the pair is trading at 0.9319, with the AUD trading flat from Friday’s close. In commodities, LME Copper prices dropped 0.5% or $ 34.0/MT to $ 6852.5/MT. Meanwhile, Aluminium prices dropped 1.2% or $ 25.0/MT to $ 1980.0/MT. Data released this morning, indicated that the seasonally adjusted new motor vehicle sales in Australia, eased 0.4% on an annual basis, in July. It had recorded a decline of 2.0% in the previous month. Meanwhile, in China, Australia’s biggest trading partner, the MNI business sentiment index advanced to 59.0 in August, compared to a reading of 58.2, a month ago. On the other hand, the foreign direct investment in China in the January-July period dropped 0.35% on year to $71.14 billion. In technical analysis, coz forex senior derivatives trader Daniel • Moloney said, AUD/USD is predicted to find support at 0.9299, and a decline through could take it to the next support line of 0.928. Meanwhile, the pair is predicted to find its first resistance at 0.9337, and a rise through could take it to the next resistance line of 0.9356. During lack of economic releases from Australia today, investors would keenly await tomorrow’s minutes of the latest RBA policy meeting. (COZ forex UK)

COZforex: The US dollar was steady against its Canadian counterpart on Thursday, trading close to 2 week lows as the release of a disappointing US jobless claims report weighed on demand for the greenback. USD/CAD hit 1.0887 amid early US trade, the pair's lowest since July 31; the pair subsequently consolidated at 1.0907, easing 0.06%. COZFX strategist Nigel Boynton said, USD/CAD is predicted to find support at 1.09, and a drop through could take it to the next support line of 1.0883. Meanwhile, the pair is predicted to find its first resistance at 1.0938, and a rise through could take it to the next resistance line of 1.0959. In a report, the US Labor Department sait the number of individuals filing for initial jobless benefits in the week ending August 9 increased by 21,000 to 311,000 from the previous week’s revised total of 290,000. Analysts had expected jobless claims to rise by 5,000 to 295,000 last week. In economic news, the Teranet/National Bank house price index registered a rise of 1.1% in July, on a monthly basis, in Canada. In the previous month, the index climbed 0.9%. At the same time, markets were looking ahead to a revised Canadian employment report for July, due to be released on Friday after Statistics Canada announced Tuesday that a statistical error in the report had come to light and a review had been launched. Last Friday, Canada’s statistics agency said that the economy had added only 200 jobs last month, falling far short of expectations for jobs growth of 20,000. (COZ forex UK)

COZforex: For the past trading session, the EUR dropped 0.16% against the USD and closed at 1.3361, as European Central Bank President, Mario Draghi, cautioned that the sanctions war against Russia could worsen the economic outlook of the single currency region. Meanwhile, Russia too has retaliated by putting ban on certain imports from the US and from Europe as well. Yesterday, the ECB kept its interest rates unchanged at 0.15% and indicated that the rates would remain at the same level in view of the current outlook for inflation. The central bank also kept its deposit rate and marginal lending rate unchanged at negative 0.1% and 0.4%, respectively. In addition, in Germany, Euro-zone’s biggest economy, the industrial production dropped short of expectations and raised concerns over its economy’s performance. The factory production in Germany increased 0.3% in June against the market expectations of 1.4% increase but after registering a 1.7% drop in the previous month. German economy ministry said that the positive trend of the nation’s industrial production would continue. Elsewhere, the trade deficit in France unexpectedly widened to 5.4 billion in June, from 5.1 billion in the preceding month. In technical analysis, COZforex senior currency strategist Ian • Quigley said, EUR/USD is predicted to find support at 1.3348, and a decline through could take it to the next support line of 1.3310. Meanwhile, the pair is predicted to find its first resistance at 1.3408, and a rise through could take it to the next resistance line of 1.3430. Going forward, investors would be looking at German trade balance data and the French industrial output, scheduled later in the day. (COZ forex UK)

COZforex: The New Zealand dollar was steady against its US counterpart on Tuesday, as demand for the greenback regained support after Friday's US jobs report and markets eyed the release of more US data later in the day. NZD/USD hit 0.8511 amid late Asian trade, the session high; the pair subsequently consolidated at 0.8524, inching up 0.01%. COZforex senior currency strategist Ian • Quigley said, NZD/USD was likely to find support at 0.8462, the low of August 1 and resistance at 0.8557, the high of July 29. The greenback remained supported below recent highs after the latest US employment report on Friday showing that jobs growth slowed slightly in July prompted investors to curtail expectations on the timing of a possible rate hike by the Federal Reserve. Also Tuesday, official data showed that Australia's trade deficit narrowed to A$1.68 billion in June, from A$2.04 billion in May whose figure was revised down from a previously estimated deficit of A$1.91 billion. Analysts had expected the trade deficit to narrow to A$1.90 billion in June. Separately, the Reserve Bank of Australia left its benchmark interest rate unchanged at a record low 2.50%, as expected, and reiterated that it expects borrowing costs to remain low for an extended period of time. Later in the day, the US was to publish data on factory orders, while the Institute of Supply Management was to release data on service sector growth. (COZ forex UK)

COZforex: The US dollar was almost unchanged against the Swiss franc on Thursday, hovering close to 5 month highs as Wednesday's upbeat US data continued to support the greenback. USD/CHF hit 0.9094 amid late European morning trade, the session high; the pair subsequently consolidated at 0.9091, inching up 0.04%. COZFX strategist Nigel Boynton said, USD/CHF is predicted to find support at 0.9063, and a drop through could take it to the next support line of 0.9043. Meanwhile, the pair is predicted to find its first resistance at 0.9106, and a rise through could take it to the next resistance line of 0.9129. In economic news, the KOF economic barometer in Switzerland eased unexpectedly to a level of 98.1 compared to a reading of 100.5 in the previous month, though market expectations for it were to rise to 101.0. On the other hand, UBS consumption indicator climbed to 2.06 in June. It had recorded a revised reading of 1.80 in the previous month. The dollar strengthened broadly on Wednesday after official data showed that US gross domestic product expanded at an annual rate of 4.0% in the 3 months to June, outstripping forecasts of 3.0%. In addition, the contraction in the first quarter was revised to 2.1% from a previously reported 2.9% contraction. But the greenback's gains were held in check after the Federal Reserve's latest rate statement said that considerable slack still remains in the labor market, despite the recent improvement in jobs growth, and that rates will remain on hold for longer. (COZ forex UK)

COZforex: For the past trading session, the GBP dropped 0.18% against the USD and closed at 1.7036, after the Bank of England in its minutes of its latest meeting failed to provide any insights on the probable timing of its interest rate hike in the UK. The BoE policymakers voted unanimously to keep interest rates on hold and continue with the central bank’s asset purchase programme. The minutes also revealed that some members of the monetary policy committee were concerned that raising rates too early could destabilize the recovery. Meanwhile, the BoE Governor, Mark Carney, indicated that the UK economy is gaining momentum, however it would continue facing obstacles in its recovery, due to which rising interest rate at the earliest would not be possible. He clarified that any change in the key benchmark rate would solely depend on data from the UK. On the economic front, the BBA mortgage approvals in the UK rise to 43.3K in June, higher than market expectations of 41.4K and compared to a revised reading of 41.9K reported in the previous month. In addition, the CBI distributive trade survey’s retail sales balance in the UK soared to a level of 21.0% in July, compared to a reading of 4.0% level in the previous month, and beating the market estimate of a level of 15.0%. In technical analysis, COZFX strategist Nigel Boynton said, GBP/USD is predicted to find support at 1.7006 and a drop through could take it to the next support line of 1.6979. Meanwhile, the pair is predicted to find its first resistance at 1.7078, and a rise through could take it to the next resistance line of 1.7123. Going forward, retail sales data from the UK would keep investors on toes. (COZ forex UK)

COZforex: For the past trading session, the USD weakened 0.52% against the JPY and closed at 101.13. The safe haven appeal of the Japanese Yen rose on speculations of a terrorist attack on a Malaysian Airlines plane near the Russia/Ukraine border. Meanwhile, lacklustre equity markets also boosted the demand outlook of the Japanese Yen. Earlier today, the BoJ, in its minutes for the June policy meeting, indicated that majority of policymakers agreed that the central bank would continue with its stimulus measures as long as the nation does not achieve a price stability target of 2%. Furthermore, the policymakers insisted that the central bank should closely follow the effects of geopolitical risks posed by Ukraine and Iraq on the economy. In technical analysis, COZforex senior currency strategist Ian • Quigley said, USD/JPY is predicted to find support at 101.1, and a drop through could take it to the next support line of 100.83. Meanwhile, the pair is predicted to find its first resistance at 101.61, and a rise through could take it to the next resistance line of 101.86. During a lack of releases today, investors would pay attention to global news. (COZ forex UK)

COZforex: The US dollar was close to three week highs against the Canadian dollar on Tuesday as investors turned their attention to congressional testimony by Federal Reserve Chair Janet Yellen later in the session. USD/CAD was up 0.13% to 1.0726, not far from Monday’s highs of 1.0746. COZforex senior currency strategist Ian • Quigley said, USD/CAD is predicted to find support at 1.0705, and a decline through could take it to the next support line of 1.0685. Meanwhile, the pair is predicted to find its first resistance at 1.0747, and a rise through could take it to the next resistance line of 1.0769. Traders were looking to Ms. Yellen’s remarks later Monday for fresh indications on the future direction of monetary policy after last week’s minutes of the Fed’s June meeting revealed little new information on when rates could start to increase. US data release on Tuesday painted a mixed picture of the economic recovery. The Commerce Department reported that US retail sales rose just 0.2% in June, below forecasts for a 0.6% increase. Retail sales for May were revised up to 0.5% from a previously reported 0.3%. A separate report showed that manufacturing activity in New York state rise to a 4 year high this month. The Empire state manufacturing index rise to 25.6 from 19.3 in June. Analysts had expected the index to drop to 17.0. The Canadian dollar remained under pressure after unexpectedly weak domestic employment data last week indicated that the Bank of Canada would keep rates on hold at 1% at its upcoming policy meeting on Wednesday. (COZ forex UK)

COZforex: The US dollar slipped to the lowest level in 8 days against the Canadian dollar in early US trade on Wednesday amid growing uncertainty over the timing of a reduction in Federal Reserve stimulus. In technical analysis, coz forex senior derivatives trader Daniel • Moloney said, USD/CAD is predicted to find support at 1.0588, and a drop through could take it to the next support line of 1.0571. Meanwhile, the pair is predicted to find its first resistance at 1.0635, and a rise through could take it to the next resistance line of 1.0665. The dollar slipped amid fresh doubts over whether the Fed will taper its USD85 billion-a-month asset purchase program at its December 17-18 policy meeting, despite last week’s stronger-than-forecast US nonfarm payrolls report for November. The dollar shrugged off news that US Congressional leaders reached an agreement on a two year budget deal on Tuesday. Congress will still need to reach a deal to raise the US debt ceiling in February 2014 in order to avert a default. The Canadian dollar’s gains were capped by concerns that the subdued domestic inflation outlook may prompt the Bank of Canada to keep interest rates on hold for longer. (COZ forex UK)

COZforex: For the past trading session, EUR marginally declined against the USD and closed at 1.3585, after mixed Euro-zone service sector data. The service sector activity in Germany rise to a seasonally adjusted 55.7 in November, compared to 54.5 in October, defying expectations to hold steady at 54.5. In addition, the Euro-zone services PMI edged up to 51.2 in November, from 51.6 in October. However, the services activity in France declined to 48.0 in November, down from a reading of 48.0 in October, while the Italy services PMI, too contracted to 47.2 in November, from 50.5 in October. Meanwhile, the gross domestic product in the Euro-region came in-line with the market estimates, rising 0.1% in the third quarter. Separately, the retail sales declined 0.2% in October on a monthly basis, after a 0.6% decline in September. Even as the fundamental data continued to highlight the fragile nature of the Euro-zone’s economic outlook, a slight positive sentiment was provided by the ratings agency, Moody’s which raised its rating outlook for Spain to “Stable” from “Negative”, citing signs of real improvement in the economy and government finances. Yesterday, the US Dollar made marginal gains, after the ADP national employment report indicated that the US private sector created 215,000 jobs in November, surpassing expectations of 173.000 and up from October’s 184,000 jobs. Also there was a sharp rebound in new-home sales, wherein the sale jumped 25.4% to a 444,000 annualized pace, following a 354,000 rate in the previous month. Furthermore, the trade balance stood at a deficit of $40.6 billion in October, an improvement over the deficit of $43 billion in September. The above improved data offset a services-sector growth report by the Institute for Supply Management, wherein the index slowed to a reading of 53.9 in November, after it stood at 55.4 in October. Additionally, investors took in stride the Federal Reserve’s Beige Book report which portrayed a generally good picture of the economy in recent weeks. In technical analysis, coz forex senior derivatives trader Daniel • Moloney said, EUR/USD is predicted to find support at 1.3550, and a drop through could take it to the next support line of 1.3494. Meanwhile, the pair is predicted to find its first resistance at 1.3638, and a rise through could take it to the next resistance line of 1.3670. Later today, the European Commercial Bank's monthly monetary policy meeting would attract attention from the Euro-zone to understand the central bank’s future policy stance. In the US, the gross domestic product data would be closely gauged for clues about when the Fed will taper its monetary stimulus programme. (COZ forex UK)

COZforex: The Australian dollar bounced off a 12-week low against its US counterpart on Friday, however the greenback remained supported during expectations the Federal Reserve will start to taper its stimulus program at one of its next few meetings. AUD/USD clawed back from 0.9056 on Friday, the pair’s lowest since September 4, to subsequently consolidate at 0.9110 by close of trade, up 0.08% on the day but 0.65% lower for the week. COZforex senior currency strategist Ian • Quigley said, AUD/USD is predicted to find support at 0.9042, and a drop through could take it to the next support line of 0.9001. Meanwhile, the pair is predicted to find its first resistance at 0.9137, and a rise through could take it to the next resistance line of 0.9191. LME Copper prices declined 0.9% or $63.5MT to $6988.0/MT. Aluminium prices fell 1.2% or $20.0/MT to $1701.0/MT. The Australian dollar came under additional pressure amid speculation the Reserve Bank of Australia will intervene in the foreign-exchange market to weaken the Aussie. Reserve Bank of Australia Deputy Governor Phillip Lowe said earlier in the week that the threshold for the central bank intervening in the currency market was “fairly high.” Demand for the greenback remained underpinned after minutes of the Fed’s October meeting said the central bank could start scaling back its USD85 billion-a-month asset purchase program in the “coming months” if the economy continues to improve as expected. In the week ahead, investors will be focusing on Friday’s US nonfarm payrolls report for November. The Fed, which holds its next meeting on December 17-18, has said the timing of its tapering depends on the health of the labor and housing markets. (COZ forex UK)

COZforex: The dollar remained lower against the yen on Tuesday after data showed that US building permits rise at the fastest pace in 5 years in October, bolstering the outlook for the US recovery. During European afternoon trade, USD/JPY was down 0.20% to 101.47, holding below the six-month high of 101.91 struck on Monday. COZFX strategist Nigel Boynton said, USD/JPY is predicted to find support at 101.23, and a drop through could take it to the next support line of 100.98. Meanwhile, the pair is predicted to find its first resistance at 101.83, and a rise through could take it to the next resistance line of 102.18. Early morning, the minutes from the Bank of Japan’s October 31-monetary policy meeting were released. According to the minutes, the board member felt that the Japanese economy is recovering moderately, with private consumption and external demand expected to pick up on the back of improvement in few major developed economies, particularly the US and Europe. The minutes assessed that the 2% price stability target was likely to be achieved “toward the latter half of the projection period.” The US Commerce Department said that the number of building permits issued in October rise 6.2% to a seasonally adjusted 1.034 million from September’s total of 0.970 million. Analysts expected building permits to drop to 0.940 million units in October. The US dollar index, which tracks the performance of the greenback versus a basket of 6 other major currencies, was down 0.18% to 80.81. (COZ forex UK)