Cozfx Daily Market Analysis

[kenneth201]

COZfx: Loonie extends its losses in the morning session

 

COZforex: For the past trading session, the USD rose 0.39% against the CAD and closed at 1.2873.

 

In the Asian session (at GMT0300), the pair is trading at 1.2882, with the USD trading 0.07% higher against the CAD from yesterday’s close.

 

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: USD/CAD is expected to find support at 1.2831 and a fall through could take it to the next support level of 1.2780; Meanwhile, the pair is expected to find its first resistance at 1.2910, and a rise through could take it to the next resistance level of 1.2938.

 

Trading trend in the Loonie today is expected to be determined by Canada’s Ivey purchasing managers index for September, set to be released later in the day.

 

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

 

 

(COZ forex UK)

[kenneth201]

COZfx: Germany’s trade surplus widened more-than-estimated in August

 

COZforex: For the past trading session, the EUR slightly rose against the USD and closed at 1.1496.

 

Macroeconomic data showed that Germany’s seasonally adjusted trade surplus widened to €17.2 billion in August, compared to a surplus of €16.5 billion in the prior month. Market participants had expected the nation to post a surplus of €16.2 billion.

 

In the US, data indicated that the US NFIB small business optimism index slid to a level of 107.9 in September, compared to market consensus for a drop to a level of 108.0. In the previous month, the index had recorded a reading of 108.8.

 

In the Asian session, the pair is trading at 1.1508, with the EUR trading 0.10% higher against the USD from yesterday’s close.

 

In technical analysis, COZforex senior currency strategist Ian • Quigley said: EUR/USD is expected to find support at 1.1455 and a fall through could take it to the next support level of 1.1402; Meanwhile, the pair is expected to find its first resistance at 1.1538, and a rise through could take it to the next resistance level of 1.1568.

 

Amid lack of macroeconomic releases in the Euro-zone today, traders will keep an eye on the MBA mortgage applications followed by the US producer price index for September, set to release later in the day

 

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

 

 

(COZ forex UK)

[kenneth201]

COZfx: Switzerland’s producer and import price index rose less-than-estimated in September

 

COZforex: For the past trading session, the USD declined 0.39% against the CHF and closed at 0.9870.

 

On the macro front, Switzerland’s producer and import price index advanced 2.6% on an annual basis in September, undershooting market expectations for an advance of 3.1%. In the previous month, the index had registered a rise of 3.4%.

 

Meanwhile, the nation’s total sight deposits rose to a level of CHF577.6 billion in the week ended 12 October, from CHF577.5 billion in the previous week.

 

In the Asian session, the pair is trading at 0.9883, with the USD trading 0.13% higher against the CHF from yesterday’s close.

 

In technical analysis, coz forex senior derivatives trader Daniel • Moloney said: USD/CHF is expected to find support at 0.9851 and a fall through could take it to the next support level of 0.9818; Meanwhile, the pair is expected to find its first resistance at 0.9913, and a rise through could take it to the next resistance level of 0.9942.

 

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

 

 

(COZ forex UK)

[kenneth201]

COZfx: Aussie reverses its losses in the morning session

 

COZforex: For the past trading session, the AUD declined 0.25% against the USD and closed at 0.7065.

 

In commodities, LME Copper prices rose 0.8% or $47.5/MT to $6215.0/MT; Meanwhile, Aluminium prices rose 0.5% or $9.5/MT to $1987.5/MT.

 

In the Asian session (at GMT0300), the pair is trading at 0.7079, with the AUD trading 0.20% higher against the USD from yesterday’s close.

 

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: AUD/USD is expected to find support at 0.7055 and a fall through could take it to the next support level of 0.7032; Meanwhile, the pair is expected to find its first resistance at 0.7104, and a rise through could take it to the next resistance level of 0.713.

 

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

 

 

(COZ forex UK)

[kenneth201]

COZfx: US crude oil inventories advanced by 5.7 million barrels, crude oil trading lower

 

COZforex: For the past trading session, Crude Oil declined 0.30% against the USD and closed at USD66.45 per barrel, after the American Petroleum Institute (API) reported that US crude oil inventories advanced by 5.7 million barrels to 430.7 million barrels in the week ended 26 October.

 

In the Asian session (at GMT0400), the pair is trading at 66.39, with oil trading 0.09% lower against the USD from yesterday’s close.

 

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: The crude oil is expected to find support at 65.39 and a fall through could take it to the next support level of 64.39; Meanwhile, the pair is expected to find its first resistance at 67.32, and a rise through could take it to the next resistance level of 68.26.

 

Going ahead, investors will keep a close watch on the weekly crude inventories data from the Energy Information Administration (EIA), due later in the day.

 

Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.

 

 

(COZ forex UK)

[kenneth201]

COZfx: Japanese Yen reverses its losses in the morning session

 

COZforex: For the past trading session, the USD rose 0.20% against the JPY and closed at 113.45.

 

In the Asian session (at GMT0400), the pair is trading at 113.21, with the USD trading 0.21% lower against the JPY from yesterday’s close.

 

Earlier today, data showed that Japan’s preliminary leading economic index fell to a level of 103.9 in September. The index had registered a level of 104.5 in the previous month. Moreover, the nation’s flash coincident index eased to a level of 114.6 in September, compared to a reading of 116.7 in the previous month.

 

In technical analysis, COZforex senior currency strategist Ian • Quigley said: USD/JPY is expected to find support at 112.85 and a fall through could take it to the next support level of 112.48; Meanwhile, the pair is expected to find its first resistance at 113.70, and a rise through could take it to the next resistance level of 114.18.

 

Looking ahead, investors would await Japan’s machine orders and trade balance data, both for September, set to release overnight.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

 

 

(COZ forex UK)

[kenneth201]

COZfx: Sterling reverses its losses in the morning session

 

COZforex: For the past trading session, the GBP dropped 0.68% against the USD and closed at 1.2852, amid renewed Brexit worries, following reports that Prime Minister, Theresa May had cancelled a cabinet meeting to approve a Brexit deal.

 

In the Asian session (at GMT0400), the pair is trading at 1.2886, with the GBP trading 0.26% higher against the USD from yesterday’s close.

 

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: GBP/USD is expected to find support at 1.2828 and a fall through could take it to the next support level of 1.2770; Meanwhile, the pair is expected to find its first resistance at 1.2944, and a rise through could take it to the next resistance level of 1.3002.

 

Looking forward, investors would closely monitor UK’s average weekly earnings and ILO unemployment rate, both for September, slated to release in a few hours.

 

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

 

 

(COZ forex UK)

[kenneth201]

COZfx: Loonie trading a tad higher in the Asian session

 

COZforex: For the past trading session (24 hours to 23:00 GMT), the USD rose 0.09% against the CAD and closed at 1.3171.

 

In the Asian session (at GMT0400), the pair is trading at 1.3166, with the USD trading slightly lower against the CAD from yesterday’s close.

 

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: USD/CAD is expected to find support at 1.3143 and a fall through could take it to the next support level of 1.3121; Meanwhile, the pair is expected to find its first resistance at 1.3195, and a rise through could take it to the next resistance level of 1.3225.

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

 

 

(COZ forex UK)

[kenneth201]

COZfx: Euro-zone’s manufacturing PMI slid to a 30-month low level in November, while the service sector activity fell to a 25-month low level in the same month

 

COZforex: For the past trading session, the EUR declined 0.64% against the USD and closed at 1.1330 on Friday, amid sharp decline in the PMI data.

 

Data indicated that the Euro-zone’s preliminary manufacturing PMI unexpectedly declined to a 30-month low level of 51.5 in November, compared to a level of 52.0 in the previous month. Market participants had expected for the PMI to record a flat reading.

 

Separately, in Germany, the seasonally adjusted final gross domestic product retreated 0.2% on quarterly basis in 3Q 2018, confirming the preliminary print and in line with market expectations. In the preceding quarter, the GDP had recorded a rise of 0.5%. Also, the nation’s preliminary manufacturing PMI surprisingly slid to a level of 51.6 in November, compared to a reading of 52.2 in the preceding month. Market had envisaged for the PMI to remain unchanged.

 

The US dollar gained ground against basket of currencies, amid worries over global economic slowdown and as US-Sino trade war reduced the looming uncertainties.

 

In the US, data showed that the US preliminary Markit manufacturing PMI unexpectedly fell to a level of 55.4 November, defying market expectations for an unchanged reading. In the previous month, the PMI had recorded a level of 55.7.

 

In technical analysis, COZFX strategist Nigel Boynton said: EUR/USD is expected to find support at 1.1304 and a fall through could take it to the next support level of 1.1269; Meanwhile, the pair is expected to find its first resistance at 1.1398, and a rise through could take it to the next resistance level of 1.1457.

 

Moving ahead, traders would await Germany’s IFO business climate and expectations, both for November, set to release in a few hours. Later in the day, the US Chicago Fed national activity index for October and Dallas Fed manufacturing activity for November, will be on investors’ radar.

 

 

(COZ forex UK)

[kenneth201]

COZfx: Switzerland’s economic growth contracted in 3Q 2018

 

COZforex: For the past trading session, the USD rose 0.28% against the CHF and closed at 0.9962.

 

In the economic news, Switzerland’s seasonally adjusted gross domestic product unexpectedly slid 0.2% on a quarterly basis in 3Q 2018, defying market consensus for a rise of 0.4%. In the prior quarter, GDP had recorded an advance of 0.7%.

 

In the Asian session (at GMT0400), the pair is trading at 0.9965, with the USD trading slightly higher 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 0.9930 and a fall through could take it to the next support level of 0.9894; Meanwhile, the pair is expected to find its first resistance at 0.9989, and a rise through could take it to the next resistance level of 1.0012.

 

Going ahead, traders would keep an eye on Switzerland’s retail sales real and consumer price index, scheduled to release next week.

 

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

 

 

(COZ forex UK)

[kenneth201]

COZfx: Australia’s house price index fell less-than-estimated on a quarterly basis in 3Q 2018

 

COZforex: For the past trading session, the AUD declined 0.32% against the USD and closed at 0.7193.

 

In commodities, LME Copper prices declined 1.0% or $61.0/MT to $6112.0/MT; Meanwhile, Aluminium prices declined 0.6% or $11.0/MT to $1951.0/MT.

 

In the Asian session (at GMT0400), the pair is trading at 0.7205, with the AUD trading 0.17% higher against the USD from yesterday’s close.

 

Overnight data showed that Australia’s house price index decreased 1.5% on a quarterly basis in 3Q 2018, less than market expectations and compared to a fall of 0.7% in the prior quarter.

 

Additionally, the NAB business confidence index declined to a level of 3.0 in November, signalling further slowdown in the growth momentum. In the previous month, the index had recorded a level of 4.0. Moreover, the nation’s NAB business conditions index dropped to a level of 11.0 in November, following a level of 12.0 in the preceding month.

 

In technical analysis, COZFX strategist Nigel Boynton said: AUD/USD is expected to find support at 0.7181 and a fall through could take it to the next support level of 0.7157; Meanwhile, the pair is expected to find its first resistance at 0.7228, and a rise through could take it to the next resistance level of 0.7251.

 

Looking forward, investor would closely monitor Australia’s Westpac consumer confidence index for December, slated to release overnight.

 

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

 

 

(COZ forex UK)

[kenneth201]

COZfx: Japanese Yen reverses its previous session gains in the Asian session

 

COZforex: For the past trading session, the USD declined 0.28% against the JPY and closed at 113.29 on Friday.

 

In the Asian session (at GMT0400), the pair is trading at 113.48, with the USD trading 0.17% higher against the JPY from Friday’s close.

 

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: USD/JPY is expected to find support at 113.24 and a fall through could take it to the next support level of 113.01; Meanwhile, the pair is expected to find its first resistance at 113.69, and a rise through could take it to the next resistance level of 113.91.

Amid lack of economic releases in Japan today, traders would focus on global macroeconomic events for further direction.

 

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

 

 

(COZ forex UK)

[kenneth201]

COZfx: BoE kept its benchmark interest rate unchanged, as widely expected

 

COZforex: For the past trading session, the GBP rose 0.35% against the USD and closed at 1.2665.

 

Data indicated that UK’s retail sales advanced 3.6% on an annual basis in November, buoyed by Black Friday promotions & record online spending and surpassing market expectations for a rise of 2.0%. In the previous month, retail sales had registered a revised gain of 2.4%.

 

The Bank of England, in its latest policy meeting, voted unanimously to leave its key interest rates unchanged at 0.75%, as widely. Further, the central bank lowered its growth forecast for Q4 2018 to 0.2% from 0.3%. Additionally, the bank expects inflation to fall below 2.0% in coming months due to lower oil prices. Moreover, policymakers warned that uncertainties surrounding Brexit are posing risks to the country’s growth outlook.

 

Overnight data showed that UK’s Gfk consumer confidence fell to a 5.5-year low level of -14.0 in December, at par with market expectations and following a reading of -13.0 in the previous month. Additionally, the Lloyds business barometer eased to a level of 17.0% in December, compared to a level of 24.0 % in the preceding month.

 

In technical analysis, COZFX strategist Nigel Boynton said: GBP/USD is expected to find support at 1.2612 and a fall through could take it to the next support level of 1.2570; Meanwhile, the pair is expected to find its first resistance at 1.2702, and a rise through could take it to the next resistance level of 1.2750.

 

Looking forward, traders would await UK’s 3Q gross domestic product figures and public sector net borrowing for November, set to release in a few hours.

 

 

(COZ forex UK)

[kenneth201]

COZfx: Canada’s gross domestic product climbed at its strongest pace in 5-months in October

 

COZforex: For the past trading session, the USD rose 0.69% against the CAD and closed at 1.3595 on Friday.

 

Data indicated that Canada’s gross domestic product rebounded 0.3% on a monthly basis in October, rising at its fastest pace in 5-months and supported by gains in manufacturing sector. In the prior month, GDP had recorded a decline of 0.1%. Moreover, the nation’s retail sales advanced 0.3% on a monthly basis in October, compared to a revised rise of 0.1% in the previous month. Market participants had anticipated retail sales to climb 0.5%.

 

In the Asian session (at GMT0400), the pair is trading at 1.3571, with the USD trading 0.18% lower against the CAD from Friday’s close.

 

In technical analysis, COZforex senior currency strategist Ian • Quigley said: USD/CAD is expected to find support at 1.3509 and a fall through could take it to the next support level of 1.3448; Meanwhile, the pair is expected to find its first resistance at 1.3616, and a rise through could take it to the next resistance level of 1.3662.

 

Amid lack of economic releases in Canada today, traders would focus on global macroeconomic events for further direction.

 

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

 

 

(COZ forex UK)

[kenneth201]

COZfx: Crude oil trading higher, ahead of EIA’s weekly crude oil inventories data and Baker Hughes weekly rig count

 

COZforex: For the past trading session, Crude Oil rose 2.58% against the USD and closed at USD46.91 per barrel, after the American Petroleum Institute (API) reported that US crude oil inventories fell by 4.5 million barrels to 443.7 million barrels in the week ended 28 December.

 

In the Asian session (at GMT0400), the pair is trading at 47.16, with oil trading 0.53% higher against the USD from yesterday’s close.

 

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: The crude oil is expected to find support at 45.84 and a fall through could take it to the next support level of 44.53; Meanwhile, the pair is expected to find its first resistance at 47.98, and a rise through could take it to the next resistance level of 48.81.

 

Crude oil is trading above its 20 Hr and 50 Hr moving averages.

 

 

(COZ forex UK)

[kenneth201]

COZfx: Euro-zone’s unemployment rate declined to its lowest level in 10-years in November

 

COZforex: For the past trading session, the EUR rose 0.86% against the USD and closed at 1.1552.

 

On macro front, the Euro-zone’s unemployment rate unexpectedly tumbled to decade low level of 7.9% in November, compared to a revised reading of 8.0% in the prior month. Market participants had envisaged the unemployment rate to advance to 8.1%.

 

Separately, in Germany, the seasonally adjusted trade surplus widened to €19.0 billion in November, more than market expectations for a surplus of €18.0 billion. In the previous month, the nation had posted a revised surplus of €17.9 billion.

 

In the US, data indicated that the US mortgage applications rebounded 23.5% on a weekly basis in the week ended 04 January 2019, following a decline of 8.5% in the preceding week.

 

The minutes of the FOMC December monetary policy meeting showed that policymakers would remain patient on further interest rate increases, due to volatility in financial markets and concerns over global economic growth. Further, the officials expressed uncertainty over the timing of future rate increases. Additionally, the Fed lowered its interest rate projection for 2019 to two from three.

 

In technical analysis, COZFX strategist Nigel Boynton said: EUR/USD is expected to find support at 1.1479 and a fall through could take it to the next support level of 1.1394; Meanwhile, the pair is expected to find its first resistance at 1.1610, and a rise through could take it to the next resistance level of 1.1656.

 

Amid lack of macroeconomic releases in the Euro-zone today, traders would keep an eye on the US initial jobless claims along with the Federal Reserve Chairman, Jerome Powell’s speech, due later in the day.

 

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

 

 

(COZ forex UK)

[kenneth201]

COZfx: Australia’s Westpac leading index eased in December

 

COZforex: For the past trading session, the AUD declined 0.36% against the USD and closed at 0.7124.

 

In commodities, LME Copper prices declined 0.4% or $25.0/MT to $5926.5/MT; Meanwhile, Aluminium prices rose 1.4% or $25.0/MT to $1867.5/MT.

 

In the Asian session (at GMT0400), the pair is trading at 0.7136, with the AUD trading 0.17% higher against the USD from yesterday’s close.

 

Overnight data revealed that Australia’s Westpac leading index slid 0.21% on a monthly basis in December, following a decline of 0.09% in the prior month.

 

In technical analysis, COZ senior foreign exchange risk investment trader Desmond Doyle said: AUD/USD is expected to find support at 0.7118 and a fall through could take it to the next support level of 0.7100; Meanwhile, the pair is expected to find its first resistance at 0.7152, and a rise through could take it to the next resistance level of 0.7168.

 

Looking ahead, investors would await Australia’s CBA manufacturing and services PMI’s for January, scheduled to release overnight.

 

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

 

 

(COZ forex UK)

[kenneth201]

COZfx: Swiss Franc trading a tad higher in the Asian session

 

COZforex: For the past trading session, the USD slightly declined against the CHF and closed at 0.9920.

 

In economic news, Switzerland’s total sight deposits slightly rose to a level of CHF576.7 billion in the week ended 25 January, from CHF576.3 billion in the previous week.

 

In the Asian session (at GMT0400), the pair is trading at 0.9916, with the USD trading marginally lower against the CHF from yesterday’s close.

 

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: USD/CHF is expected to find support at 0.9903 and a fall through could take it to the next support level of 0.9891; Meanwhile, the pair is expected to find its first resistance at 0.9931, and a rise through could take it to the next resistance level of 0.9947.

 

Trading trend in the Swiss Franc today is expected to be determined by Switzerland’s trade balance data for December, scheduled to release in a while.

 

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

 

 

(COZ forex UK)

[kenneth201]

COZFX: UK’s economic growth slowed to a six-year low level in 4Q 2018

 

COZ forex: For the past trading session, the GBP declined 0.57% against the USD and closed at 1.2858 amid a slew of disappointing economic data.

 

On the macro front, UK’s preliminary gross domestic product growth slowed to a six-year low level of 0.2% on a quarterly basis in 4Q 2018, compared to market expectations for a rise of 0.3%. GDP had recorded a climb of 0.6% in the previous quarter. Moreover, the nation’s manufacturing production eased 2.1% on an annual basis in December, compared to a revised fall of 1.2% in the preceding month. Markets had anticipated manufacturing production to record a fall of 1.1%.

 

Additionally, industrial production declined 0.9% on a yearly basis in December, more than market expectations for a drop of 0.5% and following a revised fall of 1.3% in the prior month. Also, UK’s construction output unexpectedly dropped 2.4% on an annual basis in December, defying market expectations for a rise of 1.5%. Construction output had registered a revised rise of 1.8% in the previous month. Further, visible trade deficit narrowed to £12.10 billion in December, compared to a revised visible trade deficit of £12.40 billion in the prior month.

 

In the Asian session, the pair is trading at 1.2864, with the GBP trading 0.05% higher against the USD from yesterday’s close.

 

In technical analysis, COZFX strategist Nigel Boynton said: GBP/USD is expected to find support at 1.2826 and a fall through could take it to the next support level of 1.2789; Meanwhile, the pair is expected to find its first resistance at 1.2920, and a rise through could take it to the next resistance level of 1.2977.

 

With no macroeconomic releases in UK today, investors would look forward to global macroeconomic releases for further directions.

 

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

 

 

(COZ forex UK)

[kenneth201]

COZFX: Japan’s machinery orders dropped to a 10-year low level in December

 

COZforex: For the past trading session, the USD slightly declined against the JPY and closed at 110.44 on Friday.

 

In the Asian session (at GMT0400), the pair is trading at 110.50, with the USD trading 0.05% higher against the JPY from Friday’s close.

 

Overnight data indicated that Japan’s machinery orders declined to its lowest level in 10-years by 0.1% on a monthly basis in December, weighed down by global trade conflicts and following a steady reading in the preceding month.

 

In technical analysis, COZforex senior currency strategist Ian • Quigley said: USD/JPY is expected to find support at 110.29 and a fall through could take it to the next support level of 110.08; Meanwhile, the pair is expected to find its first resistance at 110.68, and a rise through could take it to the next resistance level of 110.86.

 

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

 

 

(COZ forex UK)

[kenneth201]

COZFX: Loonie extends its losses in the morning session

 

COZforex: For the past trading session, the USD rose 0.44% against the CAD and closed at 1.3233.

 

The Canadian dollar declined against the US dollar, following Bank of Canada’s Governor, Stephen Poloz’s comments.

 

Yesterday, the BoC Governor, Stephen Poloz, stated that the central bank was in no rush to resume monetary tightening and expressed uncertainty over the pace of future rate hikes. He cautioned that given the high levels of debt, raising rates would impact the overall economy more than in the past.

 

In the Asian session (at GMT0400), the pair is trading at 1.3235, with the USD trading marginally 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 1.3185 and a fall through could take it to the next support level of 1.3134; Meanwhile, the pair is expected to find its first resistance at 1.3264, and a rise through could take it to the next resistance level of 1.3292.

 

Trading trend in the Loonie today, is expected to be determined by Canada’s retail sales for December, scheduled to release later in the day.

 

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

 

 

(COZ forex UK)

[kenneth201]

COZFX: Crude oil trading lower in the Asian session

 

COZforex: For the past trading session, Crude Oil rose 1.82% against the USD and closed at USD56.96 per barrel, after Saudi Arabia reiterated its decision of reducing output. Additionally, the Energy Information Administration (EIA) report indicated that US crude oil stockpiles declined by 8.6 million barrels to 445.87 million in the week ended 22 February 2019.

 

In the Asian session (at GMT0400), the pair is trading at 56.92, with oil trading 0.07% lower against the USD from yesterday’s close.

 

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: The crude oil is expected to find support at 55.96 and a fall through could take it to the next support level of 55.01; Meanwhile, the oil is expected to find its first resistance at 57.63, and a rise through could take it to the next resistance level of 58.35.

 

Crude oil is trading above its 20 Hr and 50 Hr moving averages.

 

 

(COZ forex UK)

[kenneth201]

COZfx: Euro trading on a weaker footing this morning

 

COZforex: For the past trading session, the EUR declined 0.31% against the USD and closed at 1.1302.

 

On the macro front, Euro-zone’s seasonally adjusted retail sales advanced at its fastest pace in three months by 2.2% on an annual basis in January, driven by robust internet sales and beating market expectations for a rise of 2.1%. In the prior month, retail sales recorded a revised gain of 0.3% in the previous month. Additionally, the final services PMI climbed to a level of 52.8 in February, notching its highest level in three months and surpassing market expectations for a rise to a level of 52.3. In the previous month, the services PMI had recorded a level of 51.2. The preliminary figures had indicated an advance to 52.3.

 

Separately, in Germany, the final services PMI advanced to a 5-month high level of 55.3 in February, overshooting market forecast for a rise to 55.1 and compared to a level of 53.0 in the previous month. The preliminary figures had indicated a rise to 55.1.

 

The US Dollar rose against its major peers yesterday, on the back of upbeat US economic data.

 

Data showed that the US ISM non-manufacturing index climbed to 59.7 in February, more than market forecast for an increase to 57.3. The index had registered a reading of 56.7 in the previous month. Moreover, new home sales unexpectedly rose 3.7% to a level of 621.0K on a monthly basis in December, compared to a revised reading of 599.0K in the previous month. Meanwhile, the final Markit services PMI rose to 56.0 in February, compared to market expectations of a rise to a level of 56.2. The preliminary figures had recorded an advance to 56.2. In the previous month, the services PMI had recorded a revised reading of 54.2.

 

In technical analysis, COZFX strategist Nigel Boynton said: EUR/USD is expected to find support at 1.1276 and a fall through could take it to the next support level of 1.1259; Meanwhile, the pair is expected to find its first resistance at 1.1325, and a rise through could take it to the next resistance level of 1.1357.

 

Going forward, investors would keep an eye on the Eurozone’s OECD interim economic outlook along with Germany’s Markit construction PMI for February, slated to release in a few hours. Later in the day, the US trade balance for December and the ADP employment change for February, will keep investors on the toes. Additionally, the Federal Reserve’s Beige Book release, due later today, will garner significant amount of investor attention.

 

 

(COZ forex UK)

[kenneth201]

COZfx: Australia’s NAB business confidence and business conditions index fell in February

 

COZforex: For the past trading session, the AUD rose 0.57% against the USD and closed at 0.7074.

 

In commodities, LME Copper prices declined 0.6% or $36.5/MT to $6435.0/MT; Meanwhile, Aluminium prices rose/declined 1.0% or $18.0/MT to $1830.0/MT.

 

In the Asian session (at GMT0400), the pair is trading at 0.7072, with the AUD trading slightly lower against the USD from yesterday’s close.

 

Overnight data showed that Australia’s NAB business confidence index declined to a level of 2.0 in February, compared to a reading of 4.0 in the previous month. Moreover, the nation’s business conditions index eased to a level of 4.0 in February, following a level of 7.0 in the prior month. Additionally, new home loan approvals fell 1.2% on a monthly basis in January, less than market expectations. In the previous month, home loan approvals had recorded a revised drop of 8.0%.

 

In technical analysis, COZFX strategist Nigel Boynton said: AUD/USD is expected to find support at 0.7043 and a fall through could take it to the next support level of 0.7014; Meanwhile, the pair is expected to find its first resistance at 0.7091, and a rise through could take it to the next resistance level of 0.7110.

 

Moving ahead, traders would keep an eye on Australia’s Westpac consumer confidence index for March, slated to release overnight.

 

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

 

 

(COZ forex UK)

[kenneth201]

COZFX: Switzerland’s producer and import price declined in February

 

COZforex: For the past trading session, the USD rose 0.06% against the CHF and closed at 1.0037.

 

On macro front, Switzerland’s producer and import price index eased 0.7% on a yearly basis in February, less than market expectations for a drop of 1.0%. The index had recorded a decline of 0.5% in the prior month.

 

In the Asian session (at GMT0400), the pair is trading at 1.0026, with the USD trading 0.11% 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 1.0013 and a fall through could take it to the next support level of 0.9999; Meanwhile, the pair is expected to find its first resistance at 1.0046, and a rise through could take it to the next resistance level of 1.0065.

 

Looking forward, investors would keep an eye on Switzerland’s trade balance data, set to release next week.

 

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

 

 

(COZ forex UK)