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Thread: Daily market news from Cozfx

  1. #111
    fxtrader505 is offline Senior Member
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    COZfx: Euro-zone’s consumer price inflation rise more-than-anticipated

    COZforex: For the last trading session, the EUR rise 0.89% against the USD and closed at 1.1318, after the Euro-zone’s consumer price inflation rose more-than-anticipated by 0.2% in February, compared to a drop of 1.4% in the previous month, and against investor expectations for a rise of 0.1%. In addition, the Euro-zone’s seasonally adjusted trade surplus narrowed to a 3-month low level of €21.2 billion in January, compared to a revised trade surplus of €21.5 billion in the previous month. Market anticipation was for the region’s trade surplus to drop to €19.5 billion.

    In the US, seasonally adjusted initial jobless claims recorded a rise to 265.0K in the week ended 12 March 2016, compared to market expectations of an advance to a level of 268.0K. Initial jobless claims had recorded a revised level of 258.0K in the previous week. Moreover, the nation’s Philadelphia Fed manufacturing index surprisingly rose to a 13-month high level of 12.4 in March, compared to a level of -2.8 in the previous month and compared to investor expectations of it to register a reading of -1.5.

    In technical analysis, COZFX strategist Nigel Boynton said: EUR/USD is predicted to find support at 1.1240 and a drop through could take it to the next support line of 1.1163; Meanwhile, the pair is predicted to find its first resistance at 1.1369, and a rise through could take it to the next resistance line of 1.1420.

    Moving ahead, market participants will look forward to the US flash Reuters/Michigan consumer sentiment index for March, scheduled to release later in the day.


    (COZ forex UK)

  2. #112
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    COZfx: NZD gains after narrower than expected trade gap

    COZforex: The Kiwi gained in Asia on Thursday on trade figures with a light data day otherwise in the region.

    NZD/USD rise 0.13% to 0.6712. AUD/USD traded at 0.7528, down 0.06%, while USD/JPY changed hands at 112.39, up 0.02%.

    In New Zealand, the trade balance for February showed a deficit of NZ$3.32 billion year-on-year, narrower than expected, while it came in at a surplus of NZ$339 million month-on-month, well above the NZ$50 million seen.

    The US dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was last quoted at 96.06.

    The US Commerce Department said new home sales rise by 2.0% to 512,000 units last month, compared to expectations for a 3.2% gain to 510,000 units.

    But the greenback remained supported after Philadelphia Fed President Patrick Harker said late Tuesday that the US central bank should raise interest rates as early as next month if the US economy continues to improve.

    Chicago Fed President Charles Evans said he expects 2 more rate hikes before the year’s end, if the economy remains on track.

    The comments came a day after Atlanta Federal Reserve President Dennis Lockhart signalled that the Fed could hike interest rates in April.


    (COZ forex UK)

  3. #113
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    COZfx: AUD drifts lower ahead of housing, private sector credit

    COZforex: The Aussie drifted lower in Asia on Thursday with housing and private sector credit figures ahead.

    AUD/USD traded at 0.7667, down 0.05%, while USD/JPY changed hands at 112.46, up 0.03%.

    In Australia ahead comes HIA new home sales for February with the previous month up 3.1% month-on-month, with private sector credit a bit later expected to show a 0.5% gain month-on-month.

    The US dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was last quoted at 94.79.

    Overnight, the dollar decline to 5 month lows against the other major currencies on Wednesday, even after data showed that US non-farm private employment rise more-than-expected this month, as comments by Federal Reserve Chair Janet Yellen continued to weigh. Payroll processing firm ADP said non-farm private employment rose by 200,000 last month, surpassing expectations for an increase of 194,000.

    The economy created 205,000 jobs in February, whose figure was downwardly revised from a previously reported increase of 214,000.

    In a speech at the Economic Club of New York late Tuesday, Yellen said global risks to the US economy, including low oil prices and uncertainty over China justified taking a cautious approach to tightening monetary policy.

    The comments contrasted with recent remarks by some Fed officials who indicated that the bank could act as soon as next month to raise interest rates.


    (COZ forex UK)

  4. #114
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    COZfx: Canada’s manufacturing sector returned to growth in March

    COZforex: For the last trading session, the USD rise 0.22% against the CAD to close at 1.3016.

    In economic news, Canada’s RBC manufacturing PMI advanced to a level of 51.5 in March, its highest level since December 2014, following a reading of 49.4 in the previous month.

    Separately, the BoC, in its latest business outlook survey, indicated that Canada’s business sentiment has improved during recent months with hiring and investment plans rebounding from its lowest levels since 2009, as the nations exporters were benefitted from a weaker Canadian dollar.

    In the Asian session, the pair is trading at 1.3037, with the USD trading 0.16% higher from Friday’s close.

    In technical analysis, coz forex senior derivatives trader Daniel • Moloney said: USD/CAD is predicted to find support at 1.2978 and a drop through could take it to the next support line of 1.2919; Meanwhile, the pair is predicted to find its first resistance at 1.3122, and a rise through could take it to the next resistance line of 1.3208.


    (COZ forex UK)

  5. #115
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    COZfx: EUR/USD flat, as investors digest dour outlook of weak economic growth

    COZforex: EUR/USD inched down fractionally on Tuesday, remaining near 5 month highs, as foreign exchange traders reacted to broad indications on slowing economic growth and plunging government bond yields throughout the euro zone.

    The currency pair traded in a tight range between 1.1357 and 1.1405, before settling at 1.1385, down 0.02% on the session. Following a 5 day winning streak last week, EUR/USD remained flat for the second consecutive session. The euro still closed above 1.13 against the dollar for the fifth straight trading day. Since the Federal Reserve lowered its long-term interest rate forecast on March 16, the euro has soared more than 2.4% against its American counterpart.

    COZforex senior currency strategist Ian • Quigley said: EUR/USD likely gained support at 1.0538, the low from December 3 and was met with resistance at 1.1496, the high from Oct. 15.

    Citing low inflation, weak growth opportunities, a lack of new jobs and high debt burdens, International Monetary Fund managing director Christine Lagarde said Tuesday that the global economic outlook has darkened over the last six months. While delivering an address at the Goethe Institute in Frankfurt, Lagarde also criticized top political leaders for not enacting stronger fiscal measures to help stave off a potential recession.

    Separately, the Federal Reserve Bank of Atlanta lowered its first quarter U.S. GDP growth estimate to 0.4%, from previous forecasts of 0.7% last week. In explaining the downward revision, the Atlanta Fed cited soft vehicle sales in a report issued on Monday by the U.S. Bureau of Economic Analysis, as well as declines in real consumer spending growth and real equipment investment growth.

    Elsewhere, the German Economy ministry said on Tuesday that factory orders in February orders unexpectedly fell by 1.2% on the month, dropping to their lowest level in six months. Following a 0.5% increase in January, analysts expected consensus gains of 0.2%. It came as export orders slumped by 2.7%, while orders from the rest of the euro area declined by nearly 4% on the month. The downbeat data provided signals of weak economic growth throughout the euro zone.


    (COZ forex UK)

  6. #116
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    COZfx: Euro trading higher before the Euro-zone’s flash consumer price index data for April

    COZforex: For the past trading session, the EUR rise 0.23% against the USD and closed at 1.1353.

    In economic news, Germany’s seasonally adjusted unemployment rate held steady at an all-time low level of 6.2% in April, in line with market expectations, despite large influx of refugees. . Additionally, the number of unemployed people recorded an unexpected drop of 16.0K in April, falling for the seventh consecutive month, compared to a revised drop of 2.0K in the previous month. Market anticipation was for the number of people unemployed to remain flat.

    Meanwhile, in the Euro-zone, the final consumer confidence index rise in line with investor expectations to a level of -9.3 in April, compared to a reading of -9.7 in the previous month. The preliminary figure had also recorded an advance to -9.3. Moreover, the region’s economic confidence index advanced above expectations after falling for three consecutive months, to a level of 103.9 in April, suggesting that the Euro-zone’s modest recovery is likely to be sustained over the coming months. Markets were expecting it to climb to a level of 103.4, following a reading of 103.0 in the previous month.

    The greenback lost ground, after the US preliminary annualized GDP advanced less-than-expected to its slowest pace in two years by 0.5% in 1Q 2016, compared to market expectations for an advance of 0.7%. It had registered a rise of 1.4% in the previous quarter. Almost all sectors of the economy weakened in the first quarter, with the housing market being the lone star.

    In technical analysis, COZFX strategist Nigel Boynton said: EUR/USD is predicted to find support at 1.1320 and a drop through could take it to the next support line of 1.1262; Meanwhile, the pair is predicted to find its first resistance at 1.1412, and a rise through could take it to the next resistance line of 1.1446.

    Going ahead, investors will look forward to the Euro-zone’s preliminary consumer price index and unemployment rate data along with Germany’s retail sales data for March, scheduled to release in a few hours. Additionally, the US personal spending and the Reuters/Michigan consumer sentiment index, due later today, will also attract market attention.


    (COZ forex UK)

  7. #117
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    COZfx: Australia’s trade deficit narrowed in March

    COZforex: For the past trading session, the AUD weakened 0.45% against the USD to close at 0.7465.

    LME Copper prices dropped 1.37% or $68.0 /MT to $4892.0 /MT; Meanwhile, Aluminium prices declined 1.10% or $18.0 /MT to $1611.0 /MT.

    Early this morning, data showed that Australia’s new home sales surged by 8.9% in March, its largest increase since January 2010. In the prior month, new home sales had recorded a drop of 5.3%.

    Additionally, the nation’s seasonally adjusted retail sales advanced above expectations by 0.4% in March, indicating robust consumer confidence. Investors had expected a rise of 0.3%, following a revised increase of 0.1% in the previous month.

    Moreover, Australia’s trade deficit narrowed to a one-year low level of A$2163.0 million, following a revised trade deficit of A$3044.0 million in the previous month. Markets were expecting the nation to register a trade deficit of A$2900.0 million. Meanwhile, the nation’s exports rebounded 4.0%, while imports edged up by 1.0% in March.

    Elsewhere, in China, Australia’s largest trading partner, the Caixin services PMI dropped to a level of 51.8 in April, following a reading of 52.2 in the previous month.

    In technical analysis, COZFX strategist Nigel Boynton said: AUD/USD is expected to find support at 0.7454 and a fall through could take it to the next support level of 0.7414; Meanwhile, the pair is expected to find its first resistance at 0.7527, and a rise through could take it to the next resistance level of 0.7559.

    Moving ahead, investors will look forward to Australia’s AiG performance of construction index for April, scheduled to release overnight.


    (COZ forex UK)

  8. #118
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    COZfx: Yen weakens further in Asia as Aso hints at intervention

    COZforex: The yen weakened further in Asia on Tuesday as intervention chances rise and as China inflation data came in largely as expected.

    USD/JPY changed hands at 108.72, up 0.36%%, while AUD/USD traded at 0.7331, up 0.19%.

    Reuters reported that Japan's Finance Minister Taro Aso said on Tuesday that Japan's financial authorities will intervene in the currency market if "one-sided" yen rises persist, ina repeat of comments made on Monday.

    "Japan has not and has no plans to manipulate currency moves on a long-term basis," Aso told parliament, though he added that it was a shared understanding among G7 and G20 nations that excessive currency volatility was undesirable.

    "Japan obviously will intervene if one-sided moves persist," he said. "Currency moves have been one-sided and if this move accelerates, we're determined to stop it."

    In China, CPI for April fell 0.2% month-on-month as expected and at a 2.3% pace year-on-year, a tad lower than the 2.4% gain seen. PPI for April year-on-year declined 3.8%, compared to a expected drop of 3.8%.

    Overnight, USD/JPY surged on Monday, enjoying its strongest one-day move in more than a month, amid warnings from Japan's finance minister that the government could intervene further in foreign exchange markets if necessary.

    Minutes from the Bank of Japan's March meeting, released on Monday, revealed a policy board sharply divided on its path for future interest rate setting, as tensions remained high following the central bank's shocking decision weeks earlier to lower interest rates into negative territory for the first time in history.

    At the time, BOJ governor Haruhiko Kuroda cited increased risks related to the Chinese and Emerging Markets slowdown, as well as widespread volatility in global financial markets for the decision. At the two-day meeting on March 14-15, however, some policymakers of the nine-member board noted that Kuroda's positioning caused "excessive expectations for further easing," and led to increased volatility in financial markets.


    (COZ forex UK)

  9. #119
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    COZfx: USD/CAD moves lower as oil prices gain ground

    COZforex: The US dollar moved lower against its Canadian counterpart on Thursday, as rising oil prices boosted demand for the commodity-related Canadian currency.

    USD/CAD hit 1.2790 amid early US trade, the pair’s lowest since May 5; the pair subsequently consolidated at 1.2775, sliding 0.56%. In technical analysis, COZFX strategist Nigel Boynton said: The pair was likely to find support at 1.2692, the low of May 4 and resistance at 1.2978, the high of May 10.

    The Canadian dollar found support as oil prices rebounded after the US Energy Information Administration said on Wednesday that US crude inventories dropped 3.4 million barrels to 540 million barrels last week, compared with analyst expectations for an increase of 714,000 barrels.

    The loonie was also boosted by news of an expected increase in Canadian oil sand crude output after wildfires disrupted over 1 million barrels of daily production capacity.

    Shell Canada and Suncor said on Wednesday that they had resumed oil production but at a limited rate.

    Though most of the oil plants were not threatened by the fire, many oil workers were forced to flee as the city of Fort McMurray was evacuated.

    The news eased concerns over the impact lower crude production could have on the country’s growth.

    In the US, the Department of Labor said on Thursday that the number of individuals filing for initial jobless benefits in the week ending May 6 increased by 20,000 to 294,000 from the previous week’s total of 274,000. Analysts had expected jobless claims to drop by 4,000 to 270,000 last week.


    (COZ forex UK)

  10. #120
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    COZfx: AUD gains after May minutes highlight labor costs

    COZforex: The Aussie gained after the release of May meeting minutes that highlighted labor costs as a key factor in cutting the cash rate.

    AUD/USD traded at 0.7322, down 0.59%, while USD/JPY changed hands at 109.00, down 0.02%.

    In commodities, LME Copper prices declined 1.77% or $84.0/MT to $4660.0/MT; Meanwhile, Aluminium prices declined 1.04% or $16.0/MT to $1529.0/MT.

    The Reserve Bank of Australia released the minutes of its May policy meeting in which it lowered the cash rate 25 basis points to 1.75%, highlighting labor costs adn China as factors.

    The US dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, eased 0.05% to 94.48.

    Overnight, the dollar remained broadly lower against the other major currencies in subdued trade on Monday, after data showed that manufacturing conditions in the New York region contracted for the first time in 3 months in May, as new orders and shipments turned negative.

    The Federal Reserve Bank of New York said that its general business conditions index fell to -9.0 this month from 9.6 in April. Analysts had expected the index to decline to 6.5.

    In technical analysis, COZforex senior currency strategist Ian • Quigley said: AUD/USD is expected to find support at 0.7251 and a fall through could take it to the next support level of 0.7216; Meanwhile, the pair is predicted to find its first resistance at 0.7315, and a rise through could take it to the next resistance level of 0.7344.


    (COZ forex UK)

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