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Thread: Daily market news from Cozfx

  1. #121
    fxtrader505 is offline Senior Member
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    COZfx: Euro trading higher before the ECB’s April monetary policy meeting minutes

    COZforex: For the past trading session, the EUR dropped 0.77% against the USD and closed at 1.1223, after the Euro-zone’s final consumer price index (CPI) reading confirmed that the region dropped back into deflation in April.

    Data showed that the Euro-zone’s CPI declined 0.2% YoY in April, underlining the difficulties faced by the European Central Bank as it struggles to boost consumer prices. Markets were anticipating the consumer price index to fall 0.2%. The preliminary figures had also recorded a fall of 0.2%. On a monthly basis, the Euro-zone CPI remained flat, in line with market expectations, following a 1.2% rise in the previous month.

    The greenback gained ground, after the US Federal Reserve’s April policy meeting minutes showed the central bank was likely to raise rates in June, if economic data pointed to stronger second-quarter growth and firmer rate of inflation and employment.

    In other economic news, mortgage applications in the US recorded a drop of 1.6% in the week ended 13 May 2016, following a rise of 0.4% during the previous week.

    In technical analysis, COZFX strategist Nigel Boynton said: EUR/USD is predicted to find support at 1.1186 and a drop through could take it to the next support line of 1.1148; Meanwhile, the pair is predicted to find its first resistance at 1.1279, and a rise through could take it to the next resistance line of 1.1334.

    Going ahead, investors will look forward to the ECB’s April monetary policy meeting minutes, scheduled to release later in the day. Additionally, the US weekly jobless claims and the Chicago Fed national activity index, due later today, will also grab market attention.


    (COZ forex UK)

  2. #122
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    COZfx: Canadian retail sales dropped in March

    COZforex: For the last trading session, the USD rise 0.29% against the CAD to close at 1.3121.

    The Canadian Dollar lost ground, after the countryís retail sales declined more-than-expected by 1.0% in March, mainly led by a drop in car sales. Investors had expected it to fall by 0.6%, following a 0.4% gain in the previous month.

    On the other hand, the nationís consumer prices advanced in line with market expectations by 0.3% in April, after registering a 0.6% rise in the previous month.

    In technical analysis, COZFX strategist Nigel Boynton said: USD/CAD is expected to find support at 1.3067 and a drop through could take it to the next support line of 1.3026; Meanwhile, the pair is expected to find its first resistance at 1.3155, and a rise through could take it to the next resistance level of 1.3202.

    Amid a light economic calendar, Canadian investors would shift their focus to the release of BoCís interest rate decision, scheduled on Wednesday.


    (COZ forex UK)

  3. #123
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    COZfx: Sterling edges lower after UK growth figures

    COZforex: The pound edged lower on Thursday after data confirming that the British economy grew 0.4% in the first three months of this year, but business investment unexpectedly fell ahead of the European Union referendum.

    GBP/USD was last at 1.4687, down from around 1.4722 ahead of the data.

    The Office of National Statistics said gross domestic product growth slowed to 0.4% in the three months to March, in line with the preliminary estimate, from 0.6% in the previous quarter. The annual rate of growth was revised down to 2.0% from 2.1% initially, the ONS said.

    The report showed that business investment fell during the quarter for the first time in three years amid uncertainty over an upcoming referendum on Britain’s EU membership.

    Business investment dropped by 0.5%, driven by “falls in non-residential building”, after rising 3.0% in the fourth quarter of 2015. Economists had expected business investment to rise by 0.1%.

    Household spending ticked up to 0.7% in the first quarter, the ONS said.

    Service sector output rose by 0.6% during the last quarter, but construction output fell 1.0% and manufacturing output was down by 0.4%.


    (COZ forex UK)

  4. #124
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    COZfx: Yen up after better household spending, industrial output data

    COZforex: The yen gained further on Tuesday as data on household spending, industrial output and unemployment aided sentiment.

    USD/JPY changed hands at 110.81, down 0.28%, while AUD/USD traded at 0.7197, up 0.19%.

    In Japan, household spending for April rise 0.2%, better than a 0.6% drop seen month-on-month. As well, the unemployment rate held steady at 3.2% as expected, while provisional industrial production for April rose 0.3%, better than the expected down 1.5% month-on-month.

    Fiscal 2016 began with slower-than-expected wage hikes set for workers at major firms, keeping households generally cautious with the latest data suggesting some spending momentum.

    The US dollar index, which measures the greenback’s strength against a trade-weighted basket of 6 major currencies, was down 0.17% to 95.56.

    Overnight, the dollar held steady at a two-month peak against the other major currencies on Monday, as comments by Federal Reserve Chair Janet Yellen signalling the possibility for upcoming rate hikes continued to support demand for the greenback.

    The greenback strengthened broadly after Fed Chair Yellen said Friday it would be appropriate for the central bank to raise rates “gradually and cautiously” in the coming months if the economy and the labor market continue to pick up as expected.

    Meanwhile, demand for the yen remained under pressure following report Japanese Prime Minister Shinzo Abe may delay a planned sales tax increase for a second time, after a similar tax increase in April 2014 derailed an economic recovery.


    (COZ forex UK)

  5. #125
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    COZfx: Australia’s trade deficit surprisingly narrowed in April

    COZforex: For the last trading session, the AUD strengthened 0.23% against the USD to close at 0.7252.

    In technical analysis, LME Copper prices declined 2.11% or $99.0 /MT to $4601.0 /MT; Meanwhile, Aluminium prices declined 0.26% or $4.0 /MT to $1544.0 /MT.

    Early this morning, data showed that Australia’s trade deficit narrowed for the fourth consecutive month to A$1579.0 million in April, from a revised trade deficit of A$1971.0 million in the prior month. Markets were anticipating the nation’s trade deficit to widen to A$2100.0 million. The result was driven by a 1.0% rise in exports and a similar rate of decline in imports. On the other hand, the nation’s seasonally adjusted retail sales rise less-than-expected by 0.2% in April, compared to market expectations for a rise of 0.3% and following a 0.4% growth in the previous month.

    Separately, the Organisation for Economic Co-operation and Development (OECD) indicated that interest rates in Australia might begin to increase in 2017.

    In technical analysis, COZFX strategist Nigel Boynton said: AUD/USD is predicted to find support at 0.7211 and a drop through could take it to the next support line of 0.7180; Meanwhile, the pair is predicted to find its first resistance at 0.7286, and a rise through could take it to the next resistance level of 0.7330.

    Moving ahead, market participants will look forward to Australia’s AiG performance of services index for May, scheduled to release overnight.


    (COZ forex UK)

  6. #126
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    COZfx: EUR/USD ticks up, as Yellen holds her cards close to the vest

    COZforex: EUR/USD inched up, as the dollar recovered from a mid-day swoon after Janet Yellen kept investors on their heels regarding the possibility of a summer interest rate hike with relatively neutral comments on the Federal Reserve's long-term path on Monday afternoon.

    The currency pair traded in a tight range between 1.1326 and 1.1393, before settling at 1.1357, up 0.0008 or 0.05% on the session. The euro extended gains from last Friday when it surged nearly 2% against the dollar following the release of the weakest US monthly jobs data in nearly six years. With the slight gains, the euro remained near 3 week highs against its American counterpart.

    In technical analysis, COZforex senior currency strategist Ian • Quigley said: EUR/USD likely gained support at 1.1055, the low from March 15 and was met with resistance at 1.1616, the high from May 3.

    Addressing a crowd at a World Affairs Council event in Philadelphia, the chair of the Federal Open Market Committee declined to set a specific timetable for the US central bank's next interest rate hike. It marked a stark contrast from Yellen's stance less than two weeks ago when she sent strong indications that the Fed could raise rates in the coming months if inflationary and labor market gains continued to meet the FOMC's expectations. Last Friday, though, the US Labor Department reported that nonfarm payrolls increased by only 38,000 in May, amounting to less than one-quarter of market expectations. By comparison, Yellen noted that the economy added 2.7 million jobs in 2015 or an average of 230,000 a month last year. In December, Yellen said in a speech at the Economic Club of Washington that the economy needed to add approximately 100,000 jobs a month in order to absorb new employees into the labor force.

    Weeks later, the Federal Open Market Committee abandoned a seven-year zero interest rate policy by raising interest rates for the first time in nearly a decade. The FOMC has left the target range of its benchmark Federal Funds Rate unchanged at a range between 0.25 and 0.50% in each of its first three meetings this year.


    (COZ forex UK)

  7. #127
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    COZfx: USD/CAD steady at 1-week highs in early trade

    COZforex: The US held steady at one-week highs against its Canadian counterpart on Tuesday, supported by the release of upbeat US retail sales data, while investors awaited the Federal Reserve’s upcoming policy statement.

    USD/CAD hit 1.2873 amid early US trade, the pair’s highest since June 6; the pair subsequently consolidated at 1.2841. In technical analysis, coz forex senior derivatives trader Daniel • Moloney said: USD/CAD was likely to find support at 1.2655, the high of June 10 and resistance at 1.2984, the high of June 6.

    The US Commerce Department said that retail sales increased by 0.5% last month, compared to the forecast for a rise of 0.3%. Retail sales for April rise 1.3%.

    Core retail sales, which exclude automobile sales, increased by 0.4% in May, in line with forecasts. Core sales in April gained 0.8%.

    Markets have pushed back expectations on the timing of the next rate hike by the U.S. central bank after a dismal U.S. employment report for May, which showed the slowest rate of jobs growth since September 2010.


    (COZ forex UK)

  8. #128
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    COZfx: GBP/USD bounces off 3-month low, as Brexit concerns ease

    COZforex: GBP/USD bounced off 3 month lows as widespread Brexit fears eased and investors reacted to continued inaction from top central banks around the world.

    The currency pair traded in a broad range between 1.4013 and 1.4254 before settling at 1.4207, up 0.09% on the session. Since eclipsing 1.45 last week, the Pound Sterling has tumbled more than 2.3% against the dollar. The pound remains close to falling to near one-year lows of 1.3833 in late-February. The pair last fell below 1.40 in early-March.

    In technical analysis, COZFX strategist Nigel Boynton said: GBP/USD likely gained support at 1.3852, the low from Feb. 26 and was met with resistance at 1.4693, the high from May 27.

    As investors continued to digest a relatively dovish monetary policy statement from the Federal Reserve, the Bank of England (BOE) followed suit by maintaining its bank rate at 0.5% and holding the level of purchased assets financed by the issuance of central bank reserves at £375 billion. Notably, the BOE issued stark warnings on the ramifications that could ensue from a "Leave," vote in next week's controversial Brexit referendum.

    "The outcome of the referendum continues to be the largest immediate risk facing UK financial markets, and possibly also global financial markets," the Bank of England said in a statement. "While consumer spending has been solid, there is growing evidence that uncertainty about the referendum is leading to delays to major economic decisions that are costly to reverse, including commercial and residential real estate transactions, car purchases, and business investment."

    The BOE's comments pushed the implied volatility on the British Pound to near record-highs on Thursday. Foreign Exchange traders also reacted to news that British MP Jo Cox passed away after she was shot and stabbed by an attacker in West Yorkshire. News of the tragedy raised speculation that the Brexit referendum could be delayed. Some concerns of a U.K. departure, however, were assuaged after betting odds from the UK sportsbook Betfair indicated that there is a 65% chance the "Remain" vote will prevail next week.


    (COZ forex UK)

  9. #129
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    COZfx: JPY weaker in early Asia as Brexit vote day arrives

    COZforex: The yen held weaker in early Asia on Thursday as investors await a British vote on whether or not to remain in the European Union, with the impact of a leave vote on financial market integration a prime concern and in an otherwise light data day in the region.

    USD/JPY traded up 0.28% to 104.70, while AUD/USD changed hands at 0.7520, up 0.32%. GBP/USD was quoted at 1.4813, up 0.71% and EUR/USD traded at 1.1336, up 0.35%.

    An opinion poll on Tuesday showed that the campaign for the UK to stay in the EU lost some of its lead ahead of Thursday’s vote.
    The Survation poll showed that 45% of voters supported the campaign to remain in the EU, with 44% supporting Brexit, as a vote to leave is known. 11% were undecided.

    This compared to the 45% voting for remain and 42% voting to leave in an earlier survey.

    Two opinion polls released on Monday indicated that support for the Remain camp had regained its lead after falling behind last week.
    The US dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was last quoted at 93.81.

    Overnight, the dollar remained lower lower against the other major currencies on Wednesday.

    The National Association of Realtors said that existing home sales rose 1.8% in May to 5.53 million units from the 5.43 million units in April that was revised from the initial read of 5.45. The consensus forecast was for a 1.1% increase to 5.54 million units.


    (COZ forex UK)

  10. #130
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    COZfx: Euro trading lower before Germany’s IFO survey data

    COZforex: For the past trading session, the EUR rise 0.37% against the USD and closed at 1.1373.

    In economic news, the Euro-zone’s flash manufacturing PMI surprisingly rose to a level of 52.6 in June, from a reading of 51.5 in the previous month. On the other hand, the region’s service PMI declined more-than-expected to a level of 52.4 in June compared to a reading of 53.3 in the previous month. Meanwhile in Germany, the preliminary manufacturing PMI advanced to a level of 54.4 in June, compared to a reading of 52.1 in the previous month. Markets were anticipating manufacturing PMI to ease to a level of 52.0. In contrast, the nation’s services PMI fell more-than-expected to a level of 53.3 in June, from a reading of 55.2 in the previous month.

    In the US, new home sales fell 6.0% in May to a level of 551.0K. Market anticipation was for new home sales to drop to 560.0K, compared to a revised reading of 586.0K in the previous month. Moreover, the Chicago Fed national activity index eased unexpectedly to -0.51 in the US, compared to market expectations of a rise to a level of 0.11. The index had registered a revised level of 0.05 in the previous month. On the other hand, US initial jobless claims fell to a level of 259.0K for the week ended 18 June 2016, the lowest leave since April this year and compared to a level of 277.0K in the prior week. Additionally, flash Markit manufacturing PMI rose above expectations to a level of 51.4 in June, from a reading of 50.7 in the previous month.

    In technical analysis, COZFX strategist Nigel Boynton said: EUR/USD is predicted to find support at 1.0889 and a fall through could take it to the next support line of 1.0749; Meanwhile, the pair is predicted to find its first resistance at 1.1301, and a rise through could take it to the next resistance line of 1.1573.

    Going ahead, investors look forward to Germany’s IFO survey data for June, scheduled to release in a few hours. Moreover, the US durable goods orders, due later today, will also attract market attention.


    (COZ forex UK)

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