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Thread: Daily market news from Cozfx

  1. #131
    fxtrader505 is offline Senior Member
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    COZfx: Australian new homes sales tumbled again in May

    COZforex: For the last trading session, the AUD strengthened 0.72% against the USD to close at 0.7393.

    In commodities, LME Copper prices advanced 1.82% or $85.5/MT to $4777.5/MT; Meanwhile, Aluminium prices rose 0.66% or $10.5/MT to $1602.5/MT.

    Early this morning, data showed that, Australia’s HIA new home sales declined for the second consecutive month by 4.4% in May, following a 4.7% drop in the previous month.

    Meanwhile in China, Australia’s largest trading partner, the Westpac-MNI consumer sentiment index advanced to a level of 115.9 in June, from a reading of 114.2 in the previous month.

    In technical analysis, COZforex senior currency strategist Ian • Quigley said: AUD/USD is expected to find support at 0.7360 and a fall through could take it to the next support level of 0.7312; Meanwhile, the pair is expected to find its first resistance at 0.7436, and a rise through could take it to the next resistance level of 0.7464.

    Moving ahead, investors will look forward to Australia’s private sector credit data for May, scheduled to release in the early hours tomorrow.


    (COZ forex UK)

  2. #132
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    COZfx: Canada’s GDP edged up for first time in three months in April

    COZforex: For the last trading session, the USD marginally rose against the CAD to close at 1.2950.

    In economic news, Canada’s GDP rose in line with market expectations by 0.1% in April, reversing two consecutive monthly declines, mainly led by gains in the manufacturing and the public sector. The nation’s GDP had dropped by 0.2% in the previous month.

    In other economic news, Canada’s raw material price index rose above expectations by 6.7% in May, following a 0.7% gain in the previous month. Additionally, the nation’s industrial product price index advanced more-than-anticipated by 1.1% in May, marking its largest monthly gain in more than a year and after registering a fall of 0.5% in the previous month.

    In technical analysis, COZforex senior currency strategist Ian • Quigley said: GBP/USD is expected to find support at 1.2908 and a fall through could take it to the next support level of 1.2856; Meanwhile, the pair is expected to find its first resistance at 1.3013, and a rise through could take it to the next resistance line of 1.3066.

    On account of a holiday observed in Canada today, market participants will look forward to Canada’s housing starts, unemployment rate, RBC manufacturing PMI and the Ivey PMI data along with the Bank of Canada’s business outlook survey report, all scheduled to release next week.


    (COZ forex UK)

  3. #133
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    COZfx: Pound trading higher, ahead of UK’s total trade balance data

    COZforex: For the last trading session, the GBP declined 0.09% against the USD and closed at 1.2883.

    In economic news, UK’s leading think tanker, NIESR estimated that UK’s gross domestic product rose by 0.6% in the April-June 2016 period, compared to a similar revised rise recorded in the previous quarter. In other economic news, UK’s industrial production dropped less-than-expected by 0.5% in May, compared to market expectations for a fall of 1.0% and after recording a revised gain of 2.1% in the previous month. Additionally, the nation’s manufacturing production declined less-than-anticipated by 0.5% on a monthly basis in May, after recording a revised advance of 2.4% in the previous month and compared to market expectation for a fall of 1.2%.

    In technical analysis, COZforex senior currency strategist Ian • Quigley said: GBP/USD is predicted to find support at 1.2865 and a drop through could take it to the next support line of 1.2785; Meanwhile, the pair is expected to find its first resistance at 1.3036, and a rise through could take it to the next resistance line of 1.3127.

    Moving ahead, UK’s total trade balance data for May, scheduled to release in a few hours, will be on investor’s radar.


    (COZ forex UK)

  4. #134
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    COZfx: JPY gains in Asia with monetary policy eyed, China trade ahead

    COZforex: The yen gained in Asia on Wednesday, reversing earlier direction with eyes on monetary policy and the Aussie eased after a downbeat consumer survey and with China trade data possible later in the day.

    USD/JPY changed hands at 104.63, down 0.06%, while AUD/USD traded at 0.7611, down 0.16%. GBP/USD was up 0.31% to 1.3287 with Theresa May set to take over as Britain's newest prime minister.

    China is expected to report trade data with a surplus balance of $46.64 billion seen, with imports down 4.1% in June year-on-year and exports down 5.0%.

    Overnight, USD/JPY surged on Tuesday completing a massive two-day rally, upon confirmation that former Federal Reserve chair Ben Bernanke met with Japan Prime Minister Shinzo Abe to discuss ways to help one of the world's top economies avoid deflation.

    Foreign exchange traders remained focus on economic developments in Tokyo on Tuesday, where Bernanke met with Abe for approximately 30 minutes at the Japanese prime minister's office, according to multiple reports. The discussions followed lengthy speculation that the former head of the US central bank had plans to craft a strategy for bringing "helicopter money," to Japan in a last-ditched effort to help stave off deflation nationwide. The concept of helicopter involves large scale printing of money by a central bank that is distributed to the public as a way for helping stimulate the economy. Koichi Hamada, one of Abe's top advisors, told the Wall Street Journal that prospects for including helicopter money as part of a large-scale easing initiative may have been discussed at the meeting.

    "Mr. Bernanke said Japan should boost nominal gross domestic product with fiscal policy and, in coordination with that use monetary policy since the BoJ has various means available to ease policy," a Japan government spokesman told reporters outside the meeting.

    Following the LDP's resounding victory, Abe outlined a 10 Trillion ($98 billion) stimulus measure aimed at jumpstarting the economy, including a proposal to fast-track construction on a series of high-speed trains throughout the nation. At the same time, Abe's cabinet projected lowered its full year consumer inflation outlook to 0.4% for the fiscal year ending next year, down from previous estimates of 1.2%, Japanese government sources told Reuters. The Japanese prime minister appears ready to utilize all "three arrows" of his comprehensive Abenomics' economic plan to help defeat inflation. The plan consists mainly of easing, stimulus and structural reforms.


    (COZ forex UK)

  5. #135
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    COZfx: Kiwi holds weaker after Q2 CPI data, Japan closed for holiday

    COZforex: The Kiwi held weaker in Asia on Monday after a slower pace than expected consumer price data widened the scope for a lower official cash rate in the near future.

    NZD/USD traded at 0.7083, down 0.51% after the CPI data.

    New Zealand said second quarter CPI came in at 0.4% for the quarter-on-quarter and year-on-year figures below the 0.5% gain seen for both periods. The next rate review by the RBNZ is Aug. 11, though the central bank policymakers may be concerned by the continued rise in house-related inflation and hold steady at 2.25%.

    The RBNZ will release an updated economic assessment on Thursday and the market is expected to raise bets for a 25 basis-point cut in August from an already elevated 70% chance priced in prior to the data.

    In China house prices data for June showed a gain of 7.3% year-on-year with the previous month up 6.9%. Chinese data on industrial production and retail sales also beat expectations, indicating that the world’s second largest economy still has momentum.

    The dollar had gained ground against the Japanese currency earlier in the day as upbeat economic reports out of the US and China bolstered risk appetite.


    (COZ forex UK)

  6. #136
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    COZfx: Switzerland’s total sight deposits increase slightly

    COZforex: For the last trading session, the USD declined 0.03% against the CHF and closed at 0.9824.

    In economic news, Switzerland’s total sight deposits rose slightly to a level of CHF511.0 billion for the week ended July 15, from CHF510.5 billion for the previous week.

    In the Asian session, the pair is trading at 0.9823, 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 0.9804 and a fall through could take it to the next support line of 0.9786; Meanwhile, the pair is expected to find its first resistance at 0.9844, and a rise through could take it to the next resistance level of 0.9866.

    Market participants would await the release of tomorrow’s ZEW Economic Expectations Index data for July 2016 to gauge the six-month economic outlook for Switzerland.


    (COZ forex UK)

  7. #137
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    COZfx: ECB keeps door open for additional stimulus later this year

    COZforex: For the last trading session, the EUR rise 0.13% against the USD and closed at 1.1024, after the European Central Bank, in a widely expected move, left its key interest rate unchanged at a record low of 0.00% and its asset purchase programme unchanged at €80 billion, in its first policy meeting after Brexit, but left the door open for further easing later this year, once the policymakers are in a better position to assess the exact economic impact from the UK’s vote to leave the European Union. In a press conference accompanied with the meeting, the ECB President, Mario Draghi, pointed that the Euro economy faces heightened downward risk triggered by the Brexit vote and too-slow inflation and also reiterated that the bank will do everything in its power if the Brexit effect starts to weigh on the Euro-zone.

    In the US, the number of Americans applying for fresh jobless benefits unexpectedly eased to a three-month low level of 253.0K in the week ended 16 July 2016, indicating that the nation’s labour market regained momentum. Markets expected it to rise to a level of 265.0K, compared to a level of 254.0K in the preceding month. Additionally, the nation’s existing home sales surprisingly rose by 1.1% on a monthly basis in June, rising at the strongest pace in nearly a decade, lifted by low mortgage rates and an improving economy. Existing home sales had registered a revised gain of 1.5% in the previous month while markets expected it to fall by 0.9%. Also, the house price index advanced less-than-expected by 0.2% in May, after recording a revised gain of 0.3% in the prior month. Moreover, the CB leading indicator rebounded by 0.3% in June, beating market consensus for an advance of 0.2% and after recording a fall of 0.2% in the prior month. On the other hand, the nation’s Philadelphia Fed manufacturing index dropped to -2.9 in July, compared to market expectations of a drop to a level of 4.5 and following a level of 4.7 in the prior month.

    In technical analysis, COZFX strategist Nigel Boynton said: EUR/USD is expected to find support at 1.0981 and a fall through could take it to the next support level of 1.094; Meanwhile, the pair is expected to find its first resistance at 1.106, and a rise through could take it to the next resistance line of 1.1098.

    Market participants would now focus on preliminary Markit manufacturing and services PMI data for July across the Euro-zone, slated to release in a few hours. Additionally, the US flash Markit manufacturing PMI data for July, due later in the day, will also garner a lot of market attention.


    (COZ forex UK)

  8. #138
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    COZfx: USD/CAD pares losses, re-approaches 3-month peak

    COZforex: The US dollar erased losses and re-approached a fresh 3 month peak against its Canadian counterpart on Tuesday, as lower oil prices weighed on demand for the commodity-related Canadian currency and as investors eyed the Federal Reserve’s upcoming policy statement.

    USD/CAD pulled away from 1.3181, the session low, to hit 1.3212 during early U.S. morning trade, steady for the day. In technical analysis, coz forex senior derivatives trader Daniel • Moloney said: USD/CAD was likely to find support 1.3121, Monday’s low and resistance at 1.3286, the high of March 28.

    Oil prices moved sharply lower on Tuesday amid concerns over a global glut of crude and refined products.

    Meanwhile, market participants eyed the Fed’s upcoming policy decision on Wednesday, as a recent string of upbeat US data continued to support expectations for a rate hike by the US central bank in the near future.

    While most investors expect the Fed to leave its monetary policy unchanged this week, it could give hints on the timing of future rate hikes.


    (COZ forex UK)

  9. #139
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    COZfx: GBP/USD edges higher on upbeat UK data

    COZforex: The pound edged higher against the US dollar on Friday, supported by the release of upbeat UK data and as the Federal Reserve’s decision this week to leave its monetary policy unchanged continued to weigh on the greenback.

    GBP/USD hit 1.3214 during European morning trade, the session high; the pair subsequently consolidated at 1.3188, adding 0.19%.
    The Bank of England reported on Friday that net lending to individuals rose to 5.2 billion in June from 4.5 billion in May, whose figure was upwardly revised from a previously estimated 4.3 billion.

    But the pound’s gains were capped as investors turned to the BoE’s policy meeting next week amid growing expectations for a rate cut.
    The Financial Times reported on Tuesday that Martin Weale, a member of the BOE's rate-setting committee, dropped his opposition to an easing and now favoured immediate stimulus.

    Overnight data indicated that, UK’s Gfk consumer confidence index fell more-than-expected to a level of -12.0 in July, falling by the most since 1990, thus indicating that sentiment among British households was affected badly as uncertainty spurred after the historic Brexit vote. The index had registered a reading of -1.0 in the prior month while markets expected it to fall to a level of -8.0.

    In technical analysis, COZFX strategist Nigel Boynton said: GBP/USD is expected to find support at 1.3126 and a fall through could take it to the next support level of 1.3064; Meanwhile, the pair is expected to find its first resistance at 1.324, and a rise through could take it to the next resistance level of 1.3292.


    (COZ forex UK)

  10. #140
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    COZfx: RBA cuts benchmark interest rates to an all-time low of 1.5% in August

    COZforex: For the last trading session, the AUD declined 0.95% against the USD and closed at 0.7524.

    In technical analysis, LME Copper prices rose 1.1% or $54.0/MT to $4907.0/MT; Meanwhile, Aluminium prices rise 1.83% or $29.5/MT to $1645.5/MT.

    Earlier today, the Reserve Bank of Australia (RBA) slashed its key interest rates to a record low of 1.5% to encourage historically weak inflation. In a statement post meeting, the RBA Governor, Glenn Stevens, stated that policy makers found prospects for sustainable growth in the economy, with inflation returning to target gradually.

    In other economic news, data indicated that Australia’s trade deficit expanded more-than-expected to a level of A$3195.0 million in June, as imports rose and exports fell, following a revised trade deficit of A$2418.0 million in the prior month, while markets expected the nation to register a trade deficit of A$2000.0 million. Moreover, the nation’s building approvals fell for a second consecutive month, after it unexpectedly eased by 2.9% on a monthly basis in June, compared to investor consensus for an advance of 0.8% and after recording a revised fall of 5.4% in the prior month.

    In technical analysis, COZforex senior currency strategist Ian • Quigley said: AUD/USD is expected to find support at 0.7501 and a fall through could take it to the next support level of 0.7463; Meanwhile, the pair is expected to find its first resistance at 0.7596, and a rise through could take it to the next resistance level of 0.7653.


    (COZ forex UK)

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