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  1. #11
    fxtrader505 is offline Senior Member
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    COZfx: Pound trading lower ahead of Britainís construction PMIs

    COZforex: On Friday, the GBP dropped 1.59% against the USD and closed at 1.5332, following the release of downbeat manufacturing PMI in the UK.

    The UK manufacturing PMI unexpectedly eased to a 3-month low level of 52.5 in December from a level of 53.3 in November and falling short of market forecasts of a rise to 53.6.

    In other economic news, number of mortgage approvals for house purchases in the nation registered a decline to 59.0 K in November, compared to market expectations of a fall to 58.6 K and compared to prior monthís revised level of 59.5 K. Meanwhile, the BoE indicated that net lending to individuals in the UK advanced £3.30 billion in November, following a revised advance of £2.70 billion in the previous month.

    In technical analysis, COZforex senior currency strategist Ian ē Quigley said, GBP/USD is predicted to find support at 1.5123, and a drop through could take it to the next support line of 1.4959. Meanwhile, the pair is predicted to find its first resistance at 1.5505, and a rise through could take it to the next resistance line of 1.5724.

    Trading trends in the GBP today are expected to be determined by the UK construction PMI data, set for release in few hours.


    (COZ forex UK)

  2. #12
    fxtrader505 is offline Senior Member
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    COZfx: Euro trading higher in the Asian session

    COZforex: On Friday, the EUR rise 0.44% against the USD and closed at 1.1841.

    In economic news, industrial production in Germany surprisingly slid 0.1% on a MoM basis in November compared to a revised advance of 0.6% in the prior month. Market anticipations were for it to climb 0.3%. In addition, the nationís trade balance narrowed to Ä17.9 billion in November, following a revised trade surplus of Ä22.1 billion in the prior month and compared to market expectations to drop to a level of Ä20.4 billion. Also, current account surplus unexpectedly declined to a level of Ä18.6 billion, lower than market expectations to widen to Ä23.0 billion. Elsewhere, in France, trade surplus narrowed in November.

    In the US, unemployment rate fell to 5.6% in December, its lowest level in 15 years, lower than market expectations to drop to a level of 5.7% and following a reading of 5.8% recorded in the preceding month. Meanwhile, the nationís non-farm payrolls rise by 252.0 K in December, higher than market anticipations of an advance of 240.0 K. Non-farm payrolls had registered a revised gain of 353.0 K in the previous month. Also, the nationís wholesale inventories advanced 0.8%, more than market expectations for a rise of 0.3%. It had recorded a revised rise of 0.6% in the previous month.

    Meanwhile, average hourly earnings unexpectedly dropped 0.2% on a MoM basis in December, compared to a revised advance of 0.2% registered in the prior month.

    Separately, the Richmond Fed President, Jeffrey M. Lacker, expressed optimism over the US economy and projected the nationís GDP to rise by 2.5% to 3.0% in 2015, on the back of rising household spending and an improving labour market conditions.

    In technical analysis, COZFX strategist Nigel Boynton said, EUR/USD is predicted to find support at 1.1789 and a drop through could take it to the next support line of 1.1721. Meanwhile, the pair is predicted to find its first resistance at 1.1897, and a rise through could take it to the next resistance line of 1.1938.


    (COZ forex UK)

  3. #13
    fxtrader505 is offline Senior Member
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    COZfx: AUD/USD edges lower despite upbeat Australian data

    COZforex: The Australian dollar edged lower against its US counterpart on Monday, despite the release of upbeat new motor vehicle sales data from Australia as demand for the greenback remained broadly supported.

    AUD/USD hit 0.8196 amid late Asian trade, the session low; the pair subsequently consolidated at 0.8217, slipping 0.13%. In technical analysis, COZFX strategist Nigel Boynton said, AUD/USD was likely to find support at 0.8130, the low of January 15 and resistance at 0.8300, the high of January 15 and a one-month peak.

    In commodities, LME Copper prices dropped 1.03% or $59.0/MT to $5660.0/MT. Meanwhile, Aluminium prices rise 0.87% or $15.5/MT to $1798.0/MT.

    In a report, the Australian Bureau of Statistics said that new motor vehicle sales increased by 3.0% in December, after a 0.6% fall the previous month.

    Meanwhile, the greenback remained supported after the Swiss National Bank abandoned its three-year old 1.20 per euro exchange rate cap in a shock movelast Thursday.

    Overnight data showed that the nation’s TD securities monthly inflation gauge dropped to 0.0% in December, following a 0.1% rise registered in the preceding month.
    Over the weekend, in China, Australia’s biggest trading partner, the nation’ house price index slid 4.3% on an annual basis in December. The index had fallen 3.7% in the previous month.


    (COZ forex UK)

  4. #14
    fxtrader505 is offline Senior Member
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    COZfx: Swiss franc remains sharply higher after SNB scraps rate cap

    COZforex: The Swiss franc remained sharply higher against the dollar and the euro on Thursday after the Swiss National Bank abandoned its exchange rate cap against the single currency, which it introduced four years ago.

    The SNB shocked markets on Thursday by scrapping the 1.20 per euro exchange rate floor it imposed in September 2011, in a bid to stave off deflation and prevent the continued appreciation of the safe-haven franc.

    The central bank also cut rates to minus 0.75%, from minus 0.25% and lowered its target range for the 3-month Libor to minus 1.25% to minus 0.25%, from minus 0.75% to 0.25%.

    EUR/CHF hit lows of 0.7710 following the announcement, before pulling back to 1.0472, a drop of 12.74% for the day.

    The euro was also sharply lower against the dollar. EUR/USD hit lows of 1.1580, the weakest since November 2003 before trimming losses to trade at 1.1623, still down 1.4% for the day.

    “The euro has depreciated considerably against the US dollar and this, in turn, has caused the Swiss franc to weaken against the US dollar. In these circumstances, the SNB concluded that enforcing and maintaining the minimum exchange rate for the Swiss franc against the euro is no longer justified,” the central bank said in a statement.

    "This exceptional and temporary measure protected the Swiss economy from serious harm. While the Swiss franc is still high, the overvaluation has decreased as a whole since the introduction of the minimum exchange rate."

    The move indicated that the SNB sees a high likelihood that the European Central Bank will implement quantitative easing measures at its upcoming meeting next week.

    The Swiss franc jumped to four-year highs against the dollar immediately following the announcement, with USD/CHF hitting lows of 0.7462, before trimming back losses to 0.8982, still down 11.79% on the day.


    (COZ forex UK)

  5. #15
    fxtrader505 is offline Senior Member
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    COZfx: Japanese Yen trading lower in the Asian session

    COZforex: For the past trading session, the USD weakened 0.60% against the JPY and closed at 117.95.

    Yesterday, the BoJ Governor, Haruhiko Kuroda, stated that the nation’s economy was continuing to recover gradually and inflation expectations were seen rising over long term. He further added that the central bank would likely reach its 2% inflation target around FY2015, assuming a gradual rise in oil prices.

    In other economic news, final machine tool orders in Japan climbed 33.9% on a YoY basis in December. In the prior month, machine tool orders had risen 36.6%.

    Earlier today, the BoJ in its monthly report indicated that the nation’s economy has continued to recover moderately as a trend and effects of decline in demand after a hike in sales tax have been gradually fading on the whole.

    In technical analysis, COZFX strategist Nigel Boynton said, USD/JPY is predicted to find support at 117.43 and a drop through could take it to the next support line of 116.67. Meanwhile, the pair is predicted to find its first resistance at 118.70, and a rise through could take it to the next resistance line of 119.21.


    (COZ forex UK)

  6. #16
    fxtrader505 is offline Senior Member
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    COZfx: GBP/USD little changed after upbeat UK services PMI

    COZforex: The pound was little changed against the US dollar on Wednesday, after the release of upbeat UK service sector activity data, as investors remained cautious amid ongoing uncertainty over Greece's future in the euro zone.

    GBP/USD hit 1.5192 amid European morning trade, the session high; the pair subsequently consolidated at 1.5162. In technical analysis, COZforex senior currency strategist Ian • Quigley said, GBP/USD was likely to find support at 1.4989, Tuesday's low and resistance at 1.5269, the high of January 15.

    Data showed that the Markit/CIPS Services Purchasing Managers Index increased to 57.2 last month from a reading of 55.8 in December. Analysts had expected the index to rise to 56.3 in January.

    Commenting on the report, Chris Williamson, Chief Economist at survey compilers Markit said, "The January PMI surveys signalled a reassuringly robust start to the year for the UK economy, indicating a quarterly rate of GDP growth just over 0.5%."

    The report came one day after Markit and the Chartered Institute of Purchasing & Supply said that their UK construction PMI increased to 59.1 last month from a reading of 57.6 in December. Economists had expected the index to dip to 57.0 in January.

    Earlier in the week, Markit said that its UK manufacturing PMI rose to 53.0 last month from a reading of 52.5 in December. Analysts had expected the index to inch up to 52.6 in January.

    But markets were still jittery after the Greek government outlined on Tuesday its plans to renegotiate the terms of its €140 billion bailout, retreating from election pledges to demand a debt write-down.

    Later in the day, the US was to release a report on ADP nonfarm payrolls. In addition, the Institute of Supply Management was to produce data on non-manufacturing activity.


    (COZ forex UK)

  7. #17
    fxtrader505 is offline Senior Member
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    COZfx: Aussie rebounds after NAB, housing data shows moderate trend

    COZforex: The Australian dollar gained slightly after data sets that showed moderate housing and business conditions that jibe with the central bank's view of the economy.

    AUD/USD traded at 0.7805 up 0.04%, while USD/JPY changed hands at 118.48, down 0.14%.

    Economists are forecasting that consumer inflation dropped to 1.0% year-on-year last month from December's gain of 1.5%, representing the slowest pace of growth since November 2009.

    The National Bureau of Statistics is also expected to say that producer prices fell 3.8% in January, representing the steepest drop since October 2009.

    In Australia, the NAB's business confidence and business conditions for January showed plus-2 for conditions, unchanged from December, while confidence came in at plus-3, from plus-2 in December.

    The house price index for the fourth quarter rise 1.9% quarter-on-quarter. The data was seen as moderate and in line with the Reserve Bank lowering the cash rate last week to a record low 2.25%. The RBA continues to watch for corrections in housing imbalances and work with regulators to introduce more measure if and when needed.

    Overnight, the dollar edged lower against the other major currencies in quiet on Monday, but losses were expected to remain limited as Friday's strong US jobs data continued to support the greenback.

    The dollar remained supported after the Labor Department reported on Friday that the US economy added 257,000 jobs in January, far more than the 234,000 forecast by economists. December’s figure was revised to 329,000 from a previously reported 252,000.

    The unemployment rate ticked up to 5.7% last month from December’s 5.6% hourly earnings and the participation rate both saw increases in January.


    (COZ forex UK)

  8. #18
    fxtrader505 is offline Senior Member
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    COZfx: Euro trading lower before Germany’s Markit manufacturing PMI data

    COZforex: On Friday, the EUR dropped 0.06% against the USD and closed at 1.1188.

    The preliminary consumer price index in Germany rebounded more than expected by 0.9% MoM in February, against market expectations of 0.6% rise and following a decline of 1.1% registered in the previous month, thus decreasing fears of deflation in the Euro-Zone’s biggest economy.

    Elsewhere, the ECB’s Vice President Vitor Constancio stated that the economic and social benefits of the quantitative easing program will outweigh any possible financial risks.

    The greenback traded on a stronger footing, after the US 4Q annualised GDP expanded more than expected at a rate of 2.2%, against an expected growth of 2.0% and following the preliminary rate 2.6% rise. In addition, the nation’s Michigan confidence index climbed to 95.4 in February, compared to prior month’s reading of 93.6. Markets were expecting it to rise to a level of 94.0.

    On the other hand, pending homes sales rise 6.5% YoY in January, lower than market expectations of an advance of 8.7%. It had risen by a revised 7.7% in the preceding month. Also, the Chicago PMI dropped far more than expected to 45.8, registering its worst reading since July 2009 and compared to preceding month’s level of 59.4.
    In technical analysis, COZFX strategist Nigel Boynton said, EUR/USD is predicted to find support at 1.1143 and a drop through could take it to the next support line of 1.1108. Meanwhile, the pair is predicted to find its first resistance at 1.1229, and a rise through could take it to the next resistance line of 1.1280.

    Trading trends in the Euro today are expected to be determined by the Markit manufacturing PMI data from the Euro-zone and its peripheries, scheduled in a few hours. Meanwhile, investors would keep a close eye on the US ISM manufacturing PMI data, scheduled later today.


    (COZ forex UK)

  9. #19
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    COZfx: Bank of Canada kept its interest rate unchanged

    COZforex: For the past trading session, the USD dropped 0.53% against the CAD to close at 1.2424.

    Yesterday, the Bank of Canada kept its interest rate steady at 0.75%. In addition, the central bank in its monetary policy statement accompanying the decision indicated that there was no need to slash interest rate in Canada, after cutting the rate in January for the first time in 5 years, as the nationís economy was performing in line with market expectations.

    In technical analysis, COZforex senior currency strategist Ian ē Quigley said, USD/CAD is predicted to find support at 1.2381 and a decline through could take it to the next support line of 1.2325. Meanwhile, the pair is predicted to find its first resistance at 1.2518, and a rise through could take it to the next resistance line of 1.2600.

    Meanwhile, market participants would keep a close eye on Canadaís Ivey PMI data, scheduled later in the day.


    (COZ forex UK)

  10. #20
    fxtrader505 is offline Senior Member
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    COZfx: Pound drops against broadly stronger dollar

    COZforex: The pound dropped against the US counterpart on Tuesday, as growing expectations for a near-term US rate hike continued to lend broad support to the greenback.

    GBP/USD hit 1.5029 amid European morning trade, the session low; the pair subsequently consolidated at 1.5052, declining 0.51%. In technical analysis, GBP/USD was likely to find support at 1.4986, the low of February 3 and resistance at 1.5135, Monday's high.
    The dollar remained broadly supported after the latest US jobs report heightened expectations for higher interest rates.

    The Fed is expected to begin raising interest rates around the middle of this year and investors were looking ahead to next week’s policy statement to see if it would drop its reference to being patient before raising rates.

    Sentiment on the single currency was vulnerable after European Central Bank President Mario Draghi told Greek officials at a meeting on Monday that they must let euro-area representatives return to Athens and examine the government's books in order to obtain more aid.

    Greece reportedly agreed to allow experts representing the European Commission, ECB and International Monetary Fund to start work in Athens on Wednesday.


    (COZ forex UK)

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