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Thread: Daily market news from Cozfx

  1. #211
    fxtrader505 is offline Senior Member
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    COZfx: BOJ Minutes: Members comfortable with fluctuations in government debt purchases

    COZforex: For the past trading session, the USD declined 0.25% against the JPY and closed at 111.35.

    In the Asian session, the pair is trading at 111.29, with the USD trading marginally lower against the JPY from yesterday’s close.

    According to minutes of the Bank of Japan’s April meeting minutes, policymakers grew more optimistic about Japanese exports and industrial production, but expressed caution on inflation expectations. Further, the policymakers agreed that the amount of government debt purchases will fluctuate under its quantitative easing programme, but this was unlikely to affect its guidance.

    On the data front, Japan’s all industry activity index recorded a rise of 2.1% on a monthly basis in April, more than market expectations for a gain of 1.6% and after recording a revised drop of 0.7% in the prior month.

    In technical analysis, COZFX strategist Nigel Boynton said: USD/JPY is expected to find support at 111.10 and a fall through could take it to the next support level of 110.90; Meanwhile, the pair is expected to find its first resistance at 111.64, and a rise through could take it to the next resistance level of 111.98.

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


    (COZ forex UK)

  2. #212
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    COZfx: Euro trading higher, ahead of Germany’s crucial inflation data

    COZforex: For the past trading session, the EUR rose 0.33% against the USD and closed at 1.1378.

    On the economic front, Italy’s flash consumer price index unexpectedly dropped 0.1% on a monthly basis in June, defying market consensus for a gain of 0.1%. In the preceding month, the CPI had declined 0.2%.

    Macroeconomic data showed that advance goods trade deficit in the US narrowed slightly more-than-expected to a level of $65.9 billion in May, following a revised deficit of $67.1 billion in the previous month, while markets anticipated the nation to record a deficit of $66.0 billion. Further, the nation’s seasonally adjusted flash wholesale inventories rebounded more-than-expected by 0.3% in May, compared to a revised fall of 0.4% in the previous month.

    On the contrary, pending home sales in the US unexpectedly declined 0.8% on a monthly basis in May, falling for the third consecutive month and confounding market expectations for a rise of 1.0%. Pending home sales had fallen by a revised 1.7% in the previous month. Also, the nation’s MBA mortgage applications dropped by the most in six months, as it eased 6.2% in the week ended 23 June, following a rise of 0.6% in the previous week.

    In technical analysis, coz forex senior derivatives trader Daniel • Moloney said: EUR/USD is expected to find support at 1.1324 and a fall through could take it to the next support level of 1.1244; Meanwhile, the pair is expected to find its first resistance at 1.1451, and a rise through could take it to the next resistance level of 1.1498.

    Trading trend in the Euro today is expected to be determined by Germany’s flash inflation figures and the final Euro-zone’s consumer confidence, both for June, slated to release in a few hours. Moreover, the US annualised 1Q GDP and initial jobless claims data, will pique investor attention.


    (COZ forex UK)

  3. #213
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    COZfx: Canadian dollar rises, nears 9-month peaks

    COZforex: The Canadian dollar was higher against its U.S. counterpart on Tuesday, re-approaching Friday’s nine-month peaks boosted by the newly hawkish tone of the Bank of Canada.

    USD/CAD was down 0.26% to 1.2972 by 09.30 AM ET, not far from Friday’s lows of 1.2945.

    Expectations for a rate hike by the BoC as early as next month mounted following hawkish comments by central bank head Stephen Poloz last week.

    Data on Friday showing that Canada’s economy expanded for the sixth consecutive month in April were seen as underlining rate hike expectations.

    Statistics Canada said gross domestic product expanded by 0.2%, in line with forecasts.

    Trade volumes were expected to remain thin on Tuesday with U.S. markets closed for the Independence Day holiday.

    Canadian financial markets were closed on Monday for the Canada Day holiday.

    Meanwhile, prices of oil, a major Canadian export edged lower on Tuesday, snapping eight days of gains as investors took profits ahead of the U.S. holiday.


    (COZ forex UK)

  4. #214
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    COZfx: Swiss annual inflation growth weakest in 7 months in June

    COZforex: For the past trading session, the USD declined 0.36% against the CHF and closed at 0.9606.

    On the macro front, Switzerland’s consumer price index advanced less-than-expected by 0.2% on an annual basis in June, rising at its weakest pace in seven months. In the prior month, the CPI had risen 0.5%, while lower market participants expected for a rise of 0.3%. Meanwhile, on a monthly basis, the nation’s consumer prices unexpectedly eased 0.1% in June, compared to an advance of 0.2% in the previous month.

    In the Asian session, the pair is trading at 0.9611, 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 0.9587 and a fall through could take it to the next support level of 0.9564; Meanwhile, the pair is expected to find its first resistance at 0.9647, and a rise through could take it to the next resistance level of 0.9684.

    Ahead in the day, traders will await the release of Switzerland’s unemployment rate data for June.

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


    (COZ forex UK)

  5. #215
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    COZfx: Pound trading slightly lower, ahead of UK’s ILO unemployment rate data

    COZforex: For the past trading session, the GBP declined 0.19% against the USD and closed at 1.2854.

    In the Asian session, the pair is trading at 1.2849, with the GBP trading marginally lower 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 1.2811 and a fall through could take it to the next support level of 1.2773; Meanwhile, the pair is expected to find its first resistance at 1.2907, and a rise through could take it to the next resistance level of 1.2965.

    Looking forward, investors will closely monitor Britain’s ILO unemployment rate as well as average weekly earnings data, for the three months to May, slated to release in a few hours.

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


    (COZ forex UK)

  6. #216
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    COZfx: Aussie Dollar trading lower in the Asian session

    COZforex: For the past trading session, the AUD rose 1.2% against the USD and closed at 0.7825 on Friday.

    In commodities, LME Copper prices declined 0.8% or $44.0/MT to $5858.0/MT. Aluminium prices declined 0.4% or $7.0/MT to $1904.0/MT.

    Earlier today, data showed that China’s, Australia’s largest trading partner, gross domestic product rose more-than-expected by 6.9% YoY in the second quarter of 2017, aided by a pick-up in industrial output and strong investment. The GDP had recorded a similar rise in the prior quarter, while market participants anticipated for an expansion of 6.8%.

    Additionally, the nation’s industrial production gained 7.6% on an annual basis in June, exceeding market expectations for a rise of 6.5%. In the previous month, industrial production had climbed 6.5%. Also, the nation’s retail sales grew more-than-anticipated by 11.0% in June, rising at its fastest pace since December 2015. In the previous month, retail sales had advanced 10.7%.

    In technical analysis, COZforex senior currency strategist Ian • Quigley said: AUD/USD is expected to find support at 0.7756 and a fall through could take it to the next support level of 0.7696; Meanwhile, the pair is expected to find its first resistance at 0.7855, and a rise through could take it to the next resistance level of 0.7894.

    Looking ahead, the Reserve Bank of Australia’s recent meeting minutes, slated to release in the early hours of tomorrow, will be eyed by traders.


    (COZ forex UK)

  7. #217
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    COZfx: BoJ’s July summary of opinions indicate concerns about credibility, ETF purchases

    COZforex: For the past trading session, the USD marginally rose against the JPY and closed at 111.19.

    The Japanese Yen gained ground against the USD, after Japan’s unemployment rate fell more-than-expected to 2.8% in June, as job availability improved further, boosting optimism over the health of the nation’s labour market. In the past month, the nation’s unemployment rate had registered a reading of 3.1%, while market participants had expected it to fall to 3.0%. Meanwhile, the nation’s national consumer price index rose 0.4% on an annual basis in June, at par with market expectations. In the prior month, the CPI had registered a similar rise.

    Another set of data revealed that Japan’s seasonally adjusted retail trade rebounded 0.2% in June, compared to a fall of 1.6% in the previous month. Markets were anticipating retail trade to advance 0.4%. Moreover, the nation’s large retailers’ sales registered an unexpected rise of 0.2% in June, defying market consensus for a fall of 0.1% and following decline of 0.6% in the prior month.

    Separately, the Bank of Japan’s summary of opinions report from its July meeting showed that policymakers discussed repeated delays in meeting the central bank’s inflation target and that it could undermine the BOJ’s credibility. Also, they called for an in-depth discussion on whether it was appropriate to continue buying exchange-traded funds.

    In technical analysis, COZFX strategist Nigel Boynton said: USD/JPY is expected to find support at 110.66 and a fall through could take it to the next support level of 110.25; Meanwhile, the pair is expected to find its first resistance at 111.59, and a rise through could take it to the next resistance level of 112.11.


    (COZ forex UK)

  8. #218
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    COZfx: USD/CAD edges higher as oil prices retreat

    COZforex: The US dollar edged higher against its Canadian counterpart on Wednesday, as lower oil prices dampened demand for the commodity-related Canadian currency, although US political tensions continued to weigh on the greenback.

    USD/CAD hit 1.2589 during early US trade, the session high; the pair subsequently consolidated at 1.2574, adding 0.27%. The pair was likely to find support at 1.2412, Tuesday’s low and a five-week low and resistance at 1.3016, Tuesday’s high.

    The loonie came under pressure as oil prices fell back under the $50 a barrel threshold on Wednesday, following news of an unexpected increase in U.S. inventories and doubts over OPEC’s ability to curtail supply and rebalance the oversupplied global market.

    In the US, payroll processing firm ADP said non-farm private employment rose by 178,000 last month, just below forecasts for an increase of 185,000. The economy created 191,000 jobs in June, upwardly revised from a previously reported increase of 158,000.

    Investors were now looking ahead to Friday’s nonfarm payrolls report for July for fresh indications on the possible direction of Fed policy.
    The US dollar remained under pressure after the White House on Tuesday confirmed that US President Donald Trump played a role in drafting a statement about his son’s meeting with a Russian lawyer during last year’s election campaign, which was later shown to be misleading.


    (COZ forex UK)

  9. #219
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    COZfx: Kiwi slips lower after N.Z. data, Aussie holds steady

    COZforex: The New Zealand dollar slipped lower against its US counterpart on Monday, after inflation expectations in New Zealand ticked down in the last quarter while the Australian dollar held steady as markets were still digesting Friday’s upbeat US jobs data.

    NZD/USD slipped 0.18% to 0.7397.

    Earlier Monday, the Reserve Bank of New Zealand said its inflation expectations ticked down to 2.1% in the second quarter from 2.2% in the three months to March.

    AUD/USD was little changed at 0.7933. Trading volumes were expected to remain thin with Australian markets closed for a national holiday.

    The greenback remained supported after the US Labor Department on Friday said the economy added 209,000 jobs last month, blowing past expectations for an increase of 183,000.

    The unemployment rate ticked down to 4.3% in July from 4.4% the previous month, in line with expectations.

    The report also showed that average hourly earnings increased by 0.3% last month, in line with forecasts and after a 0.2% gain in June.


    (COZ forex UK)

  10. #220
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    COZfx: UK’s RICS house prices rose at its slowest rate in over 4 years in July

    COZforex: For the past trading session, the GBP rose 0.12% against the USD and closed at 1.3010.

    In the Asian session, the pair is trading at 1.3, with the GBP trading 0.08% lower against the USD from yesterday’s close.

    Overnight data indicated that Britain’s RICS house price balance unexpectedly fell to a level of 1.0% in July, hitting its lowest since March 2013. In the prior month, house price balance recorded a level of 7.0%, while market participants were expecting for a rise to a level of 9.0%.

    In technical analysis, COZforex senior currency strategist Ian • Quigley said: GBP/USD is expected to find support at 1.2971 and a fall through could take it to the next support level of 1.2943; Meanwhile, the pair is expected to find its first resistance at 1.3028, and a rise through could take it to the next resistance level of 1.3057.

    Ahead in the day, traders will look forward to Britain’s total trade balance, manufacturing as well as industrial production and NIESR GDP estimate data, to gauge strength in the nation’s economic activity.

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


    (COZ forex UK)

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