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Thread: Daily market news from Cozfx

  1. #31
    fxtrader505 is offline Senior Member
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    COZfx: USD/CAD trading lower after US & Canadian trade data

    COZforex: The US dollar slipped lower against its Canadian counterpart on Tuesday, after data showed that the US trade deficit widened to the highest level since 1996 in March, although a disappointing trade report from Canada limited the local currency's gains.

    USD/CAD hit 1.2058 amid early US trade, the pair's lowest since April 30; the pair subsequently consolidated at 1.2051, shedding 0.35%. In technical analysis, the pair was likely to find support at 1.2010, the low of April 28 and a 3 month low and resistance at 1.2204, the high of May 1.

    The US Bureau of Economic Analysis reported that the U.S. trade deficit widened to $51.37 billion in March from a deficit of $35.89 billion in February, whose figure was revised from a previously reported deficit of $35.4 billion. Analysts had expected the US trade deficit to widen to $41.2 billion in March.

    The dollar had strengthened earlier, as recent economic reports indicated that the US recovery had turned a corner after a recent bout of weakness.

    In Canada, official data showed that the trade deficit widened to C$3.02 billion in March from C$2.22 billion in February, whose figure was revised from a previously estimated deficit of C$0.98 billion. Analysts had expected the trade deficit to narrow to C$0.85 billion in March.

    Later in the day, the US was to release data on construction sector activity, while the Institute of Supply Management was to release a report on U.S. service sector activity.


    (COZ forex UK)

  2. #32
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    COZfx: EUR/USD drops slightly as US jobs

    COZforex: EUR/USD dropped modestly on Thursday ahead of a critical US jobs report, as worries related to cascading global bond prices somewhat eased.

    The euro declined 0.0084 or 0.74% to 1.1266 against the dollar in US afternoon trading, slightly above session-lows of 1.1238. EUR/USD reached a high of 1.1392 in the European morning session on a day of choppy trading.

    Although the euro has fallen against the dollar in four of the last six sessions, it is still up more than 3.5% on its American counterpart over the last two weeks. On Wednesday, EUR/USD moved above 1.13 for the first time since late-February.

    Yields on US 10-Year Treasuries dropped 6 basis points to 2.18, snapping a four-day streak. Earlier in the session, the yield reached a 2 month high at 2.312%. In Europe, yields on the German 10-Year bunds remained flat at 0.59, while yields on France 10-Year bonds fell mildly by one basis point to 0.89. On Wednesday, prices on 10-year German and 10-year French bonds moved higher for the eighth consecutive session.

    The US Department of Labor said on Thursday in a weekly report that initial jobless claims last week rise modestly by 3,000 to 265,000. A week earlier initial claims unexpectedly dropped by 34,000 to 262,000 defying expectations for a higher reading after the figure neared 300,000 for the week ending April 18. A number of readings in the report neared a 15-year low, including the four-week average for initial claims, which dropped by 4,250 to 279,500.

    Analysts have forecast a 224,000 uptick in nonfarm payroll jobs for April when the Labor Department releases its monthly jobs report on Friday morning. In March, nonfarm jobs increased by a tepid 126,000, as employment levels in major industries such as financial activities, government, manufacturing and wholesale trade remained relatively unchanged.

    In February the economy added 260,000 nonfarm jobs, building on strong gains over the prior two months amid increases in construction, goods-producing and food services positions. When the February report was released on Mar. 6, the euro fell more than 1.65% against the dollar, as the optimistic data signalled the possibility of a sooner than expected interest rate hike from the Federal Reserve.


    (COZ forex UK)

  3. #33
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    COZfx: GBP/USD edges up to 6-month highs in quiet trade

    COZforex: The pound edged up to 6 month highs against the US dollar in quiet trade on Thursday, as demand for the greenback remained broadly under pressure after the previous session's US retail sales data.

    GBP/USD hit 1.5789 amid European morning trade, the pair's highest since November 2014; the pair subsequently consolidated at 1.5757, adding 0.08%. In technical analysis, Cable was likely to find support at 1.5630, Wednesday's low and resistance at 1.6023.
    The dollar remained under pressure after the US Commerce Department said on Wednesday that retail sales were unchanged, compared to expectations for a 0.2% increase. Core retail sales, which exclude automobile sales, rise just 0.1%, undershooting forecasts for a 0.5% gain.

    The data underlined expectations that the Federal Reserve will delay hiking rates until later in the year, after recent figures showed that the US economy expanded just 0.2% in the first quarter.

    The pound recovered after the Bank of England on Wednesday trimmed its forecast for growth this year to 2.4%, down from 2.9% three months ago.

    The central bank added that it expects inflation, which currently stands at a record-low zero, to return to its 2% target in two years' time, little changed from its last report.

    Also Wednesday, official data showed that the UK unemployment rate ticked down to 5.5% last month from 5.6% in March, hitting the lowest level since September 2008.

    Later in the day, the US was to publish reports on producer prices and initial jobless claims.


    (COZ forex UK)

  4. #34
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    COZfx: The RBA open the possibility for further interest rate cuts

    COZforex: For the previous trading session, the AUD weakened 0.56% against the USD to close at 0.7994, extending its previous session losses.

    In commodities, LME Copper prices rise 0.42% or $27.0/MT to $6383.0/MT. Meanwhile, Aluminium prices declined 0.99% or $18.0/MT to $1795.0/MT.

    Earlier today, the RBA minutes from its recent monetary policy revealed that the central bank has left open the possibility for further interest rate cuts, amid weaker Chinese growth and soft business investment in Australia. Additionally, it also expressed concerns about the booming home prices in Sydney and Melbourne.

    In technical analysis, COZforex senior currency strategist Ian • Quigley said, AUD/USD is predicted to find support at 0.7951 and a drop through could take it to the next support line of 0.7916. Meanwhile, the pair is predicted to find its first resistance at 0.8026, and a rise through could take it to the next resistance line of 0.8066.

    Meanwhile, investors would keep a close eye on Australia’s Westpac consumer confidence data, scheduled tomorrow for further cues.


    (COZ forex UK)

  5. #35
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    Default COZfx: Euro trading higher ahead of Germany’s manufacturing PMI data

    COZforex: For the previous trading session, the EUR declined 0.48% against the USD and closed at 1.1094.

    In economic news, Germany’s producer price index rise 0.10% MoM in April, compared to a similar rise in the previous month. Markets were anticipating the index to advance 0.20%. Meanwhile, the seasonally adjusted construction output in the Euro-zone recorded a rise of 0.80% in March on a monthly basis. Construction output had fallen by a revised 1.60% in the previous month.

    In the US, the FOMC minutes revealed that the policy makers remained doubtful to begin raising interest rates in June. The Fed members stated that they would not start raising interest rates until they see further improvement in the labour market and feel confident that inflation would rise towards their target of 2.0%.

    In technical analysis, COZforex senior currency strategist Ian • Quigley said, EUR/USD is predicted to find support at 1.1071 and a drop through could take it to the next support level of 1.1021. Meanwhile, the pair is predicted to find its first resistance at 1.1162, and a rise through could take it to the next resistance level of 1.1203.

    Trading trends in the pair today are expected to be determined by the manufacturing and services PMI data from the Euro-zone and its peripheries, scheduled in a few hours.


    (COZ forex UK)

  6. #36
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    COZfx: Yen slightly stronger ahead of BoJ minutes, Greece eyed

    COZforex: The Japanese yen was slightly stronger ahead of central bank board meeting minutes, while markets focused on the chances of Greece reaching a deal with creditors before next week.

    USD/JPY changed hands at 123.05, down 0.04%, ahead of the minutes, while EUR/USD changed hands at 1.0887, up 0.14%.

    The Bank of Japan's minutes of its April policy board meeting are due at 0850 Tokyo time. At that meeting, the board stood pat on monetary policy and delayed the timeframe of anchoring 2% inflation until the first half of fiscal 2016 from "around fiscal 2015."

    The BoJ Deputy Governor Kikuo Iwata is due to speak to business leaders in Sapporo City, northern Japan at 1030. Iwata will hold a news conference from 1400 to 1430.

    Greece and its European creditors on Tuesday sought to play down fears that Athens would default on a payment to the International Monetary Fund next week.

    The euro remained under pressure as the prospect of a Greek default continued to weigh.

    Athens has warned that the country would be unable to make a €305 million payment to the International Monetary Fund due on June 5 if a cash-for-reforms deal with its international lenders is not reached by then.


    (COZ forex UK)

  7. #37
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    COZfx: USD/CAD rises to fresh 6-week highs in early trade

    COZforex: The US dollar rise to fresh 6 week highs against its Canadian counterpart on Thursday, even after data showed that last week's US jobless claims rose more than expected, as expectations for a US rate hike in the near future continued to support.

    USD/CAD hit 1.2513 amid early US trade, the pair's highest since April 15; the pair subsequently consolidated at 1.2504, gaining 0.42%. In technical analysis, COZFX strategist Nigel Boynton said, the pair was likely to find support at 1.2395, Wednesday's low and resistance at 1.2570, the high of April 15.

    In a report, the US Department of Labor said the number of individuals filing for initial jobless benefits in the week ending May 23 rose by 7,000 to 282,000 from the previous week’s total of 275,000. Analysts had expected initial jobless claims to fall by 5,000 to 270,000 last week.

    Demand for the dollar continued to be underpinned as economic data released in the past week, including reports on inflation, new home sales, business investment and consumer confidence all indicated that the US economy is gaining momentum after a slowdown in the first quarter.

    Expectations that the economy will rebound from the first quarter have supported the view that the Federal Reserve will begin to hike interest rates around September.

    In Canada, data on Thursday showed that the current account deficit widened to C$17.5 billion in the first quarter from C$13.1 billion in the last quarter of 2014, whose figure was revised from a previously estimated deficit of C$13.9 billion.


    (COZ forex UK)

  8. #38
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    COZfx: GBP/USD rises on upbeat UK construction PMI

    COZforex: The pound rise against the US dollar on Tuesday, boosted by upbeat UK construction activity data, while demand for the greenback slightly weakened as market participants locked in profits from its recent rally.

    GBP/USD hit 1.5240 amid European morning trade, the session high; the pair subsequently consolidated at 1.5244, rising 0.28%. In technical analysis, COZforex senior currency strategist Ian • Quigley said, GBP/USD was likely to find support at 1.5161, the low of May 7 and resistance at 1.5345, the high of May 29.

    In a report, market research firm Markit and the Chartered Institute of Purchasing & Supply said that their UK construction purchasing managers' index rise to 55.9 last month from a reading of 54.2 in April. Economists had expected the index to improve to 55.0 in May.

    Commenting on the report, Tim Moore, senior economist at Markit and author the report, said, "May’s survey provides the first sign of a post-election bounce in the UK construction sector. With a sustained period of policy uncertainty no longer on the horizon, business confidence surged back to its highest level since early-2006."

    Prime Minister David Cameron’s government introduced a law in parliament on Thursday to ensure a UK referendum on EU membership will be held by the end of 2017.

    The dollar had strengthened broadly after data on Monday showed that the Institute of Supply Management's index of manufacturing activity was 52.8, up from 51.5 in April and ahead of forecasts for 52.0.

    Another report showed that US construction spending rise to the highest level in 6.5 years in April, adding to recent signs that the economy is rebounding from a weak first quarter.

    The Commerce Department said construction spending jumped 2.2% to an annual rate of $1.0 trillion, the highest since November 2008.


    (COZ forex UK)

  9. #39
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    COZfx: AUD/USD drops on downbeat Australian data

    COZforex: The Australian dollar dropped against its US counterpart on Thursday, after the release of downbeat economic reports from Australia, while investors eyed upcoming US jobless claims data for further indications on the strength of the job market.

    AUD/USD hit 0.7710 during late Asian trade, the pair's lowest since Tuesday; the pair subsequently consolidated at 0.7721, declining 0.83%. In technical analysis, AUD/USD was likely to find support at 0.7615, the low of May 28 and resistance at 0.7820, the high of June 3.

    The Australian Bureau of Statistics said that retail sales were flat in April, disappointing expectations for a 0.4% rise. The change in retail sales for March was revised to a 0.2% uptick from a previously estimated 0.3% gain.

    A separate report showed that Australia's trade deficit widened to A$3.88 billion in April from A$1.23 billion in March, whose figure was revised from a previously estimated deficit of A$1.32 billion.

    Market participants were looking to the weekly report on US jobless claims due later in the day, as well as Friday's nonfarm payrolls data for further indications on the strength of the country's job market.

    On Wednesday, payroll processing firm ADP said US non-farm private employment rose by 201,000 last month, just above expectations for an increase of 200,000.


    (COZ forex UK)

  10. #40
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    COZfx: Euro trading higher ahead of the Euro-zone’s Q1 GDP data

    COZforex: For the past trading session, the EUR rise 1.59% against the USD and closed at 1.1284, as Germany’s industrial production data surpassed market expectations.

    Data released indicated that industrial production in Germany rebounded 0.90% on a monthly basis, posting its biggest gain in 2015 and beating market expectations for a rise of 0.60%. In the prior month, industrial production had dropped by a revised 0.40%.

    Other economic data showed that the nation’s the seasonally adjusted trade surplus narrowed to €22.10 billion in April, from a surplus of €23.10 billion in March, albeit markets were anticipating a trade surplus of €19.40 billion. On the other hand, the Euro-zone’s Sentix investor confidence index eased more than forecasted to a four-month low of 17.1 in June, compared to previous month’s reading of 19.6, thus dampened investor optimism over the economic outlook of the region.

    In technical analysis, COZFX strategist Nigel Boynton said, EUR/USD is predicted to find support at 1.1161 and a drop through could take it to the next support line of 1.100. Meanwhile, the pair is predicted to find its first resistance at 1.1410, and a rise through could take it to the next resistance line of 1.1498.

    Trading trends in the Euro today are expected to be determined by the Euro-zone’s Q1 GDP data, set for release in a few hours.
    Meanwhile, investors remain cautious amid the ongoing negotiations between Greece and its creditors.


    (COZ forex UK)

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