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  #181  
Old 10-18-2017, 11:41 AM
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COZfx: Canadian businesses still bullish: BOC’s autumn business outlook survey

COZforex: For the past trading session, the USD rose 0.28% against the CAD and closed at 1.2520.

Yesterday, the Bank of Canada, in its autumn business outlook survey, revealed continued positive business sentiment across the country, while noting that business activity is becoming more entrenched. Further, the survey highlighted rising expectations for sustained sales growth across regions. However, it also showed several survey indicators moderated from strong summer results.

In the Asian session, the pair is trading at 1.2525, with the USD trading slightly higher against the CAD from yesterday’s close.

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: USD/CAD is expected to find support at 1.2477 and a fall through could take it to the next support level of 1.243; Meanwhile, the pair is expected to find its first resistance at 1.2565, and a rise through could take it to the next resistance level of 1.2606.

With no economic releases in Canada today, traders would focus on global macroeconomic events for further direction.

The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.


(COZ forex UK)
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  #182  
Old 10-25-2017, 01:17 PM
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COZfx: Theresa May ‘ambitious and positive’ about progress in Brexit negotiations

COZforex: For the past trading session, the GBP rose 0.07% against the USD and closed at 1.3203, after the British Prime Minister, Theresa May, remained optimistic over Brexit talks, stating that she is “ambitious and positive” about UK’s future with the European Union and added that constructive progress had been made in Brexit negotiations.

Meanwhile, data revealed that UK’s CBI industrial trends total orders surprisingly fell to a level of -2.0 in October, against market consensus for a rise to a level of 9.0 and hitting its the lowest since November 2016. The CBI industrial trends total orders had recorded a level of 7.0 in the previous month.

In the Asian session, the pair is trading at 1.3218, with the GBP trading 0.11% higher against the USD from yesterday’s close.

In technical analysis, COZforex senior currency strategist Ian • Quigley said: GBP/USD is expected to find support at 1.3175 and a fall through could take it to the next support level of 1.3132; Meanwhile, the pair is expected to find its first resistance at 1.3244, and a rise through could take it to the next resistance level of 1.3270.

In absence of any macroeconomic releases in the UK today, investor sentiment would be governed by global macroeconomic news.

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


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  #183  
Old 10-30-2017, 06:44 PM
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COZfx: ECB decided to extend bond buying, albeit at a lower rate

COZforex: For the past trading session, the EUR declined 1.52% against the USD and closed at 1.1636, after the European Central Bank, at its latest monetary policy meeting, unveiled plans to scale down but extend its quantitative easing programme.

The ECB, as widely expected, maintained the key interest rate unchanged at record low of 0.00%. Further, the central bank announced that it would halve its bond-buying programme from €60.0 billion a month to €30.0 billion a month starting from January 2018 and would continue until September 2018, or beyond, if necessary. In a post meeting statement, the ECB President, Mario Draghi, expressed optimism over the Euro-bloc’s recovery but confirmed that ultra-loose monetary policy would remain for the foreseeable future to bring inflation to the central bank’s target in a sustainable way.
On the data front, Germany’s GfK consumer confidence index unexpectedly dropped to a level of 10.7 in November, confounding market expectations for the index to remain steady at a level of 10.8 recorded in the prior month.

In the US, data revealed that first time claims for the US unemployment benefits rose less-than-expected to a level of 233.0K in the week ended 21 October, after hitting a revised 44-year low level of 223.0K in the prior week, while markets had expected for a rise to a level of 235.0K. Further, the nation’s advance goods trade deficit expanded to a four-month high of $64.1 billion in September, as imports rose for the first time since April. Market participants had envisaged the nation to register an advance goods trade deficit of $64.0 billion, after registering a revised deficit of $63.3 billion in the previous month.

In technical analysis, COZFX strategist Nigel Boynton said: EUR/USD is expected to find support at 1.1561 and a fall through could take it to the next support level of 1.1487; Meanwhile, the pair is expected to find its first resistance at 1.1773, and a rise through could take it to the next resistance level of 1.1911.

With no major macroeconomic releases in the Euro-zone today, traders would direct their attention to the US flash 3Q GDP numbers and the final Michigan consumer confidence index for October, due to release later in the day.


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  #184  
Old 11-03-2017, 01:05 PM
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COZfx: Australia’s trade surplus surged to its highest level in four months in September, building approvals gained

COZforex: For the past trading session, the AUD rose 0.27% against the USD and closed at 0.7675.

In commodities, LME Copper prices rose 1.7% or $116.0/MT to $6918.0/MT; Aluminium prices gained 2.2% or $48.0/MT to $2188.0/MT.

Overnight data showed that Australia’s trade surplus widened more than expected to A$1.75 billion in September on the back of a boost in exports, from a revised surplus of A$873.0 million in the prior month. Markets had expected the trade surplus to increase to A$1.20 billion. Also, the nation’s exports rose 3.0% in September, while imports remained unchanged.
Separately, building approvals in Australia rose 1.5% in September, confounding market expectations for a 1.0% decline. In the previous month, building approvals had risen 0.4%.

In technical analysis, COZFX strategist Nigel Boynton said: AUD/USD is expected to find support at 0.7679 and a fall through could take it to the next support level of 0.7634; Meanwhile, the pair is expected to find its first resistance at 0.7748, and a rise through could take it to the next resistance level of 0.7772.

Traders will now keep an eye on Australia’s AiG performance of service index for October, set to release overnight.


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  #185  
Old 11-08-2017, 03:48 PM
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COZfx: Swiss consumer prices advanced as expected in October

COZforex: For the past trading session, the USD declined 0.24% against the CHF and closed at 0.9977.

Macroeconomic data showed that the consumer price index rose 0.7% in Switzerland on a yearly basis in October, meeting analysts’ expectations. In the previous month, CPI had recorded a similar rise.

Also, Switzerland’s total sight deposits declined to a level of CHF577.8 billion in the week ended 03 November, from a level of CHF578.5 billion reported in the prior week.

In the Asian session, the pair is trading at 0.9982, with the USD trading marginally higher 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 0.9960 and a fall through could take it to the next support level of 0.9939; Meanwhile, the pair is expected to find its first resistance at 1.0016, and a rise through could take it to the next resistance level of 1.0051.

With no major economic releases in Switzerland today, investor sentiment would be governed by global macroeconomic factors.

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


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  #186  
Old 11-14-2017, 05:25 PM
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COZfx: Britain’s manufacturing and industrial production climbed above expectations in September, construction output dipped in the same month

COZforex: For the past trading session, the GBP rose 0.41% against the USD and closed at 1.3197 on Friday, after a string of upbeat economic reports from the UK pointed to healthy economic conditions in the nation.

Britain’s industrial production climbed more-than-anticipated by 0.7% in September, rising at its fastest pace this year and following a revised gain of 0.3% in the previous month. Markets were expecting industrial production to advance 0.3%. Moreover, the nation’s manufacturing production rose more-than-expected by 0.7% on a monthly basis in September, surging to its highest since December 2016. Market participants had expected manufacturing production to climb 0.3%, after recording a rise of 0.4% in the prior month. However, the nation’s construction output retreated more-than-estimated by 1.6% on a monthly basis in September, compared to a revised advance of 0.8% in the previous month, while investors had envisaged for a fall of 0.9%.

Another set of data revealed that the nation’s total trade deficit surprisingly narrowed to £2.8 billion in September, compared to market consensus for it to widen to £4.3 billion. The nation had reported a revised total trade deficit of £3.5 billion in the prior month. Further, leading think tanker, NIESR estimated that UK’s gross domestic product rose 0.5% in the three months to October, slightly stronger than the 0.4% expansion projected in the July-September period.

Data released overnight showed that UK’s Rightmove house prices fell 0.8% on a monthly basis in November, after recording a gain of 1.1% in the preceding month.

In technical analysis, COZFX strategist Nigel Boynton said: GBP/USD is expected to find support at 1.3076 and a fall through could take it to the next support level of 1.3030; Meanwhile, the pair is expected to find its first resistance at 1.3199, and a rise through could take it to the next resistance level of 1.3276.


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  #187  
Old 11-17-2017, 11:22 AM
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COZfx: Canada’s existing home sales advanced for a third consecutive month in October

COZforex: For the past trading session, the USD rose 0.25% against the CAD and closed at 1.2768.

Macroeconomic data revealed that Canada’s existing home sales rose 0.9% on a monthly basis in October, climbing for a third straight month, thus indicating that the nation’s housing market remains on a strong footing in the final quarter of the year. Existing home sales had recorded a gain of 2.1% in the previous month.

In the Asian session, the pair is trading at 1.2767, with the USD trading marginally lower against the CAD from yesterday’s close.

In technical analysis, coz forex senior derivatives trader Daniel • Moloney said: USD/CAD is expected to find support at 1.2724 and a fall through could take it to the next support level of 1.2680; Meanwhile, the pair is expected to find its first resistance at 1.2800, and a rise through could take it to the next resistance level of 1.2832.

Ahead in the day, Canada’s manufacturing shipments for September will be on investors’ radar.

The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.


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  #188  
Old Yesterday, 11:45 AM
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COZfx: Euro trading slightly higher, ahead of the Euro-zone’s consumer confidence data

COZforex: For the past trading session, the EUR marginally rose against the USD and closed at 1.1736.

In the US, data indicated that existing home sales climbed more-than-expected by 2.0% on a monthly basis to a level of 5.48 million in October, rising by the most in seven months, as disruptions caused by hurricanes dissipated. In the prior month, existing home sales had recorded a revised level of 5.37 million, while investors had expected for a rise of 5.40 million.

Additionally, the nation’s Chicago Fed national activity index unexpectedly advanced to a level of 0.65 in October, notching a more than ten-year high level. The index had registered a revised reading of 0.36 in the previous month, while markets were expecting for a drop to a level of 0.20.

Meanwhile, the Federal Reserve Chairwoman, Janet Yellen, acknowledged that the US central bank is reasonably close to its goals and expects inflation to pick up over the next couple of years. However, she cautioned that the Fed is “not certain” whether weakness in inflation will prove transitory. Further, Yellen noted that raising interest rates too quickly risked inflation to drift down to dangerously low levels.

In technical COZFX strategist Nigel Boynton said: EUR/USD is expected to find support at 1.1715 and a fall through could take it to the next support level of 1.1692; Meanwhile, the pair is expected to find its first resistance at 1.1760, and a rise through could take it to the next resistance level of 1.1782.

Moving ahead, investors would focus on the Euro-zone’s flash consumer confidence index for November, slated to release later today. Moreover, minutes from the Federal Reserve’s recent meeting, due to release later in the day, would be closely monitored to get clues on the central bank’s monetary policy trajectory.


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