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COZfx: Canadian dollar hits fresh 4-week highs

COZforex: The Canadian dollar rose to fresh 4 week highs against its broadly weaker US counterpart on Tuesday, boosted by higher prices for oil and robust domestic data.

USD/CAD was down 0.3% to 1.3462 by 09.30 ET, its lowest trough since April 24.

The price of oil, a major Canadian export pushed higher amid hopes that major producers will extend supply cuts for a prolonged period later this week, amid efforts to reduce a global supply glut.

The loonie received an additional boost after data showing that the value of Canadian wholesale trade grew by 0.9% in March, hitting a record high.

The increase was mainly due to increased demand for building materials and supplies, Statistics Canada said.
The greenback was struggling near six-month lows against a currency basket as expectations for fiscal stimulus under the Trump administration faded amid political turmoil in Washington.

Recent weeks have seen a steady stream of revelations surrounding the FBI’s investigation into alleged Russian interference in November’s presidential election and reports that President Donald Trump attempted to interfere with the judicial process.

The US dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was last at 96.83, not far from Monday’s six-month trough of 96.83.


(COZ forex UK)
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COZfx: UK’s services sector growth came in stronger-than-estimated in December

COZforex: For the past trading session, the GBP rose 0.29% against the USD and closed at 1.3551, on the heels of robust UK services sector report.

Data revealed that Britain’s Markit services PMI climbed more-than-anticipated to a level of 54.2 in December, highlighting resilient strength in the dominant services sector in an economy that is beset with uncertainty about the outlook. In the prior month, the PMI had recorded a reading of 53.8, while investors had envisaged for a rise to a level of 54.0. Moreover, the nation’s number of mortgage approvals for house purchases unexpectedly advanced to a level of 65.1K in November, defying market expectations for a fall to a level of 64.0K. Mortgage approvals had registered a revised reading of 64.9K in the prior month.

Other data revealed that the nation’s net consumer credit grew less-than-expected by £1.4 billion in November, after recording a revised similar rise in the preceding month, while markets had anticipated for a gain of £1.5 billion. On the other hand, the nation’s seasonally adjusted Nationwide house prices climbed 0.6% in December, beating market expectations for a gain of 0.1% and compared to a rise of 0.1% in the previous month.

In technical analysis, COZFX strategist Nigel Boynton said: GBP/USD is expected to find support at 1.3530 and a fall through could take it to the next support level of 1.3494; Meanwhile, the pair is expected to find its first resistance at 1.3585, and a rise through could take it to the next resistance level of 1.3604.

Amid no crucial macroeconomic releases in the UK today, investors would look forward to Britain’s industrial as well as manufacturing production data coupled with the nation’s total trade balance and NIESR GDP estimate report, all slated to release next week.


(COZ forex UK)
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  1. one week ago
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COZfx: Euro-zone’s economic growth expected to continue its robust momentum in 2018: ECB Bulletin

COZforex: For the past trading session, the EUR rose 0.33% against the USD and closed at 1.1940.

Yesterday, the European Central Bank, in its economic bulletin report, stated that the Euro-bloc’s economic expansion continues to be solid and broad-based and the region is expected to sustain its nascent growth into next year. Further, the central bank expects underlying inflation in the single currency region to pick up gradually and reiterated that the solid recovery still requires monetary policy stimulus to bring inflation to the target in a sustainable way.

The US Dollar fell against a basket of major currencies, following a pair of downbeat economic reports in the US.

Data revealed that advance goods trade deficit unexpectedly widened to $69.7 billion in November, hitting its highest level since March 2015, reigniting worries that trade could act as a drag on the nation’s fourth-quarter growth. The advance goods trade deficit had recorded a revised level of $68.1 billion in the prior month, while markets were anticipating it to narrow to $67.9 billion.

In technical analysis, COZFX strategist Nigel Boynton said: EUR/USD is expected to find support at 1.1914 and a fall through could take it to the next support level of 1.1886; Meanwhile, the pair is expected to find its first resistance at 1.1965, and a rise through could take it to the next resistance level of 1.1988.

Trading trend in the Euro today is expected to be determined by the release of Germany’s flash consumer price index for December, slated to release in a few hours.


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COZfx: Canada’s annual inflation surged to its highest level since January 2017 in November

COZforex: For the past trading session, the USD declined 0.76% against the CAD and closed at 1.2738.

The Canadian Dollar gained ground against the USD, following a pair of upbeat Canadian economic reports.

Data showed that Canada’s consumer price index jumped more-than-expected by 2.1% on a yearly basis in November, rising by the most in ten months and led by an increase in gasoline and food prices. In the prior month, the CPI had advanced 1.4%, while market participants had envisaged for a gain of 2.0%.

Additionally, the nation’s retail sales grew at its fastest pace in nine months, after it climbed 1.5% on a monthly basis in October, thus offering evidence of strength in the nation’s consumer spending. Investors had anticipated retail sales to rise 0.3%, after recording a revised advance of 0.2% in the previous month.

In technical analysis, COZFX strategist Nigel Boynton said: USD/CAD is expected to find support at 1.2682 and a fall through could take it to the next support level of 1.2621; Meanwhile, the pair is expected to find its first resistance at 1.2821, and a rise through could take it to the next resistance level of 1.2899.

Trading trend in the CAD today is expected to be determined by the release of crucial Canadian gross domestic product report for October, due later in the day.


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COZfx: Swiss economy to grow faster-than-expected in the coming years: SECO

COZforex: For the past trading session, the USD marginally declined against the CHF and closed at 0.9851.

Yesterday, the Swiss Government raised its economic growth forecasts for this year and next, citing a rebound in its export-led economy and a recent weakness in the Swiss Franc.

The State Secretariat for Economic Affairs, stated that it expects the Swiss economy to expand 1.0% in 2017, before accelerating to 2.3% and 1.9% in 2018 and 2019.

In the Asian session, the pair is trading at 0.9849, with the USD trading slightly lower against the CHF from yesterday’s close.

In technical analysis, COZFX strategist Nigel Boynton said: USD/CHF is expected to find support at 0.9830 and a fall through could take it to the next support level of 0.9810; Meanwhile, the pair is expected to find its first resistance at 0.9874, and a rise through could take it to the next resistance level of 0.9898.

Amid no economic releases in the 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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COZfx: Australian jobs growth surged, unemployment rate unchanged in November

COZforex: For the past trading session, the AUD rose 1.01% against the USD and closed at 0.7632.

In commodities, LME Copper prices rose 1.1% or $71.0/MT to $6685.0/MT; Meanwhile, Aluminium prices declined 0.4% or $7.0/MT to $1997.0/MT.

In the Asian session, the pair is trading at 0.7668, with the AUD trading 0.47% higher against the USD from yesterday’s close, after Australia’s seasonally adjusted unemployment rate remained steady at a five-year low of 5.4% in November, meeting market expectations.

Moreover, the number of people employed in Australia jumped more-than-anticipated by 61.6K in November, rising by the most in more than two years. Markets had envisaged for an increase of 19.0K, following a revised gain of 7.8K in the prior month. Meanwhile, the nation’s consumer inflation expectations remained steady at 3.7% in December.

Elsewhere in China, Australia’s largest trading partner, retail sales grew 10.2% in November, falling short of market expectations for a gain of 10.3%. In the previous month, the nation’s retail sales had risen 10.0%. Moreover, the nation’s industrial production climbed 6.1% on an annual basis in November, at par with market expectations and after recording an increase of 6.2% in the prior month.

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: AUD/USD is expected to find support at 0.7590 and a fall through could take it to the next support level of 0.7511; Meanwhile, the pair is expected to find its first resistance at 0.7711, and a rise through could take it to the next resistance level of 0.7753.

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


(COZ forex UK)
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  1. more than a month ago
  2. Commercial Forum
  3. # 5
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COZfx: Japan’s large manufacturers’ mood improved less-than-expected in 4Q 2017

COZforex: For the past trading session, the USD rose 0.37% against the JPY and closed at 113.51 on Friday.

In the Asian session, the pair is trading at 113.58, with the USD trading 0.06% higher against the JPY from Friday’s close.

Overnight data indicated that Japan’s business survey index of large manufacturing industries advanced less-than-expected by 9.7% on a quarterly basis in the fourth quarter of 2017, compared to market expectations for a rise of 10.0%. The index had recorded a rise of 9.4% in the previous quarter.

In technical analysis, coz forex senior derivatives trader Daniel • Moloney said: USD/JPY is expected to find support at 113.24 and a fall through could take it to the next support level of 112.91; Meanwhile, the pair is expected to find its first resistance at 113.8, and a rise through could take it to the next resistance level of 114.03.

Going ahead, Japan’s tertiary industry index for October, scheduled to release tomorrow, will be eyed by traders.

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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  1. more than a month ago
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COZfx: Britain and the EU failed to strike a Brexit divorce deal

COZforex: For the past trading session, the GBP slightly rose against the USD and closed at 1.3474. Yesterday, the European Commission President, Jean-Claude Juncker and the British Prime Minister, Theresa May failed to reach an agreement on an initial Brexit divorce package.

Macroeconomic data indicated that Britain’s Markit construction PMI rose to a level of 53.1 in November, expanding at its fastest pace in five months, thus highlighting that the sector has regained some steam in the final quarter of this year. The PMI had recorded a reading of 50.8 in the prior month, while markets had expected for an advance to a level of 51.0.

In technical analysis, coz forex senior derivatives trader Daniel • Moloney said: GBP/USD is expected to find support at 1.3408 and a fall through could take it to the next support level of 1.3349; Meanwhile, the pair is expected to find its first resistance at 1.3533, and a rise through could take it to the next resistance level of 1.3599.

Trading trend in the Pound today is expected to be determined by the release of UK’s Markit services PMI for November, set to release in a few hours.

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


(COZ forex UK)
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  1. more than a month ago
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COZfx: Swiss Franc trading a tad lower in the morning session

COZforex: For the past trading session, the USD rose 0.07% against the CHF and closed at 0.9812.

On the macro front, Switzerland’s total sight deposits fell to a level of CHF577.5 billion in the week ended 24 November, compared to a level of CHF577.6 billion reported in the previous week.

In the Asian session, the pair is trading at 0.9815, with the USD trading marginally higher against the CHF from yesterday’s close.

In technical analysis, coz forex senior derivatives trader Daniel • Moloney said: USD/CHF is expected to find support at 0.9789 and a fall through could take it to the next support level of 0.9763; Meanwhile, the pair is expected to find its first resistance at 0.9831, and a rise through could take it to the next resistance level of 0.9847.

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

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


(COZ forex UK)
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  1. more than a month ago
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COZfx: Euro-zone’s consumer confidence jumped to its highest since 2001 in November

COZfx: For the past trading session, the EUR rose 0.72% against the USD and closed at 1.1821, after a reading on the Euro-zone consumer sentiment came in better-than-expected in November.

Data showed that the Euro-zone’s preliminary consumer confidence index advanced to a level of 0.1 in November, jumping back into the positive territory and surging to a nearly 17-year high level, suggesting that upbeat growth prospects across the Euro-area are further lightening the region’s consumer morale. The index had recorded a reading of -1.0 in the previous month, while investors had envisaged for a rise to a level of -0.8.

The US Dollar fell against most of the major currencies, after minutes of the Federal Reserve’s (Fed) November meeting revealed lingering concerns over tepid US inflation.

According to minutes, officials proffered an upbeat assessment on the US economy and indicated that an increase in interest rates would be warranted “in the near term”. However, policymakers had some disagreements on the pace of inflation as many felt that tightness in the labour market would likely fuel higher inflation in the medium term while others expressed concerns over the inflation outlook. Also, board members fretted that asset prices are out of balance and could pose a threat to the economy.

In technical analysis, COZFX strategist Nigel Boynton said: EUR/USD is expected to find support at 1.1767 and a fall through could take it to the next support level of 1.1699; Meanwhile, the pair is expected to find its first resistance at 1.1870, and a rise through could take it to the next resistance level of 1.1905.

Trading trend in the Euro today is expected to be determined by the release of minutes of the European Central Bank’s recent meeting, due later in the day. Moreover, investors would keenly monitor the flash Markit manufacturing and services PMIs for November across the Euro-zone.


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  1. more than a month ago
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COZfx: Canada’s manufacturing shipments surprisingly grew in September

COZforex: For the past trading session, the USD declined 0.11% against the CAD and closed at 1.2754.

Macroeconomic data revealed that Canada’s manufacturing shipments unexpectedly advanced 0.5% on a monthly basis in September, defying market expectations for a fall of 0.5%. In the previous month, manufacturing shipments had recorded a revised rise of 1.4%.

In the Asian session, the pair is trading at 1.2726, with the USD trading 0.22% lower 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 1.2699 and a fall through could take it to the next support level of 1.2671; Meanwhile, the pair is expected to find its first resistance at 1.2769, and a rise through could take it to the next resistance level of 1.2811.

This afternoon will bring a crucial Canadian release, namely the consumer price inflation data for October.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.


(COZ forex UK)
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  1. more than a month ago
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