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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.


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COZFX: Pound extends its losses in the morning session

COZforex: For the past trading session, the GBP declined 0.43% against the USD and closed at 1.2427, after Luxembourg Prime Minister, Xavier Bettel, stated that he would only delay the Brexit deadline if it serves a purpose.

In the Asian session (at GMT0300), the pair is trading at 1.2414, with the GBP trading 0.10% lower 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 1.2381 and a fall through could take it to the next support level of 1.2349; Meanwhile, the pair is expected to find its first resistance at 1.2464, and a rise through could take it to the next resistance level of 1.2515.

With no macroeconomic releases in the UK today, investor sentiment would be determined by global macroeconomic news.

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


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COZFX: White metal trading on a weaker footing this morning

COZFX: For the past trading session, Silver declined 0.96% against the USD and closed at USD18.07 per ounce, tracking losses in gold prices.

In the Asian session (at GMT0300), the pair is trading at 17.89, with silver trading 0.97% lower against the USD from yesterday’s close.

In technical analysis, COZ senior foreign exchange risk investment trader Desmond Doyle said: Silver is expected to find support at 17.70 and a fall through could take it to the next support level of 17.51; Meanwhile, the pair is expected to find its first resistance at 18.23, and a rise through could take it to the next resistance level of 18.57.

The white metal is trading below its 20 Hr and 50 Hr moving averages.


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COZFX: Euro-zone producer price index advanced as estimated in July

COZFOREX: For the past trading session, the EUR rose 0.05% against the USD and closed at 1.0971.

On the data front, the Euro-zone producer price index rose 0.2% on a yearly basis in July, meeting market expectations. The PPI had recorded an increase of 0.7% in the previous month.

The US dollar declined against its peers, following a decline in the US manufacturing activity.

In the US, data indicated that the ISM manufacturing index unexpectedly fell to a level of 49.1 in September, contracting for the first time in 3 years and defying market anticipations for an unchanged reading. In the prior month, the index had recorded a reading of 51.2. Moreover, the US final Markit manufacturing PMI declined to a level of 50.3 in August, compared to a level of 50.4 in the previous month. Market participants and preliminary figures had indicated the PMI to fall to a level of 49.9. Further, the nation’s construction spending advanced 0.1% on a monthly basis in July, less than market consensus for a rise of 0.3%. In the previous month, construction spending had recorded a revised fall of 0.7%.

In technical analysis, COZFX strategist Nigel Boynton said: EUR/USD is expected to find support at 1.0941 and a fall through could take it to the next support level of 1.0907; Meanwhile, the pair is expected to find its first resistance at 1.0995, and a rise through could take it to the next resistance level of 1.1015.

Looking ahead, traders would await Euro-zone’s Markit services PMI for August and retail sales for July, set to release in a few hours. Later in the day, the US trade balance data for July along with the MBA mortgage applications, will garner significant amount of investors’ attention. Also, the Federal Reserve’s Beige Book, will be on investors’ radar.


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COZFX: Aussie reverses its gains in the Asian session

COZforex: For the 24 past trading session, the AUD rose 0.13% against the USD and closed at 0.6784.

In commodities, LME Copper prices marginally declined to $5696.5/MT; Meanwhile, Aluminium prices fell 0.3% or $5.5/MT to $1751.0/MT.

In the Asian session (at GMT0300), the pair is trading at 0.6769, with the AUD trading 0.22% lower against the USD from yesterday’s close.

Data showed that Australia’s CBA manufacturing PMI dropped to 51.3 in August, compared to a reading of 51.6 in the previous month. Additionally, the preliminary CBA services PMI declined to 49.2 in August, compared to a level of 52.3 in the prior month.

In technical analysis, COZforex senior currency strategist Ian • Quigley said: AUD/USD is expected to find support at 0.6756 and a fall through could take it to the next support level of 0.6744; Meanwhile, the pair is expected to find its first resistance at 0.6790, and a rise through could take it to the next resistance level of 0.6812.

In the absence of macroeconomic releases in Australia 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: Yellow metal reverses its gains in the morning session

COZFOREX: For the past trading session, Gold rose 0.23% against the USD and closed at USD1532.10 per ounce, amid rising fears over slowdown in global economic growth and uncertainty about US-China trade deal.

In the Asian session (at GMT0300), the pair is trading at 1529.20, with gold trading 0.19% lower against the USD from yesterday’s close.

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: Gold is expected to find support at 1518.80 and a fall through could take it to the next support level of 1508.40; Meanwhile, the gold is expected to find its first resistance at 1539.10, and a rise through could take it to the next resistance level of 1549.00.

The yellow metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.


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COZFX: Crude oil trading higher, ahead of API’s weekly crude oil stockpiles data

COZFOREX: For the past trading session, crude oil rose 0.94% against the USD and closed at USD54.76 per barrel, amid possibilities of OPEC led output cut and reduction in Saudi Arabian shipments.

In the Asian session (at GMT0300), the pair is trading at 54.84, with oil trading 0.15% higher against the USD from yesterday’s close.

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: The crude oil is expected to find support at 53.86 and a fall through could take it to the next support level of 52.88; Meanwhile, the oil is expected to find its first resistance at 55.50, and a rise through could take it to the next resistance level of 56.16.

Crude oil is trading above its 20 Hr and 50 Hr moving averages.


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COZFX: Loonie extends its losses in the Asian session

COZforex: For the past trading session, the USD rose 0.55% against the CAD and closed at 1.3284.

In the Asian session (at GMT0300), the pair is trading at 1.3301, with the USD trading 0.13% 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 1.3223 and a fall through could take it to the next support level of 1.3146; Meanwhile, the pair is expected to find its first resistance at 1.3342, and a rise through could take it to the next resistance level of 1.3384.

Looking ahead, traders would await Canada’s Ivey Purchasing Managers’ Index for July, scheduled to release later in the day.

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


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COZFX: BoE kept its interest rate steady at 0.75%

COZforex: For the past trading session, the GBP declined 0.29% against the USD and closed at 1.2123.

The Bank of England, in its latest monetary policy meeting, decided to leave its key interest rate steady at 0.75%, as widely expected and indicated that the policymakers are in no rush for a near-term move in monetary policy. Further, the central bank slashed its growth forecast to 1.3% for both 2019 and 2020 from 1.5% and 1.6%, respectively, citing concerns over global economic slowdown.

In economic news, UK’s manufacturing PMI remained steady at a 6.5-year low level of 48.0 in July, defying market expectations for a drop to a a level of 47.6.

In the Asian session (at GMT0300), the pair is trading at 1.2106, with the GBP trading 0.14% lower against the USD from yesterday’s close.

In technical analysis, COZFX strategist Nigel Boynton said: GBP/USD is expected to find support at 1.2067 and a fall through could take it to the next support level of 1.2028; Meanwhile, the pair is expected to find its first resistance at 1.2158, and a rise through could take it to the next resistance level of 1.2211.

Overnight data showed that UK’s Lloyds Bank business barometer remained unchanged at 13.0% in July.

Going ahead, traders would await UK’s RICS house price balance, Markit/CIPS services PMI, trade balance data, industrial production, gross domestic product and the Halifax house price index, all set to release next week.


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COZFX: Japan’s retail trade advanced in June

COZFOREX: For the past trading session, the USD slightly rose against the JPY and closed at 108.69 on Friday.

In the Asian session (at GMT0300), the pair is trading at 108.52, with the USD trading 0.16% lower against the JPY from Friday’s close.

Overnight data showed that Japan’s retail trade rose 0.5% on an annual basis in June, following an advance of 1.2% in the prior month. Meanwhile, the nation’s large retailer’s sales declined 0.5% on a monthly basis in June, compared to a similar fall in the prior month.

In technical analysis, COZforex senior currency strategist Ian • Quigley said: USD/JPY is expected to find support at 108.35 and a fall through could take it to the next support level of 108.18; Meanwhile, the pair is expected to find its first resistance at 108.76, and a rise through could take it to the next resistance level of 109.00.

Looking forward, traders would await the Bank of Japan’s interest rate decision followed by Japan’s jobless rate and industrial production for June, slated to release overnight.

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


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COZFX: Swiss Franc trading lower in the morning session

COZFOREX: For the past trading session, the USD rose 0.27% against the CHF and closed at 0.9851.

In the Asian session (at GMT0300), the pair is trading at 0.9865, with the USD trading 0.14% higher against the CHF from yesterday’s close.

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: USD/CHF is expected to find support at 0.9840 and a fall through could take it to the next support level of 0.9815; Meanwhile, the pair is expected to find its first resistance at 0.9878, and a rise through could take it to the next resistance level of 0.9891.

With no macroeconomic releases in Switzerland today, investors would look forward to global macroeconomic releases for further direction.

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


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