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  3. Wednesday, 24 May 2017
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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: 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.


(COZ forex UK)
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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.


(COZ forex UK)
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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.


(COZ forex UK)
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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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COZFX: Euro extends its gains in the morning session

COZFOREX: For the past trading session, the EUR rose 0.25% against the USD and closed at 1.1255.

In the US, data showed that the Philadelphia Fed manufacturing index climbed to a 1-year high level of 21.8 in July, surpassing market consensus for a rise to a level of 5.0. In the previous month, the index had recorded a level of 0.3. On the other hand, the nation’s leading indicator unexpectedly slid 0.3% on a monthly basis in June, declining to its lowest level since 2016 and defying market expectations for an advance of 0.1%. In the preceding month, the indicator had recorded a flat reading. Moreover, the US seasonally adjusted initial jobless claims rose to a level of 216.0K in the week ended 13 July 2019, in line with market anticipations and compared to a revised level of 208.0K in the prior week.

In the Asian session (at GMT0300), the pair is trading at 1.1268, with the EUR trading 0.12% higher against the USD from yesterday’s close.

In technical analysis, COZFX strategist Nigel Boynton said: EUR/USD is expected to find support at 1.1221 and a fall through could take it to the next support level of 1.1175; Meanwhile, the pair is expected to find its first resistance at 1.1298, and a rise through could take it to the next resistance level of 1.1329.

Looking forward, traders would keep an eye on Germany’s producer price index for June and Euro-zone’s current account balance for May, slated to release in a few hours. Later in the day, the US Michigan consumer sentiment index for July, will pique significant amount of investors’ attention.

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


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COZFX: Aussie trading higher, ahead of the RBA meeting minutes

COZFOREX: For the past trading session, the AUD rose 0.66% against the USD and closed at 0.7020 on Friday.

In commodities, LME Copper prices rose 0.4% or $25.0/MT to $5950.0/MT; Meanwhile, Aluminium prices declined 0.4% or $7.5/MT to $1799.0/MT.

In the Asian session (at GMT0300), the pair is trading at 0.7033, with the AUD trading 0.19% higher against the USD from Friday’s close.

Overnight data showed that China’s gross domestic product climbed 1.6% on a quarterly basis in 2Q 2019, rising at its weakest pace in 27 years and higher than market expectations for an advance of 1.5%. In the previous quarter, GDP had recorded a rise of 1.4%. Moreover, the nation’s industrial production jumped 6.3% on an annual basis in June, higher than market expectations for a rise of 5.2%. In the previous month, industrial production had registered an increase of 5.0%. Additionally, retail sales advanced 9.8% on a yearly basis in June, higher than market expectations for a rise of 8.5%. In the prior month, retail sales had recorded a rise of 8.6%.

In technical analysis, COZFX strategist Nigel Boynton said: AUD/USD is expected to find support at 0.6999 and a fall through could take it to the next support level of 0.6966; Meanwhile, the pair is expected to find its first resistance at 0.7050, and a rise through could take it to the next resistance level of 0.7068.

Looking ahead, traders would await the Reserve Bank of Australia’s meeting minutes, slated to release overnight.

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
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COZFX: Yellow metal reverses its gains in the morning session

COZFOREX: For the past trading session, Gold rose 0.24% against the USD and closed at USD1399.00 per ounce.

In the Asian session (at GMT0300), the pair is trading at 1396.00, with gold trading 0.21% 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 1388.20 and a fall through could take it to the next support level of 1380.40; Meanwhile, Gold is expected to find its first resistance at 1403.10, and a rise through could take it to the next resistance level of 1410.20.

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


(COZ Forex UK)
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COZFX: Crude oil trading higher in the Asian session

COZFOREX: For the past trading session, crude Oil rose 1.27% against the USD and closed at USD57.26 per barrel, after the Energy Information Administration (EIA) report indicated that US crude oil stockpiles fell by 1.1 million barrels to 468.5 million in the week ended 28 June 2019. Additionally, fresh figures from Baker Hughes disclosed that the number of active oil rigs declined by 5 to 788 in the week ended 03 July 2019.

In the Asian session (at GMT0300), the pair is trading at 56.97, with oil trading 0.51% lower against the USD from yesterday’s close.

In technical analysis, COZ senior foreign exchange risk investment trader Desmond Doyle said: The crude oil is expected to find support at 56.15 and a fall through could take it to the next support level of 55.33; Meanwhile, the pair is expected to find its first resistance at 57.68, and a rise through could take it to the next resistance level of 58.39.

Crude oil 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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