AceTraderForex : Market Review & data to be released today - InstaForex | Forex Forum | Forex world | InstaForex Forum
Instant Forex Trading

Welcome Guest ( Log In | )

19 Pages V  < 1 2 3 4 5 > »   
Add Reply   New Topic
AceTraderForex : Market Review & data to be released today, Dollar ratchets higher ahead of Fed rate decision
 Topic Options
 
acetraderforex
post Sep 26, 2013, 03:32 AM
Post #41
Honorary Member
****
Group: Members
Posts: 861
Joined: July 31, 2013
From: Hong Kong
Member No.: 22,154

post Sep 26, 2013, 03:32 AM
Post #41
AceTraderForex Sept 26 : Dollar weakens broadly on U.S. government shutdown fears

Market Review - 25/09/2013 22:19GMT

Dollar weakens broadly on U.S. government shutdown fears

The dollar weakened across the board on Wednesday, weighed down by worries about gridlock in Washington on the U.S. budget that could lead to a government shutdown next week.

Although the single currency briefly retreated to 1.3462 in Asian morning, euro rallied to 1.3520 in European morning on dollar's weakness. Later, despite a pullback to 1.3494 in New York morning, renewed buying lifted the pair and price rose to session high at 1.3538 at New York midday before easing.

The British pound dropped to session low at 1.5980 in Asian morning, however, dollar's broad-based weakness lifted the pair and cable rallied in European morning, helped by the release of better-than-expected U.K. CBI distributive trades and eventually hit an intra-day high at 1.6088 in New York session before trading sideways. U.K. CBI distributive trades (Sep) came in at 34, better than the forecast of 23.

Versus the Japanese yen, the greenback remained under pressure in Asia and weakened to an intra-day low at 98.38 in European morning on concerns over U.S. budget negotiations. Dollar later pared intra-day losses on renewed cross-selling of yen and staged a recovery to 98.82 in New York morning before falling near New York close.

In other news, ECB's Asmussen said 'ESM treaty will have to change before it can be used for bank recapitalization.'

On the data front, U.S. durable goods (Aug) came in at 0.1%, versus the forecast of 0.0%, previous reading was revised to -8.1%; U.S. durable goods ex. transport (Aug) came in at -0.1%, versus the forecast of 1.0%, previous reading was revised to -0.5%; U.S. ex. defense (Aug) came in at 0.5%, previous reading was revised to -7.5%. In a separate report, U.S. new home sales (Aug) came in at 0.421M and 7.9% m/m, better than the forecasts of 0.420M and 6.6% m/m respectively.

Data to be released on Thursday:

France consumer confidence, U.K. current account, GDP, U.S. GDP, PCE core, jobless claims, personal consumption and pending home sales.
Go to the top of the page
 
+Quote Post
 
 
acetraderforex
post Sep 27, 2013, 03:15 AM
Post #42
Honorary Member
****
Group: Members
Posts: 861
Joined: July 31, 2013
From: Hong Kong
Member No.: 22,154

post Sep 27, 2013, 03:15 AM
Post #42
AceTraderForex Sept 27: Dollar rises against other major currencies on upbeat U.S. data

Market Review - 26/09/2013 22:18GMT

Dollar rises against other major currencies on upbeat U.S. data

The greenback strengthened against majority of its peers on Thursday after data showed jobless claims dropped last week to a near 6-year low, this upbeat data increased speculation of the Federal Reserve will strat tapering its bond purchases at its October or December FOMC meeting.

The single currency remained under pressure in Asia and dropped to 1.3486 in European morning before trading sideways, euro staged a recovery to 1.3511 in New York morning. However, price met renewed selling there and later fell to session low of 1.3472 at New York midday.

Versus the Japanese yen, the greenback rallied in Asian morning to 99.11 on speculation of Japan's government will cut corporate taxes. However, price pared intra-day gains and retreated to 98.51 in European morning before rising to session high at 99.14 in New York morning, helped by the release of better-than-expected U.S. GDP data, jobless claims and pending home sales.

U.S. GDP annualised (Q2 final) came in at 2.5% versus the forecast of 2.6%. U.S. jobless claims came in at 305K versus the forecast of 325K, previous reading was revised to 310K. In a separate report, U.S. pending home sales (Aug) came in at -1.6% month/month, worse than the forecast of -1.0% m/m, previous reading was revised to -1.4% month/month.

The British pound edged higher to session high at 1.6096 in early European morning, however, cabled tumbled after release of trade data which showed deficits widened in Q2 and U.K. annual GDP showed economic growth was less than early estimate, damping optimism the U.K. recovery is gathering momentum. Price continued to drop in New York morning after the release of U.S. economic data to an intra-day low at 1.5999 (Reuters) before staging a short-covering rebound to 1.6043 in New York afternoon.

In other news, ECB's Constancio says 'easy for ECB to absorb excess liquidity in financial system, when desired; will keep key interest rates stable or lower for extended period of time; if there is upward pressure on short-term market rates, we still have tools to react.'

Data to be released on Friday :

Japan national CPI and Tokyo CPI, U.K. nationwide house prices, Gfk consumer confidence, business barometer, France GDP, Swiss KOF leading indicator, EU business climate, economic sentiment, consumer confidence, Germany CPI and HICP, U.S. personal income, personal spending, PCE , and University of Michigan consumer confidence.
Go to the top of the page
 
+Quote Post
 
 
acetraderforex
post Oct 2, 2013, 03:47 AM
Post #43
Honorary Member
****
Group: Members
Posts: 861
Joined: July 31, 2013
From: Hong Kong
Member No.: 22,154

post Oct 2, 2013, 03:47 AM
Post #43
AceTraderFx Oct 2 : Dollar pares losses after ISM manufacturing data


Market Review - 01/10/2013 22:10GMT

Dollar pares losses after ISM manufacturing data

The dollar weakened against other major currencies on Monday as concerns over the economic impact of a U.S. government shutdown weighed on investor demand for the greenback, however, data showed that the U.S. manufacturing sector expanded at the fastest rate since April 2011 last month and dollar pared earlier loss in New York trading.

U.S. government went into a partial shutdown after Congress failed to reach a deal on a budget for the new fiscal year. Republicans have insisted on delaying the implementation of President Obama's health care reforms as a condition for passing the budget.

During the day, although the single currency rose to a fresh near 8-month peak at 1.3588 in early European trading, profit-taking pressured price lower from there and euro dropped to 1.3535 after EU's release a lower than previous manufacturing PMI data, then 1.3517 in New York morning on dollar's broad-based rebound before stabilising.

In the eurozone, a report showed that the final reading of the bloc's manufacturing purchasing managers' index came in at 51.1 in September, unchanged from the preliminary estimate, but below August’s 26-month high of 51.4.

Versus the yen, dollar went through another volatile session against the yen on Tuesday. Despite an initial gain to 98.73 on the back of rising Nikkei 225 index in Asia, dollar's broad-based weakness pressured price to a session low of 97.65 in Europe before staging a strong rebound on short-covering. The pair later climbed back to 98.30 in New York morning after release of upbeat ISM manufacturing data before easing and then traded sideways for rest of the session.

The British pound strengthen after finding support at 1.6181 in Asia and then rose above Monday's high of 1.6203 to a fresh 8-1/2 month high of 1.6260 in early European trading before retreating, dollar's broad-based rebound later pushed price lower in New Yok morning and cable fell to 1.6190 before stabilising.

In commodity currency, the Australian dollar rallied after RBA kept monetary policy unchanged on Tuesday, surged from 0.9289 to 0.9435 before profit-taking emerged. RBA kept its rate unchanged at 2.50% and said 'monetary policy appropriate; lower A$ would help economy; see below trend growth continuing in near term; A$ still about 10% below its April level despite recent rise; unemployment rate has edged higher; pace of borrowing still subdued; sees improvement I household n business sentiment though too soon to judge how persistent this will be.'

In other news, BoE's Tucker said 'regular stress testing of U.K. banks would improve BoE supervision, confidence in banks; stress testing would improve BoE's accountability to parliament, create healthy debate about supervision objectives; Basel capital accord could be recast to differentiate between going-concern and gone-concern requirements; banking regulators should address international distribution of losses in a crisis.'

Data to be release on Wednesday:

Australia trade balance, building approvals, U.K. PMI construction, EU PPI, ECB rate decision, U.S. ADP employment.
Go to the top of the page
 
+Quote Post
 
 
acetraderforex
post Oct 3, 2013, 03:05 AM
Post #44
Honorary Member
****
Group: Members
Posts: 861
Joined: July 31, 2013
From: Hong Kong
Member No.: 22,154

post Oct 3, 2013, 03:05 AM
Post #44
AcetraderFx Oct 3 : Euro strengthens to a fresh near 8-month peak against the dollar on Wednesday

Market Review - 02/10/2013 22:14GMT

Euro strengthens to a fresh near 8-month peak against the dollar on Wednesday

The single currency rose to a fresh near 8-month peak against the dollar on Wednesday after Italy's prime minister survived a confidence vote, while comments by ECB President Mario Draghi also boosted the pair. Italian Prime Minister Enrico Letta survived a vote of confidence in parliament on Wednesday, after Silvio Berlusconi dropped his opposition to the coalition, in a surprise U-turn after announcing Saturday that he was pulling his ministers out of the government.

During the day, although euro edged lower from Tuesday's high of 1.3589 in early Asian trading, the pair found support at 1.3507 and then rebounded to 1.3539 in European morning. Later, euro briefly dropped to 1.3505 after ECB kept interest rate on hold at 0.50% but 'euro-supportive' comments by ECB's President Mario Draghi lifted price sharply higher to a fresh multi-month high at 1.3608 in New York morning before easing.

ECB's Draghi said 'underlying price pressures in Euro zone expected to remain subdued; confidence indicators confirm expected gradual improvement in economy; ECB monetary policy stance geared towards maintaining warranted degree of monetary accommodation; ECB monetary policy stance will remain accommodative for as long as necessary; ECB expects key interest rates to remain at present or lower levels for extended period; will remain particularly attentive to implications to monetary policy stance; 'inflation path is developing as expected; will have to look through medium-term inflation and decide about interest rates, or other steps'

Versus the yen, dollar remained under pressure in Asia on the back of decline in Nikkei 225 index and then fell to 97.26 before recovering, however, another round of selling on dollar due to a combination of political deadlock in the U.S. and a weak private sector jobs report weighed on greenback and dollar later dropped to a fresh session low of 97.15 in New York morning.

U.S. ADP in September came in at 166K, worse than the forecast of 180K.

Although the British pound initially fell to session low 1.6162 in Asian morning, cross-related buying of sterling versus euro lifted price to 1.6227 in European and cable later climbed higher in tandem with euro to 1.6252 (near Tuesday's 8-1/2 month peak at 1.6260) in New York morning on dollar's broad-based weakness after disappointing U.S. jobs data.

In other news, BoE's Fisher says 'unemployment could hit 7% a year earlier or later depending on small changes in assumptions; "extremely serious" if U.S. shutdown means debt interest paid; better to hold QE in reverse in case economy falters.'

Data to be released on Thursday:

China non-manufacturing PMI, Italy service PMI, France service PMI, Germany service PMI, U.K. service PMI, EU service PMI, retail sales, U.S. jobless claims, factory orders, ISM non-manufacturing, durable goods on Thursday. China and Germany financial market is closed due to public holiday.
Go to the top of the page
 
+Quote Post
 
 
acetraderforex
post Oct 4, 2013, 03:10 AM
Post #45
Honorary Member
****
Group: Members
Posts: 861
Joined: July 31, 2013
From: Hong Kong
Member No.: 22,154

post Oct 4, 2013, 03:10 AM
Post #45
smile.gif AceTraderFx Oct 4 : Dollar weakens after ISM data and U.S. budget worries


Market Review - 03/10/2013 22:24GMT

Dollar weakens after ISM data and U.S. budget worries

The greenback weakened against euro and yen on Thursday as demand for the greenback remained under pressure after disappointing U.S. service sector data and amid ongoing U.S. budget worries.

The single currency moved above Wednesday’s high at 1.3608 to 1.3624 in Asian session before retreating to 1.3589 in European morning. Later, Euro rebounded to 1.3616 after release of stronger-than-expected euro zone retail sales, which came in at 0.7% m/m and -0.3% y/y versus the forecast of 0.2% n -1.5% respectively, and then dropped to 1.3587 in New York morning. However, the pair found renewed buying interest there and ratcheted higher above Asian high to 1.3627 on U.S. budget worries and weaker than expected ISM non-manufacturing data, climbed to 8-month fresh high at 1.3646 in New York midday.

U.S. ISM non-manufacturing in September came in at 54.4, worse than economists’ forecast of 57.0.

Versus Japanese yen, the greenback found renewed buying interest at Asian low at 97.26 and lifted to a session high at 97.88 in European trading on cross-selling yen versus other currencies. However, worries of U.S. budget and weaker-than-expected ISM data pushed the pair sharply lower to a session low at 96.93 in New York trading.

The British pound traded narrowly in Asian session and then dropped to 1.6192 in European morning. Cable rebounded to 1.6234 after the release of better-than-expected U.K. service PMI (60.3 versus the expectation of 60.0) before edging lower in European midday. Later, the pair dropped to session low at 1.6155 near New York close.

In other news, Fed's Williams said 'very accommodative monetary policy will be appropriate for quite some time; U.S. unemployment is still too high, inflation too low; will be appropriate to trim, end bond buys as economy improves; do not expect it will be appropriate to raise short-term rates until second half of 2015.’ U.S. treasury department said 'U.S. default on obligations could cause credit market to freeze, dollar to plummet, U.S. interest rates to skyrocket; U.S. default might trigger a financial crisis and a recession that "could echo the events of 2008 or worse U.S. labor department confirms monthly jobs report will not be issued on Friday, says an alternative release date has not be set.

On the data front, U.S. jobless claims came in at 308K, better than the forecast of 313K, previous reading is revised to 307K. German service PMI in September came in at 53.7, worse than the forecast of 54.4. Euro zone service PMI in September came in at 52.2, better than expectation of 52.1.

Data to be released on Friday:

Japan BOJ rate decision, Germany PPI, U.K. employment confidence, Canada Ivey PMI on Friday.China financial market is closed due to public holiday.
Go to the top of the page
 
+Quote Post
 
 
acetraderforex
post Oct 7, 2013, 04:13 AM
Post #46
Honorary Member
****
Group: Members
Posts: 861
Joined: July 31, 2013
From: Hong Kong
Member No.: 22,154

post Oct 7, 2013, 04:13 AM
Post #46
AceTraderFx Oct 7 : Dollar rebounds on weekend short-covering

Market Review : Oct 7, 2013

Data to be released this week:

Monday : Japan Leading indicators, BOJ's monthly economic report, Germany WPI, EU Sentix investor confidence, Canada Building permits. China financial market is closed due to public holiday.

Tuesday : Australia NAB business condition, NAB business confidence, Japan Current account, Economic watch DI, China HSBC Markit Service PMI, Swiss Unemployment rate, CPI, retail sales, UK BRC retail sales, RICS house prices, Germany Trade balance, current account, export, import, factory orders, France trade balance, Canada housing starts, trade balance, exports, imports, US trade balance, redbook retail sales.

Wednesday : Australia Westpac consumer confidence, Japan Machine tools orders, UK Industrial production, Manufacturing production, trade balance, Germany Industrial production, U.S. Wholesale inventories, Wholesale sales, FOMC minutes.

Thursday : New Zealand PMI, Australia Employment change, Unemployment rate, Japan Tertiary industry index, Machinery orders, Consumer confidence, UK BOE asset purchase target, MPC rate decision, Germany Import price index, France industrial production, manufacturing production, Italy Industrial production, Canada New housing price index, U.S. Import price index, export price index, jobless claims, Fed budget.

Friday : Japan Domestic CGPI, Germany CPI, HICP, France current account, Italy CPI, HICP, Canada Unemployment rate, U.S. PPI, retail sales, University of Michigan consumer confidence, business inventories.

Dollar rebounds on weekend short-covering

Dollar strengthened broadly against the major currencies as investors locked in their profits on Friday, although concerns over the partial U.S. government shutdown still weighed on the greenback.

During the day, the single currency traded in a relatively narrow range below Thursday's near 8-month peak at 1.3646 in Asia and then came under pressure in Europe on long liquidation. Euro dropped to 1.3580 in New York morning and intra-day decline accelerated once support at 1.3577/87 was penetrated due to dollar's broad based rebound at European closing, price tumbled to session low of 1.3538 before stabilising in New York afternoon.

Versus Japanese yen, the greenback initially rebounded to 97.40 in Asian morning and then retreated after the Bank of Japan decided to hold its monetary policy unchanged, dollar dropped to 96.96 in European morning but greenback's broad-based rebound in New York trading lifted price. The pair later climbed to a fresh session high of 97.49 in New York afternoon and closed near its day's high.

Bank of Japan’s governor Haruhiko Kuroda says 'BoJ will take policy response if overseas tail risks threaten Japan's recovery; current BoJ easing is enough to meet BoJ's policy target; government stimulus package will give significant boost to Japan's GDP growth.’

The British pound briefly recoevred to 1.6179 in Asian midday following Thurday's decline but cross-selling of sterling (especially versus euro and yen) quickly knocked price lower. investors continued to lock in their recent profits and sent cable tumbling to a one-week low of 1.6006 near New York close.

In other news, Fed's Fisher said 'the decision not to taper bond-buying in Sep was a "close call"; I personally feel the effectiveness of buying treasuries "isn't that high" and costs are large; I don't believe we would dare default; a default would disturb the entire financial market.' Fed's Lacker said 'Fed policy actions cannot necessarily counteract the effects fiscal policy uncertainty, falling productivity growth; recent recovery has shown "significant limits" on power on monetary policy to affect real economy.'

On the data front, Canada Ivey PMI (Sep) came in at 51.9, worse than the forecast of 52.9; EU PPI (Aug) came in at 0.0% m/m n -0.8% y/y, vs the forecast of 0.1% m/m n -0.6% y/y, previous reading is revised to 0.2% m/m n 0.0% y/y. Germany PPI (Sep) came in at -0.1% m/m n -0.5% y/y, vs the forecast of 0.1% m/m n 0.1% y/y.
Go to the top of the page
 
+Quote Post
 
 
acetraderforex
post Oct 8, 2013, 02:49 AM
Post #47
Honorary Member
****
Group: Members
Posts: 861
Joined: July 31, 2013
From: Hong Kong
Member No.: 22,154

post Oct 8, 2013, 02:49 AM
Post #47
AceTraderFx Oct 8 : Dollar weakens as U.S. political deadlock continues

Market Review - 07/10/2013 22:19GMT

Data to be released on Tuesday :

Australia NAB business condition, NAB business confidence, Japan Current account, Economic watch DI, China HSBC Markit Service PMI, Swiss Unemployment rate, CPI, retail sales, UK BRC retail sales, RICS house prices, Germany Trade balance, current account, export, import, factory orders, France trade balance, Canada housing starts, trade balance, exports, imports, US trade balance, redbook retail sales on Tuesday.

Dollar weakens as U.S. political deadlock continues

The greenback weakened broadly against other currencies on Monday as the U.S. government shutdown entered a second week with few signs of a resolution in sight, fuelling fears over the risk of a possible U.S. debt default.

The single currency ratcheted higher from New Zealand low at 1.3553 against the dollar in Asia and climbed to 1.3591 in European morning, however, cross-selling of euro pressured the pair from there and price retreated after the release of weaker-than-expected EU Sentix investor confidence (6.1 versus the forecast of 8.5), euro dropped to session low at 1.3543 in New York Morning but only to rebound to 1.3585 later in the day due to broad-based weakness in greenback in New York afternoon.

The British pound also rose in tandem with euro at New Zealand open and ratcheted higher from at 1.6014 to 1.6048 in Asia and then eased to 1.6026 but renewed buying interest there lifted price higher in European trading. Cable later climbed higher again in part due to cross-buying of sterling versus euro and rose to 1.6101 in New York morning before easing.

Versus Japanese yen, the greenback remained under pressure in Asian trading due to the drop in Nikkei 225 index and then edged lower in European trading, price fell to 96.81 in New York morning before recovering. Later, dollar staged a brief bounce to 97.22 on short covering but only to weaken to a fresh one-month low of 96.67 near New York close.

In other news, ECB's Praet says 'Europe has problem of collective action; euro-area GDP won't return to 2007 level until post-2015; monetary policy alone can't create sustainable growth ; Europe's banking sector hasn't regained full trust; ECB has taken very little term risk on balance sheet; ECB has taken on relatively little credit risk; OMT program is different as is off balance sheet.' ECB's Asmussen says 'single bank supervision and resolution mechanisms should start at roughly the same time; Italy so far does not qualify for OMT programme; Italy's main problems is low growth potential, needs to continue with consolidation; OMT programme still ready to be activated if needed.' White house's Sperling says 'president has made clear he is willing to negotiate with congress, but not under threat of default.'

In the data front, Japan leading indicators (Aug) came in at 106.5, vs the forecast of 106.6. Canada building permits in Aug came in at -21.2%, worse than the forecast of -7.4%, previous reading is revised to 21.4%.
Go to the top of the page
 
+Quote Post
 
 
acetraderforex
post Oct 9, 2013, 03:50 AM
Post #48
Honorary Member
****
Group: Members
Posts: 861
Joined: July 31, 2013
From: Hong Kong
Member No.: 22,154

post Oct 9, 2013, 03:50 AM
Post #48
smile.gif AceTraderFx Oct 9: Dollar ends mixed as U.S. political gridlock continues


Market Review - 08/10/2013 22:19GMT

Data to be released on Wednesday:

Australia Westpac consumer confidence, Japan Machine tools orders, UK Industrial production, Manufacturing production, trade balance, Germany Industrial production, U.S. Wholesale inventories, Wholesale sales, FOMC minutes.

Dollar ends mixed as U.S. political gridlock continues

The greenback fluctuated widely on Tuesday as hopes began to sprout that lawmakers will end a budget impasse that closed the government and threatened to derail efforts to lift the country's debt ceiling and avoid default.

The single currency initially retreated to 1.3558 in Asian trading before edging higher in European morning. The pair rose above Monday's high at 1.3591 to session high of 1.3607 in New York morning on greenback's broad-based weakness partly due to the comment from IMF’s chief economist Olivier Blanchard, however, euro later dropped back to 1.3571 as hopes began to build that parties from both sides may be willing to return to the negotiating table to find a way to fund the government as well as lift the debt ceiling and avoid default.

IMF's chief economist Blanchard says 'U.S. default could cause financial trauma, turn what is now a U.S. economic recovery into a recession.'

Versus the Japanese yen, despite initial selloff to 96.55 in Australian morning, the pair ratcheted higher in Asian trading, rose to 97.19 in Europe and then further to 97.25 in New York morning before retreating. Later, renewed cross-buying of yen pushed the pair lower and price retreated to 96.83 before stabilising.

Although the British pound edged lower from Asian high of 1.6099 and then tanked to 1.6019 in European morning, active cross-buying of sterling lifted price sharply higher and cable later penetrated Monday's high of 1.6101 to 1.6124 in New York morning before retreating on dollar's based rebound, dropped to 1.6070 in New York afternoon.

In other news, Fed's Plosser says 'the time has come for an expeditious phase-out of the purchase programme; disagreed with decision to delay tapering at September timing; delay in Tapering of asset purchases without clear justification undermines Fed credibility, efficacy of forward guidance; sees U.S. economy expanding 2.5% this year, 3% in 2014’ Fed's Pianalto says 'wanted to reduce asset purchases in September; very supportive monetary policy remains essential to support economy; it pays to be cautious with expanding QE3’ German government official says 'exiting expansive monetary policy will be a topic for central bank at G20/IMF meeting; exit from expansive monetary policy is necessary and should be communicated well.’

On the data front, German factory order in August came in at -0.3% m/m and 3.1% y/y, worse than the expectation of 1.0% and 4.0%, previous reading revised to -1.9% and 2.3%. China HSBC Markit Service PMI (Sep) came in at 52.4, versus previous month reading of 52.8. Canada housing starts in September came in at 193.6K, better than then expectation of 185.0K, previous reading revised to 184.0K.
Go to the top of the page
 
+Quote Post
 
 
acetraderforex
post Oct 10, 2013, 03:22 AM
Post #49
Honorary Member
****
Group: Members
Posts: 861
Joined: July 31, 2013
From: Hong Kong
Member No.: 22,154

post Oct 10, 2013, 03:22 AM
Post #49
smile.gif AceTraderFx Oct 10 : USD strengthens broadly on Yellen's nomination as next Fed chief


Market Review - 09/10/2013 22:26GMT

Data to be released on Thursday :

New Zealand PMI, Australia Employment change, Unemployment rate, Japan Tertiary industry index, Machinery orders, Consumer confidence, UK BOE asset purchase target, rate decision, Germany Import price index, France industrial production, manufacturing production, Italy Industrial production, Canada New housing price index, jobless claims.

Dollar strengthens broadly on Yellen's nomination as next Fed chief


The greenback rose against other major currencies on Wednesday amid relief buying on news that Federal Reserve Vice Chair Janet Yellen will replace Ben Bernanke as the head of the U.S. central bank.

Although the single currency briefly climbed to 1.3605 in Australian morning, dollar's broad-based firmness after news of Yellen's nomination as next Fed chief pressured price from there and the pair ratcheted lower in Asian trading. Euro traded sideways ahead of European opening and then fell to 1.3516 in Europe before recovering to 1.3536 on better-than-expected German industrial production (1.4% m/m and 0.3% y/y, versus forecast of 1.0% and -1.4%). Later, the pair dropped again in New York trading and tumbled to session low of 1.3486 after the release of mildly hawkish Fed's minutes.

Minutes of Sept meeting stated 'U.S. Fed decision not to reduce bond buying 'a relative close call for several voting members; most participants judged it would likely be appropriate to stat to taper QE3 this year, end it in mid-2014; concerns raised about effectiveness of FOMC communication given market expectations for reduction of QE; all FOMC member but one wanted more evidence of sustainable economic progress before trimming QE; a numbers stressed contingent, data-dependent nature of QE; members worried tighter financial condition could slow economy, labour market; participants discussed difficulties of explaining cut to QE in coming absent clearly stronger economic data; a few participants preferred to cut only treasuries buys when time comes.'

The British pound initially bounced to 1.6122 against the dollar ahead of Asian opening on Wednesday and then retreated in Asia. The pair continued to move lower in Asia and then tumbled below 1.6000 level in Europe after release of weaker-than-expected U.K. industrial production and manufacturing production data. Later, cable dropped further in New York trading and fell to 1.5916 in New York afternoon before recovering.

U.K. industrial production in August came in at -1.1% m/m n -1.5% y/y, vs the forecast of -0.4% m/m n -0.6% y/y, previous reading revised to 0.1% m/m n -1.1% y/y. U.K. manufacturing production in August came in at -1.2% m/m n 0.2% y/y, versus the expectation of 0.4% m/m n 1.0% y/y, previous reading revised to -0.3% y/y.

Versus Japanese yen, the greenback found support at 96.83 in Australia morning and then ratcheted higher in Asian session due to dollar's broad-based rebound. The pair climbed to 97.47 in European trading but renewed cross-buying of yen versus other currencies pressured price to 97.12 in New York morning. Later, dollar briefly rose to a session high at 97.65 in New York afternoon after relese of FOMC minutes before retreating near New York close.

In other news, ECB's Asmussen says 'don't have an exchange rate target, but look at its impact on economy; we still have room to move on interest rates; still have whole array of non-standard measures available.'
Go to the top of the page
 
+Quote Post
 
 
acetraderforex
post Oct 10, 2013, 08:11 AM
Post #50
Honorary Member
****
Group: Members
Posts: 861
Joined: July 31, 2013
From: Hong Kong
Member No.: 22,154

post Oct 10, 2013, 08:11 AM
Post #50
wrong content in this thread, transfered to the correct thread.
Go to the top of the page
 
+Quote Post
 
 
acetraderforex
post Oct 10, 2013, 08:42 AM
Post #51
Honorary Member
****
Group: Members
Posts: 861
Joined: July 31, 2013
From: Hong Kong
Member No.: 22,154

post Oct 10, 2013, 08:42 AM
Post #51
wrong content in this thread, now transered to the correct thread
Go to the top of the page
 
+Quote Post
 
 
acetraderforex
post Oct 11, 2013, 02:53 AM
Post #52
Honorary Member
****
Group: Members
Posts: 861
Joined: July 31, 2013
From: Hong Kong
Member No.: 22,154

post Oct 11, 2013, 02:53 AM
Post #52
smile.gif AceTraderFx Oct 11 : Yen weakens broadly on improved risk appetite


Market Review - 10/10/2013 22:24GMT

Yen weakens broadly on improved risk appetite

The Japanese yen weakened broadly on Thursday as risk appetite increased due to hope for a breakthrough on an agreement to end the U.S. government shutdown and the raising of the debt ceiling, ahead of a deadline to avoid a sovereign debt default, and comment from Bank of Japan's governor Haruhiko Kuroda.

White House official said 'willing to look at House Republican debt proposal, wants debt limit extended for as long as possible; Obama is willing to negotiate on broad budget issues, but only after Congress ends shutdown, debt ceiling.'

Bank of Japan's governor Haruhiko Kuroda said '"premature" to discuss additional BoJ measures; BoJ prepared to do anything necessary on deflation; no target for exchange rate, monetary policy aimed at domestic policy of raising inflation to sustainable 2% level.'

Dollar found support at 98.26 versus the yen in Australian morning Thursday and ratcheted higher to 97.89 European morning. Later, the pair briefly dropped to 97.62 due to weaker-than-expected jobless claim data (374K vs the forecast of 310K) before rising to a session high at 98.28 on the comment from Bank of Japan's governor Haruhiko Kuroda in New York morning.

The single currency met renewed selling interest at 1.3528 in Australian morning and then dropped to 1.3588 in Asian trading. However, failure to penetrate Wednesday’s low at 1.3586 prompted short-covering and the pair rebounded to 1.3533 in European morning after European Central Bank (ECB) and the People's Bank of China (PBOC) agreed to establish a bilateral currency swap arrangement. Euro later climbed to 1.3547 in New York morning in part due to cross-buying of euro (especially versus yen) and weak U.S. job data and then moved in a choppy fashion for rest of the session. Eur/jpy rallied from 131.52 to as high as 132.95 before easing.

The European Central Bank (ECB) and the People's Bank of China (PBOC) have agreed to establish a bilateral currency swap arrangement to purchase and subsequently repurchase Chinese yuan and euro from each other. The swap agreement, which will be valid for three years, will have a maximum size of 350 billion Yuan when Yuan are provided to the ECB and of 45 billion when Euro are provided to the PBC.

Similarly, although British pound dropped below Wednesday’s low at 1.5916 to a 3-week low of 1.5914 in Asia, lack of follow-through selling prompted short-covering. Cable climbed higher in Europe after BOE kept its key rate at 0.5% and maintained asset purchase total at 375 billion sterling, price rose to 1.5973 after disappointing U.S. jobs data. Later, the pound briefly dropped to 1.5929 but only to ratchet higher to 1.5979 in New York afternoon.

In other news, ECB's president Mario Draghi says ' euro area outlook for nascent economy recovery; euro area pace of recovery subdued, uneven, fragile; euro area risks titled to downside; inflation expectation are firmly anchored; credit dynamic remains weak; it will be some time before credit creation spurred; monetary policy has to be supportive; ECB has adopted explicit communication on rates; ECB has committed to low rates for extended period; inflation will stay subdued in medium term; ECB counteracted and removed unwarranted breakup fears; forward guidance doesn't mean ECB is at lower bound; rate guidance focuses attention on mid-term inflation outlook; guidance helped anchor market expectations; rate expectation must not endanger economic recovery; path of policy rates conditional on inflation outlook; recovery remains in its infancy.’

Data to be released on Friday :

Japan Domestic CGPI, Germany CPI, HICP, France current account, Italy CPI,
HICP, Canada Unemployment rate, U.S University of Michigan consumer confidence on Friday.
Go to the top of the page
 
+Quote Post
 
 
acetraderforex
post Oct 15, 2013, 02:53 AM
Post #53
Honorary Member
****
Group: Members
Posts: 861
Joined: July 31, 2013
From: Hong Kong
Member No.: 22,154

post Oct 15, 2013, 02:53 AM
Post #53
smile.gif AceTraderFx Oct 15: Dollar weakens on concerns over U.S. default


Market Review - 14/10/2013 22:20GMT

Dollar weakens on concerns over U.S. default

Dollar weakened against other major currencies on Monday as potential of U.S. sovereign default after U.S. lawmakers and the White House over the weekend failed to agree on a spending package needed to reopen the government and lift the debt ceiling continued to weigh on demand for the greenback. Trading volume was thin in American session due to U.S.'s Columbus Day holiday.

Although euro opened higher to a session high at 1.3566 against the dollar in New Zealand morning then climbed marginally higher to 1.3569 in Asian session, cross-selling of euro versus sterling pressured price and the pair dropped to 1.3546 in European morning. Later, dollar's broad-based weakness on concerns over U.S. default lifted price in New York morning and euro surged to a high of 1.3598 before retreating to 1.3560 on hopes for reaching agreement on debt ceiling.

The British pound also opened higher at 1.5981 in New Zealand and then rose to 1.5989 in Asian trading but retreated in tandem with euro and fell to 1.5955 in European morning. However, renewed buying interest emerged there and cable later rose to 1.6015 and then further to 1.6018 in New York morning before retreating to 1.5979 in part due to the comments from Bank of England deputy governor Designate Cunliffe.

BoE's Deputy governor Designate Cunliffe said on Monday that 'forward guidance mitigates risk of premature expectations of tighter monetary policy; unusual amount of uncertainty about potential for firms to increase output without talking on additional employees; abrupt normalization of interest rates could threaten financial stability; U.K. property market will be a key area of financial policy committee's domestic focus; expects firms to use up existing capacity before starting to hire when demand recovers; assets; do not agree we entering into a housing bubble; house prices need to be watched very carefully, should be dealt with if threatens financial stability; BOE may need loan to value powers in future, but stiff test first to see if only way to deal with house prices; second stage to help buy scheme may possibly create risk housings borrowing too much; need to keep a very close eye on lending standards under help to buy.'

Versus Japanese yen, dollar opened lower at 98.09 in New Zealand before rising Nikkei 225 index lifted price in Asia. Dollar rebounded to 98.35 and then traded sideways in Europe but cross-buying of yen pressured price to 98.09 again in New York morning but only to rise to 98.48 at New York midday on speculation for reaching agreement on U.S. debt ceiling.

In the other news, ECB's Asmussen said 'rolling over Greek gov't bonds would infringe ban on monetary financing of governments.'

On the data front, EU industrial production (Aug) came in at 1.0% m/m and -2.1% y/y, better than the forecast of 0.8% m/m and -2.4% y/y, previous reading revised to -1.0% m/m and -1.9% y/y.

Data to be released on Tuesday:

Australia RBA minutes, Japan industrial production, Capacity utilisation, France HICP, CPI, UK CPI, RPI, PPI, ONS house price, EU ZEW economic sentiment, Germany ZEW current condition, ZEW economic sentiment, U.S. Empire state manufacturing, Redbook retail sales, Canada existing home sales.
Go to the top of the page
 
+Quote Post
 
 
acetraderforex
post Oct 16, 2013, 02:51 AM
Post #54
Honorary Member
****
Group: Members
Posts: 861
Joined: July 31, 2013
From: Hong Kong
Member No.: 22,154

post Oct 16, 2013, 02:51 AM
Post #54
smile.gif AceTraderFx Oct 16: Dollar trades mixed after suspension of U.S. Senate debt talks

Market Review - 15/10/2013 22:04GMT

Dollar trades mixed after suspension of U.S. Senate debt talks

Dollar traded mix versus major currencies on Wednesday as hopes for a deal to raise the U.S. debt ceiling and end the government shutdown diminishing. U.S. Senate Durbin said in New York afternoon that 'U.S. Senate fiscal negotiations suspended until House Republicans work out plan to proceed on debt limit, government funding.'

The single currency found support at 1.3550 in Asian trading and then rose to session high at 1.3571 in European morning. However, a growing optimism on U.S. debt ceiling deal pushed euro lower to a fresh 2-week trough at 1.3479 in European midday before stabilizing. Euro later rebounded to 1.3536 near New York close on news that U.S. Senate fiscal negotiations had suspended.

The British pound swung from gains to losses, Price initially dropped below Monday's low at 1.5955 to 1.5952 in Asian morning and then rebounded to 1.6010 in European morning after the release of higher-than-expected CPI data, which came in at 0.4% m/m and 2.7% y/y, versus street forecast of 0.3% and 2.6% respectively. However, cable met selling pressure there and price tumbled to a session low of 1.5915 in European midday. However, active broad-based buying of sterling in New York session helped price to recoup intra-day losses and cable climbed back to as high as 1.6000 near New York close.

Versus Japanese yen, despite a brief rise to 98.71 in Australia following rally in previous session, the greenback retreated on renewed cross-buying yen and dropped to 98.37 shortly after European open. Later, dollar rebounded to 98.69 but failure to penetrate said intra-day high prompted profit-taking. Price retreated to 98.39 and then tumbled to an intra-day low at 97.99 near New York close.

In the other news, BoE's Weale said 'considerable slack in U.K. labor market is exerting downward pressure on inflation; clear movement of half a percentage point in inflation expectation would be significant; 'forward guidance if not carefully designed can raise inflation expectation; my concerns about inflation expectations are forward guidance remain.'

On the data front, Fed's Empire state index in October came in at 1.52, vs the forecast of 7.00, the lowest since May. EU ZEW economic sentiment (October) came in at 59.1.Germany ZEW current condition (October) came in at 29.7, worse than the forecast of 31.3.Germany ZEW economic sentiment (October) came in at 52.8, better than the expectation of 49.6.

Data to be released on Wednesday :

New Zealand CPI, Australia Westpac leading economic index, U.K. claimant count, ILO unemployment rate, Average earnings, Swiss ZEW index, EU trade balance, CPI, U.S. CPI and net LT TIC.
Go to the top of the page
 
+Quote Post
 
 
acetraderforex
post Oct 17, 2013, 03:56 AM
Post #55
Honorary Member
****
Group: Members
Posts: 861
Joined: July 31, 2013
From: Hong Kong
Member No.: 22,154

post Oct 17, 2013, 03:56 AM
Post #55
smile.gif AceTraderFx Oct 17: Dollar pares early gain after Senate deal

Market Review - 16/10/2013 22:19GMT

Dollar pares early gain after Senate deal


Dollar strengthened against other major currencies on Wednesday but this gain was limited after U.S. Senate reached a bipartisan deal. U.S. Senate majority leader Reid said 'bipartisan compromise reached in Senate to raise debt limit and reopen government.’

Although euro rose from 1.3506 in Asia and ratcheted higher in European trading, it climbed to a session high at 1.3567 in New York morning, dollar's broad-based rebound on optimism that the U.S. debt ceiling pressured price sharply lower and euro tumbled to a fresh 2-week low of 1.3472 before stabilising.
Later, the single currency rebounded after U.S. Senate reached a bipartisan deal and it climbed back to 1.3550 in New York afternoon.

With Japanese yen, the greenback retreated after rising to 98.63 in the Asian morning and then dropped to 98.25 in Europe. However, dollar's broad based rebound lifted price and the pair penetrated Tuesday's high of 98.71 in New York morning, then it surged to a session high at 98.98 before easing. Dollar later retreated to 98.60 in New York afternoon after Senate reached a bipartisan deal before stabilising.

Although cable rebounded after finding renewed buying interest at 1.5966 in Asia, it posted a brief rally to a session high of 1.6064 in Europe due to the release of better than the forecast U.K. job claimants data (-41.7K in September versus forecast of -25.0K). With active cross-selling of pound versus euro pressured price sharply lower from there and cable later tumbled on the back of greenback's broad-based rebound, it dropped to a fresh near 4-week low at 1.5894 in New York morning. But the British pound rose in tandem with euro in New York afternoon and it climbed back to 1.5970 before easing.

In other news, Bank of England's Spencer Dale said that '7% unemployment rate is not a target for Bank of England but a convenient point to consider on whether to raise rates; forward guidance increases monetary policy's effectiveness by making it more predictable. The U.K. economy looks set to grow even more quickly in H2 2013 than in H1 & the latest indicators suggest U.K. economy growing at annualized rate of 3-4%; with the levels of output and employment, not the growth rates, are the things that matter for monetary policy.
' The beige book from Federal Reserve stated 'U.S. economic activity continued to expand at a modest to moderate pace through September to early October but business contacts cautiously optimistic on outlook of the government shutdown, debt ceiling had increased uncertainty.'

On the data front, eurozone CPI for September came in at 0.5% m/m, & is as the expectation of 0.5%.
U.S. NAHB housing market index in October came in at 55, is worse than economists' expectation of 57.

Data to be released on Thursday:

ANZ consumer confidence index.
Australia NAB business confidence.
Japan machine tools orders.
EU current account; U.K. retail sales.
U.S. housing starts, building permits, jobless claims, industrial production, capacity utilization and Philadelphia Fed survey.
Go to the top of the page
 
+Quote Post
 
 
acetraderforex
post Oct 18, 2013, 04:35 AM
Post #56
Honorary Member
****
Group: Members
Posts: 861
Joined: July 31, 2013
From: Hong Kong
Member No.: 22,154

post Oct 18, 2013, 04:35 AM
Post #56
smile.gifAceTraderFx Oct 18: Dollar weakens broadly despite U.S. budget agreement deal


Market Review - 17/10/2013 22:19GMT

Dollar weakens broadly despite U.S. budget agreement deal

The greenback tumbled broadly on Thursday as concerns over the effects of the U.S. government shutdown on the nation's economy weighed on the currency, despite news of a budget agreement to raise the debt ceiling, averting a default.

The single currency found support at 1.3516 in Australia and then ratcheted higher in Asian trading, price penetrated Wednesday's high at 1.3567 in Europe on speculation of U.S. government shutdown will damp growth and prompt the Federal Reserve to postpone tapering its stimulus program. Euro eventually rose to a fresh 8-month peak at 1.3682 in New York morning before easing due to some profit-taking.

Versus Japanese yen, although dollar briefly rose to 99.01 in Asian morning, cross-buying of yen pressured price there and dollar dropped to 97.81 in Europe due to greenback's broad-based weakness and then further to 97.74 in New York morning.

The British pound found support at 1.5940 in Australia and rallied across Asia and Europe due to dollar's broad-based weakness on worries over U.S. economy. The release of stronger-than-expected U.K. retail sales pushed price higher to 1.6097 and cable later rose further to 1.6173 in New York session before easing. U.K. retail sales (September) came in at 0.6% m/m and 2.2% y/y, better than economists’ forecast of 0.4% and 2.1% respectively.

In other news, Federal Reserve Bank of Dallas's President Richard W. Fisher said 'Fed can't deliver on full employment mandate unless U.S. congress, president fix fiscal "mess"; Wednesday's deal to end U.S. debt crisis does not solve fiscal problems, only postpones them; there is little remaining tolerance for U.S. fiscal malfunctioning; looking to Fed to solve U.S. economic ill could make situation worse; bond market starting to show United States the "back of it hand"; Fed will take "all appropriate measures" to preserve money market stability in times of acute stress; any Fed action to prevent market disruptions should not be seen as a fiscal fix; no amount of Fed bond-buying can offset U.S. fiscal "rot".'

On the data front, U.S. initial jobless claims came in at 358K, worse than the expectation of 335K, previous reading is revised to 373K. Philadelphia Fed index in October came in at 19.8, better than the forecast of 15.0.

Data to be released on Friday:

China GDP, industrial production, retail sales and fixed asset investing urban, Canada CPI.
Go to the top of the page
 
+Quote Post
 
 
acetraderforex
post Oct 21, 2013, 02:47 AM
Post #57
Honorary Member
****
Group: Members
Posts: 861
Joined: July 31, 2013
From: Hong Kong
Member No.: 22,154

post Oct 21, 2013, 02:47 AM
Post #57
smile.gif AceTraderFx Oct 21: Dollar weakens broadly on dimming hopes of Fed tapering

Market Review - 19/10/2013 00:51GMT

Dollar weakens broadly on dimming hopes of Fed tapering

The greenback fell against it peers on Friday as the negative impact of the two-week U.S. government shutdown sparked speculation that the Federal may not scale back its bond purchases in the near future.

The single currency traded narrowly in Asia following previous day's rally. Price then rose above Thursday’s high at 1.3682 to a fresh 8-1/2 month high of 1.3704 in European morning on dollar’s broad-based weakness. However, failure to re-test 2013 peak at 1.3711 (February) prompted profit talking, the pair briefly retreated to 1.3669 in New York morning and then euro rebounded to 1.3699 before trading narrowly in New York afternoon.

Versus Japanese yen, although the greenback staged a recovery initially at Tokyo open to 98.15, renewed selling interest there pushed price lower in Asian session. Dollar fell to session low of 97.55 at European midday on dollar's broad-based weakness before rebounding to 97.92 in New York afternoon.

The British pound traded narrowly in Asian morning and met buying interest at 1.6142. Cable then climbed at European open and rose to intra-day high of 1.6225 in European morning due to active cross-buying of sterling versus euro. However, long liquidation pressured price lower, cable retreated to 1.6159 at New York midday and moved sideways.

In other news, Bank of Japan’s Governor Haruhiko Kuroda said 'effects of BoJ policy firmly emerging in economy; see positive trends of economy and prices; Japan economy is recovering moderately; Japan economy will continue moderate recovery; will continue with QE as long as necessary to maintain inflation target in stable manner; annual gains in CPI will rise gradually with improvement spreading to broad items.'

Bank of England Chief Economist Spencer Dale said ‘interest rate not on hold for "fixed period"; rate depends on growth and inflation outlook; BoE's QE plan has supported real output; BoE-stimulus to be unwound "with great care"; subdued wages and low housing transactions make BoE forward guidance knock outs not that likely just yet; very unlikely that we will raise bank rate in 2014, we need to see sustained period of strong growth'

On the data front, China GDP year-to-date in Q3 came in at 7.7%, same as the forecast. China industrial production in September came in at 10.2% y/y, same as the expectation. China retail sales in September came in at 13.3% y/y, worse than the economists’ forecast of 13.4%. Canada CPI in September came in at 0.2% m/m and 1.1% y/y, more than the forecast of 0.1% and 1.0% respectively.

Data to be released next week :

Japan import, export, trade balance, all industry index, leading indicators, U.K. Rightmove house prices, Germany PPI, U.S. Chicago Fed index, existing home sales, Canada wholesale sales on Monday.

Swiss trade balance, U.K. PSNCR, public sector net borrowing, Canada retail sales, Delayed release of September U.S. non-farm payrolls, private payrolls, unemployment rate, average hourly earnings and Redbook retail sales on Tuesday.

EU consumer confidence, France business climate, U.K. BOE releases MPC minutes, BOE MPC vote, BBA loans for house purchase, U.S. house price index, Canada BOC rate decision on Wednesday.

New Zealand Trade balance, exports, imports, China HSBC Flash manufacturing PMI, France PMI manufacturing, PMI service, Germany PMI manufacturing, PMI service, EU PMI manufacturing, PMI service, Italy consumer confidence, U.K. CBI industrial trend, U.S. jobless claims, Markit PMI, new home sales on Thursday.

Japan national CPI, Tokyo CPI, Germany Ifo current assessment, Ifo business climate, U.K. GDP, U.S. durable goods, ex. Transport, ex. Defense, University of Michigan consumer confidence on Friday.
Go to the top of the page
 
+Quote Post
 
 
acetraderforex
post Oct 22, 2013, 02:56 AM
Post #58
Honorary Member
****
Group: Members
Posts: 861
Joined: July 31, 2013
From: Hong Kong
Member No.: 22,154

post Oct 22, 2013, 02:56 AM
Post #58
smile.gifAceTrader Oct 22: Dollar rebounds on expectation of upbeat U.S. jobs data

Market Review - 21/10/2013 22:50GMT

Dollar rebounds on expectation of upbeat U.S. jobs data


Dollar pared Friday's losses and gained slightly against other major currencies on Monday, as investors awaited the release of U.S. job report for September on Tuesday, which was two weeks late due to U.S. government shutdown, and speculated whether the Federal Reserve will delay plans to taper its QE program.

The single currency traded narrowly in Asian session and then met renewed selling interest at 1.3686 in European morning. Euro later fell to an intra-day low at 1.3651 in New York morning before rebounding to 1.3689 in New York afternoon.

Versus Japanese yen, the greenback found support at New Zealand low at 97.79 and ratcheted higher in Asian and European session due to active cross-selling on yen versus other currencies. The pair then climbed to intra-day high of 98.24 before trading sideways in New York afternoon.

The British pound retreated to 1.6153 in Asian morning and rebounded to intra-day high of 1.6181 in European morning, however, renewed selling interest there pushed price lower and then fell to session low of 1.6133 in New York morning before staging brief bounce to 1.6168.

In the other news, the Federal Reserve of Chicago’s President Charles L. Evans said 'will probably take a few months to sort out picture in the U.S. labor market after gov't shutdown; does not see financial stability risks at the moment; would favor putting place as much monetary accommodation as the economy needs; could start to reduce rate of bond purchases later due to budget battle in Washington; could also subsequently accelerate pace at which Fed tapers bond buying if U.S. recovery gathers strength; not worried by inflation pressures, economy has "awful lot of room" to grow once it picks up steam'

Bank of Japan’s Governor Haruhiko Kuroda said 'no change in view BoJ can achieve 2% inflation in roughly 2 years; Japan price growth spreading beyond rises in food and energy prices, expect CPI to gradually head toward 2%; too early to debate exit strategy for BoJ's quantitative easing policy; central bank has responsibility to achieve price stability, but government's fiscal, growth strategy will help smoothen the process’

On the data front, U.S. existing home sales in Sep came in at 5.29M n -1.9% m/m, versus the forecast of 5.30M n -3.3%, previous reading revised to 5.39M n 0.0% respectively.

Data to be released on Tuesday:


Swiss trade balance, U.K. PSNCR, public sector net borrowing, Canada retail sales, Delayed release of September U.S. non-farm payrolls, private payrolls, unemployment rate, average hourly earnings and Redbook retail sales.
Go to the top of the page
 
+Quote Post
 
 
acetraderforex
post Oct 23, 2013, 02:59 AM
Post #59
Honorary Member
****
Group: Members
Posts: 861
Joined: July 31, 2013
From: Hong Kong
Member No.: 22,154

post Oct 23, 2013, 02:59 AM
Post #59
smile.gif AceTraderFx Oct 23 : Dollar tumbles after disappointing U.S. jobs report


Market Review - 22/10/2013 20:11GMT

Dollar tumbles after disappointing U.S. jobs report

Dollar fell broadly against its major peers after the release of delayed U.S. September's jobs report which showed 148,000 jobs were added to the market, fewer than the economists' expectation of 180,000, adding speculation that the Federal Reserve will delay its tapering measures.

U.S. non-farm payroll in September came in at 148K, worse than the expectation of 180K, previous reading was revised to 193K. U.S. unemployment rate in September dropped to 7.2%, better than the forecast of 7.3%.

The single currency traded narrowly in Asian session and found support at 1.3665 in European morning. Euro jumped to 1.3749 after the release of weaker-than-expected U.S. non-farm payrolls, and then climbed to near 2-year high at 1.3792 in New York afternoon before easing.

Versus Japanese yen, the greenback rose to 98.37 in Asian trading and then moved marginally higher to 98.40 in European morning. Dollar tanked to 97.86 after release of disappointing U.S. jobs data, however, renewed buying interest there lifted price to an intra-day high of 98.48 in New York morning before retreating to 97.99 in New York afternoon.

The British pound initially retreated to 1.6116 in Asian session but renewed buying interest there lifted price higher in European session. Later, cable jumped to 1.6213 after U.S. job data and then rose to a session high at 1.6248 in late New York.

In other news, ECB's Luc Coene says 'further drop in inflation might warrant policy action; but too early now for ECB action; narrowing ECB interest rate corridor could limit volatility in market rates; do not see immediate tapering by the U.S. Fed.'

Bank of England's Deputy Governor Charlie Bean says 'business surveys point to U.K. growth close to 2% for H2 2013; U.K. recovery sustainable because banks now well-placed to lend and euro area no longer in existential crisis; market interest rates have risen more in U.K. than U.S. or euro zone due to stronger economic data here; fact that U.K. yield curve has steepened far less recently than past recoveries would suggest may indicate that forward guidance has had some effect on short end.'

On the data front, data to be released on Wednesday :

EU consumer confidence, France business climate, U.K. BOE releases MPC minutes, BOE MPC vote, BBA loans for house purchase, U.S. house price index, Canada BOC rate decision.
Go to the top of the page
 
+Quote Post
 
 
acetraderforex
post Oct 24, 2013, 03:05 AM
Post #60
Honorary Member
****
Group: Members
Posts: 861
Joined: July 31, 2013
From: Hong Kong
Member No.: 22,154

post Oct 24, 2013, 03:05 AM
Post #60
smile.gifAceTraderFx Oct 24 : Japanese yen rises broadly on renewed risk aversion

Market Review - 23/10/2013 20:48GMT

Japanese yen rises broadly on renewed risk aversion

The Japanese yen rose broadly against major currencies on renewed risk aversion after short-term borrowing costs for Chinese banks jumped by the most since July.

The greenback met selling interest at 98.19 against the Japanese yen at Tokyo open, price tumbled to 97.26 in Asian session due to the increase in China's seven-day repurchase rate. U.S. dollar further fell to 97.15 in European morning before rebounding to 97.49 in New York morning.

Although the single currency rose marginally above Tuesday's high at 1.3792 to 1.3793 in Asian trading, profit-taking pressured price in Europe and euro weakened to a session low at 1.3741 ahead of New York open. Euro later ratcheted higher to a fresh near 2-year high at 1.3794 in New York afternoon before stabilizing.

The British pound rose above Tuesday's high at 1.6248 to 1.6258 in Asian session, however, selling interest quickly emerged below Oct's near 9-month peak at 1.6260 and cable tumbled in European morning due to active cross selling in sterling. The pound fell to a session low at 1.6119 after the release of minutes from Bank of England in European morning. The minutes stated policy makers were unanimous in rejecting hiking interest rate and keeping their quantitative-easing target at 375 billion pounds. Cable then rebounded to 1.6183 in New York midday.

Bank of England's minutes showed 'probable that unemployment will be lower and output growth faster in H2 2013 than forecast in Aug; bank staff expect H2 GDP growth of 0.7% a quarter or a little higher, recent news suggests robust recovery; risk that U.K. recovery might be less well balanced towards exports than ultimately needed due to global outlook; usually hard to gauge slack in U.K. labour market, MPC has range of views on productivity, too early to draw conclusions; sterling strength may reflect stronger data, lower U.K. financial system risk; will help lower inflation; indicators point to further house price rises, this will boost households' collateral and help growth.'

In the other news, Bank of Japan's governor Kuroda says 'Japan is making steady progress toward meeting 2% inflation goal; expect prices to continue rising as negative output gap narrows energy costs is not the only reason behind gains in Japan CPI.'

On the data front, euro zone consumer confidence in October came in at -14.5, same as expectation. U.S. home price index in August came in at 0.3%, worse than the forecast of 0.8%, previous reading was revised to 0.8%.

Data to be released on Thursday :

New Zealand Trade balance, exports, imports, China HSBC flash manufacturing PMI, France PMI manufacturing, PMI service, Germany PMI manufacturing, PMI service, EU PMI manufacturing, PMI service, Italy consumer confidence, U.K. CBI industrial trend, U.S. jobless claims, Markit PMI and new home sales.
Go to the top of the page
 
+Quote Post
 


        3 User(s) are reading this topic (3 Guests and 0 Anonymous Users)
0 Members:

 

Lo-Fi Version   Partnership with InstaForex   Open account in InstaForex   Support InstaForex Time is now: 29th March 2024 - 04:05 PM