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AceTraderForex : Market Review & data to be released today, Dollar ratchets higher ahead of Fed rate decision
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acetraderforex
post Jul 31 2013, 06:17 AM
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Market Review - 30/07/2013 22:24GMT

Dollar ratchets higher ahead of Fed rate decision

The greenback edged higher against other currencies in a volatile manner on Tuesday as investors await the outcome of FOMC meeting, which began its 2-day meeting today. The Australian dollar tumbled in Asian session due to the dovish comments from RBA governor Stevens who said 'still has some scope to ease after inflation data.'

Versus the Japanese yen, although the greenback rose initially to 98.47 in Asia on short-covering, cross buying of yen versus other currencies pressured the pair to 97.76 in Europe. However, price staged a recovery after the release of S&P home price index and rose to 98.34 in New York morning despite the release of weaker-than-expected U.S. consumer confidence. Later, the pair retreated to 97.97 and then traded narrowly in U.S. afternoon.

U.S. S&P home price index came in at 0.1% m/m and 12.2% y/y, worse than the expectation of 1.5% and 12.4%. U.S. consumer confidence in July came in at 80.3, worse than the expectation of 81.4 and the revised reading of 82.1 in June.

Although the single currency rose strongly from 1.3248 in Asia on cross-buying of euro versus yen and climbed above last Friday's top at 1.3297 to 1.3302 in London midday, the pair retreated after the release of German CPI data and dropped in tandem with sterling to session low at 1.3235 in New York morning before staging a recovery to 1.3271.

German CPI in Jul came in at 0.5% m/m and 1.9% y/y, higher than the forecast of 0.3% and 1.7% respectively.

The British pound dropped initially to 1.5315 in Asia before staging a rebound to 1.5354 in European morning. However, price tumbled to 1.5295 and then penetrated last Thursday's low at 1.5264 to 1.5224 in New York afternoon due to the active cross selling of sterling versus euro (eur/gbp rallied from 0.8641 to 0.8707).

The Australian dollar nose-dived to 0.9053 in European morning due to the dovish comments from RBA governor Stevens and later dropped further to 0.9044 in New York morning. RBA governor Stevens said 'still has some scope to ease after inflation data; recent fall in the A$ makes economic sense, no surprise if it falls further; broadly appropriate that fiscal policy in consolidation mode; unemployment does appear to be trending up, within expectations.'

In other news, Greek Finance Minister Stournaras said 'Greece may not have a fiscal gap for 2015-16, easing autumn negotiations with lenders; Greece on track to meet 4.2% 2013 recession estimate; top priority for Greece is to have primary budget surplus this year, return to growth in 2014.' Spanish Prime Minister Rajoy said 'reforms starting to bear fruit in Spain; important to continue with reform program in Spain.' Portugal Prime Minister Coelho said 'we will not hesitate now on following through with bailout programme; country likely nearing economic turnaround.'

On the data front, eurozone economic sentiment in July came in at 92.5, slightly worse than the expectation of 92.6. Eurozone business climate in July was released at -0.53, better than the forecast of -0.55.

Data to be released on Wednesday:

New Zealand business confidence, Japan manufacturing PMI, housing starts, construction orders, U.K. BRC shop price index Swiss UBS consumption indicator, KOF leading indicator, German retail sales, unemployment change, unemployment rate, France PPI, Italy PPI, CPI, HCIP, unemployment rate, EU CPI, unemployment rate, U.S. ADP employment, GDP, personal consumption, PCE core, Chicago PMI, FOMC rate decision, Canada GDP.



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acetraderforex
post Aug 1 2013, 04:03 AM
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Market Review - 31/07/2013 22:20GMT

Dollar drops on dovish Fed statement

The greenback tanked against euro and sterling on Wednesday as the statement from the Federal Reserve did not give any hints about a reduction in its stimulus measures.

The single currency went through a roller-coaster session on Wednesday. Although euro rose strongly from 1.3241 to 1.3301 in European morning after the release of better-than-expected Germany's unemployment rate (12.1% versus the forecast of 12.2%), failure to penetrate Tuesday's top at 1.3302 prompted profit-taking and price tumbled to a low at 1.3210 in New York morning on dollar's broad-based strength due to the better-than-expected U.S. ADP employment change and GDP data, which came in at 200K and 1.7% q/q, versus the forecasts of 180K and 1.0%.

Later, active cross buying of euro versus yen lifted euro and price rallied to 1.3299 at U.S. midday. Later, the pair rose above 1.3302 to a fresh 1-month top at 1.3345 in U.S. afternoon after the release of dovish Fed statement.

The Federal Reserve kept fund rate at 0-0.25% unchanged and released a statement which said 'will buy longer-term treasury securities at pace of $45 billion a month, agency MBS at 40 billion a month; recognizes inflation consistently below 2% goal, could pose risks to economic performance; anticipates inflation will move back toward objective over medium term, current inflation rate partly reflects transitory influences; economic activities has expanded at modest pace in first half 2013, labour market conditions have shown further improvement in recent months; to keep fund 0-0.25% as long as jobless rate above 6.5%, 1-2 year projected inflation no more than 2.5%, longer-term inflation expectations well anchored; housing sector has been strengthening, but mortgage rates have risen somewhat, fiscal policy is restraining growth.'

Versus the Japanese yen, although the greenback dropped from Asian top at 98.16 to a 1-month low at 97.59 in European morning, the pair rose strongly to a high at 98.57 in New York morning after the release of strong U.S. ADP employment change and GDP data but later fell sharply to 97.68 in late New York due to the dovish Fed statement.

The British pound edged lower from Asian top at 1.5245 due to active cross selling of sterling versus euro and then tanked to a low at 1.5125 in New York morning on dollar's strength, however, price staged a recovery in tandem with euro and rose to 1.5220 in U.S. afternoon after the release of dovish Fed statement and rose further to 1.5254 on dollar's weakness.

On the data front, German retail sales in June came in at -1.5% m/m and -2.8% y/y, worse than the forecast of 0.0% and 0.4%. EU unemployment rate in June came in at 12.1%, stronger than the forecast of 12.2%. U.S. Chicago PMI in Jul came in at 52.3, worse than the forecast 54.0.

Data to be released on Thursday:

Australia New home sales, China manufacturing PMI, Italy manufacturing PMI, France manufacturing PMI, German manufacturing PMI, EU manufacturing PMI, ECB rate decision, BOE Rate decision, U.S. Jobless claim, construction spending, ISM manufacturing.
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acetraderforex
post Aug 2 2013, 03:27 AM
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Market Review - 01/08/2013 22:26GMT

Euro falls sharply as Draghi reiterates low-rate policy

The single currency dropped against other currencies on Thursday as the European Central Bank President Mario Draghi said the central bank expected key interest rates to remain at present or lower levels for extended period of time. The greenback rose strongly against other currencies in New York as the upbeat U.S. ISM manufacturing PMI fueled expectation that the Federal Reserve will reduce its stimulus measures this year.

The single currency fell sharply from Asian top at 1.3311 to 1.3227 in European morning due to active cross selling of euro versus sterling and then tanked below Wednesday's low at 1.3207 to 1.3193 after the ECB President Draghi said interest rates will remain low for an extended period of time.

ECB's Draghi said in a press briefing after the ECB left interest rate at 0.5% that 'underlying price pressure in euro zone are expected to remain subdued; recent survey indicators have shown some further improvement; our monetary policy stance provides support to recovery later this year and in 2014; ECB expects key interest rates to remain at present or lower levels for extended period of time; risks to growth are on downside; inflation rates are expected to temporarily fall in coming months; inflation risks are still broadly balanced; ECB monetary policy stance will remain accommodative for as long as necessary; unanimously confirmed forward guidance.'

Later, despite euro's swift recovery to 1.3267, the pair dropped again to 1.3210 on dollar's broad-based strength after the release of better-than-expected U.S. ISM manufacturing PMI (55.4 versus the forecast of 52.0) and fell to 1.3198 in late NY before staging a recovery.

Versus the Japanese yen, the greenback traded with a firm undertone throughout the day. Dollar rose strongly from Asian low at 97.66 on active cross selling of yen versus euro together with the strong gain in Asian equities and pierced through Wednesday's top at 98.57 to 98.79 in European morning. Later, the upbeat U.S. ISM manufacturing PMI pushed the pair further higher to 99.40 in New York morning and hit a top at 99.57 in late NY.

Although the British pound edged lower to 1.5134 in European morning, price rebounded strongly to 1.5220 due to the strong U.K. manufacturing PMI (54.6 versus the forecast of 52.8) and rose further to 1.5243 after BOE announced to keep interest rate and the amount of asset purchase unchanged at 0.5% and 375 billion. However, price later retreated sharply in tandem with euro in New York morning and dropped below Wednesday's low at 1.5125 to 1.5110 in U.S. afternoon due to dollar's broad-based strength.

On the data front, U.S. initial jobless claim came in at 326K, better than the expectation of 345K. U.S. Markit PMI in July came in at 53.7, better than the forecast 53.2. U.S. construction spending in Jun came in at -0.6%, lower than the expectation of 0.4%. Euro zone manufacturing PMI was released at 50.3, better than the expectation of 50.1. German manufacturing PMI came in at 50.7, better than the forecast of 50.3, highest since Jan 2012.

Data to be released on Friday:

Australia PPI, Swiss PMI, U.K. Nationwide house prices, construction PMI, EU PPI, U.S. Non-farm payroll, private payroll, unemployment rate, average hourly earnings, PCE, Durable goods, factory orders.
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acetraderforex
post Aug 5 2013, 05:04 AM
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AceTraderForex Aug 5 : Dollar falls broadly after payrolls miss estimate
Market Review - 03/08/2013 02:26GMT

Dollar falls broadly after payrolls miss estimate

The greenback tumbled against its major peers on Friday as the weak U.S. non-farm payrolls data showed tepid job growth dampened speculation that the Federal Reserve will reduce its size of asset purchases anytime soon.

Versus the Japanese yen, the greenback ratcheted higher from Asian low at 99.28 on continued rise in Japan's equities and climbed to intra-day high of 99.95 at New York open on active cross-selling of yen. However, the pair nose-dived to 98.91 after the release of weaker-than-expected U.S. non-farm payroll data and later hit session low at 98.66 after release of weak U.S. factory orders before staging a recovery in U.S. afternoon.

U.S. non-farm payrolls in July came in at 162K, lower than market expectation of 184K. However, unemployment rate in July decreased to 7.4%, better than street forecast of 7.5%. U.S. factory orders in June was 1.5%, worse than the forecast of 2.3%.

Despite euro's initial marginal weakness to 1.3190 in Asian morning, price staged a recovery to 1.3227 in Europe on short-covering before falling again to 1.3187 in New York morning. However, the pair rallied to 1.3285 after the release of the weak U.S. non-farm payroll and later reached session high of 1.3294 and then traded narrowly in U.S. afternoon.

Although the British pound dropped marginally below Thursday's low at 1.5110 to 1.5102 in Asian morning, the pair rebounded to 1.5179 in European morning after the release of stronger-than-expected U.K. construction PMI (57.0 versus the forecast of 51.5), price later pierced through Wednesday's top at 1.5254 to 1.5278 in New York morning on dollar's broad-based weakness and later climbed to 1.5310 before moving narrowly in U.S. afternoon.

On the data front, eurozone PPI in Jun came in at 0.0% m/m and 0.3% y/y, same as expectation. U.K. nationwide house prices in June came in at 0.8% m/m and 3.9% y/y, better than the forecast of 0.4% and 3.9%.

In other news, Fed's Bullard said 'hard to read too much into slight change in Fed's description of growth; still need to see pick up in growth, arithmetic getting harder and harder; Fed needs to see more data from H2 2013 b4 taking a decision on bond tapering; decision to taper asset purchases does not change nature of Fed commitment to hold rates near zero; some key measures of the U.S. labour market have improved since Sept but other measures have not; Fed would not normally remove policy accommodation when inflation is below target n projected to stay there.'

Data to be released next week :

Australia retail sales, China HSBC service PMI, Italy Service PMI, France Service PMI, Germany Service PMI, U.K. Service PMI, EU Service PMI, investor confidence, retail sales, U.S. ISM non-manufacturing PMI on Monday. Financial markets in Australia and Canada will closed for holiday.

Australia trade balance, house price index, rate decision, Japan leading indicators, U.K. BRC retail sales, industrial production, manufacturing production, Italy industrial production, GDP, Germany factory orders, Canada trade balance, import, export, U.S. trade balance, retail sales on Tuesday.

New Zealand unemployment rate, employment change, Australia home loans, Germany industrial production, France trade balance, U.K. employment confidence, Canada building permits, PMI, on Wednesday.

Australia employment change, unemployment rate, Japan rate decision, current account, economic watch DI, China trade balance, import, export, Germany trade balance, import, export, current account, Canada new housing price index, U.S. jobless claims on Thursday.

Japan tertiary industry index, consumer confidence, China CPI, PPI, industrial production, fixed asset invest urban, retail sales, France industrial production, manufacturing production, Italy trade balance, CPI, HICP, U.K. trade balance, Canada housing starts, unemployment rate, net change in unemployment, U.S. wholesale inventories, wholesale sales on Friday.
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acetraderforex
post Aug 6 2013, 03:08 AM
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Market Review - 05/08/2013 22:44GMT

Dollar falls vs yen on lowered expectation of Fed tapering

The greenback remained under pressure vs the yen and dropped further after the weaker-than-expected U.S. payrolls on Friday lowered expectations that the Federal Reserve would start tapering its bond purchases.

Although the greenback briefly rebounded to session high at 99.15 at Asian open, renewed selling knocked the pair lower in Asian morning and price dropped to 98.30 in European morning. Dollar pared intra-day losses and recovered ahead of New York open before rising briefly to 98.78 after the release of better-than-expected U.S. ISM non-manufacturing, however, price dropped to 98.18 near New York close.

U.S. non-manufacturing PMI in Jul came in at 56.0, much better than the forecast of 53.0.

The single currency remained under pressure in New Zealand and Australian sessions and retreated to 1.3263 in Asian morning, however, price staged a rebound ahead of European open and rose to session high at 1.3301 in European morning after the release of better-than-expected Italy and France services PMI. Intra-day weakness in eur/gbp checked euro's gains and pressured price lower to an intra-day low at 1.3233 in New York morning on cross selling of euro before rebounding to 1.3266 in New York afternoon.


Italy and France Service PMI in Jul came in at 48.7 and 49.1, better than the forecasts of 46.5 and 48.3 respectively.

The British pound was also under pressure in New Zealand and fell to session low at 1.5259 at Asian open, however, cross-buying of sterling vs euro pushed price higher and cable rose further to an intra-day high at 1.5380 after data showed UK services expanded at the fastest pace in six years in July. Later, price pared intra-day gains and retreated to 1.5320 in New York morning before stabilising.

U.K. Service PMI in July came in at 60.2, much better than the forecast of 57.2.

In other news, Dallas Fed President Richard Fisher said 'unless we see some disturbing data, we shud start trimming bond buying in September; I personally think wud have been dialing back on bond purchases some time ago; you don't get considered for the job of Fed chair unless you are high quality; next Fed chairman must be someone willing to do right, no matter what the cost.'

Data to be released on Tuesday:

Australia trade balance, house price index, RBA rate decision, Japan leading indicators, U.K. BRC retail sales, industrial production, manufacturing production, Italy industrial production, GDP, Germany factory orders, Canada trade balance, import, export, U.S. trade balance, retail sales.
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acetraderforex
post Aug 7 2013, 03:47 AM
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Market Review - 06/08/2013 22:33GMT

Dollar falls to 6-week low vs yen ahead of BoJ monetary meeting

The greenback weakened broadly on Tuesday and continued its recent fall against the yen on speculation that the Bank of Japan will refrain from adding more stimulus at its 2-day policy meeting which begins on Wednesday.

Although the greenback staged a rebound from Asian morning low at 97.84 to session high at 98.59 at European open on cross selling of yen versus other currencies, renewed selling checked intra-day gains and pushed price back down to 98.02 in European morning. Dollar remained under pressure, weighed down by waning expectation that the Federal Reserve would start reducing its bond purchases in September and dropped to a fresh 6-week low at 97.50 in New York morning before stabilising.

The single currency traded in choppy fashion in Asia before rising to 1.3295 in European morning after data showed Germany’s factory orders rebounded in June more than economists' forecast, adding to signs the region is recovering. Euro continued to ratchet higher and rose to an intra-day high at 1.3323 in New York morning, however, price briefly retreated to 1.3281 at U.S. midday before rebounding again.

German factory order in Jun came in at 3.8% m/m n 4.3% y/y, better than the expectation of 1.0% n 0.3%, previous reading is revised to -0.5% n -1.8% respectively.

The British pound traded sideways in Asian before rising to an intra-day high at 1.5392 in European morning after the release of much stronger-than-expected U.K. industrial production and manufacturing production. Despite a brief pullback to 1.5335 at New York open, renewed buying lifted the pair to 1.5387 in New York morning before falling again.

U.K. industrial output in Jun came in at 1.1% m/m and 1.2% y/y, better than the expectation of 0.6% and 0.7% respectively. Manufacturing output in Jun was released at 1.9% m/m and 2.0% y/y, stronger than the forecast of 0.9% and 0.9% respectively.

In other news, Chicago Fed President Charles Evans said 'Fed is quite likely to reduce monthly bond buys starting later this year; he wud not rule out cutes to bond buys begin next mth' total size of QE3 will likely end up being at least $1.2 trln, twice the size of QE2; sees U.S. GDP growth at 2.5% in second half og 2013; over 3% next year; sees U.S. economy adding 175K to 200K jobs a mth; sees unemployment falling to 7.2%-7.3% by year end, sees 7% by mid-2014.'

On the data front, U.S. Redbook retail sales came in at 1.0% m/m and 3.7% y/y. U.S. trade balance in Jun came in at -34.22B, versus the expectation of -43.5B, previous reading was revised to -44.10B.

Data to be released on Wednesday :

New Zealand unemployment rate, employment change, Australia home loans, Germany industrial production, France trade balance, U.K. employment confidence, Canada building permits, PMI.
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acetraderforex
post Aug 8 2013, 04:44 AM
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Market Review - 07/08/2013 22:20GMT

The Japanese yen rallies broadly ahead of Thursday's BOJ rate decision

The Japanese yen strengthened broadly on Wednesday and touched to 7-week low of 96.32 on increasing concerns that the Bank of Japan will refrain from adding to its monetary stimulus at the end of its 2-day policy meeting tomorrow.

Although the greenback remained under pressure and dropped to 97.09 in Asian morning due to the selloff in Japanese equities together with concerns that Bank of Japan will refrain from adding to its monetary stimulus after its policy meeting which will end on Thursday, price briefly rebounded to 97.47 before falling again. Price continued its recent descent and fell to 96.99 in European morning, however, dollar recovered to 97.34 ahead of New York open. Renewed selling interest capped rebound and sent the pair to a 7-week low at 96.32 in New York afternoon.

Although the single currency rose briefly to 1.3312 at European open, price dropped to session low at 1.3266 in European morning, due partly to cross-selling of euro versus sterling. However, price pared intra-day gains and briefly climbed to 1.3325 after the release of much better-than-expected German industrial production. Euro continued to trade with a firm undertone and ratcheted higher to an intra-day high at 1.3347 in New York afternoon after Fitch affirmed Germany's credit rating at AAA.

German industrial production in Jun came in at 2.4% m/m n 2.0% y/y, much stronger than the forecast of 2.4% n 2.0%, previous reading is revised to -0.8% n -1.2% respectively.

The British pound traded sideways in Asia and tumbled briefly but sharply to session low at 1.5205 immdiately after the release of the quaterly Bank of England inflation report when Mark Carney said the UK economy recovery wasn't at escape velocity, however, cable immediately pared intra-day losses and soared to 1.5493 as investors interpreted Bank of England's forward guidance not as dovish as initially expected. Price continued to ratchet higher and hit a fresh 1-1/2 month high at 1.5534 in New York morning before stabilising.

BOE's Carney said 'if individual MPC members expect inflation above knock out level then they can judge guidance no longer applies; U.K. economy is not at escape velocity; we do not expect a material increase in borrowing as U.K. economy recovers; FPC should use other lines of defence to tackle problems fm low rates before very blunt tool of MPC to raise bank rate; does not accept that BOE has effectively raised inflation target to 2.5%.'

In other news, Bank of England MPC said 'adopts forward guidance, will not raise interest rates until unemployment fall to 7%.' BOE inflation report forecasts U.K. unemployment rate to stay above 7% until at least Q3 2016; short term market interest rates imply faster withdrawal of stimulus than appear likely; BOE guidance subject to financial stability, medium-term inflation expectations, and BOE forecast that CPI will be below inflation expectations.'

On the data front, Canada Ivey PMI in Jul came in at 48.4, weaker than the expectation of 57.0.

Data to be released on Thursday:

Australia employment change, unemployment rate, Japan rate decision, current account, economic watch DI, China trade balance, import, export, Germany trade balance, import, export, current account, Canada new housing price index, U.S. jobless claims.
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acetraderforex
post Aug 9 2013, 03:36 AM
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Market Review - 08/08/2013 22:27GMT

Dollar rebounds against yen on short-covering

The greenback recovered against yen in New York session on Thursday on short-covering, despite early decline to a fresh 7-week low of 95.81 due to speculation that the recent economic data cannot support the Federal Reserve to reduce its stimulus measures in the near future.

Earlier in Asia, although dollar yen staged a brief rebound to session high at 96.95 in Asian morning, price dropped to 96.10 at European open after Bank of Japan left its interest rate unchanged at 0.10% and refrained from adding further stimulus measures. Price briefly recovered to 96.47 at New York open, however, a small increase in the U.S. weekly jobless claims pressured price to a fresh 7-week low at 95.81 in New York morning before staging a strong rebound to 96.75 in U.S. afternoon.

U.S. initial jobless claims came in at 333K, versus the expectation of 336K. The previous reading was revised to 328K.

The single currency traded with a firm undertone in Asia and rose above Wednesday's top at 1.3347 to 1.3369 in European morning, helped by the release of better-than-expected Chinese data. Euro continued to ratchet higher on dollar's broad-based weakness and rallied to fresh 7-week high at 1.3401 in New York afternoon.

China exports and imports were reported better-than-exected at 5.1% and 10.9% vs forecasts of 2.0% and 1.0% respectively.

The British pound also traded with an undertone in Asia and rose to 1.5519 in European morning before rallying to an intra-day high at 1.5574 in New York morning on dollar's broad-based weakness.

In other news, BOJ's Kuroda in his post-rate announcement press conference, said 'loosening of fiscal discipline may diminish impact of monetary easing; board members wanted to see more hard data showing improvement in capital expenditure; price trend improving for various goods on robust personal spending; BOJ will take appropriate action if tail risk threatens achievement of BOJ price target.'

On the data front, German trade balance in Jun came in at 16.9B, vs expectation of 14.9B, previous reading is revised to 13.6B. Swiss unemployment rate in Jul came in at 3.2%, same as expectation.

Data to be released on Friday :

Japan tertiary industry index, consumer confidence, China CPI, PPI, industrial production, fixed asset invest urban, retail sales, France industrial production, manufacturing production, Italy trade balance, CPI, HICP, U.K. trade balance, Canada housing starts, unemployment rate, net change in unemployment, U.S. wholesale inventories, wholesale sales.
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acetraderforex
post Aug 12 2013, 03:14 AM
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Market Review

Data to be released this week : Aug 12 - 16

Monday: Japan GDP, domestic CGPI, industrial production, capacity utilization, France current account, Italy trade balance, Swiss retail sales, U.S. Fed budget.

Tuesday: Australia NAB business confidence, Japan Machinery order, German CPI, HICP, Zew economic sentiment, current condition, U.K. CPI, RPI, PPI, EU industrial orders, ZEW economic sentiment, U.S. import price index, export price index, retail sales, business inventories.

Wednesday: Australia consumer confidence, France GDP, HICP, CPI, U.K. BOE MPC minutes, claimant count, unemployment rate, average earning, Germany GDP, EU GDP, Swiss Zew index, U.S. PPI.

Thursday: New Zealand PMI, consumer confidence, U.K. retail sales, U.S. jobless claim, empire state manufacturing, Net LT TIC flows, industrial production, capacity utilization, NAHB housing market index, Philadelphia Fed survey. Financial market in France will be closed for market holiday.

Friday: EU current account, trade balance, CPI, Italy current account, U.S. housing starts, building permits, University of Michigan consumer confidence.


Dollar rebounds on renewed speculation of Fed tapering : 10/08/2013 01:12GMT

The greenback rebounded against majority of its peers except the yen Friday on speculation that its recent weakness was overdone and that the Federal Reserve may indeed start reducing its bond purchases as early as next month.

The single currency traded in a narrow range in Asia and edged higher to session high at 1.3390 at European open, however, failure to re-test Thursday's 7-week top at 1.3401 knocked price lower in European morning. Euro eventually fell to session low at 1.3333 in New York afternoon on dollar's strength.

Versus the Japanese yen, although dollar extended previous day's rebound to 96.97 at Tokyo open, price weakened to 96.33 in Asian morning after a government report showed Japan's national debt exceeded 1000 trillion yen. Despite a brief recovery to 96.81 in European morning, renewed selling pushed the pair lower and price later fell to session low at 96.12 near New York close, weighed down earlier by the release of weaker-than-expected U.S. wholesale inventories.

Japan’s outstanding public debt including borrowings reached a record 1,008.6 trillion yen ($10.46 trillion) as of June 30, up 1.7% from three months earlier.

U.S. wholesale inventories in Jun came in at -0.2% m/m, less than the forecast of 0.4%, previous reading is revised to -0.6%.

The British pound also traded sideways in Asia before edging up to session high at 1.5559 in European morning. However, failure to breach yesterday's high at 1.5574 triggered profit-taking and price retreated to an intra-day low at 1.5497 in New York morning before trading in choppy fashion.

In other news, German EconMin Philipp Roesler said 'economic output probably increased noticeably in second quarter; private consumption and investment in construction likely drove Q2 growth; expects industrial production to continue growing, albeit not too dynamically.'

On the data front, U.K. trade balance in Jun came in at -2.646B, narrower than the expectation of -3.80B, previous reading is revised to -4.09B. Japan consumer confident in Jul came in at 43.6, worse than the expectation of 45.0.

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acetraderforex
post Aug 13 2013, 03:14 AM
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Market Review - 12/08/2013 22:24GMT

Dollar rises broadly on upbeat U.S. data expectations

The greenback strengthened against other currencies on Monday as investors bet the U.S. economic data this week will support the Federal Reserve to reduce stimulus sooner rather than later.

Versus the Japanese yen, although the greenback dropped initially to 95.93 in Australia due to cross-buying in yen on risk aversion after the release of weaker-than-expected Japanese GDP data (0.6% q/q versus the forecast of 0.9%), the pair rebounded to 96.64 in Asia on comments from Japan's PM Abe. Dollar's broad-based strength lifted dollar to 96.91 in New York morning but price retreated to 96.40 later in the day due to rebound in euro before stabilising.

Japanese Prime Minister Abe said 'economy improving steadily due to government's economic policies since last year; will tackle economy with eye on growth policies towards autumn.'

Although the single currency rebounded from New Zealand low at 1.3315 to 1.3345 in Australia, the pair edged lower to 1.3318 in Asia and then dropped further to 1.3278 in New York morning on dollar's broad-based strength together with the cross selling of euro versus yen and sterling before staging a recovery on short-covering.

In other currency, despite cable's brief recovery from 1.5486 to 1.5522 in Australia, renewed selling interest pressured the pair and the British pound dropped in tandem with euro to 1.5462 in European morning and then 1.5459 in late New York..

Data to be released on Tuesday:

Australia NAB business confidence, Japan Machinery order, German CPI, HICP, Zew economic sentiment, current condition, U.K. CPI, RPI, PPI, EU industrial orders, ZEW economic sentiment, U.S. import price index, export price index, retail sales, business inventories.
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acetraderforex
post Aug 14 2013, 07:47 AM
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Market Review - 13/08/2013 22:06GMT

Dollar rallies against yen and euro on strong U.S. retail sales data

The greenback rose strongly against yen and euro on Tuesday as the U.S. retail sales outside of cars, gasoline and building materials rose at its fastest pace in seven months, fueling expectation that the Federal Reserve will soon reduce its stimulus measures.

Versus the Japanese yen, the greenback traded with a firm undertone throughout the day. Despite dollar's brief retreat from 97.44 to 97.15 in Asian morning, active cross selling of yen versus other currencies due to the rumour of corporate tax cut in Japan lifted the pair in European session. Dollar's broad-based strength due to the U.S retail sales later pushed the pair further higher to 98.25 in New York morning before easing.

U.S. retail sales and retail sales excluding cars, gasoline and building materials came in at 0.2% and 0.5% respectively, versus the forecast of 0.4% and 0.3%. The previous readings were revised to 0.6% n 0.1% respectively.

The single currency rebounded from Australian low at 1.3289 to 1.3316 in European morning but retreating to 1.3282. Later, despite euro's marginal gain to 1.3317 after the release of better-than-expected German economic sentiment (42.0 versus the forecast of 39.5), the pair nose-dived in New York morning on dollar's strength due to the U.S. retail sales and price eventually hit a 1-week low at 1.3234 before stabilizing in U.S. afternoon.

Although the British pound edged higher in tandem with euro from Asian low at 1.5448 to 1.5482 in European morning, the pair fell to 1.5432 but then staged a strong rebound to 1.5490 after the release of U.K. CPI data, however, price dropped to a low at 1.5427 in New York morning on dollar's broad-based strength. Later, despite cable's swift rise to 1.5513, renewed selling interest sent the pair to 1.5448 and the pound traded inside the range for the rest of the day.

U.K. CPI in July was released at 0.0% m/m and 2.8% y/y, same as the forecast. U.K. RPI in July came in at 0.0% m/m and 3.1% y/y, same as expectation. ONS house price in Jun came in at 3.1% y/y, lower than the forecast of 3.5%.

In other news, ZEW economist said 'sentiment is highest since March 2013; first signs of end of recession in important euro zone countries may have contributed to indicator's rise; economic optimism is supported by German domestic demand; significant increase for euro zone expectation, good sign that worst of recession might be over; ECB will have more room for earlier increase of interest rates due to calming of crisis; there is a tendency for the Eurozone to get out of recession in Q2.'

On the data front, German CPI in Jul came in at 0.5% m/m n 1.9% y/y, same as expectation. Eurozone industrial production came in at 0.7% m/m and 0.3% y/y, vs the expectation of 1.0% and 0.3% respectively

Data to be released on Wednesday:

New Zealand retail sales, Australia consumer confidence, France GDP, HICP, CPI, U.K. BOE MPC minutes, claimant count, unemployment rate, average earning, Germany GDP, EU GDP, Swiss Zew index, U.S. PPI.
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acetraderforex
post Aug 15 2013, 02:41 AM
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Market Review - 14/08/2013 22:50GMT

Euro little changed despite strong GDP in the eurozone and Germany

The single currency moved in a tight range on Wednesday despite the fact that eurozone and Germany GDP data beat forecast and showed economy of the area is coming out from recession.

Earlier in the day, euro traded narrowly in Asia and then rose briefly to 1.3280 after the release of better-than-expected German GDP (0.7% q/q and 0.9% y/y versus the forecasts of 0.6% and 0.7%), however, the release of stronger-than-expected eurozone GDP (0.3% q/q and -0.7% y/y versus the forecasts of 0.2% and -0.8%) did not help the pair and euro later dropped to session low at 1.3239 in European morning before staging a rebound to 1.3271 in New York morning on dollar's broad-based weakness due partly to the lower-than-expected U.S. PPI (0.0% m/m and 2.1% y/y versus the expectations of 0.3% and 2.4%).

Versus the Japanese yen, the greenback retreated initially from Tuesday's top at 98.34 to 97.87 in Asia but cross selling of yen versus euro lifted the pair above 98.34 to 98.43 in European morning, dollar's broad-based weakness after release of U.S. PPI pressured price to 97.96 in New York morning before recovering.

Although the British pound also traded narrowly in Asian morning and then dropped briefly to 1.5423 in European morning, release of upbeat U.K. jobs data lifted price sharply higher from there to 1.5507 and active cross buying of sterling versus euro later pushed price further to a session high of 1.5549 in New York morning before easing.

U.K. claimant change in Jul came in at -29.2K, much better than the forecast of -15.0K. Unemployment rate remains at 7.8%, same as the expectation.

In other news, BoE minutes showed 'MPC voted 8-1 in favour of forward guidance policy, Weale votes against; BoE's Weale wanted shorter time horizon for 2.5 CPI knock-out clause than 18-24 months; Weale saw "particularly compelling" need to manage risk that guidance pushes up medium-term inflation expectations; show MPC voted 9-0 to keep QE bond purchase total at 375 bln stg; some members still believe case for more QE compelling, but want to gauge impact of guidance before raising asset purchases; show voted 9-0 to keep rates at 0.5%; most members think U.K. short term market interest rates out of line with economic outlook, some do not.'

Data to be released on Thursday:

New Zealand PMI, consumer confidence, U.K. retail sales, U.S. jobless claims, Empire state manufacturing, Net LT TIC flows, industrial production, capacity utilization, NAHB housing market index, Philadelphia Fed survey, Canada existing home sales.
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acetraderforex
post Aug 16 2013, 04:06 AM
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Market Review - 15/08/2013 22:16GMT

Dollar drops broadly on weak Philadelphia Fed index

The greenback surrendered gains versus other major currencies on Thursday as the weaker-than-expected U.S. Philadelphia Fed business condition conflicted with the upbeat jobless claims, muddying the expectations about the withdrawal of the stimulus measures from the Federal Reserve.

Although the single currency rose briefly but strongly to 1.3311 in Asian morning on short-covering and then traded narrowly in European session, the pair fell sharply after the release of better-than-expected U.S. jobless claims (320K versus the forecast of 335K) and then weakened to 1.3206 in New York morning, however, dollar's broad-based weakness due to the disappointing Philadelphia Fed business condition (9.3 versus the expectation of 15.0) prompted the pair to rally sharply higher later in the day and euro climbed back above 1.3300 level to a fresh session high of 1.3363 before easing.

Versus the yen, dollar went through a roller-coaster session on Thursday. Despite a brief but strong rise to 98.30 in Asian morning due to the comments from Japan Finance Minister Aso about corporate tax cut, renewed selling interest pressured the pair to 97.59 near Toyko afternoon. Later, although cross selling of yen versus euro lifted the greenback again in European session and price rose above Wednesday's top at 98.43 to 98.66 in New York morning due to the better-than-expected U.S. jobless claims, the weak U.S. Philadelphia Fed business condition knocked price sharply lower later to as low as 97.00 in U.S. afternoon.

The British pound retreated initially from Wednesday's top at 1.5549 to 1.5496 in Australia yesterday, however, cable rose in tandem with euro to 1.5544 in Asia and surged to 1.5595 in European morning after the release of upbeat U.K. retail sales (1.1% m/m and 3.0% y/y, better than the forecast of 0.6% and 2.5%). Later, price dropped sharply to 1.5523 in New York morning due to the better-than-expected U.S. jobless but only to rally to a fresh 7-week peak at 1.5652 in New York afternoon.

In other news, Fed's Bullard said 'financial stability a very important issue for Fed, but does not see a big asset bubble threat at the moment; 'yields still low in historic terms despite recent rise, although higher yields are a concern; momentum in U.S. housing market should be strong enough to overcome higher mortgage rates; tapering by a small amount at first wud be taken as signal by markets on pace of reduction in bond purchase.'

On the data front, U.S. CPI came in at 0.2% m/m n 2.0% y/y, same as the expectations. U.S. industrial production and capacity utilization were released at 0.0% and 77.6%, versus the expectations of 0.4% and 78.0% respectively. NAHB house market index came in at 59, versus the forecast of 57.

Data to be released on Friday :

EU current account, trade balance, CPI, Italy current account, U.S. housing starts, building permits, University of Michigan consumer confidence.
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acetraderforex
post Aug 19 2013, 03:23 AM
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Market Review - 17/08/2013 06:35GMT

Data to be released this week:

Monday: Japan Trade balance, import, export, leading indicator, U.K. Rightmove house price.

Tuesday: Australia RBA minutes, Japan all industry index, Germany PPI, Canada wholesale sales, U.S. Chicago Fed index, retail sales.

Wednesday: Australia leading indicator, U.K. PSNCR, public sector net borrowing, CBI distribute trades, U.S. existing home sales.

Thursday: Japan machine tools orders, China HSBC manufacturing PMI, Swiss trade balance, France manufacturing PMI, service PMI, German manufacturing PMI, service PMI, EU manufacturing PMI, service PMI, Canada CPI, U.S. jobless claims, Markit PMI, house price index, leading indicators.

Friday: Germany GDP, export, import, U.K. GDP, BBA mortgage approvals, EU consumer confidence, Canada CPI, U.S. new home sales.

Euro pares gain on Friday due to profit-taking

The single currency erased its recent gain against the dollar on Friday as investors closed their previous long positions below 1.3400 level after the rally on Thursday.

Although the single currency edged lower from Thursday's top at 1.3363 to 1.3326 in European morning, the pair penetrated 1.3363 to session high at 1.3380 in New York morning due to dollar's broad-based weakness after the release of weak U.S. housing starts and building permits (5.9% and 2.7%, less than the forecasts of 7.7% and 2.9% respectively) but only to retreat to 1.3312 later in the day on weekend adjustment.

Versus the Japanese yen, the greenback rebounded strongly from Thursday's low at 97.00 to 97.56 in Asian morning. However, the pair ratcheted lower to 97.27 in Europe and then 97.19 in New York morning after the release of weak U.S. housing starts and building permits before staging a rebound to 97.78.

The British pound retreated from Thursday's top at 1.5652 in tandem with euro and dropped to 1.5618 in European morning before renewed buying interest pushed the pair above 1.5652 to a fresh 7-week top at 1.5657 in New York morning, however, profit-taking pressured price later and cable fell
to 1.5608 and then moved narrowly in U.S. afternoon.

On the data front, U.S. University of Michigan consumer index came in at 80.0, worse than the forecast of 85.2. Euro zone trade balance in Jun came in at 17.3B, previous reading was revised to 14.5B. CPI Final in Jul was released at -0.5% m/m and 1.6% y/y, same as forecast.
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acetraderforex
post Aug 20 2013, 02:55 AM
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Market Review - 19/08/2013 21:41GMT

Euro rises on hawkish comments from Bundesbank

The single currency strengthened in European session on Monday as German's Bundesbank did not ruled out to raise the interest rates in future due to high inflation.

Although the single currency traded narrowly in Asia and dropped briefly to 1.3315 in European morning, the pair rose strongly to 1.3375 due to the news that Germany's Bundesbank said it did not rule out higher interest rates to curb inflation, however, failure to penetrate last Friday's top at 1.3380 prompted profit-taking and price later retreated to 1.3334 near New York close.

Bundesbank said 'expects German economy to return to normal, steady growth rate in H2; German inflation likely to ease somewhat over next few months; ECB forward guidance not an unconditional commitment, monetary policy still dependent on medium-term inflation outlook.'

Versus the Japanese yen, despite dollar's retreat from 97.85 to 97.36 in Asian morning, price rose strongly to 98.08 in Europe on active cross selling of yen versus other currencies. The pair later edged higher to 98.13 in New York morning but only to retreat to 97.47 near New York close.

Although the British pound traded narrowly in Asia and dropped briefly to 1.5610 in European morning, renewed buying interest emerged there and price rose above last Friday's top at 1.5657 to a fresh 7-week high at 1.5674 before trading sideways in New York session.

Data to be released on Tuesday:

Australia RBA minutes, Japan all industry index, Germany PPI, Canada wholesale sales, U.S. Chicago Fed index, retail sales.
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acetraderforex
post Aug 21 2013, 03:18 AM
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Market Review - 20/08/2013 21:16GMT

Dollar falls to 6-month low against euro ahead of Fed minutes

The greenback tanked against euro on Tuesday ahead of the release of Fed minutes on Wednesday as market is expecting the July meeting minutes will offer clues to whether the central bank will pare its bond-buying measures in September.

Although the single currency retreated fm 1.3356 to 1.3324 in European morning, the strong rebound in eur/jpy coss pushed the pair above last Friday's top at 1.3380 to 1.3407 in European morning, price eventually climbed to a 6-month top at 1.3452 in New York morning on dollar's broad-based weakness before easing.

Versus the Japanese yen, despite dollar's brief recovery to 97.87 in Asia, active cross buying of yen versus other currencies due to the steep fall in Nikkei-225 index pressured the pair below last Thursday's low at 97.00 to 96.98 in European morning. Later, dollar's broad-based weakness sent the pair marginally lower to 96.91 in New York morning before stabilising.

The British pound traded narrowly in Asia and dropped briefly to 1.5629 in European morning, renewed buying interest lifted the pair above Monday's top at 1.5674 to 1.5680 and sterling later rose further to a fresh 8-week top at 1.5696 in tandem with euro in New York morning before trading sideways.

The Australian dollar fell sharply to a low at 0.9027 in Europe after early dovish RBA minutes in Asia but then staged a recovery to 0.9098 in New York on short-covering. The Reserve Bank of Australia released its minutes which stated that 'members agreed should not close off possibility of further easing; neither did members want to signal an imminent intention to cut rates further; judged a rate cut was appropriate at Aug meeting; ; A$ still high by historical standards, possible could fall further to help rebalancing; inflation to remain within target range even with the impact of lower A$; expected the fall in A$ to gradually boost tradable prices over next few year; economic growth expected to remain modest for next few quarters before picking up.'

In other news, German Finance Minister Schaeuble said 'current interest rates on German government bonds are still too low.' German Finance Ministry said 'expect German growth of 0.5-0.7% in 2013; unhealthy that Germany must pay interest rates at times below rate of inflation; there will be no new haircut for Greece but there will need to be a new aid programme; interest rates on 10-year German bonds of 2% are ok.'

BOJ Governor Kuroda said 'BOJ's stance is to do whatever it takes to beat deflation; Japan's economy improvement is steady proceeding, seeing signs of positive cycle of output, income n spending.'

Data to be released on Wednesday :

Australia leading indicator, U.K. PSNCR, public sector net borrowing, CBI distribute trades, U.S. existing home sales.
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acetraderforex
post Aug 22 2013, 03:28 AM
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Market Review - 21/08/2013 21:24GMT

The single currency drops broadly after Fed minutes

The single currency fell on Wednesday as Fed minutes for July 30-31 meeting showed that the board support the timeline for tapering, however, the minutes reported only a few policymakers thought it would soon be time to 'slow somewhat' the pace of the central bank's bond-buying, while others emphasized patience in deciding when to start to wind down the stimulus program.

Fed minutes showed 'almost all FOMC members agreed change to Fed's asset purchase program not yet appropriate at Jul meeting; a few members stressed patience in decision to reduce bond buys; a few others suggested might soon be time to "slow somewhat' purchase pace; U.S. jobless rate had dropped "considerably" since QE3 began, but some other measures showed more modest labor market gains; inflation persistently below 2% target could pose risks to economy; several Fed participants willing to consider lowering 6.5% unemployment threshold for interest rates if easier policy needed; a few participants worried changes to forward guidance could undermine policy effectiveness; some participants concerned that higher market rates could be significant factor restraining economic growth.'

Earlier in the day, euro traded narrowly in Asian session and edged lower to 1.3381 in Europe and then 1.3354 in New York morning due to dollar's broad-based strength. The single currency weakened further to 1.3335 after release of Fed minutes in New York afternoon but recovered to 1.3396 due to profit-taking.

Versus the Japanese yen, despite dollar's brief drop to 97.13 in Asia due to the decline in Japan's Nikkei-225 index, dollar's broad-based strength lifted the pair to 97.68 at Asian midday and then 97.76 in New York morning after the release of strong U.S. existing home sales (6.5% versus the forecast of 1.6%). Later, usd/jpy rose further to 97.98 in New York afternoon after the Fed minutes.

The British pound traded narrowly in Asian morning and then rose above Tuesday's top at 1.5696 to 1.5702 in European session due to cross buying of sterling versus euro. Later, cable posted a brief spike to a fresh 8-week top 1.5716 in New York afternoon but only to drop to 1.5665 before renewed buying pushed sterling marginally higher to 1.5618.

On the data front, U.K. PSNB in Jul came in at at -1.635 billion sterling, higher than the expectation of -4.65 billion. U.K. CBI manufacturing order book balance came in at 0, the highest since Aug 2011, versus the previous -12. U.S. existing home sales came in at 6.5%, much better than the forecast of 1.6% n the revised -1.6% in June.

In other news, ECB's Asmussen said 'come to Athens to take stock of current programme, see what situation is; key now is to create growth n jobs in Greece; nothing to add to Euro group decisions fm last Nov, pledging support to Greece until it regains market access; will look at how things unfold in Greece but not b4 spring next year.'

Data to be released on Thursday :

Japan machine tools orders, China HSBC manufacturing PMI, Swiss trade balance, France manufacturing PMI, service PMI, German manufacturing PMI, service PMI, EU manufacturing PMI, service PMI, Canada CPI, U.S. jobless claims, Markit PMI, house price index, leading indicators.
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acetraderforex
post Aug 23 2013, 03:04 AM
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Market Review - 22/08/2013 21:22GMT

Dollar rises to two-week high against the yen on QE tapering expectations

The greenback strengthened to a two-week high against the Japanese yen on Thursday as the Federal Reserve's minutes, which was released on Wednesday, supported the view that the central bank will pare its stimulus measures in September.

Versus the Japanese yen, dollar traded with a firm undertone throughout the day. The pair jumped to 98.33 in Asia due to rebound in Japanese equities and then rose above last Thursday's top at 98.66 to a two-week high at 98.83 in Europe on active cross selling of yen versus other currencies. However, price retreated to 98.41 after the release of the higher-than-expected U.S. weekly jobless claims (336K versus the forecast of 330K) before stabilising.

Although the single currency traded narrowly in Asia and then dropped to 1.3322 in European morning due to the weak French manufacturing and services PMI (49.7 and 47.7, versus the forecasts of 50.3 and 49.2), price rebounded to 1.3364 after the release of strong German and euro zone PMIs but only to fall to 1.3299 due to cross selling in euro versus sterling. However, the worse-than-expected U.S. jobless claims lifted euro to 1.3373 in New York morning and price then stabilised for the rest of the day.

German manufacturing and services PMI in August were released at 52.0 and 52.4, stronger than the forecasts of 51.2 and 51.8. Euro zone manufacturing PMI in August came in at 51.0, better then the forecast of 50.2 whilst service PMI in Aug came in at 51.7, stronger than the expectation of 50.2.

The British pound extended steep fall from Wednesday's two-month peak at 1.5718 to 1.5588 in Asian morning. Despite cable's brief recovery to 1.5623 in European morning, cross selling of sterling versus euro pressured price to 1.5563 before staging a recovery to 1.5614 in New York morning on weak U.S. jobs data. Gbp/usd then moved in a choppy fashion above said session low for rest of the New York session.


On the data front, U.S. Markit PMI preliminary came in at 53.9, versus the forecast of 54.2. U.S. leading index in July was released at 0.6%, better than the forecast of 0.5%. U.S. housing price index m/m was released at 0.7%, versus the revised 0.8% in May.

Data to be released on Friday :

Germany GDP, export, import, U.K. GDP, BBA mortgage approvals, EU consumer confidence, Canada CPI, U.S. new home sales.
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acetraderforex
post Aug 26 2013, 02:58 AM
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Market Review - 23/08/2013 21:33GMT

Dollar weakens broadly due to weak U.S. new home sales

The greenback fell against euro and yen on Friday as the worse-than-expected U.S. new home sales signalled that U.S. economy still needs stimulus measures to support its growth.

The single currency edged lower to 1.3335 in European morning but then staged a recovery to 1.3371 due partly to the comments from ECB's policymaker Nowotny who said 'does not see many arguments now for a rate cut.' Later, despite brief fall to 1.3333 in New York morning, euro rose strongly to 1.3410 on dollar's broad-based weakness after the release of worse-than-expected U.S. new home sales (-13.4% versus the expectation of -2.0%) and then stabilised for the rest of the day.

Versus the Japanese yen, the greenback extended recent upmove to 99.14 in European morning before pullback to 98.74. Later, despite dollar's marginal gain to a fresh 2-week top at 99.15 in New York morning, the pair fell sharply to 98.38 after the release of U.S. new home sales.

Although the British pound traded narrowly in Asia and then jumped to 1.5638 in European morning after the release of better-than-expected U.K. GDP (0.7% m/m and 1.5% y/y, versus the forecasts of 0.6% and 1.4%), active cross selling of sterling versus euro pressured the pair below Thursday's low at 1.5563 to 1.5538 in New York morning but only to climbed back to 1.5597 in tandem with euro on dollar's broad-based weakness.

In other news, Fed's Lockhart said 'expect 2-2.5% GDP growth in rest of year; needs data showing sustainable economic growth in order to reduce QE3 in Sep; too early to tell whether recent private-market rate rises will create economic contraction.' Fed's Bullard said 'don't need to be any hurry to taper QE3 in Sep; we can afford to be deliberate in decision on QE3 due to data; QE3 has been very successful in easing market conditions, less clear the effect on economy.' Fed's Williams said 'decision to taper QE3 will depend on growth in job creation, stronger inflation; we should reduce asset purchase later this year; tapering QE3 wud come in gradual series of steps; expect significant step up in U.S. economy growth later this year and in 2014; low level of inflation is a concern but as long as it progresses as we've seen "feels good about that".'

Data to be released next week :


Monday: New Zealand trade balance, import, export, U.S. durable goods. U.K. financial market is closed on Monday due to public holiday.

Tuesday: Germany Ifo business climate, current assessment, U.S. retail sales, S&P home price index, consumer confidence.

Wednesday: Swiss consumption indicator, Germany Gfk consumer confidence, U.K. CBI distributes trades, U.S. pending home sales.

Thursday:
New Zealand ANZ business confidence, Australia HIA new home sales, Japan retail sales, France business climate, Italy consumer confidence, Germany unemployment change, unemployment rate, CPI, HICP, U.K. business barometer, U.S. GDP, jobless claims, personal consumption, PCE core, Canada PPI.

Friday : Japan manufacturing PMI, household spending, unemployment rate, CPI, industrial production, housing starts, Swiss KOF indicator, EU economic sentiment, business climate, consumer confidence, unemployment rate, CPI, Italy unemployment rate , CPI, HICP, PPI, Canada GDP, U.S. personal income, personal spending, PCE index, Chicago PMI and University of Michigan consumer confidence.
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acetraderforex
post Aug 27 2013, 02:52 AM
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Market Review - 26/08/2013 21:57GMT

Dollar rebounds versus yen despite weak U.S. durable goods

The greenback staged a rebound versus the Japanese yen on Monday, despite the fact that the weak U.S. durable goods raised concerns that the Federal Reserve may not withdraw its stimulus measures in September.

Versus the Japanese yen, despite dollar's initial gap-down opening to 98.17 in New Zealand, the pair rebounded strongly to 98.85 in Asia partly due to the rise in Japanese equities, however, renewed cross buying of yen versus other currencies pressured the pair to 98.44 in European morning. Later, although the greenback briefly recovered to 98.67, the pair retreated to 98.27 in New York morning after the release of worse-than-expected U.S durable goods before paring intra-day losses.

U.S. durable goods, ex-transportation and ex-defense came in at -7.3%, -0.6% and -6.7%, worse the forecasts of 4.0%, 0.5% n 2.9% respectively.

The single currency edged lower from New Zealand top at 1.3393 and dropped to 1.3364 in European morning on cross selling of euro versus yen. Later, despite a brief dip to 1.3357 in New York morning, the pair rebounded 1.3394 due the worse-than-expected U.S. durable goods before retreating and then traded inside the range for the rest of the day.

The British pound traded narrowly in Asia and rose briefly to 1.5588 in thin European morning due to the U.K. holiday. Later, despite a brief fall to 1.5556 in New Work morning, the pound jumped swiftly to 1.5612 due to dollar's broad based weakness before retreating.

In other news, ECB's Weidmann said 'ECB government bond purchases would weaken countries' own responsibility to solve problems; best way for ECB to contribute to crisis solution is by preserving price stability; governments bond holding should be capped, backed by sufficient capital similar to corporate bonds.' BoE's Bean said 'forward guidance sends clear signal that rates not likely to rise imminently.'

Data to be released on Tuesday:

Germany Ifo business climate, current assessment, U.S. retail sales, S&P home price index, consumer confidence on Tuesday.
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