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InstaForex | Forex Forum | Forex world | InstaForex Forum _ Traders' discussions _ AceTraderForex : Market Review & data to be released today

Posted by: acetraderforex Jul 31, 2013, 06:17 AM

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.




Posted by: acetraderforex Aug 1, 2013, 04:03 AM

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.

Posted by: acetraderforex Aug 2, 2013, 03:27 AM

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.

Posted by: acetraderforex Aug 5, 2013, 05:04 AM

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.

Posted by: acetraderforex Aug 6, 2013, 03:08 AM


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.

Posted by: acetraderforex Aug 7, 2013, 03:47 AM

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.

Posted by: acetraderforex Aug 8, 2013, 04:44 AM

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.

Posted by: acetraderforex Aug 9, 2013, 03:36 AM

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.

Posted by: acetraderforex Aug 12, 2013, 03:14 AM

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.


Posted by: acetraderforex Aug 13, 2013, 03:14 AM

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.

Posted by: acetraderforex Aug 14, 2013, 07:47 AM

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.

Posted by: acetraderforex Aug 15, 2013, 02:41 AM

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.

Posted by: acetraderforex Aug 16, 2013, 04:06 AM

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.

Posted by: acetraderforex Aug 19, 2013, 03:23 AM

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.

Posted by: acetraderforex Aug 20, 2013, 02:55 AM

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.

Posted by: acetraderforex Aug 21, 2013, 03:18 AM

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.

Posted by: acetraderforex Aug 22, 2013, 03:28 AM

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.

Posted by: acetraderforex Aug 23, 2013, 03:04 AM


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.

Posted by: acetraderforex Aug 26, 2013, 02:58 AM

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.

Posted by: acetraderforex Aug 27, 2013, 02:52 AM

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.

Posted by: acetraderforex Aug 28, 2013, 02:51 AM

Market Review - 27/08/2013 21:37GMT

Yen and swiss franc rise broadly on escalation of tension in Syria

The Japanese yen rallied sharply higher against other currencies on Tuesday on demand for the safe-haven currencies including the Swiss franc as U.S. and its allies poised to take military action against the Syrian government. The selloff in global and emerging stock markets also supported the Japanese yen.

Earlier in Asia, despite dollar's brief recovery against the yen from 98.05 to 98.39, the pair fell sharply due to the weakness in Japan's Nikkei N225 index. Intra-day decline then accelerated in European morning on active cross buying of yen versus other currencies on risk aversion as the geopolitical tension in Syria escalated. The pair eventually hit session low at 96.99 in New York afternoon before stabilising.

The single currency went through a roller-coaster session on Tuesday. Despite initial brief rise to 1.3391 in Asian morning, renewed selling interest pressured the pair to 1.3356 in European morning, price then tumbled to a low at 1.3322 on active cross selling of euro versus yen together with the selloff in European equities due to the geopolitical tension in Syria. Later, although euro dipped to 1.3328 in New York morning, dollar's weakness after the release of lower-than-expected U.S home price index lifted the pair above 1.3391 to 1.3399 before stabilising in New York afternoon.

U.S. S&P/Case-Shiller home price index came in at 0.9% m/m and 12.2% y/y, versus the forecast of 1.0% and 12.1%.

Despite cable's initial brief recovery to 1.5592, the pair dropped to 1.5562 in Asian morning, active cross selling of sterling versus euro together with the steep fall in eur/usd pressured the pair to 1.5500 in European morning. Later, although the pound fell further to a 1-week low at 1.5482 in New York morning, dollar's weakness lifted the pair to 1.5556.

On the data front, U.S. consumer confidence came in at 81.5, better than the forecast of 79.0. German Ifo business climate in Aug came in at 107.5, better than the forecast of 107.0. Current assessment was released at 112.0, stronger than the expectation of 111.0.

Data to be released on Wednesday :

Swiss consumption indicator, Germany Gfk consumer confidence, Import price index, U.K. CBI distributes trades, U.S. pending home sales.

Posted by: acetraderforex Aug 29, 2013, 03:43 AM


Market Review - 28/08/2013 21:21GMT

Dollar strengthens broadly amid escalating tension in Syria

The greenback climbed against yen and euro on Wednesday due to demand for safe-haven currencies as prospect of Western military actions in Syria increases.

Earlier in Asia, although the greenback extended recent decline versus the Japanese yen to a 2-week low at 96.82 in Australia, the pair staged a rebound in Asia as Japanese stocks pared initial losses, the pair ratcheted higher to 97.60 in Europe and then climbed to 97.84 in New York morning on dollar's broad-based amid Syria tension.

The single currency fell from Asian top at 1.3398 on dollar's broad-based strength and weakened to 1.3336 in European session. Later, despite brief but strong recovery to 1.3373, active cross selling of euro versus sterling pressured the pair below Tuesday's low at 1.3323 to 1.3305 in New York morning before stabilising.

The British pound ratcheted lower in tandem with euro from Australian top at 1.5552 in Asia and dropped to 1.5448 in Europe on cross selling of sterling versus euro. Later, although cable fell to a fresh 2-week low at 1.5430 in New York as soon as BoE Governor Carney began his first public speech, price swiftly rallied to a high of 1.5553 before trading sideways for the rest of the day.

BoE's Carney said 'consider more stimulus if financial conditions tighten, recovery risks falling short of strong growth; upward move in market expectations of BOE rates could, at margin, affect real economy; forward guidance was clear that we would provide more stimulus if necessary; signs are that U.K. recovery is broad-based, set to continue; period of robust growth needed to begin to reduce spare capacity meaningfully; depressed output, temporary inflation factors mean it is right to bring inflation back to target more slowly; nobody should assume 7% unemployment is a trigger for raising rates; BoE to reduce required liquid asset holdings for major banks, building societies meeting 7% capital threshold; liquidity change could lower total required holdings by 90 bln pounds, helping lending.'

On the data front, U.S. pending home sales came in at -1.3% m/m, versus the forecast of -0.5% and the previous -0.4%. U.K. CBI distributive trades came in at 27, better than the forecast of 20.

In other earlier news, BOJ deputy governor Iwata said 'aim to achieve 2% inflation target as soon as possible with 2 year time frame in mind; will continue with QE until inflation stabilizes at 2%; there are signs that prices for goods are bottoming out or starting to rise; if inflation expected to overshoot target then BOJ will not purchases JGBs even if asked by government; increase in inflation expectations can spur consumer spending and demand for foreign currencies and help weaken the yen; decline in real expected interest rates can lead to higher capital expenditure; will take some time for BOJ policy to work, so fiscal policy is needed to support growth; may take 1 or 2 years to see real increase in bank lending due to large cash reserves in corporate sector.'

Data to released on 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.

Posted by: acetraderforex Aug 30, 2013, 02:57 AM

Market Review - 29/08/2013 21:37GMT

Dollar strengthens broadly on upbeat U.S. jobless claims and GDP

The greenback advanced broadly on Thursday as better-than-expected U.S. jobless claims and GDP data showed U.S. economy is growing with a firm undertone.

Versus the Japanese yen, although the greenback fell from Asian top at 97.91 to 97.45, the rebound in Japanese equities lifted the pair, price rose above 97.91 to 98.27 in Europe due to dollar's broad-based strength and climbed to 98.51 in New York after the release of a slew of better-than-expected U.S. economic data.

U.S. jobless claims came in at 331K, versus the forecast of 332K, whilst GDP came in at 2.5%, also better than the forecast of 2.2%.

The single currency traded narrowly below 1.3345 in Asia and then fell sharply to 1.3253 in European morning on dollar's strength together with the comments from ECB's Rehn as he said 'GDP data confirm beginnings of gradual but still subdued recovery; premature to say the least to pronounce that crisis is over.' The pair eventually extended intra-day weakness to a fresh 1-week low at 1.3220 in New York morning due to the upbeat U.S. economic data before stabilising.

Despite cable's brief rise to 1.5548 in Asian morning, failure to penetrate resistance levels at 1.5553/56 prompted selling in pound, price ratcheted lower to 1.5499 in Europe and then 1.5482 in New York morning before trading sideways for rest of the day.

In other news, ECB's Nowotny said 'deposits at ECB show enormous sums, reflect uncertainty but money markets starting to work; central banks' forward guidance plays role given very low growth rates, high uncertainty.' BOE governor Carney said 'U.K. can't devalue its way to prosperity; raising rates too soon would choke recovery.' EU's Rehn noted unemployment crisis in many EU countries and said 'Germany, France hold key to EU economy rebalancing.'

On the data front, German unemployment change in August increased 7K, more than the expectation of a decline of 5K whilst unemployment rate in Aug remained at 6.8%, same as expectation. Germany CPI came in at 0.0% m/m and 1.5% y/y, versus the forecast of 0.1% and 1.7%. HICP was released at 0.0% m/m and 1.6% y/y, versus the forecast of 0.1% and 1.7% respectively.

Data to be released on Friday:

Japan manufacturing PMI, household spending, unemployment rate, CPI, industrial production, housing starts, Swiss KOF indicator, U.K. nationwide house price, mortgage approvals, Germany retail sales, 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.

Posted by: acetraderforex Sep 2, 2013, 03:10 AM


Market Review
01/09/2013 22:24GMT

Dollar rises against euro on upbeat U.S. consumer confidence

The greenback strengthened versus the euro on Friday due to better-than-expected University of Michigan consumer confidence, supporting the view that the Federal Reserve will begin to reduce its stimulus measures in September.

Although the single currency staged a recovery to 1.3255 in Asian morning, active cross selling of euro versus other currencies pressured the pair to 1.3223 in European morning before rebounding to 1.3253. Later, dollar's broad-based strength sent the pair below Thursday's low at 1.3219 and price eventually hit a 4-week low at 1.3173 after the release of stronger-than-expected U.S. University of Michigan consumer confidence (82.1 versus 80.5) before staging a recovery in late New York afternoon session.

Versus the Japanese yen, despite dollar's brief rise to 98.47 at Tokyo open, failure to re-test Thursday's top at 98.52 prompted selling of dollar, price dropped to 98.07 in Asia on the decline in the Japanese Nikkei index afterJapan Finance Minister Aso's comment of implementing the planned sales tax hike next April. Later, cross buying of yen versus euro pressured the pair from 98.39 to a low at 97.89 in European morning but price then rebounded strongly to 98.34 in New York morning on dollar's renewed strength before moving sideways.

Although the British pound edged higher to 1.5528 in European morning, cross selling of sterling versus other currencies pressured the pair to 1.5477. Price later dropped in tandem with euro to intra-day low at 1.5462 in New York morning before staging a recovery near New York close.

On the data front, U.S. Chicago August PMI came in at 53.0, same as the street forecast. U.S. personal income and spending were 0.1% n 0.1% respectively, lower than the forecast of 0.2% n 0.3%. EU economic sentiment in August came in at 95.2, better than forecast of 93.8. EU Unemployment rate in Jul remained at 12.1%, same as expectation. EU CPI estimate in August came in at 1.3%, less than the forecast of 1.4%. Germany retail sales were -1.4% m/m and 2.3% y/y, versus market expectation of 0.6% and 1.8% respectively.

In other news, ECB's Nowotny said 'forward guidance means markets should not expect rate rise for some time; central issue is inflation expectations, which are stable.' Japan FinMin Aso says ' failure to raise sales tax could lead to fall in share prices, JGBs; Friday's economic data show favorable trend for sales tax hike.'

Data to be released next week :

Monday: Australia building approvals, Japan business capex, China HSBC Markit Manufacturing PMI, U.K. hometrack housing survey, manufacturing PMI, Swiss PMI, Italy manufacturing PMI, France manufacturing PMI, Germany manufacturing PMI, EU manufacturing PMI on Monday. Canada and U.S. financial markets are closed due to public holiday.

Tuesday: Australia retail sales, rate decision, U.K. retail sales, PMI construction, Swiss GDP, EU PPI, U.S. manufacturing PMI, construction spending, ISM manufacturing.

Wednesday: Australia GDP, China HSBC Markit Service PMI, U.K. Service PMI, shop price index, France Service PMI, PPI, Italy Service PMI, EU Service PMI, GDP, retail sales, Germany Service PMI, Canada import, export, trade balance, rate decision, U.S. trade balance, retail sales.

Thursday: Australia trade balance, Japan rate decision, U.K. employment confidence, rate decision, Germany factory orders, France unemployment rate, ECB rate decision, U.S. ADP employment, jobless claims, factory orders, ISM non-manufacturing, durable goods.

Friday: Japan leading indicator, Germany trade balance, current account, import export, industrial production, France trade balance, consumer confidence, Swiss CPI, industrial production, U.K. industrial production, manufacturing production, trade balance, U.S. non-farm payrolls, unemployment rate, average hourly earning, Canada unemployment rate, PMI.

Posted by: acetraderforex Sep 3, 2013, 03:37 AM

Market Review - 02/09/2013 22:15GMT

Yen weakens broadly as worries on Syria eases

The Japanese yen fell sharply against other currencies on Monday as worries over recent military actions in Syria are diminishing. The yen was also pressured on improved risk appetite after release of upbeat manufacturing PMIs in China and Europe.

Versus the Japanese yen, the greenback climbed above last Thursday's top at 98.52 to 98.68 in Asia due to the rise in Japanese equities. The pair rallied to a 4-week high at 99.42 in European morning on active cross selling of yen on diminishing worries about the imminent military actions in Syria but then retreated to 99.12 in thin American session as U.S. and Canadian markets were closed for Labour Day holiday.

Despite euro's brief fall to 1.3192 in Asian morning, the pair edged higher in tandem with sterling to 1.3227 in European morning but only to retreat to 1.3183 near European close on dollar's renewed broad-based strength in thin trading condition.

The British pound opened higher at 1.5544 in New Zealand but then dropped briefly to 1.5507 in Asia. Later, price rose to 1.5569 in European morning on cross buying of sterling versus other currencies and then climbed to intra-day high of 1.5594 after the release of better-than-expected U.K. manufacturing PMI, the index climbed to a 2-1/2 year peak (57.2 versus the forecast of 55.0) before retreating to 1.5531 ahead of European close.

On the data front, U.K. Hometrack housing survey was released at 0.4% m/m and 1.8%, higher than the previous readings of 0.3% and 1.3% respectively. China HSBC manufacturing PMI came in at 50.1, versus the forecast of 50.2 and the previous 47.7. Swiss PMI in Aug came in at 54.6, worse than the forecast of 55.9. German and eurozone manufacturing PMI in August came in at 51.8 and 51.4, versus the forecast of 52.0 and 51.3.

In other news, a Germany's CDU lawmaker said
'German Finance Minister Schaeuble clearly ruled out retroactive recapitalization of Greek banks during German budget committee session; Schaeuble estimated financing hole in current Greek programme at 4 billion to 4.5 billion euros.'

Data to be released on Tuesday :

Australia retail sales, RBA rate decision, China non-manufacturing PMI, U.K. retail sales, PMI construction, Swiss GDP, EU PPI, U.S. manufacturing PMI, construction spending, ISM manufacturing.

Posted by: acetraderforex Sep 5, 2013, 03:16 AM

AceTraderforex Sept 5 : Euro rises on short-covering ahead of ECB rate decision

Market Review - 04/09/2013 22:24GMT

Euro rises on short-covering ahead of ECB rate decision

The single currency strengthened against dollar on Wednesday as investors unwound their recent short positions ahead of the European Central Bank rate decision and the much-monitored press conference by ECB President Draghi for clues on any future policy move by the central bank.

Earlier in Asia, the single currency moved narrowly following a recovery from Tuesday's 6-week low at 1.3138, price dipped briefly to 1.3157 in European morning, however, renewed buying there lifted the pair to 1.3187 and cross buying of euro versus yen and Swiss franc pushed euro higher to 1.3218 in New York morning, price later traded narrowly before easing near the close.

Versus the Japanese yen, although the greenback rose from Asian low at 99.42 to 99.80 in European morning due partly to the rise in Japanese equities, failure to penetrate Tuesday's top at 99.86 prompted profit-taking and price dropped to a low at 99.32 in New York morning before staging a rebound on renewed cross selling of yen versus euro. The Bank of Japan will end its 2-day policy meeting around midday on Thursday.

The British pound traded narrowly in Asia and then rose strongly above Tuesday's top at 1.5605 to a high at 1.5632 in European morning after release of better-than-expected U.K. PMI service (60.5 versus the forecast of 59.0) before retreating to 1.5595 in New York morning, however, renewed buying interest due to intra-day rebound in eur/usd pushed the pound higher to 1.5648 before easing. The Bank of England also ends its 2-day policy meeting later today.

The Australian dollar rallied throughout Tuesday's Asian, European and New York sessions due to the upbeat Australian GDP and Chinese HSBC service PMI, which came in at 2.6% vs previous reading of 2.5% and 52.8 versus the previous 51.3 respectively. The pair eventually surged to a 2-week high of 0.9188 in New York morning before retreating on profit-taking.

On the data front, German Service PMI (final) in August came in at 52.8, stronger than the forecast of 52.4. Euro zone Service PMI (Final) in Aug came in at 50.7, worse than the forecast of 51.0. Euro zone GDP in Q2 came in at 0.3% Q/Q and -0.5% Y/Y, versus the expectation of 0.3% and -0.5% respectively. Euro zone Retail sales in July were at 0.1% and -1.3%, worse than the market expectations of 0.4% and -0.4%.

Data to be released on Thursday:

Australia trade balance, Japan rate decision, U.K. employment confidence, BOE rate decision, asset purchases, Germany factory orders, France unemployment rate, ECB rate decision, U.S. ADP employment, jobless claims, factory orders, ISM non-manufacturing, durable goods.

Posted by: acetraderforex Sep 6, 2013, 02:38 AM

Acetraderforex Sept 6 : Euro tanks to a fresh 7-week low on ECB Draghi's dovish comments

Market Review - 05/09/2013 22:23GMT

Euro tanks to a fresh 7-week low on ECB Draghi's dovish comments

The single currency dropped sharply to a fresh 7-week low on Thursday as the European Central Bank President Draghi said the bank will keep its present rates or lower the levels for extended period.

Earlier in Asia, despite euro's intra-day fall from Wednesday's top at 1.3218 to 1.3164, cross buying of euro versus yen lifted the pair above 1.3218 to 1.3223 in New York morning, however, the single currency then fell sharply when ECB President Draghi said 'rates at present or lower levels for extended period.' Price eventually hit a 7-week low at 1.3110 in New York morning before stabilising.

ECB's Draghi said in the press conference after the central bank kept interest rate at 0.5% that 'underlying price pressures in Eurozone expected to remain subdued; recent confidence indicators confirm expectation of gradual improvement in economy; ECB monetary policy stance is geared toward maintaining degree of monetary accommodation; monetary policy stance will remain accommodative for as long as necessary; governing council expects ECB interest rates to remain at present or lower levels for extended period; inflation outlook unchanged in medium term; repayments of long-term loans reflect improvement in financial market conditions; expect gradual recovery in euro zone.'

Versus the Japanese yen, although the greenback rose briefly to 99.98 at Asian midday, cross buying of yen versus euro pressured the pair to 99.57 before rising to 100.12 in European morning. Later, despite dollar's retreat to 99.66 in New York morning, release of better-than-expected U.S. ISM non-manufacturing PMI and factory orders (58.6 and -2.4%, versus the forecast of 55.2 and -3.3%) pushed the pair higher to a fresh 6-week top at 100.20 in New York afternoon.

Although the British pound retreated from Wednesday's top at 1.5648 to 1.5591 in European morning, the pair pierced through 1.5648 to a 2-week top at 1.5667 after the Bank of England announced to keep interest rate and asset purchases unchanged at 0.5% and 375 billion sterling as expected. However, cable fell sharply in tandem with euro in New York morning due to the steep fall in eur/usd and eventually hit session low at 1.5573 before recovering in U.S. afternoon.

In other news, BOJ kept monetary policy steady by unanimous vote, pledged to increase monetary base at annual pace of 60-70 trillion yen and revised up economic assessment in September. Fed's Kocherlakota said 'low rates at which U.S. can borrow shows confidence in ability of government to resolve fiscal issues; expect unemployment to remain well above 5.2%-6% for a number of years; expect inflation, as measured by %, to stay well below 2% for some time; Fed should communicate more effectively; markets reacted to tapering talks in a way I did not expect; a reduction in Fed's bond buying may not mean as much as people might think.''

Data to be released on Friday:

Japan leading indicator, Germany trade balance, current account, import export, industrial production, France trade balance, consumer confidence, Swiss CPI, industrial production, U.K. industrial production, manufacturing production, trade balance, U.S. non-farm payrolls, unemployment rate, average hourly earning, Canada unemployment rate, PMI.

Posted by: acetraderforex Sep 9, 2013, 03:01 AM

AceTraderforex Sept 9 : Dollar weakens broadly after weaker-than-expected U.S. non-farm payrolls

Market Review - 06/09/2013 18:16GMT
Dollar weakens broadly after weaker-than-expected U.S. non-farm payrolls

The U.S. dollar tumbled against other major currencies on Friday after U.S. job growth came in less than market forecast, adding to uncertainty over the Federal Reserve's next policy move at its next policy meeting on September 17-18, weighing on demand for the greenback.

The U.S. economy added 169,000 jobs in August, less than the median forecast of 180,000 increase, whilst previous month's figure was downwardly revised to 104,000 from 162,000. U.S. unemployment rate dropped slightly to 7.3% in August, from 7.4% in July, as more people left the work force.

Versus the Japanese yen, despite an initial rise to a fresh 6-week high of 100.24 in Friday's Australian morning following gain in previous session, profit-taking pressured price from there and dollar tanked to 99.70 in Asia n then to 99.50 in European morning. Later, the release of disappointing U.S. jobs data knocked the pair sharply lower in New York morning to as low as 98.52 before recovering.

The single currency remained under pressure in Asia and then dropped marginally below Thursday's low at 1.3110 to a fresh 6-week low at 1.3105 in European trading after data showed German industrial production fell more than expected in July and adding to signs that growth in Europe's biggest economy is moderating. However, dollar's board-based weakness after U.S. jobs data pushed price sharply higher in New York morning n euro jumped to 1.3180 and then 1.3189 before easing.

Industrial output in Germany contracted by 1.7 percent in July after expanding by 2.0 percent in June. German Economy Ministry says 'July's fall is due mainly to strong previous month; moderate upwards trend in manufacturing, significant stronger trend in construction to continue.'

The British pound retreated versus the dollar after meeting renewed selling interest at 1.5614 in Friday's Asian session and then dropped in tandem with euro to 1.5564 in European morning. However, dollar's broad-based weakness in New York morning together with cross-buying of sterling vs euro sent cable sharply higher to a fresh 2-week high of 1.5681 before retreating on weekend profit-taking.

In other news, G20 said on Friday 'challenges to global economy are unemployment, weak growth, financial market fragmentation in Europe; slower growth in emerging market economies caused in some cases by volatile capital flows; urgent need is to increase the momentum of the global recovery; work on putting world economy on path to recovery is not yet complete; remains mindful of risks, unintended negative side effects of extended periods of monetary easing; central banks commit that future changes to monetary policy are 'carefully calibrated and clearly communicated'; advanced economies commit to credible and ambitious medium-term fiscal strategies; work on global economic recovery not complete'

[B]Data to be released next week : [/B]

Monday : Australia home loans, Japan GDP, business capital expenditure, current account, consumer confidence, economic watch DI, China PPI, CPI, Swiss retail sales, unemployment rate, EU sentix investor confidence, Canada building permit.

Tuesday :Australia business condition, Japan all industry index, China industrial production, fixed assets investment urban, retail sales, France industrial production, manufacturing production, Italy GDP, U.K. RICS house price, Canada housing starts, U.S. retail sales.

Wednesday :Australia consumer confidence, Japan Domestic CGPI, Germany CPI, HICP, U.K. claimant count, unemployment rate, average earning, U.S. wholesales inventories, wholesale sales.

Thursday :New Zealand rate decision, Australia employment change, unemployment rate, Japan machinery orders, France HICP, CPI, Italy industrial production, CPI, HICP, EU industrial production Canada new housing price index, U.S. jobless claims, import price index, export price index, Fed budget.

Friday :New Zealand PMI, consumer confidence, Japan industrial production, capacity utilization, EU trade balance, U.S. PPI, retail sales, business inventories, University of Michigan consumer confidence.

Posted by: acetraderforex Sep 10, 2013, 07:50 AM

AceTraderforex Sept 10, 2013 : Euro rallies after eurozone sentiment turns positive

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

Euro rallies after eurozone sentiment turns positive

The single currency strengthened on Monday after survey showed investor sentiment in the eurozone soared in September to the highest level since May 2011, amid easing concerns over the outlook for the region's economy.

Sentix said its index of investor confidence improved to 6.5 in September from a reading of minus 4.9 in August, much better than the expectation of a minus 3.5.

During the day, euro traded narrowly below Friday's high of 1.3189 in Asia after finding support at 1.3160 in New Zealand. Later, the release of surprised improvement in professional investor sentiment in eurozone pushed the single currency higher above said resistance level to 1.3221 in New York morning and then 1.3281 before easing.

Versus the Japanese yen, although dollar briefly rose to 100.11 in Australian trading due to the rally in Nikkei-225 index on improved sentiment after Tokyo won 2020 Olympics bid, profit-taking pressured price there and the pair fell in Asian trading to 99.34 in European morning. Later, broad-based selling of yen lifted price and dollar rebounded to 99.65 in New York morning and then moved sideways for rest of the session.

Cable surged in tandem with euro in European trading and rose above Friday's high of 1.5681 to 1.5683. The British pound later penetrated August's peak at 1.5718 in New York morning on dollar's broad-based weakness to a fresh 2-1/2 month high at 1.5733 before easing.

In the other news, U.K.'s FinMin Osborne said 'truly sustainable growth depends on sound public finances and well capitalised banks; government has more to come this autumn to reduce cost of energy and water bills, housing, transport and everyday financial services; will do more to ease household costs; just as inadvertent early tightening of monetary policy would be mistake, so would leaving it too late; 90-95% loan to value mortgages are part of aspirational society, not exotic weapons of financial mass destruction; evidence suggests government help to buy scheme will increase housing supply; most powerful tools to protect living standards are low mortgages rates and low taxes; re-launch of TSB bank earlier on Monday is another sign of progress for banking system; market moves since August vindicate need for forward guidance.'

Data to be released on Tuesday:

Australia business condition, Japan Tertiary industry index and BoJ 7-8 meeting minutes, China industrial production, fixed assets investment urban, retail sales, France industrial production, manufacturing production, Italy GDP, U.K. RICS house price, Canada housing starts, U.S. Redbook retail sales on Tuesday.

Posted by: acetraderforex Sep 11, 2013, 04:18 AM

AceTraderfx Sept 11 : Dollar strengthens against yen as tension on Syria eases

Market Review - 10/09/2013 22:13GMT

Dollar strengthens against yen as tension on Syria eases

The U.S. dollar rallied against the Japanese yen on Tuesday as prospects of a U.S. military strike against Syria eased after Syrian Foreign Minister Walid al-Moallem said that his government had agreed to a Russian proposal to place its chemical weapons under international control.

Versus the yen, earlier in Asia, despite initial retreat from Australian high of 99.76 to 99.47 in Asian morning, price started to rise as industrial production and retail sales from China added to signs that the world's second largest economy is recovering from a slowdown. Later, the greenback penetrated Monday's high of 100.11 in European morning and then climbed to a fresh 1-1/2 month peak at 100.47 in New York as the easing Syrian tension boosted investors' demand for riskier assets.

Data released from China on Tuesday showed that retail sales rose unexpectedly in August, while Chinese industrial production increased more than forecast last month.

The single currency retreated against the dollar after edging higher from Asian low of 1.3250 to 1.3276 at European open, however, failure to penetrate Monday's New York high of 1.3281 prompted profit-taking and the pair fell to 1.3230 before staging another bounce to 1.3275 in New afternoon in part due to cross-buying of euro versus yen. (Eur/jpy rallied to a fresh 3-1/2 month peak at 133.31)

Despite cable's sideways trading below Monday's high of 1.5733 in Asian trading, the British pound found support at 1.5686 and later rose above this resistance to a fresh 11-week high of 1.5745 in New York afternoon on cross-buying of sterling before easing.

Data to be released on Wednesday :

Australia Westpac consumer confidence, Japan Domestic CGPI, Germany CPI, HICP, U.K. claimant count, ILO unemployment rate, average earning, U.S. wholesales inventories, wholesale sales.

Posted by: acetraderforex Sep 12, 2013, 03:22 AM

AceTraderforex Sept 12 : Euro strengthens against dollar on easing concerns over Syria

Market Review - 11/09/2013 22:22GMT

Euro strengthens against dollar on easing concerns over Syria

The single currency rose to a 1-1/2 week high against the dollar on Wednesday as concerns over Syria eased after the White House confirmed that President Obama is in talks with France and Britain about getting a United Nations resolution to hold Syria to its apparent commitment to place its chemical weapons under international control.

During the day, despite euro's initial drop from Asian high of 1.3282 to 1.3244 in European morning, improved risk appetite due to easing concerns over Syria lifted price higher in New York morning and euro later rose to a fresh 1/2-week peak at 1.3325 before easing.

Versus the Japanese yen, although dollar extended gain to a fresh 7-week high of 100.62 in Asia following the rally in previous session, profit-taking pressured price from there and dollar later ratcheted lower in European trading to 100.08 and fell further to 99.79 in New York on broad-based weakness in greenback before stabilising.

The British pound traded narrowly below Tuesday's high of 1.5745 in Asia but found support at 1.5719. Cable later rallied to a 7-month peak at 1.5827 after unexpectedly strong U.K. jobless claim data in European morning but only to retreat to 1.5755 on renewed cross-selling in sterling. Later, dollar's broad-based weakness lifted pound again in New York trading and cable penetrate 1.5827 to session high at 1.5829.

U.K. Office for National Statistics reported on Wednesday that unemployment rate in the U.K. declined to 7.7 percent in the period from May to July, from 7.8 percent in the February to April period. Meanwhile, the claimant count change declined by 32,600 in August, compared to a decline of 36,300 in the previous month, but better than market's expectations of a drop of 21,000.

In the other news, BOJ board member Ishida said earlier on Wednesday that 'Japan's economy expected to continue moderate recovery; government efforts to restore confidence in Japan's economic growth; exports must start serving more as driver of Japan's econ growth; expect to see clear CPI rises for the being; price rises may broaden if personal consumption remains strong; rise in regular pay, rather than bonuses, more effective in boosting consumer spending; Fed's tapering may weigh on other countries' growth by raising long-term interest rates; econ recovery won't be sustained unless household income rises in tandem with price gains.'

Data to be released on Thursday:

New Zealand RBNZ rate decision, Australia employment change, unemployment rate, Japan machinery orders, German WPI, France HICP, CPI, Italy industrial production, CPI, HICP, EU industrial production, Canada new housing price index, U.S. jobless claims, import price index, export price index, and Fed budget.

Posted by: acetraderforex Sep 13, 2013, 03:25 AM

AceTraderforex Sept 13 : The greenback falls on fading expectation of Fed's tapering

Market Review - 12/09/2013 22:29GMT

The greenback falls on fading expectation of Fed's tapering

The U.S. dollar weakened broadly on Thursday as doubts over whether the Federal Reserve will start tapering stimulus on the Federal Reserve's policy decision next week persisted after last week’s U.S. jobs report.

U.S. initial jobless claims fell sharply last week to 287K versus previous reading of 323K, dropping to the lowest level since 2006, however, the report said the decline was largely due to two states not processing all their claims because of computer upgrades.

Versus the yen, the dollar continued to move lower in Asia and extended fall from Wednesday's high of 100.62 to 99.20 at European open, however, the release of sharp drop in U.S. claims lifted price briefly to 99.73 in New York morning. Later, dollar's broad-based weakness pressured price again and the pair tanked to a fresh session low at 99.00 in New York afternoon before recovering.

The single currency retreated versus U.S. dollar in Asia after failure to penetrate Wednesday's high of 1.3325 and ratcheted lower in Europe in part due to active cross-selling of euro, price tanked to a session low of 1.3256 in New York morning after release of U.S. jobs report but climbed back above 1.3300 level to 1.3325 again later in the day due to dollar's broad-based weakness, last seen around 1.3300 near New York closing.

On the data front, report showed that industrial production in the euro area fell by 1.5 percent in July, the biggest drop in 12 months, and declined 2.1% on year-to-year basis to the lowest level since April 2010.

Cable dropped in tandem with euro in Asia and European trading and briefly fell to 1.5776 in New York morning, however, renewed dollar's broad-based weakness lifted price from there and cable later rose above Wednesday's high of 1.5832 to a fresh 7-month peak at 1.5840 before profit-taking pressured price to 1.5805.

In the other news, Bank of England Governor Mark Carney said on Thursday that 'if recovery were to falter, we would consider providing extra stimulus; economy is picking up, stimulus is working; although it is early days, we think we are on path to return inflation to 2%; one-member-one vote MPC is a strength of UK monetary policy system; uncertainties on UK productivity and labour market slack are larger than usual; new MPC members will need to declare if they will operate under forward guidance; rise in long-term interest rates in advanced economies is because of stronger growth outlook; need to make sure this is not another false dawn; sustainable rebalancing of U.K. economy requires return to productivity growth above what BoE forecasts; I am not afraid to raise interest rate if appropriate.'

In commodity currencies, RBNZ kept benchmark rate at 2.5 percent on Thursday but signalled interest rate hike next year, New Zealand dollar rose to a 3-week high of 0.8158 after the hawkish statement before easing. Meanwhile, Australian dollar tumbled from a near 3-month peak at 0.9355 to as low as 0.9227 after Australian employment change posted its worst showing in five months, a decrease of 10.8K versus market expectation of a gain of 10.0K and declined for the second straight month.

Data to be released on Friday:

New Zealand Business NZ PMI, ANZ consumer confidence, Japan industrial production, capacity utilization, EU trade balance, U.S. PPI, retail sales, university of Michigan consumer confidence, and business inventories.

Posted by: acetraderforex Sep 16, 2013, 03:00 AM

AceTraderforex Sept 16 : Dollar ends mixed ahead of Fed meeting

Market Review - 15/09/2013 23:16GMT

Dollar ends mixed ahead of Fed meeting

The greenback was mixed against other major currencies on Friday, after the release of a slew of disappointing U.S. economic reports as investors turned to the Federal Reserve's upcoming policy meeting next week.

Versus the Japanese yen, despite an initial rebound to 99.98 in Asian morning, cross-buying of yen pressured price lower in European trading and dollar later weakened further in New York morning after release of a slew of disappointing U.S. economic reports, price fell to sessions low of 99.19 in New York afternoon.

U.S. retail sales rose 0.2 percent in August, lower than street forecast for a 0.4 percent increase, after an upwardly revised 0.4 percent gain the previous month, while core retail sales, excluding automobiles, rose 0.1 percent last month, also less than forecast for a 0.3 percent gain, after an upwardly revised 0.6 percent increase in July. Later, the preliminary September consumer sentiment reading from the University of Michigan dropped to 76.8 from previous reading of 82.1 as lenders have hiked mortgage and other interest rates sharply this summer in anticipation of a pullback by the Federal Reserve of one of its major stimulus programs.

The single currency went through a roller-coaster session versus U.S. dollar on Friday. Although the pair came under selling pressre at Asian open on Japanese business daily Nikkei report that former U.S. treasury secretary Lawrence Summers (1999-2001) would likely be named as the next Federal Reserve Chief after the FOMC's Sept.17-18 meeting, market perceived Summers as less dovish than the other leading contender Janet Yellen. Ben Bernanke's term as Fed chairman will end in January, 2014.

Euro fell to 1.3264 ahead of European open and then rebounded to 1.3322 in New York morning after the release of weaker-than-expected U.S. retail sales, however, renewed active cross-selling of euro versus yen and the pound pressured knocked price lower and the single currency briefly penetrated Thursday's low of 1.3256 to 1.3254 but only to climb back above 1.3310 in New York afternoon session.

Eur/jpy tanked from intra-day high of 132.65 and dropped marginally below Thursday's low at 131.72 to 131.66 in New York morning, whilst eur/gbp tumbled to a fresh 7-month trough at 0.8357 before recovering.

The British pound extended recent upmove Friday and ralled after finding renewed buying at 1.5776 ahead of European open as hopes for the Bank of England to raise interest rates sooner than expected continued to support sterling. Dollar's broad-based weakness after the release of a slew of disappointing U.S. consumer data pushed cable above Thursday's high of 1.5840 and the pair later climbed to a fresh 7-month peak at 1.5885 in New York afternoon.

In the other news, Japan government upgraded economic assessment in September, said 'economy headed toward gradual recovery; upgrades capital expenditure, signs of recovery can be seen in services sector; downgrades assessment of consumer spending and exports; maintains view that end of deflation is approaching.'

Data to be released next week :

Monday: U.K. Rightmove house price, Italy trade balance, current account, EU CPI, Canada existing home sales, U.S. empire state manufacturing, industrial production, Capacity utilization. Japan financial market is closed due to public holiday.

Tuesday: Australia RBA September minutes, EU current account, economic sentiment, trade balance, U.K. PPI, RPI, CPI, ONS house price, Germany economic sentiment, current condition, U.S. CPI, retail sales, Net LT TIC flows, NAHB housing market index.

Wednesday: Australia leading index, U.K. BOE MPC minutes, Swiss Zew index, U.S. rate decision, housing starts, building permits

Thursday: New Zealand GDP, Japan trade balance, import, export, all industry index, leading index, U.K. retail sales, CBI industrial trend, Canada wholesale sales, U.S. jobless claim, current account, Philadelphia Fed survey, existing homes sales, leading indicators. China financial market will be close due to public holiday.

Friday: U.K. PSNCR, public sector net borrowing, EU consumer confidence, Canada CPI. China financial markets will be close due to public holiday.

Posted by: acetraderforex Sep 17, 2013, 03:48 AM

AceTraderfx Sept 17: Dollar drops broadly as Summers withdrew from the race for Fed chief

Market Review - 16/09/2013 22:17GMT

Dollar drops broadly as Summers withdrew from the race for Fed chief

The greenback weakened against other currencies on Monday as former Treasury Secretary Lawrence Summers, who was perceived by market as relatively hawkish, announced on Sunday to withdraw from the nomination to succeed Federal Reserve Chairman Ben Bernanke.

The single currency rose shortly after New Zealand open and climbed to 1.3382 in Australia on dollar's broad-based weakness when the news came that Lawrence Summers, a former top aide to President Barack Obama and Treasury Secretary under President Bill Clinton, withdrew from nomination to succeed Federal Reserve Chairman Ben Bernanke on Sunday.

Euro then traded narrowly in Asia and dropped to 1.3340 in Europe on cross selling of euro versus yen but dollar's decline after release of weaker-than-expected U.S. Empire State manufacturing index pushed the pair to a fresh 2-week top at 1.3385 in New York morning before retreating to 1.3330 on profit-taking.

U.S.'s Empire state manufacturing (Sep) came in at 6.29, weaker than the forecast of 9.00.

Versus the Japanese yen, the greenback opened lower and tanked to 98.45 in New Zealand on dollar's weakness as former Treasury Secretary Summers withdrew from the race to be next Fed chief. Later, despite cross-induced recovery to 99.11 in Asia, the pair ratcheted lower to 98.70 in Europe and fell further to 98.65 in New York morning due to the weaker-than-expected U.S. Empire State manufacturing index before staging another bounce to 99.18 near New York close.

The British pound rose strongly to 1.5951 in New Zealand due to dollar's broad-based weakness and edged higher to 1.5958 in Asian morning. Later, despite subsequent retreat to 1.5916 in European session, renewed buying interest pushed the pair to a fresh near 8-month top at 1.5963 in New York morning before profit-taking pressured price to 1.5895 near New York close.

In other news, ECB's Praet said 'euro zone recovery is still fragile; sees euro zone inflation moderate to mid-term; monetary policy aims at remaining accommodative.' ECB's Mersch said 'we see very tentative green shoots for Europe economy, need to manage with great care; there are positive signs we see on horizon for world economic recovery; there is no consideration of interest hike by ECB anywhere in near future.' ECB's Draghi says 'Euro zone economy remains fragile, unemployment far too high; given subdued inflation outlook, expect key interest rates to remain at current or lower levels for extended period of time; Euro zone recovery "fragile".'

On the data front, EU CPI came in at 0.1% m/m and 1.3% y/y and CPI core was 1.1% y/y, same as the expectations. U.S. industrial production in August came in at 0.4%, versus the forecast of 0.4%. U.S.'s capacity utilisation was 77.8%, versus the expectation of 77.9%.

Data to be released on Tuesday:

Australia RBA September minutes, EU current account, economic sentiment, trade balance, U.K. PPI, RPI, CPI, ONS house price, Germany economic sentiment, current condition, U.S. CPI, retail sales, Net LT TIC flows, NAHB housing market index.

Posted by: acetraderforex Sep 18, 2013, 03:13 AM

AceTraderfx Sept 18: Euro rebounds on upbeat German economic sentiment

Market Review - 17/09/2013 22:24GMT

Euro rebounds on upbeat German economic sentiment

The single currency rose against other currencies in European session on Tuesday after the release strong German ZEW economic sentiment, however, euro pared some gains in New York session ahead of the end of 2-day FOMC meeting on Wednesday as the policymakers are expected to make a minor reduction its stimulus measures.

Earlier in Asia, despite euro's brief dip to 1.3325, the pair ratcheted higher to 1.3369 in Europe following the upbeat euro zone and Germany ZEW economic sentiments and then climbed to sessions high of 1.3370 in New York morning, however, cross selling of euro versus sterling pressured price to 1.3337 and later traded narrowly sideways for the rest of the day.

German ZEW economic sentiment and current condition indices came in at 49.6, the highest since Apr 2010, and 30.6, much better than the forecasts of 45.0 and 20.0. Euro zone ZEW economic sentiment index was 58.6, better than the expectation of 47.6. ZEW economist said 'main reason for jump in sentiment was good GDP data; inflation expectations unchanged over last month; we see a reflection of higher expectations of growth, especially for export-oriented sectors; strong surprise that Euro zone came out of recession; outlook for private consumption also improved but not as strongly for export-oriented sectors.'

Versus the Japanese yen, the greenback extended rise from Monday's low at 98.45 to 99.36 in Asian morning. Although the pair edged lower to 99.04 in New York morning after the release of U.S. CPI (0.1% m/m and 1.5% y/y, versus the forecast of 0.2% m/m and 1.6% y/y), renewed buying interest lifted the pair to intra-day high of 99.38 due partly to the surprise U.S. net long-term TIC inflow data, which came in at $31.1 billion, versus the forecast of an outflow of $15 billions.

Although the British pound retreated from Monday's near 8-month top at 1.5963 to 1.5889 in Asian morning on profit-taking, the pair then rebounded in tandem with euro to 1.5936 in Europe but then quickly fell to 1.5886 after the release of tepid U.K. inflation data, month-on-month core CPI came in at 0.4% m/m, the slowest monthly increase since 2009, and 2.7% y/y, versus the expectation of 0.5% and 2.7% respectively. Cable traded narrowly in New York session above said intra-day low and closed at 1.5904.


On the data front, U.K. RPI came in at 0.5% m/m and 3.3% y/y, versus the forecast of 0.4% m/m and 3.2% y/y whilst ONS house price was at 3.3% y/y, vs the forecast of 3.4%. U.S. NAHB housing mrkt index (Sep) came in at 58, same as the forecast.

In other news, Reserve Bank of Australia minutes stated 'board agreed to keep open possibility of further rate cuts; neither was the board signaling an imminent intention to reduce rates; Australian dollar still high, some further decline would help compensate for drop in mining investment; outlook for non-mining investment still subdued business reluctant to take on risk; strong growth in commodity exports expected to continue for some years.' U.S. Treasury Secretary Lew said 'congress should raise debt ceiling as soon as possible, could be "very dangerous" to try to time a last minute increase; would be "unworkable" to try to prioritize payment obligations if U.S. government ran out of cash; president Obama will not negotiate over debt ceiling, will not accept measures to tie debt limit increase to defunding or delaying Obamacare.'

Data to be released on Wednesday :

Australia leading index, U.K. BOE MPC minutes, Swiss Zew index, U.S. housing starts, building permits and FOMC rate decision and policy announcement.

Posted by: acetraderforex Sep 19, 2013, 04:22 AM

AceTraderforex Sept 19 : Dollar tumbles broadly after Fed holds off on tapering stimulus

Market Review - 18/09/2013 22:05GMT

Dollar tumbles broadly after Fed holds off on tapering stimulus

The greenback tumbled broadly on Wednesday as the Federal Reserve left its key benchmark lending target, the fed funds rate, unchanged at 0.25% and kept its USD85 billion monthly asset-purchasing program in place.

The Fed said 'to keep buying $85 billion in bonds per month, split as $40 billion and $45 billion treasuries; downside risks to economic and labor market outlooks have diminished but tightening of financial conditions in recent months, if sustained, could slow pace of improvement; to keep Fed funds 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; asset purchases are not on a preset course and Fed decision about their pace remains contingent on its economic outlook, likely efficacy and costs; in judging whether to moderate the pace of asset purchases the committee will at coming meetings assess if data continues to support expected improvements in labor market and inflation; Fed vote in favor of policy was 9-1; George dissented from concern over potential imbalances and inflation; Raskin did not take part in meeting; recognizes inflation persistently below 2% could pose risks to economic performance, but anticipates inflation will move toward objective over medium term.'

Versus the Japanese yen, although the greenback rose briefly to 99.34 in Asia, price fell sharply to 98.79 in European morning on cross buying of yen versus other currencies due to the steep fall in Japan's Nikkei futures before recovering, however, renewed selling emerged at 99.10 and dollar later tumbled to as low as 97.79 in New York afternoon after Fed kept its monetary policy unchanged.

Although the single currency dropped from Asian high of 1.3364 to 1.3338 in New York morning, renewed buying in euro crosses lifted price above said resistance at New York midday and price later rallied to a fresh 7-month peak at 1.3543 after announcement of Fed's monetary policy and the Chairman Ben Bernanke's dovish tone comments before easing.

Fed's Bernanke said in news conference following a meeting of the central bank's policy-setting that 'jobless rate above acceptable levels; downside risks to growth have eased; job conditions far from what we would like to see but progress made; fiscal conditions slowing growth by a percentage point or more this year; contours of mid term economic outlook were close to June views; but data not yet confirming baseline outlook to warrant reduction in pace of purchases; upcoming fiscal debates involve risks to market; low Fed funds rate will be appropriate at least as long as jobless rate above 6.5%; Fed funds rate increases might not occur until jobless rate considerably below 6.5%; policymakers think that headwinds to economy will abate only slowing meaning patience needed; may need to keep Federal funds rate below neutral rate for some time.'

Cable traded narrowly above Tuesday's low at 1.5986 in Asia yesterday before ratcheting higher in European morning, the pair pierced through Monday's top at 1.5963 to 1.5980 in European morning after Bank of England minutes suggested policymakers were not too concerned about rising short term market rates. Later, cable posted another rally in New York afternoon on dollar's broad-based weakness after Fed rate decision and climbed to a fresh 8-month top at 1.6163.

BoE released its minutes which stated 'no member judged more stimulus appropriate at present, different views on need for future loosening; U.K. recovery increasingly taking hold, accompanied by upward move in sterling market interest rates; U.K. recovery at least as strong as forecast in August, Euro zone recovery stronger than expected; CPI slightly more likely to be below 2.5% in 18-24 months.'

On the data front, U.S. housing starts came in at 0.891M and 0.9% m/m, versus the forecast of 0.917M and 2.3% m/m. U.S. building permits came in at 0.918M and -3.8% m/m, versus the expectation of 0.950M and -0.4% m/m.

Data to be released on Thursday:

New Zealand GDP, Japan trade balance, import, export, all industry index, leading index, U.K. retail sales, CBI industrial trend, Canada wholesale sales, U.S. jobless claim, current account, Philadelphia Fed survey, existing homes sales, leading indicators. China will be close due to public holiday.

Posted by: acetraderforex Sep 20, 2013, 05:32 AM

AceTraderForex Sept 20 : Dollar rebounds broadly on short-covering after upbeat U.S. data

Market Review - 19/09/2013 22:15GMT

Dollar rebounds broadly on short-covering after upbeat U.S. data

The greenback pared post-FOMC losses on Thursday and gained the most against the Japanese yen. Dollar was supported against yen in New York morning due to a slew of upbeat U.S. economic data, including jobless claims, existing home sales and Philadelphia Fed survey.

Versus the Japanese yen, the greenback rebounded strongly in Asia session after Wednesday's selloff to 97.76 on short-covering together the rally in Japan's Nikkei index and then rallied to 99.00 in European morning on active broad-based selling of yen. Later, price rose further in New York morning on the better-than-expected U.S. jobless claims (309K versus 330K) and climbed to 99.65 after the release of the upbeat U.S. existing home sales, leading index and Philadelphia Fed survey but then retreated on profit-taking.

U.S. existing home sales came in at 5.48M and 1.7% m/m, versus the forecast of 5.25M and -2.6% m/m respectively. U.S. leading indicator was 0.7%, versus the expectation of 0.6%, previous reading is revised to 0.5%. U.S. Philadelphia Fed survey (Sep) came in at 22.3, versus the forecast of 10.3.

The single currency edged lower in Asia after a brief pullback from Wednesday's top at 1.3543 to 1.3501 in Australia and climbed to a fresh 7-month top at 1.3569 in Europe on active cross buying of euro versus sterling, price then retreated to 1.3509 in New York session on renewed dollar's broad-based rebound and profit-taking in eur/jpy cross.

The British pound traded narrowly in Asia after Wednesday's rally to a 8-month top at 1.6163 but fell sharply to 1.6063 in European morning after the release of much weaker-than-expected U.K. retail sales (-0.9% m/m and 2.1% y/y, versus the forecast of 0.4% m/m and 3.3% y/y), price later ratcheted lower to 1.6022 in New York session before stabilising.

In other news, BoE's Miles said 'U.K. growth may be becoming self-sustaining, but recovery still embryonic; too early to judge market reaction to Fed, U.K. yield curve not tied to U.S.; stronger growth main reason for his dropping call for more QE; markets may be proved right on faster jobless fall, but perhaps underestimate productivity rebound.'

ECB's Asmussen said 'Greek programme working, we see progress; Greek growth data released today is "positive and encouraging".'

Data to be released on Friday:

U.K. PSNCR, public sector net borrowing, EU consumer confidence, Canada CPI on Friday. China will be closed due to public holiday.

Posted by: acetraderforex Sep 23, 2013, 04:40 AM

AceTraderforex Sept 23: Dollar rises against yen on hawkish comments from Fed's Bullard

Market Review - 22/09/2013 23:24GMT

Dollar rises against yen on hawkish comments from Fed's Bullard

The greenback strengthened against yen on Friday after St. Louis Fed President James Bullard said it is possible to taper stimulus measures in October, depending on U.S. economic data.

Versus the Japanese yen, although the greenback dropped briefly to 99.17 in Asian session, the pair traded narrowly in Europe but then pierced through Thursday's high at 99.63 to 99.67 in New York morning due to the comments from Fed's Bullard as he said policy changes were possible at the Fed's October meeting depending on U.S. economic data.

St. Louis Fed President James Bullard said 'the transparency cat is out the bag" for the Fed; increase in rates over the summer was "a surprise" for many FOMC; don't want to lose the focus on inflation; we should defend our inflation target from the low side; October meeting is live, policy changes possible depending on U.S. economic data.'

The single currency traded narrowly in Asia as several centres in the Far East were closed for holiday. Although price edged higher briefly to 1.3549 in European morning, euro then ratcheted lower to 1.3507 in New York morning, price later dropped to session low at 1.3498 in New York morning on dollar's broad-based strength before cross-buying of euro lifted price back to 1.3537.

Although the British pound edged higher from Thursday's low at 1.6022 in Asia and climbed to 1.6067 in European morning, renewed cross selling of sterling versus euro and yen pressured the pair below 1.6022 to 1.5990 and then marginal lower to 1.5986 in New York morning before staging a recovery to 1.6027 later in the day.

In other news, BoJ governor Kuroda said 'BoJ will maintain aim of QE for as long as needed to stably achieve 2% inflation'; 'hope to offset upward pressure on JGB yields from Japan's economic improvement; Japan's domestic demand likely to remain strong, economy steadily heading toward meeting BoJ price goal.' Italy Economic Minister Saccomanni said 'lower yields depend on political stability, continued reforms; important slight overshoot in 2013 deficit is corrected quickly; risks to growth recovery are fiscal slippage, lack of reforms, high yields, political instability.'

On the data front, U.K. PSNB and PSNCR came in at 11.5B and -3.0B, versus the forecast of 11.09B and 5.2B respectively. Eurozone consumer confidence came in at -14.9, weaker than the forecast of -14.5.

Data to be released next week :

China HSBC manufacturing PMI, France service PMI, manufacturing PMI, Germany Service PMI, manufacturing PMI, EU service PMI, manufacturing PMI, U.S. Chicago Fed index, Markit PMI on Monday. Japan's financial markets will be closed due to public holiday.

U.K. BBA mortgage approvals, Germany IFO business climate, current assessment, Canada retail sales, U.S. retail sales, house price index, S&P house price index, consumer confidence on Tuesday.

New Zealand trade balance, exports import, Japan machine tool orders, Swiss consumption indicator, France business climate, Italy consumer confidence, U.K. CBI distributive trades, U.S. durable goods, new home sales on Wednesday.

France consumer confidence, U.K. current account, GDP, U.S. GDP, PCE core, jobless claims, personal consumption, pending home sales on Thursday.

Japan CPI, U.K. consumer confidence, business barometer, France GDP, Swiss leading indicator, EU business climate, economic sentiment, consumer confidence, Germany CPI, HICP, U.S. personal income, personal spending, PCE , University of Michigan consumer confidence on Friday.

Posted by: acetraderforex Sep 24, 2013, 03:00 AM

AceTraderfx Sept 24 : Euro weakens on weaker-than-expected manufacturing PMI

Market Review - 23/09/2013 22:10GMT

Euro weakens on weaker-than-expected manufacturing PMI

The single currency opened higher and rose to an intra-day high of 1.3555 at New Zealand open after voters in Germany gave Angela Merkel a third term as Chancellor in elections held on Sunday. Price retreated in Asian morning and traded sideways before falling to 1.3508 in European morning after the release of weaker-than-expected Germany and EU manufacturing PMI data. Euro remained under pressure in New York morning and dropped to a session low at 1.3480 before stabilising.

Germany manufacturing PMI (flash) in September came in 51.3, worse than the forecast of 52.2. EU manufacturing PMI (flash) in September came in 51.1, worse than the forecast of 51.8.

Versus the Japanese yen, the greenback remained under pressure in Asia and retreated to 98.86 in European morning on continued expectations that the Fed will not taper its bond purchases anytime soon. Price dropped to an intra-day low at 98.65 after Federal Reserve Bank of New York President William C. Dudley said policy makers must “forcefully” push against economic headwinds.

The British pound traded with a firm undertone in Australia and strengthened to 1.6032 in Asian morning before rising to an intra-day high at 1.6073 due to cross-buying of sterling vs euro (eru/gbp fell from 0.8475 to 0.8404). However, price pared intra-day gains and retreated to 1.6017 in New York morning before stabilising.

In other news, ECB's Draghi said 'expects recovery to continue in current quarter despite weak industrial production in July; underlying price pressures in Euro zone expected to remain subdued; inflation risks are broadly balanced; ECB monetary policy stance will remain accommodative for as long as necessary.'

On the data front, U.S. Markit PMI preliminary (Sep) came in at 52.8, vs the forecast of 54.0. U.S. Chicago Fed index (Aug) came in at 0.14, vs the forecast of -0.05, previous reading is revised to -0.43.

Data to be released on Tuesday :

U.K. BBA mortgage approvals, Germany IFO business climate and current assessment, Canada retail sales, U.S. retail sales, house price index, S&P house price index and consumer confidence.

Posted by: acetraderforex Sep 25, 2013, 02:55 AM

AceTraderForex Sept 25 : Euro slips on concerns over economic recovery in euro zone

Market Review - 24/09/2013 22:13GMT

Euro slips on concerns over economic recovery in euro zone

The single currency weakened against the greenback on Tuesday after German sentiment data came in slightly below expectations and comments from ECB officials saying they were prepared to do more to keep interest rates low.

Although the single currency traded sideways in Asia and rose briefly to session high at 1.3519 in early European morning, euro retreated after the release of weaker-than-expected German business climate and dropped to an intra-day low at 1.3464 after comments from ECB's Coeure. However, euro pared intra-day losses and rebounded to 1.3497 in New York morning before stabilising.

Germany Ifo business climate (Sep) came in at 107.7, versus the forecast of 108.0, previous reading is revised to 107.6

ECB's Coeure said 'ECB is committed to make sure liquidity will remain ample; LTRO is part of ECB's instruments.'

Versus the Japanese yen, the greenback rose to session high at 99.18 in European morning after comments from Fed's Dudley yesterday increased speculation that the Federal Reserve could still taper its bond purchases this year. However, dollar met renewed selling there and dropped sharply to an intra-day low at 94.48 in New York morning but only to climb back to 99.01 later in the day due to renewed cross-selling of yen.

The British pound remained under pressure in Asia and dropped sharply in early European morning after the release of weaker-than-expected U.K. mortgage approvals. Price eventually fell to an intra-day low at 1.5955 at New York open, however, cable pared intra-day losses and rebounded to 1.6016 in New York morning.

U.K. BBA mortgage approvals (Aug) came in at 38.2K, vs the forecast of 39.0K, previous reading is revised to 37.4K.

In other news, BoE's Miles said 'degree of slack in U.K economy means monetary policy won't quickly return to normal; market sees unemployment reaching 7% threshold more quickly than he considers likely; idea that guidance has backfired because of better data is "Alice in wonderland, upside down logic"; more confident about path to recovery than at any time since he joined MPC in 2009.'

On the data front, U.S. consumer confidence (Sep) came in at 79.7, worse than the forecast of 80.0, previous reading is revised to 81.8. U.S. Redbook retail sales came in at -0.4% m/m n 3.6% y/y.

Data to be released on Wednesday:

New Zealand trade balance, exports and import, Japan machine tool orders, Swiss consumption indicator, France business climate, Italy consumer confidence, U.K. CBI distributive trades, U.S. durable goods, and new home sales on Wednesday.

Posted by: acetraderforex Sep 26, 2013, 03:32 AM

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.

Posted by: acetraderforex Sep 27, 2013, 03:15 AM

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.

Posted by: acetraderforex Oct 2, 2013, 03:47 AM

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.

Posted by: acetraderforex Oct 3, 2013, 03:05 AM

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.

Posted by: acetraderforex Oct 4, 2013, 03:10 AM

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.

Posted by: acetraderforex Oct 7, 2013, 04:13 AM

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.

Posted by: acetraderforex Oct 8, 2013, 02:49 AM

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%.

Posted by: acetraderforex Oct 9, 2013, 03:50 AM

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.

Posted by: acetraderforex Oct 10, 2013, 03:22 AM

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.'

Posted by: acetraderforex Oct 10, 2013, 08:11 AM

wrong content in this thread, transfered to the correct thread.

Posted by: acetraderforex Oct 10, 2013, 08:42 AM

wrong content in this thread, now transered to the correct thread

Posted by: acetraderforex Oct 11, 2013, 02:53 AM

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.

Posted by: acetraderforex Oct 15, 2013, 02:53 AM

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.

Posted by: acetraderforex Oct 16, 2013, 02:51 AM

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.

Posted by: acetraderforex Oct 17, 2013, 03:56 AM

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.

Posted by: acetraderforex Oct 18, 2013, 04:35 AM

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.

Posted by: acetraderforex Oct 21, 2013, 02:47 AM

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.

Posted by: acetraderforex Oct 22, 2013, 02:56 AM

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.

Posted by: acetraderforex Oct 23, 2013, 02:59 AM

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.

Posted by: acetraderforex Oct 24, 2013, 03:05 AM

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.

Posted by: acetraderforex Oct 25, 2013, 02:53 AM

smile.gif AceTraderFx Oct 25: Euro strengthens on speculation that Fed will delay tapering……


Market Review - 24/10/2013 23:29GMT

Euro strengthens on speculation that Fed will delay tapering stimulus

The single currency rose to a fresh near 2-year high at 1.3826 on concerns the Federal Reserve will delay plans to start tapering bond buying programme outweighed soft euro zone data.

Eurozone PMI manufacturing in October came in at 51.3, worse than the forecast of 51.4.Euro zone PMI service in October came in at 50.9, worse than the expectation of 52.4.

The single currency found renewed buying at 1.3775 in Australia and then climbed to 1.3822 at European open before retreating to session low at 1.3764 due to weaker-than-expected German Service PMI (52.3 versus forecast 53.9). However, renewed cross-buying of euro especially versus sterling lifted price and euro rose to a fresh near 2-year high at 1.3826 in New York morning and later traded sideways in New York afternoon.

Versus Japanese yen, the greenback fell to 97.17 in Asian trading but failure to penetrate Wednesday's low prompted profit-taking and the pair rebounded to intra-day high of 97.62 ahead of European open partly due to Japan's Prime Minister Shinzo Abe's comments. However, renewed selling interest pushed price lower in European trading, price later retreated to 97.23 in New York morning.

Japanese Prime Minister Shinzo Abe said 'wages fell further than prices amid deflation; will continue to ask companies to raise wages; will refer to various indices in deciding on 10% sales tax; wants to make an appropriate decision on 10% sales tax; sales tax decision will take into account 2014 3Q growth.'

The British pound rose to 1.6223 at European open but selling interest met there and pressured price lower. Cable later fell to a session low at 1.6138 in New York morning before staging a strong rebound to 1.6211 in New York afternoon.

In other news, ECB's executive board member Yves Mersch said 'new long-term LTRO might not be necessary; all options are open, have very extensive toolbox; national backstop necessary but some countries have limited means’

On the data front, U.S. Markit PMI in October came in at 51.1, weaker than the forecast of 52.5. U.S. initial jobless claims came in at 30K, worse than the economists’ forecast of 340K, previous reading was revised to 362K. U.K. CBI industrial trend in October came in at -4, lower than the expectation of 10.

Data to be released on Friday:

Japan national CPI, Tokyo CPI, Germany Ifo current assessment, Ifo business climate, U.K. GDP, U.S. durable goods, University of Michigan consumer confidence, wholesale sales and wholesale inventories.

Posted by: acetraderforex Oct 28, 2013, 03:17 AM

smile.gif AceTraderFx Oct 28: Euro hovers near a 2-year high on tepid U.S. economic data

Market Review - 26/10/2013 01:21GMT

Euro hovers near a 2-year high on tepid U.S. economic data
Euro hovered near a two-year high at 1.3833 on Friday due to the growing speculation on tepid U.S. economic data that the Federal Reserve will refrain from tapering its stimulus program this year continued to weigh on the greenback.

U.S. University of Michigan consumer confidence in October came in at 73.2, worse than the expectation of 75.0. U.S. durable goods in September came in at 3.7%, better than the forecast of 2.0%.

The single currency found support at 1.3785 in Asian morning and rose to a fresh near 2-year high at 1.3833 before Europe opening, however, profit-taking offers there capped euro's upside and pushed price lower in Europe. Euro later fell to a session low of 1.3774 in New York morning before rebounding to 1.3814.

Versus Japanese yen, the greenback went through a roller-coaster session Friday. The pair met selling interest at 97.43 in Australian morning n dropped to fresh 2-week low of 96.94 ahead of European open due to renewed cross-buying in yen on risk aversion especially against aussie due to a near 3% drop in the Nikkei. Dollar found support there and recovery in the Nikkei future in European session lifted price. Dollar pared intra-day loss and later climbed to session high of 97.49 in New York afternoon.

Although the British pound rose above Thursday's high at 1.6223 to an intra-day high of 1.6248 in Asian trading, renewed selling interest there pushed price lower ahead of European open. Cable staged a brief rebound to 1.6239 after the release of U.K. GDP before coming off in European. Sterling ratcheted lower to a session low at 1.6150 in New York morning b4 recovering. U.K. GDP in Q3 came in at 0.8% q/q n 1.5% y/y, same as the forecast.

In other news, ECB's Executive Board member Jorg Asmussen said 'ECB asset review precondition for revived lending; has no "specific worry" on euro exchange rate; ESM could be temporary backstop for resolution body; his intention is to fulfill term at ECB.'

Japan Finance Minister Taro Aso said 'need more time for Japan to escape deflation; Japan 2014 July-Sept GDP data will be key in deciding if to proceed with next sales tax hike to 10% in 2015.'

On the data front, Germany's Ifo business climate in October came in at 107.4, weaker than the expectation of 108.0. Ifo current assessment in October came in at 111.3, worse than the forecast of 111.6.

Data to be released next week:

U.K. Hometrack housing survey, CBI distributive trades, Germany import price index, retail sales, U.S. industrial production, capacity utilisation, pending home sales on Monday. New Zealand financial market is closed due to public holiday.

Japan unemployment rate, household spending, retail sales, France consumer confidence, U.K. mortgage approvals, Halifax house prices, U.S. PPI, retail sales, Redbook retail sales, S & P/CS home price, consumer confidence, business inventories, Canada PPI on Tuesday.

Japan industrial production, Swiss UBS consumption indicator, KOF indicator, Germany unemployment change, unemployment rate, U.K. Lloyds business barometer, EU business climate, Economic sentiment, consumer confidence, U.S. ADP employment, CPI, Fed FOMC rate decision, Germany HICP, CPI on Wednesday.

New Zealand rate decision, ANZ Business confidence, Australia import price index, export price index, building approvals, Japan manufacturing PMI, BOJ rate decision, housing starts, construction orders, Germany Gfk consumer confidence, France PPI, Italy unemployment rate, CPI, HICP, PPI, EU PPI, unemployment rate, CPI, Canada GDP, U.S. jobless claims, Chicago PMI on Thursday.

Australia PPI, China manufacturing PMI, HSBC Markit manufacturing PMI, Swiss PMI, U.K. manufacturing PMI, U.S. Markit manufacturing PMI, ISM manufacturing and construction spending on Friday. France financial market is closed due to public holiday.

Posted by: acetraderforex Oct 29, 2013, 03:10 AM

smile.gif AceTraderFx Oct 29 : Cable tumbles on weak U.K. retail sales data

Market Review - 28/10/2013 22:00GMT

Cable tumbles on weak U.K. retail sales data

The British pound weakened on Monday after the release of CBI distributive trades, which came in at 2, much weaker than the economists' forecast of 32. Moreover, Bank of England chief economist Spencer Dale said 'option of expanding QE still on the table; tightening will be slower than in previous recovery.'

The British pound ratcheted higher from New Zealand's low at 1.6162 and rose to a session high at 1.6208 in European morning. However, cable tanked to 1.6136 due to the release of much weaker-than-expected CBI distributives sales and then dropped to intra-day low of 1.6124 in New York morning.

The single currency traded narrowly during Asian trading and met selling interest below 1.3818 (Asia) in European morning. Euro later fell to intra-day low at 1.3775 in New York morning.

Versus Japanese yen, the greenback opened higher and rose to 97.78 in Australia before retreating to 97.44 in Asian session. However, dollar found support there and rebounded in European session. The pair later rose to a session high at 97.79 in New York morning.

In other news, president of the Eurogroup, Jeroen Dijsselbloem said 'Spain has turned a corner; Spain is now on the road to recovery; don't think ESM exit discussions will be very tough; balance sheets of Spanish banks have improved; banking union to be completed on schedule; not easy to regain pre-crisis growth rates; have to break open our labor markets; further reform of the labor markets is crucial.' ECB's Executive Board member Beniot Coeure said 'Europe out of danger zone, must get act together.'

On the data front, U.K. Hometrack housing survey in October came in at 0.5% m/m n 3.1% y/y. U S. pending home sales in September came in at -5.6%, worse than the forecast of 0.0%.U.S. industrial production in September came in at 0.6% m/m, better than economists’ forecast of 0.4%. U.S. capacity utilization in September came in at 78.3%, stronger than the expectation of 78.0%, previous reading was revised to 77.9%.

Data to be released on Tuesday:

Japan unemployment rate, household spending, retail sales, France consumer confidence, U.K. mortgage approvals, Halifax house prices, U.S. PPI, retail sales, Redbook retail sales, S & P/CS home price, consumer confidence, business inventories and Canada PPI.

Posted by: acetraderforex Oct 30, 2013, 04:30 AM

smile.gif AceTraderFx Oct 30 : Dollar strengthens broadly ahead of FOMC

Market Review - 29/10/2013 21:46GMT

Dollar strengthens broadly ahead of FOMC

U.S. dollar strengthened broadly against major currencies on Tuesday as investors awaiting the outcome of Wednesday's FOMC policy meeting that the Federal Reserve will maintain its bond-buying program in coming months.

The single currency traded narrowly in Asia on Tuesday and fell to 1.3754 in European morning. Euro then staged a brief but strong rebound to 1.3813 in New York morning on euro-positive comments from ECB’s Nowotny. However, renewed selling interest together with active profit-taking capped euro's upside. The pair then tanked to 1.3736 in New York afternoon.

ECB's Governing Council member Ewald Nowotny says 'ECB unlikely to cut benchmark or deposit rate; policy makes 'have to live with' strong euro; "no realistic prospect" of rate cut.'

Versus Japanese yen, although the greenback initially dropped to 97.46 in Asia before ratcheting higher in Europe. Dollar rose above Monday's high at 97.79 to 98.00 in New York morning and climbed further to an intra-day high of 98.28 in New York afternoon.

The British pound tumbled to 1.6063 at Asian open before rebounding to 1.6119 ahead of European open. Cable later edged lower in European session and then fell to 1.6056 in New York morning. Sterling dropped further to a session low at 1.6022 in New York afternoon.

In other news, EU's Olli Rehn says 'Europe economic reform must continue for stronger growth; "clearly premature" to declare Europe's crisis over; tight credit conditions holding back European growth; "we paid dearly" for bank supervision deficiencies; see "some improvement" in Ireland's job market; clearer Fed policy outlook would benefit global economy.'

On the data front, U.S. retail sales in September came in at -0.1% m/m, weaker than the forecast of 0.1%. U.S. producer price index in September came in at -0.1% m/m and 0.3% y/y, lower than the expectation of 0.2% n 0.6% respectively. U.S. consumer confidence in October came in at 71.2, weaker than the forecast of 75.0, previous reading was revised to 80.2.

Data to be released on Wednesday:

Japan industrial production, Swiss UBS consumption indicator, KOF indicator, Germany unemployment change, unemployment rate, HICP, CPI, U.K. Lloyds business barometer, EU business climate, Economic sentiment, consumer confidence, U.S. ADP employment, CPI and Fed FOMC rate decision.

Posted by: acetraderforex Oct 31, 2013, 03:23 AM

smile.gif AceTraderFx Oct 31 : Dollar rallies broadly after FOMC

Market Review - 30/10/2013 21:11GMT

Dollar rallies broadly after FOMC

Dollar strengthened broadly against major currencies on Wednesday after the Fed Reserve left its key benchmark lending target, the Fed funds rate, unchanged at 0.25% and kept its 85USD billion monthly asset-purchasing program in place.

U.S. Federal Reserve stated 'to keep buying $85 billion in bonds per month, split as $40 billion MBS and $45 billion Treasuries; Fed makes no change to it forward guidance on interest rate; data since Sept meeting generally suggests economy continue to expand at moderate pace, recovery housing slowed somewhat in recent months; indicator have showed some further improvement but unemployment remains elevated, fiscal policy restraining growth; repeats that downside risks to outlook have diminished on net since last fall; inflation running below Fed's goal but longer-term expectations stable; to keep Fed funds at 0-0.25% as long as jobless rate above 6.5%, projected inflation no more than 2.5% vote in favor of policy was 9-1; George dissented from concern over potential imbalances and future inflation.'

The single currency found support at 1.3733 in Asian session and then rose to 1.3768 in European morning. Euro moved higher to 1.3778 in New York morning after the release of weaker-than-expected U.S. ADP unemployment change (130K versus forecast of 150K) and then 1.3787 in NY afternoon before tumbling to a session low at 1.3696.

Versus the Japanese yen, the greenback traded narrowly in Asian and European session before retreating briefly to 98.08 in New York morning due to release of weaker-than-expected U.S. ADP unemployment change and then 98.06 before rallying to 98.69 after the Fed policy statement.

The British pound fell briefly 1.6025 in Asian session, however, failure to penetrate Tuesday's low at 1.6022 prompted short-covering and lifted price higher in European session. Cable further rose to 1.6079 in New York morning before nose-diving to a session low at 1.5999.

On the data front, U.S. CPI in Sep came in at 0.2% m/m n 1.2% y/y, same as expectation. Germany unemployment change in October came in at 2K, versus the forecast of 0K, previous reading was revised to 24K. Germany Unemployment rate in October came in at 6.9%, same as expectation.

Data to be released on Thursday:


New Zealand rate decision, ANZ Business confidence, Australia import price index, export price index, building approvals, Japan manufacturing PMI, BOJ rate decision, housing starts, construction orders, U.K. Gfk consumer confidence, nationwide house prices, Germany Gfk consumer confidence, France PPI, Italy unemployment rate, CPI, HICP, PPI, EU unemployment rate, CPI, Canada GDP, U.S. jobless claims and Chicago PMI.

Posted by: acetraderforex Nov 1, 2013, 02:52 AM

smile.gif AceTraderFx Nov 1 : Euro tumbles on sharp fall in euro zone inflation and record high unemployment

Market Review - 31/10/2013 17:37GMT

Euro tumbles on sharp fall in euro zone inflation and record high unemployment

The single currency tumbled against other major currencies on Thursday due to weak euro zone data showing that inflation in the euro zone declined sharply to the lowest level in four years in October together with the record high unemployment rate in September, adding speculation that the European Central Bank may ease monetary policy.

Euro zone unemployment rate in September came in at 12.2%, higher than economists' forecast of 12.0%, previous reading is revised to 12.2%; euro zone CPI estimate in October came in at 0.7% y/y, lower than the forecast of 1.1%.

The single currency met selling interest at 1.3739 in Asian session and ratcheted lower in European session after the release of weak euro zone data. Euro tumbled to 1.3632 ahead of New York open and weakened further due to dollar's broad-based strength after the release of stronger-than-expected Chicago PMI (65.9 versus forecast of 55.0). The pair nose-dived to a session low at 1.3575 near New York afternoon.

Versus Japanese yen, the greenback met selling interest at 98.57 in Australia and then ratcheted lower in European session. The dollar further dropped to a session low at 98.08 in New York afternoon before recovering.

Although the British pound dropped to a session low at 1.6006 ahead of European open, failure to penetrate Wednesday’s low at 1.5999 prompted profit-taking. Cable ratcheted higher in European session and rose to a session high at 1.6070 on short-covering in New York morning.

In other news, Bank of Japan's semiannual report stated 'Japan's economy likely to continue to expand at pace exceeding its potential; BoJ to maintain its QE programme until needed to stably achieve 2% inflation; BoJ ready to make necessary policy adjustments while scrutinising upside, downside risks to economy, prices; CPI likely to reach BoJ's 2% target around end of fiscal 2014 through fiscal 2015.’

On the data front, U.S. initial jobless claim came in at 340K, worse than the forecast of 339K. Italy unemployment rate in September came in at 12.5%, worse than the forecast of 12.2%, previous reading was revised to 12.4%. Germany Gfk consumer confidence in November came in at 7.0, versus the forecast of 7.2.

Data to be released on Friday:

Australia PPI, China manufacturing PMI, HSBC Markit manufacturing PMI, Swiss PMI, U.K. manufacturing PMI, U.S. Markit manufacturing PMI, ISM manufacturing and construction spending on Friday. France financial market is closed due to public holiday.

Posted by: acetraderforex Nov 4, 2013, 04:02 AM

smile.gif AceTraderFx Nov 4 : Dollar strengthens broadly on strong U.S. data

Market Review - 02/11/2013 01:41GMT

Dollar strengthens broadly on strong U.S. data

Dollar strengthened broadly against its major peer currencies on strong U.S. Markit PMI and ISM manufacturing data, which fuelled speculation that the Fed may start tapering stimulus sooner than expected.

U.S. ISM manufacturing in October came in at 56.4, stronger than the economists' forecast of 55.0. U.S. Markit PMI in October came in at 51.8, better than the expectation of 51.1.

The single currency met selling interest at 1.3590 in Asian trading and ratcheted lower in European session. Euro later tanked to a session low at 1.3478 (Reuters) in New York afternoon due to strong U.S. economic data.

Versus Japanese yen, the greenback initially fell to a session low at 97.80 in Asian trading but renewed buying interest there lifted price higher in European session due to the rebound of Nikkei futures. Dollar further rose above Thursday's top at 98.69 to session high at 98.86 in New York morning after the release of strong U.S. economic data before stabilizing.

The British pound met selling interest at 1.6046 in Australian morning and then tanked to 1.5953 in European session in part due to the release of weaker-than-expected U.K. manufacturing PMI in October which came in at 56.0, worse than the forecast of 56.4, previous reading was revised to 56.3. Cable later fell to an intra-day low of 1.5908 in New York afternoon due to dlr's broad-based strength on strong U.S. economic data.

In other news, Federal Reserve Bank of St. Louis's President James Bullard says 'any decision to scale bank bond buying will be data-dependent; likelihood of tapering will continue to rise as labor market continues to show cumulative improvement; would like to see inflation come back up toward target before tapering bond buying; inflation continues to run very low in the U.S. economy; will not speculate on a taper decision in December, says Fed should keep its options open at every meeting.'

Federal Reserve Bank of Philadelphia's Charles L. Plooser says 'could support setting a limit for bond-buying program; could announce a dollar size to QE3 that would halt it soon; "very high" hurdle for increasing rate of bond buying.'

Data to be released next week:

Australia retail sales, house price index, Italy manufacturing PMI, France manufacturing PMI, Germany manufacturing PMI, EU manufacturing PMI, Sentix investor confidence, U.K. construction PMI, U.S. factory orders, durable goods on Monday. Japan financial market is closed due to public holiday.

Australia RBA rate decision, China HSBC Markit service PMI, Swiss CPI, U.K. BRC retail sales, service PMI, EU PPI, Canada trade balance, exports, imports, U.S. Redbook retail sales, ISM non-manufacturing on Tuesday.

New Zealand unemployment rate, employment change, Australia trade balance, U.K. BRC shop price index, industrial production, manufacturing production, Italy service PMI, France service PMI, Germany service PMI, factory orders, EU service PMI, retail sales, Canada building permits, Ivey PMI, U.S. leading indicators on Wednesday.

Australia employment change, unemployment change, Japan leading indicators, U.K. Lloyds employment confidence, BOE rate decision, BOE asset purchase target, Germany industrial production, ECB rate decision, U.S. GDP, personal consumption, PCE core, jobless claims on Thursday.

China trade balance, export, import, Swiss unemployment rate, retail sales, U.K. trade balance, Germany current account, export, import, trade balance, France current account, trade balance, industrial production, manufacturing production, Canada housing starts, net change in unemployment, unemployment rate, U.S. personal income, personal consumption, PCE index, PCE core, non-farm payrolls, private payrolls, unemployment rate, average hourly earnings, University of Michigan consumer confidence on Friday.

Posted by: acetraderforex Nov 5, 2013, 03:33 AM

smile.gif AceTraderFx Nov 5 : Euro rebound fom 6-week low on short-covering

Market Review - 04/11/2013 21:33GMT

Euro rebound fom 6-week low on short-covering

The single currency finally cut 6 consecutve days of losses and rebounded from a fresh 6-week low on Monday. Earier in Asia, although euro penetrated Friday's low at 1.3478 after meeting renewed selling at 1.3502 and fell to 1.3442 in thin Asia session lunch session after tripping stops below 1.3462, profit-taking together with active short-covering lifted the pair. Euro ratcheted higher in European session on stronger-than-expected Germany's manufacturing PMI and later climbed to a session high at 1.3525 in New York afternoon.

The British pound strengthened on Monday after the release of strong U.K. construction PMI data which showed that activity in the U.K. construction sector expanded at the fastest rate in six years in October continued to support demand for sterling. U.K. construction PMI in October came in at 59.4, stronger than the forecast of 58.7.

Although cable dropped in tandem with euro to a session low at 1.5904 in Asian trading, buying interest there lifted price and cable continued to climb higher in European session after the release of strong U.K. construction PMI. The pound then rose to intra-day high of 1.5979 in New York morning before stabilizing.

Versus Japanese yen, the greenback firmed to intra-day high at 98.85 in quiet Asian trading as financial markets in Japan were closed for a national holiday, however, failure to penetrate last Friday's top at 98.86 prompted long liquidation. Dollar edged lower in European session and later weakened to a session low at 98.57 in New York afternoon.

In other news, the president of St. Louis Federal Reverse James Bullard said 'bond buying is data dependent, policy-makers will look at the evidence at every meeting; labor markets have made substantial progress, but inflation is low; not seen much evidence on inflation heading higher; "what is the hurry" to decide on tapering, would like to see inflation heading to 2%; 'asset bubbles are a serious concern, but not seeing anything of magnitude of housing bubble; Fed does not want to be in position of supporting fiscal recklessness; recent rise in bond yields has eased his concern that bond market showing bubble characteristics.'

Governor of Federal Reserve Jerome H. Powell said 'U.S. monetary policy is likely to remain highly accommodative for some time; timing of when Fed will trim pace of bond buying is necessarily uncertain, depends on evolution of economy; Fed policy makers committed to communicating as clearly as possible about policy aims, intentions.’

On the data front, euro zone Sentix investor confidence in November came in at 9.3, better than the expectation of 6.2. U.S. factory orders in September came in at 1.7%, same as expectation.

Data to be released on Tuesday :

China HSBC Markit service PMI, Australia RBA rate decision, Swiss CPI, U.K. BRC retail sales, service PMI, EU PPI, U.S. Redbook retail sales,
Construction spending, New home sales,
ISM non-manufacturing index.

Posted by: acetraderforex Nov 6, 2013, 02:53 AM

smile.gif AceTraderFx Nov 6 : Euro falls ahead of ECB meeting

Market Review - 05/11/2013 22:13GMT

Euro falls ahead of ECB meeting

The single currency met selling interest at 1.3522 in Asian trading and then dropped to 1.3478 in European morning before rebounding to 1.3511 partly due to EU commission's forecast on euro zone GDP growth. However, euro weakened again on growing speculation that the European Central Bank may signal easier monetary policy or even cut interest rates at its policy meeting on Thursday.

Euro fell to an intra-day low of 1.3449 in New York morning on strong U.S. October's ISM non-manufacturing index, which came in at 55.4, stronger than the economists' forecast of 54.0.

EU commission forecasted euro zone GDP growth at -0.4% for 2013, +1.1% for 2014, +1.7% in 2015 and EU GDP growth at 0.0% for 2013, +1.4% for 2014, +1.9% in 2015.

Versus Japanese yen, the greenback met selling interest at 98.68 and fell to 98.24 in Asian trading on Tuesday. Dollar fell to an intra-day low at 98.16 in European morning and then rebounded to 98.64 in New York session.

The British pound traded narrowly in Asian trading and retreated to 1.5949 in European morning, however, buying interest quickly emerged in Europe after the release of stronger-than-expected U.K. service PMI, which came in at 62.5 for October, better the forecast of 59.8. It was also the sharpest rise in activity since May 1997. Later, cable jumped to a session high at 1.6063 in New York morning b4 retreating.

In other news, Federal Reserve Bank of Boston President Eric Rosengren says 'expects Fed funds rate quite low for quite some time; expects better economic data, U.S. GDP growth closer to 3% early next year.'

ECB's President Mario Draghi says 'we are gradually recovering from the financial crisis; overall economic situation has slightly improved.'

Data to be released on Wednesday:

New Zealand unemployment rate, employment change, Australia trade balance, U.K. BRC shop price index, industrial production, manufacturing production, Italy service PMI, France service PMI, Germany service PMI, factory orders, EU service PMI, retail sales, Canada building permits, Ivey PMI and U.S. leading indicators.

Posted by: acetraderforex Nov 7, 2013, 03:13 AM

smile.gif AcetraderFx Nov 7 : Euro rebounds on short-covering ahead of ECB rate decision

Market Review - 06/11/2013 21:44GMT

Euro rebounds on short-covering ahead of ECB rate decision

The single currency rebounded on Wednesday due to active short-covering ahead of ECB's rate decision on Thursday as the release of stronger-than-expected German industry orders affirmed markets' expectations that the European Central Bank will not cut interest rates this week despite a steep fall in inflation.

Euro found renewed buying interest at 1.3469 in Asian session on Wednesday and price jumped to 1.3522 due to active short-covering together with cross buying versus the Japanese yen (eur/jpy rallied fm 132.55 to 133.72). Price rose further to 1.3533 in European morning partly due to the release of stronger-than-expected service PMI data and Germany factory orders. The single currency further strengthened to a session high at 1.3548 in New York morning before stabilizing.

Germany factory orders in September came in at 3.3% m/m n 7.9% y/y, much stronger than the forecast of 0.5% n 5.6% respectively. Germany Services PMI in October came in at 52.9, higher than the forecast of 52.3. Euro zone Services PMI in October came in at 51.6, better than the expectation of 50.9.

Versus Japanese yen, the greenback rose to a session high at 98.76 in Asian trading due to the rise in Japan's stock markets (Nikkei-225 index closed up by 112 points at 14337). Dollar later retreated to 98.47 in European morning before rebounding to 98.74 in New York morning.

The British pound rose to 1.6097 in Asian trading before retreating to 1.6063. Cable later jumped to an intra-day high at 1.6118 after the release of stronger-than-expected U.K. industrial and manufacturing production before stabilizing in New York session.

U.K. industrial production in September came in at 0.9% m/m n 2.2% y/y, stronger than the forecast of 0.5% n 1.8% respectively; manufacturing production in September came in at 1.2% m/m n 0.8% y/y, better than the expectation of 1.1% n 0.7% respectively.

On the data front, U.S. leading index in September came in at 0.7%, better than the forecast of 0.6%. Euro zone retail sales in September came in at -0.6% m/m and 0.3% y/y, worse than the forecast of -0.4% and 0.7%, previous reading was revised to 0.5% and -0.2% respectively. Canada Ivey PMI in October came in at 62.8, much stronger than the expectation of 52.0.

Data to be released on Thursday:

Australia employment change, unemployment change, Japan leading indicators, U.K. Lloyds employment confidence, BOE rate decision, BOE asset purchase target, Germany industrial production, ECB rate decision, U.S. GDP, personal consumption, PCE core and jobless claims.

Posted by: acetraderforex Nov 8, 2013, 03:07 AM

smile.gif AceTraderFx Nov 8 : Euro tumbles after ECB 0.25% rate cut

Market Review - 07/11/2013 22:17GMT

Euro tumbles after ECB 0.25% rate cut

The single currency tumbled on Thursday after ECB unexpectedly cut interest rate to 0.25% together with the release of U.S. GDP data which came in stronger than economist's forecast. ECB cut refinancing rate to 0.25% and cut interest rate on marginal lending to 0.75%. U.S. GDP in Q3 came in at 2.8%, stronger than the forecast of 2.0%.

The single currency traded narrowly in Asian session and European morning. Euro tumbled to 1.3354 after ECB announced the interest rate decision and then fell to an intra-day low of 1.3295 in New York morning due to the release of strong U.S. GDP data. The pair later rebounded to 1.3450 in late New York as Dow Jones index turned negative and closed down by 153 points at 15594.

Versus Japanese yen, the greenback found support at 98.56 in Asian trading and then climbed higher to 98.75 in European morning. Dollar further jumped to a session high at 99.41 after the release of stronger-than-expected U.S. GDP data in New York morning. However, profit-taking offers together with active cross buying in jpy quickly emerged there and U.S. dollar tanked to intra-day low at 97.60 in late NY due to the sharp selloff in U.S. equities.

The British pound fell to 1.6065 in Asian session before rebounding to 1.6092 ahead of European open. The pair dropped to 1.6054 ahead of New York open after Bank of England rate decision and then further tanked to a session low at 1.6010 in tandem with euro's selloff and strong U.S. GDP data in New York morning. However, renewed buying interest there lifted price higher to 1.6114 in late New York b4 stabilizing.

Bank of England said 'leaves QE asset purchase total unchanged at 375 billion sterling; holds bank rate at 0.5%.'

ECB's President Mario Draghi said 'took decision on liquidity; further diminishing of inflation pressure; inflation expectation continue to be firmly anchored; followed by gradual upward movement; ECB monetary policy stance will remain accommodative for as long as necessary ; governing council expects key ECB interest to remain at current or lower levels for extended period of time; this expectation is based on overall subdued outlook for inflation extending into medium term; extend full allotment in liquidity operations until at least July 2015; real income have benefited from generally lower inflation; growth risks are on downside; global money, financial market conditions downside risk; October inflation decline was stronger than expected; inflation expected to remain at low levels in coming months; inflation risks are broadly balanced; upside inflation risks in particular from commodity prices; weak loan dynamics reflect primarily business cycle; technically ready for negative deposit rate; possibility for negative deposit rate is part of our artillery; we have instruments, LTRO and negative deposit rate are some of them.'

Data to be released on Friday:

RBA monetary policy statement, Swiss unemployment rate, retail sales, U.K. trade balance, Germany current account, export, import, trade balance, France current account, trade balance, industrial production, manufacturing production, Canada housing starts, net change in unemployment, unemployment rate, U.S. personal income, personal consumption, PCE index, PCE core, non-farm payrolls, private payrolls, unemployment rate, average hourly earnings and University of Michigan consumer confidence.

Posted by: acetraderforex Nov 11, 2013, 03:27 AM

smile.gifAceTraderFx Nov 11 : Dollar rallies after U.S. payrolls beat estimates

Market Review - 09/11/2013 02:13GMT

Dollar rallies after U.S. payrolls beat estimates

Dollar strengthened against other currencies on Friday after the release of stronger-than-expected U.S. non-farm payrolls fuelled renewed speculation the Federal Reserve could soon begin tapering its stimulus program. U.S. non-farm payroll in October came in at 204K, much higher than the economists' forecasts of 125K, previous reading was revised higher to 163K from 148k.

The single currency retreated to 1.3389 ahead of European open due to the downgrade of France sovereign credit rating by S&P, however, price quickly rebounded and ratcheted higher to 1.3432 in European morning. Euro briefly climbed to 1.3438 in New York morning. The pair tanked to session low of 1.3318 after release of stronger-than-expected U.S. jobs report, however, active short-covering above Thursday's 7-week low at 1.3295 lifted the pair in New York afternoon. Euro last traded around 1.3370 near New York close.

S&P lowered France sovereign credit rating to AA from AA+. S&P revised France sovereign credit outlook to stable from negative.

Versus Japanese yen, the greenback traded narrowly in Asian and European morning sessions. Dollar later retreated to 97.97 in New York morning and then jumped to an intra-day high of 99.22 on strong U.S. job data before stabilizing in New York afternoon.

The British pound traded narrowly in Asian session and then fell to 1.6060 in European morning. Cable later tumbled to intra-day low at 1.5957 in New York morning after release of strong U.S. jobs report.

In other news, French President Francois Hollande said economic policy his government is pursuing is the only one that can ensure France's credibility; government will take all necessary saving measures without endanger France's Welfare model; low market interest rates are testament to France's credibility.

On the data front, University of Michigan confidence in November came in at 72.0, weaker than market forecast of 74.5. France industrial production in September came in at -0.5% m/m and -0.9% y/y, versus the expectation of 0.1% and -0.9%, previous reading was revised to 0.7% n -2.0% respectively. France manufacturing production in September came in at -0.7% m/m and -1.3% y/y, stronger economists’ forecast of 0.4% n -1.1%, previous reading is revised to 0.9% and -2.7% respectively.

Data to be released next week :

Japan current account, Economic watch DI, Australia home loans, Italy industrial production on Monday. Financial markets in France, Canada and U.S. will be closed due to public holiday.

Australia NAB business condition, NAB business confidence, Japan tertiary industry index, consumer confidence, machine tools orders, U.K. RICS house prices, CPI, RPI, PPI, ONS house price, Germany CPI, HICP, Italy CPI, HICP, U.S. Chicago Fed index, Redbook retail sales on Tuesday.

Australia Westpac consumer confidence, Japan machinery orders, domestic CGPI, U.K. claimant count, ILO unemployment rate, average earnings 3 months, BoE releases quarterly inflation report, EU industrial production, U.S. Fed budget on Wednesday.

New Zealand business PMI, ANZ consumer confidence, Japan GDP, industrial production, capacity utilisation, France GDP, Germany GDP, France HICP, CPI, Italy GDP, U.K. retail sales, EU GDP, U.S. jobless claims, Canada new housing price index, trade balance, exports, imports on Thursday.

Italy trade balance, current account, EU CPI, U.S. export price index, import price index, Empire State manufacturing, industrial production, capacity utilisation, wholesale inventories, wholesale sales and Canada existing home sales on Friday.

Posted by: acetraderforex Nov 12, 2013, 03:02 AM

smile.gif AceTraderFx Nov 12 : Euro rebounds on active cross-buying

Market Review - 11/11/2013 19:39GMT

Euro rebounds on active cross-buying

The single currency strengthened against other currencies on Monday due to active short-covering together with cross buying in euro. However, trading was relatively thin due to public holidays in U.S. and France.

Euro found support at 1.3345 in Australia morning and ratcheted higher in European session on active-cross buying euro versus other currencies (eur/jpy rose from 132.21 to 133.16, euro/gbp gained from 0.8339 to 0.8396). The pair climbed to an intra-day high at 1.3416 after European closed.

Versus Japanese yen, the greenback met selling interest at 99.24 in New Zealand and then retreated to 98.93 in European morning as Nikkei index futures pared early Asian gains. However, renewed buying interest there lifted price higher and climbed to a session high at 99.30 in New York morning on active cross-selling yen versus euro before moving sideways after European market closed.

The British pound traded narrowly in Asian trading and met selling interest at 1.6022 in European morning due to active cross-selling sterling versus euro. Cable fell to a session low at 1.5964 after European markets closed before recovering.

In other news, EU's Olli Rehn urged Germany to remove bottlenecks to domestic demand and said ‘increase in German domestic demand has been "modest".' EU spokesman Simon O'Connor said 'Portugal program on track; Portugal program set to conclude in spring of next year; doesn't have "specific" Portugal interest rate in mind.'

On the data front, Italy's Industrial production in September came in at 0.2% m/m and -3.0% y/y, versus the expectation of 0.3% and -3.6% respectively.

Data to be released on Tuesday:

Australia NAB business condition, NAB business confidence, Japan tertiary industry index, consumer confidence, machine tools orders, U.K. RICS house prices, CPI, RPI, PPI, ONS house price, Germany CPI, HICP,WPI, Italy CPI, HICP, U.S. Chicago Fed index and Redbook retail sales.

Posted by: acetraderforex Nov 13, 2013, 03:09 AM

smile.gif AceTraderFx Nov 13 : US dollar rises versus Japanese yen on Fed tapering expectations

Market Review - 12/11/2013 21:52GMT

U.S. dollar rises versus Japanese yen on Fed tapering expectations

U.S. dollar rose to a 1-month high at 99.80 against the Japanese yen on rising speculation that Fed will sooner tapering its economic stimulus program next month.

The single currency edged lower in Asian trading and then fell to a session low at 1.3359 in European morning, however, renewed buying interest there lifted price higher due to the comment from ECB's Nowotny. The pair later climbed to an intra-day high of 1.3456 in New York morning before stabilizing.

ECB Governing Council member Ewald Nowotny said 'Deflation not imminent, must be on minds of central bank; there is a lot of nervousness in markets; Rate cut has to be seen in line with forward guidance; Price stability means close to but not above 2%; ECB has to fight both inflation and deflation; Debate was on timing, not substance of measures; Stagnation not inflation is real risk now; Forward guidance helps to stabilize markets.'

Versus Japanese yen, the greenback found support at 99.11 in Australian morning and then ratcheted higher in Asian session due to the rally of Nikkei index. Dollar later rose to intra-day high at 99.80 in European morning before stabilizing in New York trading.

The British pound met selling interest at 1.5992 in Australian morning and then dropped to 1.5965 in Asian trading. Cable later tumbled to session low at 1.5854 in European morning on weaker-than-expected U.K. CPI data which came in at 0.1% in October versus economists' forecast of 0.3%. However, lack of selling through prompted short-covering and cable rebounded strongly to 1.5946 in New York morning before retreating.

In other news, U.S. Treasury Secretary Jack Lew says 'data shows core strength of U.S. economy is continuing; calls recent U.S. economic data "quite encouraging"; U.S. economy ending year with "great optimism" Oct. debt-limit tactic likely won't be used again.'

On the data front, Germany CPI in October came in at -0.2% m/m and 1.2% y/y, same as expectation. U.K. RPI in October came in at 0.0% m/m n 2.6% y/y, weaker than the expectation of 0.4% n 3.0% respectively. U.K. ONS house price in September came in at 3.8%, previous reading is revised to 3.7%.Chicago Fed index in September came in 0.14, worse than the forecast of 0.15, previous reading was revised to 0.13.

Data to be released on Wednesday:

Australia Westpac consumer confidence, Japan machinery orders, domestic CGPI, U.K. claimant count, ILO unemployment rate, average earnings, BoE releases quarterly inflation report, EU industrial production and U.S. Fed budget.

Posted by: acetraderforex Nov 14, 2013, 02:50 AM

smile.gif AceTraderFx Nov 14 : Dollar falls on Yellen's dovish comments

Market Review - 13/11/2013 22:27GMT

Dollar falls on Yellen's dovish comments

U.S. dollar tumbled broadly against major currencies on Wednesday after Federal Reserve Vice Chair Janet Yellen said the U.S. economy was performing 'far short' of potential, suggesting the central bank is in no rush to withdraw its stimulus.

The single currency rose to 1.3453 in Asian trading and then retreated to 1.3408 in European morning. Euro rose to 1.3554 in New York morning before falling to a session low at 1.3390 after the comment from ECB's executive broad member Peter Praet. However, renewed buying interest there lifted price to an intra-day high at 1.3471 in New York afternoon and then 1.3496 after the release of dovish remarks fm Fed's vice chairman Janet Yellen.

ECB's executive board member Peter Praet, quoting from Wall Street Journal, said 'central banks can use balance sheet capacity to lift inflation, including outright asset purchases; ECB still has room in standard measures, including deposit facility.'

Versus Japanese yen, the greenback edged lower in Asian and European Sessions on downbeat comment from Bank of Japan’s Ryuzo Miyao, who said 'Japan's economy is recovering moderately; Focusing somewhat more on downside risks to Japan economy; Japan so far on track to meeting BOJ's 2% price target’. Dollar fell to 99.30 in New York morning and further dropped to an intra-day low of 99.19 in New York afternoon.

The British pound traded narrowly in Asian trading and found support at 1.5879 in European morning. Cable rose to 1.5942 after the release of stronger-than-expected unemployment data and then jumped to 1.6003 due to upbeat Bank of England’s inflation report before retreating to 1.5939. However, renewed buying interest lifted price higher in New York morning and climbed to 1.6048 in New York afternoon n then 1.6067 due to the dovish remarks fm Fed's vice chairman Janet Yellen.

U.K. jobless claims in October came in at -41.7K, better than the forecast of -30.0K, previous reading was revised to -44.7K. U.K. unemployment rate in Sep came in at 7.6%, same as expectation.

Bank of England November inflation report stated 'U.K. recovery has finally taken hold, economy growing robustly but significant headwinds remain; MPC intends to keep exceptionally simulative policy stance until slack has reduced substantially; unemployment likely to fall more quickly than forecast in August, hitting 7% threshold will not necessarily trigger rate rise; MPC sees 41% chance of 7% unemployment at end-2014, 57% at end-2015, 68% at end-2016 based on market interest rates; mean unemployment forecast above 7% through to Q4 2016, based mean unemployment forecast falls to 7.0% in Q4 2014, based on constant interest rate (Aug inflation report: above 7% through to Q3 2016; sees greater than 50% chance unemployment will reach 7% at some point before end of Q3 2015 based on market interest rates; sees 50% chance unemployment will reach 7% at some point before end of Q4 2014, based on constant interest rates (Aug forecast: Q2 2016; shows inflation to first fall below 2% target in Q1 2015 (Aug forecast Q3 2015), based on market rate expectation; forecast shows around one in three chance inflation will exceed 2.5% knock-out in 18-24 months (Aug forecast C.40%); mean growth forecast sees GDP in 2013 +1.6% (Aug +1.4%), 2014 +2.8%% (Aug +2.5%), 2015 +2.3% (Aug +2.3%).'

Data to be released on Thursday:

New Zealand business PMI, ANZ consumer confidence, Japan GDP, industrial production, capacity utilisation, France GDP, Germany GDP, France HICP, CPI, Italy GDP, U.K. retail sales, EU GDP, U.S. jobless claims, Canada new housing price index, trade balance, exports and imports.

Posted by: acetraderforex Nov 15, 2013, 02:40 AM


smile.gif AceTraderFx Nov 15 : Yen weakens beyond 100 on remarks from Taro Aso

Market Review - 14/11/2013 22:42GMT

Yen weakens beyond 100 on intervention remarks from Japan Finance Minister Taro Aso

Japanese yen weakened against dollar on Thursday, the pair rose above 100 for the first time since September, after earlier comments from Japan Finance Minister Taro Aso, who said "Japan must always be ready to send signal to markets to curb excessive, one-sided forex moves; Japan, as with any country, must set aside necessary reserves to conduct FX intervention when needed.".

The greenback found support at 99.14 against Japanese yen ahead of Tokyo open and then rose to 99.73 in Asian trading. Dollar rose above Tuesday's high at 99.80 to 100.04 in European morning, and then climbed to 100.15 in New York morning after the testimony by Fed's vice chairman Janet Yellen.

The single currency rose to a session high at 1.3499 in Australian morning due to the release of prepared dovish statements from Fed's Vice Chair Janet Yellen but profit taking below 1.3500 pushed price lower in Asian trading. Euro fell to intra-day low at 1.3418 in European morning after release of weaker-than-expected euro zone Q3 GDP, which came in at 0.1% Q/Q and -0.4% Y/Y, worse than the forecast of 0.2% and -0.3% respectively.
However, short covering lifted euro to 1.3489 in New York after Fed’s Janet Yellen testified to the U.S. Senate Banking Committee.

Fed's Vice Chair Janet Yellen said 'strongly committed to promoting robust economic recovery; long spells of unemployment are particularly painful for households; imperative to do what we can to promote strong recovery; expects to maintain highly accommodative policy for some time to come as QE winds down; there are dangers in ending QE too early, and in keeping it place too long; important not to remove bond-buying support when recovery is fragile; believes benefits of bond buying exceed costs; as recovery progresses, need to bring policy back to normal in timely fashion, have the tools; bond buying has made meaning contribution to growth, economic outlook; QE not on a set course, data dependent; QE will not continue forever; says for pace of QE, looking for signs of strong enough growth to continue progress in economy; no set time on determining when to reduce bond buying; weak demand for goods, services is major drag on economy.’

The British pound retreated to 1.6027 in Asian trading and then dropped to 1.5988 in European morning after the release of weaker-than-expected U.K. retail sales. However, renewed buying interest there lifted price higher in New York morning and climbed to a session high at 1.6101 on Fed's Janet Yellen’s comments.

U.K. retail sales in October came in at -0.7% m/m and 1.8% y/y, worse than the forecast of 0.0% and 3.1% respectively.

On the data front, Germany GDP in Q3 came in at 0.3% q/q and 1.1% y/y, same as the expectation. France GDP in Q3 came in at -0.1% q/q and 0.2% y/y, lower than the forecast of 0.0% and 0.3% respectively. U.S. initial jobless claim came in at 339K, worse than the forecast of 330K, previous reading was revised to 341K.

Data to be released on Friday:
Italy trade balance, current account, EU CPI, U.S. export price index, import price index, Empire State manufacturing, industrial production, capacity utilisation, wholesale inventories, wholesale sales and Canada existing home sales.

Posted by: acetraderforex Nov 18, 2013, 03:31 AM

smile.gif [size="4"][/size]AceTraderFx Nov 18 : Dollar falls broadly on weaker-than-expected U.S. data


Market Review - 16/11/2013 03:43GMT

Dollar falls broadly on weaker-than-expected U.S. data


Euro strengthened against the U.S. dollar on Friday after the release of weaker-than-expected U.S. economic data, fanning market speculation the Federal Reserve will maintain its stimulus program for the time being, the Dow Jones Industrial Index and S&P 500 both climbed to record highs on Friday following Fed Chair nominee Janet Yellen's dovish testimony before the U.S. Senate Banking Committee Thursday.

U.S. Empire State manufacturing index in November came in at -2.21, worse than the forecast of 5.00 whilst U.S. industrial production in October came in at -0.1%, weaker than street forecast of 0.2%, previous month's reading was revised from 0.6% to 0.7%.

Earlier in quiet Asian session, the single currency move narrowly and then retreated to 1.3433 in European morning, however, buying interest quickly emerged and lifted the pair. Euro later climbed to session highs of 1.3506 in New York morning after the release of weaker-than-expected U.S. economic data before stabilising in New York afternoon.

Versus Japanese yen, the greenback retreated from 100.31 in Asian trading to 99.93 ahead of European open. However, renewed buying interest there lifted price and the pair climbed to intra-day 2-week high of 100.43 in European morning on renewed cross-selling in yen before retreating to 100.10 in New York morning after the release of weaker-than-expected U.S. industrial production and Empire State manufacturing index.

The British pound ratcheted higher from 1.6052 (Australia) to 1.6090 in European morning before retreating briefly to intra-day low at 1.6048 due to active cross-selling sterling versus euro. Cable then quickly rebounded on renewed buying interest and climbed to a session highs of 1.6136 in New York morning after release of weaker-than-expected U.S. data and also comments from Bank of England’s policy maker Martin Weale.

Bank of England’s policy maker Martin Weale said 'guidance increased importance of CPI expectation; pound strength has lowered inflation; euro-area problems have become more manageable; pound has posted concern about balance of payments; U.K. consumer confidence has improved; BoE can't look the other way on CPI expectations; U.K. economy may grow faster than BoE has forecast; there has been "an upturn: in CPI expectation.'

In other news, ECB's executive board member Yves Mersch says 'we have the possibility, have other instruments to flood the economy with liquidity if necessary; we have to option to do outright purchases, but euro area doesn't have single sovereign signature so no surprise that we chose other instruments; we still reserve the right to do other measures in the futures.

Data to be released next week :

U.K. Rightmove house prices, EU current account, trade balance, U.S. net LT TIC flows, NAHB housing market index on Monday.

Australia RBA policy meeting minutes, Japan leading indicators, Germany ZEW economic sentiment, ZEW current condition, EU ZEW economic sentiment, U.S. Redbook retail sales on Tuesday.

Japan export, import, trade balance, all industry index, Germany PPI, U.K. BoE releases MPC minutes, Swiss ZEW index, U.S. CPI, retail sales, existing home sales, business inventories, FOMC minutes, Canada wholesale sales on Wednesday.

Japan BOJ rate decision, machine tools orders, China HSBC Manufacturing PMI, Swiss trade balance, France manufacturing PMI, services PMI, Germany manufacturing PMI, services PMI, EU manufacturing PMI, services PMI, consumer confidence, U.K. PSNCR, public sector net borrowing, CBI industrial trend, U.S. jobless claims, PPI, PCE, Markit PMI and Philadelphia Fed survey on Thursday.

Japan BoJ monthly economic report, Germany GDP, export, import, Ifo current assessment, Ifo business climate, Canada CPI and retail sales on Friday.

Posted by: acetraderforex Nov 19, 2013, 03:19 AM

smile.gif AceTraderFx Nov 19: Dollar and yen falls broadly on risk appetite due to China reforms

Market Review - 18/11/2013 21:07GMT

Dollar and yen falls broadly on risk appetite due to China reforms

U.S. dollar weakened broadly against major currencies on renewed risk appetite after China announced its most sweeping economic and social reforms in nearly three decades.

China shares posted their biggest gain in more than two months on Monday. The China Enterprises Index of the top Chinese listings in Hong Kong soared 5.7%, the biggest daily gain since Dec. 1, 2011. European and U.S. stock markets also hit their highest levels since the start of 2008.

The greenback rose briefly to 100.39 against the Japanese yen in Asian morning before retreating to 99.78 in European morning on cross buying in jpy. The single currency continued to ratchet higher from November's low at 1.3295 to as high as 1.3542 in New York morning before retreating to 1.3496 in late New York after comments from the Federal Reserve Bank of New York, William Dudley.

The British pound also rose versus U.S. dollar to fresh near 3-week high at 1.6149 in European morning before retreating to 1.6082 in late New York on profit-taking. The Australian and New Zealand dollars rose against U.S. dollar to 0.9419 and 0.8407 respectively in European morning due to renewed risk appetite before retreating in late New York.

In other news, the Federal Reserve Bank of New York, William Dudley, an influential U.S. central banker who has been one of the staunchest supporters of easy-money policies, on Monday said he was "getting more hopeful" on prospects for the beleaguered U.S. economic recovery. William pointed to an improvement in the labor market last month and better-than-expected gross domestic product (GDP) growth in the third quarter. He predicted a rise in economic growth next year and in 2015. William added later that the Federal Reserve has not yet seen enough U.S. economic growth momentum to convince policymakers of a sustained improvement in the labor market outlook.

Charles Plosser, president of the Philadelphia Fed, said in remarks prepared for delivery to the Risk Management Association, "we cannot continue to play this bond-buying game by ear and risk the Fed's credibility while creating lingering uncertainty about the course of monetary policy;
Improved economic and labor market conditions suggest the U.S. central bank should set a fixed dollar amount on its current bond-buying program and end the program when that amount is reached.

Tuesday will see the release of Australia RBA policy meeting minutes, Japan leading indicators, Germany ZEW economic sentiment, ZEW current condition, EU ZEW economic sentiment, U.S. Redbook and retail sales data.

Posted by: acetraderforex Nov 20, 2013, 03:12 AM

smile.gif AceTraderFx Nov 20: Dollar falls broadly ahead of Wednesday's speech by Fed's Ben Bernanke

Market Review - 19/11/2013 21:53GMT

Dollar falls broadly ahead of Wednesday's speech by Fed's Ben Bernanke

The dollar declined against majority of its peers on speculation Federal Reserve members will reiterate their pledge to keep monetary policy loose as Fed's Chairman Ben Bernanke will deliver speech on Wednesday at 00:00GMT.

Although the single currency traded sideways in Asia and spiked briefly to session high at 1.3543 in early European morning, price swiftly pared intra-day gains and fell to an intra-day low at 1.3488 at New York open. However, the pair later rose again n strengthened to 1.3548 in New York morning after Fed's Vice Chair Janet Yellen said in a letter to a U.S. lawmaker that a "strong majority" of Federal Reserve policymakers think its program of massive bond purchases has helped spur U.S. growth and hiring, but are aware of potential risks.

Versus the Japanese yen, the greenback came under heavy selling pressure in Australia and fell sharply to an intra-day low at 99.57 in Asian morning. However, renewed buying there lifted the pair n price rose to session high at 100.25 in late New York session.

The British pound traded sideways in Asia n despite brief spike to session high at 1.6128 in European morning, price pared its gains n retreated sharply to 1.6060 after a UK debt auction. However, cable later rallied to an intra-day high of 1.6138 in later New York.

On the data front, German ZEW economic sentiment rises to 54.6 from 52.8 previously whilst ZEW current conditions drops to 28.7 from prev. reading of 29.7.

In other news, ECB's Asmussen said 'our monetary policy will stay expansionary for as long as needed; too early to exit from loose monetary policy in Eurozone; can act again if inflation situation requires it; would be very careful to cut deposit rate below 0, don't want to rule out fundamentally; risks to price stability are balanced, no risks of deflation.'

Chicago Federal Reserve Bank President Charles Evans said 'the Federal Reserve should wait until next year, possibly until March, before beginning to wind down its massive bond-purchase program.' Evans added that "a couple more meetings to have greater assurance that the labor market improvement is sustainable would be quite welcome."

Posted by: acetraderforex Nov 21, 2013, 03:34 AM

smile.gif AceTraderFx Nov 21 : Euro tumbles broadly on ECB's dovish news


Market Review - 20/11/2013 19:38GMT

Euro tumbles broadly on ECB's dovish news

The single currency tumbled broadly on Wednesday following reports in Bloomberg that sources close to the ECB said central bank will consider cutting deposit rates to below zero if more easing is needed.

During the day, although the single currency rose to session high at 1.3580 in Australia in reaction to Bernanke's comments, price pared gains in Asia and retreated to 1.3517 in European morning before recovering to 1.3547. Later, euro fell again in New York morning after news from Bloomberg said ECB would weigh -0.1% deposit rate if more easing needed. Price penetrated 1.3517 and eventually tumbled to low of 1.3415 after FOMC minutes before stabilizing.

Versus the Japanese yen, the greenback weakened in Asia and European sessions as an official said proposed reforms of Japan's government-run pension fund may take years to implement. Dollar fell to session low at 99.78 in European morning and then traded sideways before rebounding to 100.25 in New York afternoon after FOMC minutes.

The panel advising Japan's leaders on how to overhaul the 121 trillion-yen Government Pension Investment Fund said the world’s biggest manager of retirement savings should review its holdings of domestic bonds and diversify its investments into overseas assets.

Despite falling to session low at 1.6104 in European morning, the British pound rose to a fresh 3-week high at 1.6178 in New York morning as BoE's MPC minutes painted an upbeat picture of the country's economy, however, dollar's broad-based firmness in New York session pressured price sharply lower and cable retreated back to 1.6097 post FOMC minutes.

BoE stated in MPC minutes that 'MPC sees sustained recovery activity in UK, GDP likely to grow above long-term average in H2; MPC sees distinct upside and downside risks for UK growth after H2; external environment unlikely to drive UK growth, domestic fiscal consolidation to continue, so handover from household to business spending crucial for recovery; unclear about how much of sterling appreciation effect to be passed to consumer prices; MPC growth and inflation projections underline there cud be a case for not raising bank rate immediately when 7% threshold hit.'

Fed Oct minutes stated that 'many Fed members felt if economy warranted it could decide to slow bond purchases at one of its next few minutes; a couple of participants favored lowering the 6.5 percent unemployment rate threshold.
Many members continued to see downside risks to the economic outlook as having diminished at Oct meeting; a few participants inclined to set quantitative floor for inflation; committee met by video conference on Oct 16 to discuss contingencies in event Treasury not able to meet obligations.

Fed staff provided in video conference possible actions Fed could take if there were disruptions to market; Fed considered whether to note impact of government shutdown in Oct statement but decided this might overemphasize role of shutdown in policy deliberations.

Video conference participants saw no need to change Fed operations in case of delayed Treasury payments; most participants thought a reduction in interest paid on excess reserves worth considering at some stage.
Video conference participants generally agreed Fed would use prevailing market value of securities in all transactions if Treasury payments delayed; some participants suggested announcing a timetable for wind-down of bond purchases, or a total size for program.'

Posted by: acetraderforex Nov 22, 2013, 03:34 AM

smile.gif AceTraderFx Nov 22: USD climbs to a 4-mth high against yen on Fed tapering & rising..

Market Review - 21/11/2013 23:52GMT

Dollar climbs to a 4-month high against yen on Fed tapering and rising U.S. treasury yields

The greenback rose to a fresh four-month peak versus the yen on Thursday despite mixed U.S. economic data after the minutes of the Federal Reserve's latest meeting indicated that stimulus tapering could begin in the next few months. The benchmark U.S. 10-year treasury yield climbed to 2.8%.

Versus the Japanese yen, dollar traded with a firm undertone in Asia and rose to 100.85 in European morning, helped by BoJ stuck to its pledge to expand the monetary base at a policy meeting today. Price eventually rose to a fresh 4-month peak at 101.17 in New York morning after the release of better-than-expected U.S. jobless claims.

U.S. jobless claims came in better-than-expected at 323K versus forecasts of 335K. The Federal Reserve Bank of Philadelphia said that its manufacturing index fell to 6.5 in November, from 19.8 in October

Although the single currency remained under pressure in Asia and dropped to session low at 1.3400 in European morning due to weaker-than-expected French manufacturing and services PMI, price pared intra-day losses and rose to session high at 1.3477 ahead of New York open as European Central Bank President Mario Draghi dampened speculation of negative deposit rates. Later, euro moved marginally higher to 1.3487 before easing in New York afternoon trading.

France Manufacturing PMI in Nov came in at 47.8, worse than the forecast of 49.5. France Service PMI came in at 48.8, worse than the forecast of 51.0.

The ECB's President Mario Draghi said 'Don't try to infer anything from what I say, anything about the possibility of negative rates; this was discussed in the last monetary-policy meeting and there's no more news since then.'

Although the British pound retreated in tandem with euro in Asia to session low at 1.6072, price found buying interest there and rose to 1.6141 at New York open and then later above Wednesday's 1.6178 high to 1.6200 near the close.

In other news, German FinMin Wolfgang Schaeuble said 'monetary policy cannot be the only way out of crisis, ECB mandate must remain limited; monetary policy must not promote false stimulus.'

Data to be release on Friday:

Japan BoJ monthly economic report, Germany GDP, export, import, Ifo current assessment, Ifo business climate, Canada CPI and retail sales.

Posted by: acetraderforex Nov 25, 2013, 02:50 AM

smile.gif AceTraderFX Nov 25 : Euro rises on upbeat German Ifo busiess confidence


Market Review - 23/11/2013 01:46GMT

Euro rises on upbeat German Ifo busiess confidence

The single currency gained against the U.S. dollar and yen after German business confidence climbed to its highest level since April 2012, damping early speculation the European Central Bank will reduce its record low interest rate anytime soon.

Earlier in Asia, despite trading sideways below Thursday's high of 1.3487, the single currency found buying interest at 1.3463 and started to ratchet higher at European open, euro jumped versus the U.S. dollar and yen after the release of better-than-expected German Ifo business confidence and climbed to 1.3539 in New York morning and later to sessions high of 1.3560 near New York, just below this week's high at 1.3580 on Wednesday. Euro also rallied to a fresh 4-year peak of 137.37 versus the Japanese yen.

German IFO business climate in November came in at 109.3, better than street forecast of 107.7.

The greenback remained firm against the yen on Friday, after positive U.S. economic reports on Thursday fuelled further expectations for the Federal Reserve to begin scaling back its stimulus program in the near future. Dollar resumed its recent ascent and rose to fresh 4-1/2 month high at 101.36 in Australia, however, price pared intra-day gains on profit-taking and retreated to session low at 100.96 at European open. Later, dollar found renewed buying interest and rebounded to 101.35 near New York close,

The British pound also traded sideways in Asia and briefly edged up to 1.6217 in European morning before trading in choppy fashion in New York morning. Later, cable rose in tandem with euro in New York afternoon trading and climbed marginally higher to 1.6219.

On the data front, German GDP in Q3 came in at 0.3% m/m n 1.1% y/y, same as expectation. German Ifo current assessment and expectation in November came in at 111.2 and 106.3 respectively, stronger than the forecast of 111.6 n 104.0 respectively. In other news, ECB President Mario Draghi said 'situation in euro area has improved greatly, still face challenges; need to secure recovery; price stability mandate works in both directions; interest rates are low because the economy is weak.'

Data to be released next week :

France business climate, U.K. BBA loans for house purchase, U.S. pending home sales on Monday.

Japan MPC minutes, Italy consumer confidence, U.S. housing start, building permits, S&P home price index, house price index and consumer confidence on Tuesday.

New Zealand trade balance, exports, imports, Swiss consumer confidence, France consumer confidence, Germany consumer confidence, U.K. GDP, CBI distributive trade, U.S. jobless claim, durable goods, Chicago Fed index, Chicago PMI, University of Michigan consumer confidence and leading indicators on Wednesday.

New Zealand ANZ Business confidence, Japan retail sales, Swiss GDP, U.K. Lloyds business barometer, EU Business climate, economic sentiment, consumer confidence, Germany HICP, CPI, unemployment change unemployment rate, Canada PPI. U.S. financial market is closed Thursday due to Thanksgiving Day holiday.

Japan manufacturing PMI, household spending, unemployment rate, CPI, industrial production, housing starts, construction orders, U.K. consumer confidence, Mortgage approvals, France PPI, Italy unemployment rate, CPI, HICP, EU unemployment rate CPI, Canada GDP on Friday.

Posted by: acetraderforex Nov 26, 2013, 03:21 AM

smile.gif AceTraderFx Nov 26: Yen falls to a fresh 6-month low against dollar on risk appetite


Market Review - 25/11/2013 23:01GMT

Yen falls to a fresh 6-month low against dollar on risk appetite

The Japanese yen fell to near 6-month low against the greenback on Monday due to improved risk appetite after an accord was struck to set limits on Iran's nuclear program.

Dollar found renewed buying at 101.14 at Asian open and rose to a 6-month high at 101.92 at European open, however, profit-taking pressured price from there and dollar later dropped to 101.64 in European morning and then 101.58 in New York morning after release of lower-than-expected U.S. pending home sales (October), dollar later weakened to 101.40 near New York close before recovering.

The single currency retreated after failure to penetrate last Friday's high of 1.3560 and remained under pressure in Asian session, dropped to 1.3508 in European morning. Despite a brief rebound to 1.3528 in New York morning, renewed cross-selling interest in euro capped recovery and price fell to session low at 1.3490 before staging a minor recovery in New York afternoon.

Although the British pound resumed its recent ascent and rose to a fresh 3-week high at 1.6241 in Australia, price retreated to 1.6184,
weighed by release of poor BBA mortgage approvals. Cable remained under pressure at New York trading and fell further to session low at 1.6134 before stabilizing.

BBA mortgage approvals came in lower-than-expected at 42.8K vs forecasts of 45.0K.

On the data front, France INSEE business climate (industry morale) in Nov came in at 98, better than the forecast of 97.

In other news, German Chancellor Angela Merkel said 'Germany will only benefit if Europe does well; Europe is more important than internal market; must't accept high unemployment in Europe.'

Data to be release on Tuesday:

Japan MPC minutes, Italy consumer confidence, U.S. housing start, building permits, S&P home price index, house price index and consumer confidence.

Posted by: acetraderforex Nov 27, 2013, 03:09 AM

smile.gif AceTraderFX Nov 27: Euro strengthens after weak U.S. consumer confidence


Market Review - 26/11/2013 22:01GMT

Euro strengthens after weak U.S. consumer confidence

The single ended higher against the greenback on Tuesday after a weak consumer confidence report fanning ongoing expectations for the Federal Reserve to keep its dollar-weakening monetary stimulus programs in place through early 2014.

The single currency rebounded to 1.3541 in Asian morning and traded sideways until European open. Price found renewed buying in European morning and rose to 1.3571 before retreating in New York morning to 1.3521, however, release of weaker-than-expected U.S. consumer confidence data prompted another round of euro buying, price later climbed to sessions high of 1.3575.

The U.S. Conference Board reported on Tuesday that its index of U.S. consumer confidence declined to 70.4 in November from 72.4 in October, lower than the market's expectation of 72.6.

Versus the Japanese yen, although the greenback traded sideways in Asia and Europe after falling to 101.34 at Asian open, renewed selling interest capped intra-day recovery, price fell from 101.65 in New York morning to 101.15 after the weak U.S. consumer confidence report.

The British pound moved in volatile fashion on Tuesday. Despite a sharp rebound from 1.6146 to 1.6194 in European trading due to comments by BoE Governor Mark Carney, price pared gains n fell to session low at 1.6138 in New York morning but only to rise to a fresh intra-day high of 1.6219 in New York afternoon on dollar's broad-based weakness b4 easing.

On the data front, Italy consumer confidence in Nov came in at 98.3, vs the forecast of 97.5.

In other news, BoE's Carney in a parliament hearing, said 'has not seen evidence that businesses are confused by forward guidance; mkts have not priced in interest rate moves in UK that economic recovery might suggest in absence of forward guidance.

Data to be release on Wednesday :

New Zealand trade balance, exports, imports, Swiss consumer confidence, France consumer confidence, Germany consumer confidence, U.K. GDP, CBI distributive trade, U.S. jobless claim, durable goods, Chicago Fed index, Chicago PMI, University of Michigan consumer confidence and leading indicators.

Posted by: acetraderforex Nov 28, 2013, 02:42 AM

smile.gif AceTraderFX Nov 28: Euro rises to fresh 3-week high at 1.3613 before retreating….

Market Review - 27/11/2013 21:11GMT

Euro rises to fresh 3-week high at 1.3613 before retreating on profit-taking

The single currency rose from session low at 1.3558 to 1.3600 in Asian morning on Wednesday, however, profit-taking pressured price to 1.3573 before rallying to an intra-day high at 1.3613 in European morning but euro retreated again in NY n fell to a low at 1.3559 before stabilizing.

Versus the Japanese yen, the greenback ratcheted higher in Asia and Europe due to active cross selling in Japanese yen. U.S. dollar rose to 101.90 n then 102.20 in New York morning after the release of unexpected drop in U.S. jobless claims, adding speculations that the Federal Reserve may start reducing stimulus next month. U.S. jobless claims fell to 316K from 323K previously.

Although the British pound traded sideways in Asian session, price rallied after a government report confirmed Britain's economic growth accelerated in the third quarter. UK GDP q/q and y/y for Q3 came in as expected at 0.8% n 1.5% respectively. Cable climbed above October's peak at 1.6260 to session high at 1.6331 in New York morning before retreating strongly to 1.6258.

On the data front, Germany Gfk consumer confidence in December came in at 7.4, better than the forecast of 7.1. France consumer confidence in November came in at 84, weaker than the forecast of 85.

In other news, Bank of England's policy maker Ian Mccafferty says 'Economy picking up, led by domestic factors; rates won't rise any time in near future; U.K export markets only growing slowly; 7% is threshold to take stock of economy; MPC sensitive to impact of rate changes.'

Data to be release on Thursday:

New Zealand ANZ Business confidence, Japan retail sales, Swiss GDP, U.K. Lloyds business barometer, EU Business climate, economic sentiment, consumer confidence, Germany HICP, CPI, unemployment change unemployment rate, Canada PPI. U.S. financial market is closed due to Thanksgiving Day holiday.

Posted by: acetraderforex Nov 29, 2013, 03:40 AM

smile.gif AceTraderFX Nov 29: U.S. dollar rises against Japanese yen on risk appetite


Market Review - 28/11/2013 20:50GMT

U.S. dollar rises against Japanese yen on risk appetite

The Japanese yen resumed its recent losing streak and weakened against the U.S. dollar and euro on Thursday as U.S. markets were closed for Thanksgiving holiday.

Versus the Japanese yen, despite a brief pullback from Australian high at 101.28 to session low at 101.94 in Asian morning, renewed buying lifted the pair and the greenback rose above said top to an intra-day high at 102.37 at European midday on broad-based selling of the yen.

Despite brief rebound to 1.3588 ahead of European open, the single currency retreated to 1.3568 in European morning. However, euro rose once again to an intra-day high at 1.3618 before easing to 1.3588.

The British pound rebounded to 1.6326 in Asian morning before retreating, however, despite a brief spike above Wednesday's high at 1.6331 to
1.6346, price dropped to 1.6298. Renewed buying there lifted cable and the pair rose to a fresh 10-1/2 month high at 1.6358 after European closing, supported by comments from Bank of England Governor Mark Carney.

BoE's Carney said 'UK banks have bolstered capital positions by 20 billon sterling since June; MPC has judged that FLS changes will have no material impact on monetary policy; new measures will contribute to constructive evolution of housing market; FPC acting to create new macro prudential tool to vary affordability criteria mortgage borrowers must meet; by acting in graduated fashion on housing market, we reduce risk large intervention needed later.'

On the data front, Germany unemployment change in November came in at 10K, vs the forecast of 0K, previous reading was revised to 3K. Germany unemployment rate in November came in at 6.9%, same as the expectation. Swiss GDP in Q3 came in 0.5 Q/Q nand1.9% Y/Y, stronger than the forecast of 0.4% and 1.8% respectively.

Data to be released on Friday:

Japan manufacturing PMI, household spending, unemployment rate, CPI, industrial production, housing starts, construction orders, U.K. consumer confidence, Mortgage approvals, France PPI, Italy unemployment rate, CPI, HICP, EU unemployment rate CPI, Canada GDP.

Posted by: acetraderforex Dec 2, 2013, 03:19 AM

smile.gif AceTraderFX Dec 2: Euro rises to 1.3622 after data eases ECB concern before retreating on profit-taking


Market Review - 29/11/2013 22:01GMT

Euro rises to 1.3622 after data eases ECB concern before retreating on profit-taking

The single currency rose to a fresh near 4-week high at 1.3622 in Asian morning Friday as euro zone economic data dented speculation on further monetary easing by the European Central Bank at next week's monthly monetary policy meeting, however, profit-taking pressured price to a low at 1.3597 in European morning, weighed by the downgrade of Netherlands' credit rating. Euro further weakened to 1.3580 in late New York trading.

S&P lowered Netherlands rating to AA+ from AAA with a stable outlook and said 'Netherlands growth prospects weaker than expected; Netherlands real GDP per capita trend growth below peers.'

Versus the Japanese yen, although the greenback resumed its recent ascent and rose to a fresh 6-month peak at 102.61 at Asian open, price retreated to an intra-day low at 102.12 at European open and traded sideways in NY session.

The British pound edged higher to a fresh 10-1/2 month high at 1.6375 in Asian morning, however, cable pared intra-day gains and retreated to session low at 1.6315 in European morning before rallying above this year's high at 1.6380 (Jan) to 1.6385 in New York midday.

On the data front, Italy unemployment rate in Oct came in as 12.5% m/m, same as the expectation. Germany retail sales in Oct came in at -0.8% m/m n -0.2% y/y, weaker than the expectation of 0.5% n 1.4%, previous reading was revised to -0.2% n 0.3% respectively.

In other news, Italy PM Enrico Letta says 'will seek new confidence vote in parliament to reinforce reform programme.'

Data to be released next week :

Australia building approvals, Japan business capital expenditure, China HSBC manufacturing PMI, U.K. Hometrack housing survey, manufacturing PMI, Italy manufacturing PMI, France manufacturing PMI, Swiss PMI, Germany PMI, EU manufacturing PMI, U.S. manufacturing PMI, ISM manufacturing, and construction spending on Monday.

Australia retail sales, RBA rate decision, China non-manufacturing PMII, U.K, RBC retail sales, construction PMI, EU PPI and U.S. retail sales on Tuesday.

Australia GDP, China HSBC services PMI, Swiss industrial production, U.K. RBC shop price index, services PMI, Germany services PMI, France service PMI, EU GDP, retail sales, service PMI, U.S. ADP employment, Trade balance, ISM non-manufacturing, new home sales, Fed releases Beige Book, Canada trade balance, import, export and rate decision on Wednesday.

Australia trade balance, France unemployment rate, U.K. Lloyds employment confidence, BoE rate decision, EU ECB rate decision, U.S. jobless claims, GDP, personal consumption, PCE, durable goods, factory orders, and Canada Ivey PMI on Thursday.

Friday, Japan leading indicators, France trade balance, Swiss CPI, Germany factory orders, U.S. non-farm payrolls, private payrolls, unemployment rate, average hourly earnings, personal income, personal spending, PCE, University of Michigan consumer confidence and Canada unemployment rate.

Posted by: acetraderforex Dec 3, 2013, 04:13 AM

smile.gif AceTraderFX Dec 3: Japanese yen weakens on speculation of further economic stimulus


Market Review - 02/12/2013 23:34GMT

The Japanese yen weakens on speculation of further economic stimulus

Although U.S. dollar retreated briefly fm 102.59 in Australia Monday to 102.22 in Tokyo morning on news of Japan EconMin Akira Amari was being hospitalized for 3 to 4 days for some tests together with the retreat in Japanese stock markets, the greenback ratcheted higher and penetrated last Friday's high at 102.61 in European morning against the Japanese yen on speculation of further economic stimulus. U.S. dollar rose to a fresh 6-month high at 103.13 in New York before easing.

Japanese officials said 'BoJ working on contingency plans for further economic stimulus; options include major purchases of stock market linked funds; more radical idea is further JGB buying; financial markets see BoJ policy move possibly before April.'


Despite euro's brief rise to 1.3616 in European morning, the single currency failed to penetrate last Friday's high at 1.3622 high and euro nose-dived to 1.3526 on active profit-taking despite the release of stronger-than-expected eurozone PMI data.

On the data front, Italy Manufacturing PMI in November came in as 51.4, higher than the expectation of 50.9. France Manufacturing PMI in November came in as 48.4, higher than the expectation of 47.8. Germany Manufacturing PMI in November came in as 52.7, higher than the expectation of 52.5. Eurozone Manufacturing PMI in November came in as 51.6, higher than the forecast of 51.6.

The British pound traded with a firm undertone in Australia and quickly pierced through Fri's high at 1.6385 to a fresh 2-year peak at 1.6443 after tripping large stops abv 1.6400, however, active profit-taking knocked price lower. Although price jumped fm 1.6380 after release of the upbeat U.K. manufacturing PMI data n climbed back to 1.6427, cable later fell in tandem with euro on dollar's strength elsewhere and weakened to sessions low of 1.6343 before trading sideways. U.K. Nov Manufacturing PMI came in at 58.4, highest since Feb 2011, versus revised 56.5 in Oct.

Tuesday will see the release of Australia retail sales, RBA rate decision, China non-manufacturing PMII, U.K, RBC retail sales, construction PMI, EU PPI and U.S. retail sales.

Posted by: acetraderforex Dec 4, 2013, 03:12 AM

AceTraderFX Dec 4: Dollar drops on Tuesday on long liquidation


Market Review - 03/12/2013 22:05GMT

Dollar drops on Tuesday on long liquidation

The greenback turned broadly lower against the other major currencies on Tuesday, as market participants locked in profits after Monday's unexpectedly strong U.S. manufacturing data strengthened the dollar.

Versus the Japanese yen, although U.S. dollar rebounded from 102.83 in Asia and then penetrated Monday's high of 103.13 to a fresh 6-month peak at 103.38 on expectations that the Bank of Japan will have to expand its stimulus program in order to meet its target of 2% inflation by 2015, falling in Nikkei futures in European trading triggered broad-based liquidation in recent massive short yen positions and dollar later tumbled to 102.38 in New York morning and then further to 101.97.

During the day, the single currency dropped one-tick below Monday's low at 1.3526 to 1.3525 in Asian morning, however, active cross-buying of euro versus yen lifted price ahead of European open and euro later rallied to 1.3593 and then 1.3613 in New York session on dollar's broad-based weakness before easing. Eur/jpy rose above last Friday's high of 139.71 to a fresh 5-year peak at 140.03 before dropping to intra-day low of 138.70.

Although cable traded sideways inside a relative narrow range of 1.6347-1.6365 in Asia, price rose in tandem with euro in early European trading and then ratcheted higher to 1.6437 after data showed that activity in the U.K. construction sector expanded at the fastest rate in six years November, however, failure to penetrated Monday's 2-year peak at 1.6443 prompted long-liquidation and cable retreated to around 1.6390 in New York opening and then fluctuate inside 1.6390-1.6437 for rest of the session.

U.K. construction PMI rose for the seventh month in a row in November and came in at 62.6, versus expectation of 59.0 and 59.4 in October and was the highest level since August 2007.

In other news, Reserve Bank of Australia (RBA) left its benchmark interest rate unchanged at a record low 2.50% on Tuesday, in line with expectations. RBA Governor Glenn Stevens said in the statement 'policy setting appropriate; sees below trend growth persisting near term; A$ still uncomfortable high; lower A$ likely to be needed for economy; public spending to be quite weak; inflation consistent with medium term target; housing and share markets have strengthened, positive for investment; effect of past easing still coming through.'

Data to be released on Wednesday:


Australia GDP, China HSBC services PMI, Swiss industrial production, U.K. RBC shop price index, services PMI, Germany services PMI, France service PMI, EU GDP, retail sales, service PMI, U.S. ADP employment, Trade balance, ISM non-manufacturing, new home sales, Fed releases Beige Book, Canada trade balance, import, export and BoC rate decision

Posted by: acetraderforex Dec 5, 2013, 02:50 AM


smile.gif AceTraderFX Dec 5: U.S. dollar falls against Japanese yen on risk aversion


Market Review - 04/12/2013 21:55GMT

U.S. dollar falls against Japanese yen on risk aversion

The greenback fell against the Japanese yen on renewed risk aversion on speculation that the Federal Reserve will reduce stimulus after the release of higher-than-expected ADP employment and new home sales data.

U.S. ADP employment came in at 215,000 vs forecast of 173K and previous reading of 130,000. U.S. Oct trade deficit $40.64 billion versus forecast of $40.0 billion n Sep deficit $42.97 billion. U.S. October new homes sale at end of October 183K units versus Sep 190K units; ISM manufacturing in November came in at 53.9 versus previous reading of 55.4.

U.S. dollar meet renewed selling interest at 102.84 against the Japanese yen in European morning on Wednesday and price tumbled to an intra-day of 101.82 in New York due to active cross buying in jpy. Euro, aussie and sterling fell sharply versus the Japanese yen from 139.59 to 138.45, from 93.72 to 91.80 and from 168.37 to 166.90 respectively.

The single currency fell from 1.3601 to an intra-day low at 1.3529 after the release of stronger-than-expected U.S. economic data and then rebounded strongly to 1.3606 in late New York. On the data front, Germany Service PMI in Nov came in at 55.7, higher than the forecast of 54.5. Eurozone service PMI in Nov came in at 51.2, higher than the forecast of 50.9.

Cable fell in European morning on Wednesday, in fact, sterling came under broad-based selling pressure at European open on long liquidation versus euro & yen. Some stops were tripped when the pound penetrated Asian low at 1.6378 n price quickly tanked to intra-day low at 1.6326 (Reuters) after U.K. Nov services PMI fell below market expectation of 62.0, actual reading came in at 60.0 versus Oct's 62.5 (16-year high), the data suggests growth in the important service sector is slowing. However, the British pound rebounded to 1.6405 in tandem with euro in New York.

Thursday will see the release of Australia trade balance, France unemployment rate, U.K. Lloyds employment confidence, BoE rate decision, EU ECB rate decision, U.S. jobless claims, GDP, personal consumption, PCE, durable goods, factory orders, and Canada Ivey PMI.

Posted by: acetraderforex Dec 6, 2013, 03:27 AM

smile.gif AceTraderFX Dec 6: Euro strengthens to a fresh 1-month peak after Draghi's comments


Market Review - 05/12/2013 22:39GMT

Euro strengthens to a fresh 1-month peak after Draghi's comments

The single currency surged to fresh 1-month peak at 1.3677 against the dollar on Thursday after ECB kept key interest rate unchanged at 0.25% together with 'euro-supportive' comments by ECB President Mario Draghi at the news conference after the ECB's monthly policy meeting.

Mario Draghi said the bank's policy stance was to remain accomodative for as long as necessary and that key interest rates are likely to remain at current or lower levels for an extended period of time.

During the day, although the single currency penetrated last Friday's high of 1.3622 to 1.3640 ahead of European open, active cross-selling in euro pressured price from there and price tanked to an intra-day low of 1.3543 in New York morning on dollar's broad-based rebound after release upbeat U.S. jobless claims and GDP data. Later, euro-supportive comments from ECB President Mario Draghi at post-rate decision news conference dampened traders' hopes for more aggressive easing measures in the euro zone and euro swiftly surged to a fresh 1-month high at 1.3677 before easing.

U.S. preliminary GDP increased at a seasonally adjusted annual rate of 3.6% in the three months to September, above expectations for growth of 3.0% and up from a preliminary estimate of 2.8%. In a separate report, U.S. Department of Labor showed jobless claims fell by 23,000 to a seasonally adjusted 298,000, from 321,000 in the previous week whose figure was revised up from 316,000.

Versus the Japanese yen, despite a rebound from Wednesday's New York low at 101.82, dollar retreated after meeting renewed selling interest at 102.44 at early Asian trading and then dropped to 101.85 in European morning. Dollar briefly rebounded to 102.33 in New York morning after release of a slew of better-then-expected U.S. economic data and then nose-dived to an intra-day low at 101.62 in late New York.

Although cable traded closely with euro in Asia and touched an intra-day high of 1.6403 in European morning, active cross-selling in sterling pressured price after the Bank of England held its monetary policy and cable later tumbled to a fresh 1-week low at 1.6300 in New York morning after strong U.S. economic reports supported demand for the greenback.

The Bank of England kept monetary policy unchanged on Thursday, keeping its commitment to hold interest rates at a record low 0.5% and QE asset purchase total at 375 billion pounds until Britain's recovery is more firmly established.

In other news, Atlanta Fed President Dennis Lockhart said 'once the Federal Reserve finally trims its bond-buying program, it should then commit to an effective schedule that would wind it down completely; Fed should consider taking the first step in reducing its $85-billion monthly bond-buying program, known as quantitative easing, "in the coming meetings" of its Federal Open Market Committee given the overall positive economic activity of late.' Later, he added ''Q3 has a "strong quarter" given fresh reading but that doesn't make a trend; QE GDP does not suggest U.S. has had breakout in growth; estimates pretty low; undecided on question of lowering 6.5% unemployment threshold; adjusting forward rates guidance is on the table at Dec policy meeting; QE taper question should be on the table at December meeting.'

Data to be released on Friday:

Japan leading indicators, France trade balance, Swiss CPI, Germany factory orders, U.S. non-farm payrolls, private payrolls, unemployment rate, average hourly earnings, personal income, personal spending, PCE, University of Michigan consumer confidence and Canada unemployment rate.

Posted by: acetraderforex Dec 9, 2013, 02:54 AM

smile.gif AceTraderFx Dec 9 : USD rallies against Japanese yen on strong U.S. jobs report


Market Review - 06/12/2013 22:24GMT

U.S. dollar rallies against Japanese yen on strong U.S. jobs report

U.S. dollar rallied to 102.97 against the Japanese yen on Friday after stronger-than-expected U.S. jobs data, adding speculation that the Federal Reserve may start tapering its bond buying program sooner than expected.

U.S. employers added 203,000 new jobs in November and U.S. jobless rate fell to a five-year low of 7.0%. U.S. University of Michigan consumer sentiment rose to 82.5 in December versus final reading of 75.1 in November.

The single currency briefly dropped to a session low of 1.3620 after the release of U.S. jobs data before rallying to a fresh five-week high of 1.3706 in late New York. ECB chief Mario Draghi, after a policy meeting on Thursday, said the bank was ready to take fresh action to support a fragile recovery. Draghi also noted that liquidity in the banking system had improved since the last long-term cash injection and attached conditions for any repeat.

The British pound fell initially to a session low of 1.6294 in New York morning on dollar's broad-based weakness after the release of robust U.S. jobs report, however, cable staged a strong rebound to 1.6393 in tandem with euro before retreating again in late New York due to cross selling in sterling. Euro rose against the sterling from 0.8348 to 0.8390.

In other news, Philadelphia Fed President Charles Plosser said 'the U.S. Federal Reserve should put a dollar cap and end date on its bond-buying program.' Plosser added "the sooner we end (the program) the better." Plosser suggested the central bank should convert its existing "thresholds" for raising interest rates to more predictable "triggers." The Fed has tied its first rate rise to future thresholds of 2.5 percent inflation and 6.5 percent unemployment.

Chicago Fed President Charles Evans said at symposium that 'the Federal Reserve should not worry too much if inflation temporarily rises above the Fed's 2 percent goal.' Evans added 'inflation is now running much lower than the Fed's goal, and Fed policies designed to push it back up may possibly overshoot; but the Fed's goals on inflation and on achieving maximum employment should be "symmetric," and the Fed should give them equal weight.' Evans also said he is not willing to used monetary policy to lean against the rise in stock prices that some see as a potential bubble.

Data to be released next week:

Japan current account, GDP, economic watch DI, China CPI, PPI, Swiss unemployment rate, retail sales, Germany trade balance, import, export, current account, industrial production, EU Sentix investor confidence, Canada housing starts on Monday

Australia home loans, business confidence, business condition, Japan Tertiary industry index, consumer confidence, , machine tools orders, China industrial production, fixed assets investing urban, retail sales, U.K. RICS house price, industrial production, manufacturing production, trade balance, France industrial production, manufacturing production, Italy industrial production, manufacturing production, GDP, U.S. retail sales, wholesale inventories, wholesale sales on Tuesday.

Australia consumer confidence, machinery orders, domestic CGPI, Germany CPI, HICP, France current account, U.S. Fed budget on Wednesday.

New Zealand rate decision, employment change, unemployment rate, France HICP, CPI, Swiss rate decision, EU industrial production, SNB rate decision, Italy CPI, HICP, Canada new housing price, U.S. import price index, export price index, jobless claims, retail sales, business inventories on Thursday.

New Zealand manufacturing PMI, consumer confidence, Japan industrial production, capital utilization, U.S. PPI on Friday.

Posted by: acetraderforex Dec 10, 2013, 03:16 AM

smile.gif AceTraderFx Dec 10: Euro rises to fresh 5-week high of 1.3748


Market Review - 09/12/2013 21:15GMT

Euro rises to fresh 5-week high of 1.3748

The single currency rose to a fresh 5-week high of 1.3748 and a fresh 5-year high of 141.94 against the dollar and the Japanese yen respectively on Monday. U.S. dollar was broadly lower as the latest U.S. jobs report, released on Friday, dampened safe haven demand for the dollar and the yen.

During the day, euro followed Friday's rally on Monday and opened higher to a fresh 6-week high of 1.3748 against the dollar and extended recent upmove against the yen to 141.54 in New Zealand and then 141.94 in late New York. Euro retreated briefly to to 1.3695 and 140.99 respectively ahead of European open on profit-taking. Later, euro rebounded to 1.3746 in late New York due to active cross selling in jpy.

Versus the Japanese yen, dollar rose to 103.22 ahead of Asian open Monday and then retreated to 102.89. Later, U.S. dollar rose again to 103.35 in late New York on renewed cross selling in Japanese yen.

Although cable opened lower at 1.6316 in Monday's New Zealand trading, renewed risk appetite after last Friday's upbeat U.S. non-farm payrolls report for November continued to support the pair and sterling later ratcheted higher to 1.6393 in early European trading and then 1.6433 in later New York before easing.

On the data front, reports from German showed on Monday that industrial production in October dropped by 1.2% month/month versus median forecast of an increase of 0.8%.

In other news, ECB's Mersch said at a financial conference in Frankfurt on Monday that 'euro zone inflation to remain very subdued; sees no deflationary risks; have necessary tools for further monetary policy measures; could buy government bonds, but this would have immense political, juridical and economic challenges; buying private instruments could be problematic as would shift risk to tax payers; risk that negative deposits rates would increase borrowing costs; monetary policy can only buy time for reforms, if this time is not used, monetary policy cannot help.'

Data to be release on Tuesday :

Australia home loans, business confidence, business condition, Japan Tertiary industry index, consumer confidence, , machine tools orders, China industrial production, fixed assets investing urban, retail sales, U.K. RICS house price, industrial production, manufacturing production, trade balance, France industrial production, manufacturing production, Italy industrial production, manufacturing production, GDP, U.S. retail sales, wholesale inventories, wholesale sales.

Posted by: acetraderforex Dec 11, 2013, 03:13 AM

smile.gif AceTraderFx Dec 11: USD drops versus the Jap yen on retreat in U.S. treasury yields



Market Review
- 10/12/2013 22:34GMT

U.S. dollar drops versus the Japanese yen on retreat in U.S. treasury yields

U.S. dollar retreated especially against the Japanese yen as U.S. treasury yields and stock markets eased on a growing view that the Federal Reserve will decide to scale back its economic stimulus unless more robust U.S. economic data coming out.

The greenback traded with a firm undertone in Australia on Tuesday and climbed briefly above last Tuesday's 6-month high at 103.38 to 103.40 in Asian morning, however, active profit-taking there together with cross-unwinding in Japanese yen (eur/jpy fell sharply to 141.29 after rising to a fresh 5-year peak at 142.18) capped dollar's upside and the pair retreated to a session low at 102.58 in New York. Japan Finance Minister Taro Aso said 'can't say if FY14 new bond issuance will exceed FY13 level.' Source from Kyodo told reporters that Japan plans 2-step tax increases for high income earners.

Euro continued last week's rally and maintained a firm undertone on Tuesday. The single currency rose to a session high at 1.3795 in New York before retreating on profit-taking together with cross selling in euro versus the Japanese yen.

ECB's Draghi said 'central banks should concentrate on price stability over medium term; must strengthen financial system by increasing capital, liquidity buffers; creation of banking union essential step in increasing resilience of euro area; high trust by citizens most important guarantee of central bank independence; central banks must get used to closer scrutiny, especially with use of non standard tools; credibility is closely connected to staying with mandate; ECB has consistently delivered on its price stability mandate; medium term inflation expectations remain firmly anchored; several reasons why situation in euro zone stability different from that of Japan 20 years ago; delivering price stability has been more challenging in recent years due to financial fragmentation in euro zone; ECB has gained time for other actors to play their part in delivering reform; crucial that European countries complete structural economic reforms.'

ECB's Makuch said 'does not see strong deflation pressures, does not see deflation ahead; ECB has enough tools to adjust policy if needed, no need to discuss individual tools; inflation to return toward target in longer term.'

The British pound continued Monday's rally due to sterling-supportive comments by BoE Governor Mark Carney in a conference at the Economic Club in New York. BOE's governor Mark Carney said 'concerned U.S. fiscal policies posing difficulties in short term without longer-term benefits; Europe situation vastly improved, still lacks dynamism stimulus; true recoveries beginning after core of system repaired; stimulus can create risks including in housing market; needs to provide a lot of stimulus to U.K.' Cable strengthened to 1.6468 in Asian morning on Tuesday and then retreated to 1.6420.

In other news, a senior Senate Democratic aide said 'the U.S. Senate is likely to vote next week on President Barack Obama's choice of Janet Yellen to be the next chief of the Federal Reserve.' Yellen, the Fed's vice chair, is widely expected to win Senate confirmation, which would make her the first woman to lead the U.S. central bank. Last month, the Senate Banking Committee approved her nomination on a 14-8 vote. Yellen would replace Fed Chairman Ben Bernanke when his term ends on Jan. 31.

Wednesday
will see the release of Australia consumer confidence, machinery orders, domestic CGPI, Germany CPI, HICP, France current account and U.S. Fed budget.

Posted by: acetraderforex Dec 18, 2013, 04:42 AM

smile.gif AceTraderFx Dec 18: The Japanese yen strengthened on risk aversion ahead of Wednesday's U.S. rate decision


Market Review - 17/12/2013 21:54GMT

The Japanese yen strengthened on risk aversion ahead of Wednesday's U.S. rate decision

The greenback rose initially against euro before rebounding in late NY on short-covering on Tuesday as market sentiment remained subdued ahead of the outcome of the Federal Reserve's two-day policy meeting on Wednesday, amid ongoing uncertainty over when the bank will announce a reduction in the pace of its USD85 billion-a-month asset purchase program.

During the day, the single currency rebounded from Asian low at 1.3752 and then climbed to 1.3782 in European morning after reports showed that the ZEW index of German economic sentiment rose to the highest level since April 2006 at 62.0 in December from November's reading of 54.6, however, dollar's broad-based rebound together with cross-selling of euro versus yen pressure price lower later in the day and euro dropped to a session low at 1.3723 in New York before rebounding strongly to 1.3775 on short-covering ahead of important Wed's FOMC rate decision..

Versus the Japanese yen, dollar moved in a relatively narrow range of 102.87-103.12 in Asia n Europe and then tumlbed to a session low at 102.50 on renewed risk aversion on Tuesday due to concerns that the subdued inflation outlook could prompt the Fed to keep its stimulus program in place for longer. Later in the day, reports showed U.S. CPI came in at 0.0% month/month and 1.2% year/year in November.

Although cable rebounded after finding support at 1.6290 in Australia and then rose in tandem with euro in Asia to an intra-day high of 1.6336 in European morning, price fell after data showed that the annual rate of inflation in the U.K. fell to a four year low in November and eased pressure on the Bank of England to tighten monetary policy. Cable later dropped to a fresh 3-week low at 1.6256 ahead of New York before staging a brief recovery but only to fall to a session low at 1.6214 but buying interest above 1.6200 level lifted price to 1.6281 in late New York.

Bank of England's Carney says 'inflation within a hair's breadth of 2% target, recovery has taken hold; return to growth is not yet a return to economic normality; business people understand forward guidance well; FPC paying particular attention to housing market risks, "graduated and profortionate" steps reduce need for larger actions in future.

On the data front, U.K. Office for National Statistics reported the annual rate of CPI in the U.K. rose by 2.1% in November, slowing from 2.2% the previous month. It was the smallest increase since November 2009, while CPI rose 0.1% in November from a month earlier, below expectations for a 0.2% increase.

In other news, RBA minutes stated 'A$ remains uncomfortably high, lower level needed for balanced growth; see further signs that past rate cuts are stimulating economy; expects below-trend economic growth over next year, pick up thereafter; mining investment to decline over next few years; sees other business investment rising from current weak levels but will take time; labor market remains soft but there are tentative signs of a stabilization; household consumption growth looks to have picked up a little since Q3; Chinese economy appeared a bit stronger in H2 versus H1.' Australian Treasurer Joe Hockey added later that 'government determined to fix problems Government inherited; Australia government will deliver stronger economy; deterioration in budget not just a short-term problem; spending reform will require "difficult choices"; Transition to non-resource sector slower than expected.'

Data to be release on Wednesday:

New Zealand current account, business confidence, business confidence, Australia Westpac leading economic index, Japan trade balance, export, import, Germany Ifo business climate, current assessment, expectation, U.K. MPC minutes, claimant count, unemployment rate, average earning, CBI distributives trade, Swiss Zew index, Italy current account U.S. housing starts, building permits and Fed rate decision, Canada wholesale sales.

Posted by: acetraderforex Dec 19, 2013, 03:05 AM

smile.gif AceTraderFx Dec 19: U.S. dollar fluctuates wildly after the Fed decides to taper bond purchases


Market Review - 18/12/2013 14:58GMT

U.S. dollar fluctuates wildly after the Fed decides to taper bond purchases

U.S. dollar fluctuated wildly after the Fed decided to taper bond purchases, reducing the QE toal to 75 billion from 85 billion. Euro rose to 1.3799 before retreating strongly to 1.3702. U.S. dollar dropped to 102.71 versus Japanese yen b4 rallying strongly to 103.67. The British pound tumbled to 1.6344 before rallying to 1.6486.

Fed said ‘to reduce bond buying to $75 billion per month, split as $35 billion MBS and $40 billion treasuries; will hold rates near zero as long as jobless rate above 6.5%, projected inflation not more than 2.5%; likely will keep Fed funds rate at 0-0.25% well past the time jobless rate falls below 6.5%, especially if projected inflation below 2 percent; will likely further reduce pace of asset purchases in measured steps if data shows ongoing improvement in labor market, inflation moving toward long-run objective; fiscal policy restraining economic growth, extent of restraint may be diminishing; risks to economic outlook, labor market have become more nearly balanced; inflation persistently below target could pose risks to economy, monitoring inflation developments carefully for evidence inflation will move back toward its objective. Fed vote in favor of policy was 9:1, Rosengren dissents because believes unemployment rate still elevated, inflation rate well below target; to reduce bond buying to $75 billion in bonds per month, split as $35 billion MBS and $40 billion treasuries.’

The single currency edged higher against the dollar in Asia and hit an intra-day high of 1.3778 in European morning before cross-selling of euro (especially versus sterling) pressured price lower to 1.3732 in New York morning, however, renewed risk appetite lifted price again later in the day and euro climbed back to 1.3799 before FOMC rate decision. Price later retreated briefly to 1.3702 and then rallied above 1.3811 to a fresh 6-month high at 1.3812 before tumbling to 1.3674 near New York close.

Versus the Japanese yen, dollar traded sideways in Asia after rebounding strongly from Tuesday's New York low of 102.50 to 103.03 due to a 2% gain in Nikkei 225 index. The pair found support at 102.82 in European morning on cross-selling in yen and then briefly rose to 103.28 in New York morning after the upbeat U.S. housing starts data. The pair later retreated briefly to 102.71 after FOMC and then penetrated last Friday's 103.92 peak to a fresh 5-year high at 104.35 near New York close.

U.S. housing starts rose to 1.09 million units last month, from 0.89 million in October, highest since February 2008 and posted a largest rise since January 1990, increased by 22.7%, however, U.S. building permits fell 3.1% to 1.01 million units in November, from 1.04 million units the previous month.

Cable edged higher after finding support at 1.6262 in Australia and then rallied in European morning after data showed that the U.K. unemployment rate unexpectedly fell to a four-and-a-half year low in the three months to October, price rose to a high of 1.6370 and then retreated to 1.6344 in New York trading after FOMC before rallying to a high of 1.6486.

U.K. unemployment benefit claimant fell by 36,700 in November, better than expectations for a decline of 35,000. October’s figure was revised to a drop of 42,800 people from a previously reported decline of 41,700. A separate report from ONS showed U.K. unemployment rate fell to 7.4% in the three months to October, the lowest level since April 2009.

Bank of England said on Wednesday 'recent sterling strength reflects better data but further substantial appreciation may hurt recovery; recent data suggest burgeoning recovery; some signs of greater investment but net trade weak; government steps to limit energy price rises may lower CPI by 0.15% if fully passed on by utilities; CPI inflation now seen at or near 2% target in early 2014, depending on timing of energy price changes; lack of productivity improvement despite stronger growth is puzzling, data may be misleading; too soon to draw conclusions about response of supply capacity to greater demand; forward guidance remains in place as inflation expectations well anchored, CPI outlook lower, FPC not concerned on stability.'

Data to be released on Thursday:

New Zealand GDP, Japan all industry index, leading indicators, Swiss trade balance, EU current account, U.K. retail sales, U.S. jobless claims, Philadelphia Fed survey, existing home sales, leading indicators..

Posted by: acetraderforex Dec 20, 2013, 03:31 AM

smile.gif AceTraderFx Dec 20: Dollar maintains a firm undertone after Wed's tapering by Fed
Market Review - 19/12/2013 21:04GMT

Dollar maintains a firm undertone after Wed's tapering by Fed

U.S. dollar extended rally against other major currencies on Thursday following the Federal Reserve's decision on Wednesday to start tapering its economic stimulus program.

The Federal Reserve announced on Wednesday that it would reduce its USD85 billion-a-month bond buying program by USD10 billion in January. In his last press conference as Fed Chairman Ben Bernanke said the economy was continuing to make progress.

During the day, although euro recovered after dropping further to 1.3650 in Thursday's Asian trading, renewed dollar's broad-based rebound capped intra-day gain at 1.3691 in European morning and price later tanked to 1.3658 in New York morning before stabilizing.

Versus the yen, dollar extended Wednesday's rally to a fresh 5-year peak at 104.37 in Australia but only to retreat to 103.78 in Asia on profit-taking. Later, dollar's broad-based rebound lifted price again in Europe and price edged higher to 104.35 in New York trading before easing.

Although cable found support at 1.6365 in Asia and then recovered to 1.6388 in European morning, dollar's broad-based rebound together with cross-selling of sterling pressured price again in New York morning and price extended losses from Wednesday's fresh 2-year peak at 1.6486 to 1.6335 before recovering.

On the data front, U.S. initial jobless claims rose for the second consecutive week last week and hit a 9-month high during the year-end holiday season, increased to 379K in the week ending December 14 from a revised 369K the prior week. A separate report later in the day showed U.S. existing homes in November declined for the third straight month, fell 4.3 percent to an annual rate of 4.90 million, the weakest pace since December 2012.

In other news, European Central Bank President Mario Draghi told Reuters as he arrived for the EU leaders summit that 'the European Central Bank welcomed on Thursday a deal among EU finance ministers to set up an agency and network of funds to close troubled banks in the euro zone; it's an important step towards completion of our banking union.'

Data to be released on Friday:

Bank of Japan rate decision, U.K. consumer confidence, current account, GDP, PSNCR, public sector net borrowing, Germany PPI, consumer confidence, France business climate, EU consumer confidence, U.S. GDP, personal consumption, PCE, Canada CPI and retail sales.

Posted by: acetraderforex Dec 23, 2013, 03:43 AM

smile.gifAceTraderFx Dec 23 : Dollar turns lower against major currencies on long liquidation


Market Review - 20/12/2013 20:24GMT

Dollar turns lower against major currencies on long liquidation

The dollar turned lower against other major currencies on Friday on long liquidation, erased early gains on upbeat U.S. economic growth data and the Federal Reserve's decision to begin tapering its stimulus program.

During the day, although euro remained under pressure in Asia and fell to 1.3625 after Standard & Poor's cut its supranational long-term rating on the European Union to AA+ from AAA, cross-related buying of euro lifted price to 1.3663 in early European trading before dropping back to 1.3632 in New York morning on upbeat U.S. gross domestic product data. Later, dollar's renewed broad-based weakness lifted price again and price subsequent rallied to 1.3710 after report showed improving euro zone consumer confidence in December before retreating, last seen around 1.3667 near New York closing.

On the data front, report showed U.S. gross domestic product advanced 4.1 percent in third quarter, the fastest in two years and the second biggest since the country's steep recession officially ended in mid-2009.

Versus the Japanese yen, dollar edged higher in Asia and briefly rose to 104.59 before easing, price later strengthened to a fresh 5-year peak at 104.64 in New York morning after release of better-than-expected U.S. GDP and personal consumption, however, lack of follow through buying prompted long liquidation and price subsequent tumbled to 103.85 before stabilising.

Cable tracked euro's movement closely on Friday, although price penetrated Thursday's low at 1.6335 in European morning to 1.6319 and then rebounded to 1.6369, price fell again and hit a fresh session low at 1.6315 in New York morning but only to rallied to 1.6395 before easing.

Earlier, official data showed that the U.K. current account deficit widened to 20.7 billion pounds in the third quarter, from 6.2 billion pounds in the three months to June, while a separate report showed that the U.K. gross domestic product expanded by 0.8% in the third quarter, in line with market expectation.

In other news, BOJ's Governor Kuroda said on Friday that 'Fed's start of tapering reflects steady recovery in U.S. economy; correction in excessive yen strength has been positive for Japan's economy; no chance to view japan to steadily head towards 2% inflation despite economic fluctuation from sales tax hike; correction in yen strength has boosted corporate profits and improved sentiment; BOJ's existing two loan schemes have played key roles, will mull if to extend deadlines; BOJ monetary policy not aimed at forex markets; Japan consumer inflation to slightly exceed 1% by year end; don't expect April sales tax hike to cause big problem.'

Data to be released next week:

Swiss UBS consumption indicator, Italy consumer confidence, Canada GDP, U.S. Chicago Fed index, personal income, personal consumption, PCE, University of Michigan consumer confidence on Monday. Japan financial markets are closed due to public holiday.

France GDP, U.K. BBA mortgage approvals, U.S. durable goods, Redbook retail sales, house price index, New home sales on Tuesday

No economic data is released on Wednesday. Australia, New Zealand, France, U.K., Swiss, Germany, U.S. and Canada financial market are closed due to Christmas day.

Japan manufacturing PMI, BOJ MPC minutes, housing starts, construction orders, U.S. jobless claims. on Thursday. Australia, New Zealand, Germany, France, U.K. Canada financial markets are closed due to boxing day.

Japan household spending, unemployment rate, CPI, industrial production, retail sales, France PPI on Friday.

Posted by: acetraderforex Dec 24, 2013, 02:53 AM

smile.gif AceTraderFx Dec 24: Euro moves moderately higher against the dollar in thin trading volume


Market Review - 23/12/2013 21:46GMT

Euro moves moderately higher against the dollar in thin trading volume

The single currency edged moderately higher against the dollar on Monday after the release of tepid U.S. data as market participants locked in gains ahead of Christmas holiday after the greenback's rally last week following the Federal Reserve's decision to begin tapering its stimulus program in January.

During the day, euro rebounded after finding support at 1.3668 in New Zealand and price edged higher to 1.3695 in Asia before trading sideways in early European session. Later, euro jumped to 1.3717 in New York morning after release of a slew of U.S. economic data and then hovered around 1.3700 level for rest of the session.

U.S. personal spending rose 0.5% last month, in line with expectations, while personal income rose 0.2% in November, missing consensus forecast of a 0.5% increase. In a separate report, University of Michigan's said its index of overall consumer sentiment held at 82.5 this month, unchanged from an initial estimate.

Versus the yen, dollar met selling interest at 104.10 in Asia and then traded with a soft bias in Europe. The pair extended losses from last Friday's 2-year peak at 104.64 to 103.77 but cross-selling in yen on risk appetite lifted price in New York morning. Later, usd/jpy climbed back above 104.00 level to 104.12 before easing.

Although cable rebounded after meeting renewed buying interest at 1.6324 in Australia and then ratcheted higher to 1.6375 in European morning, active cross-selling of sterling versus euro pressured price lower to 1.6329 in New York morning before recovering to 1.6366.

In other news, Dallas Federal Reserve President Richard Fisher said on Monday that the U.S. central bank had taken an important psychological step when it announced a reduction in bond buying at its policy meeting last week, but he favored even bolder action.


Data to be release on Tuesday:

France GDP, U.K. BBA mortgage approvals, U.S. durable goods, Redbook retail sales, house price index and New home sales.



Posted by: acetraderforex Dec 27, 2013, 02:57 AM

smile.gif AceTraderFx Dec 27 : Dollar firms broadly in thin pre-X'mas holiday trade
Market Review - 25/12/2013 01:32GMT

Dollar firms broadly in thin pre-X'mas holiday trade

U.S. dollar strengthened against the euro in holiday-thinned trade on Tuesday, after stronger-than-expected U.S. durable goods data added to the view that economic recovery is gaining momentum. Later, although new home sales fell by 2.1% to a seasonally adjusted 464,000 units last months, the data was still higher than expectation of an increase of 445,000.

During the day, although euro rose briefly to 1.3714 in Australia morning on Tuesday, cross related selling interest of euro pressured price in Asian and European sessions and the single later dropped to 1.3655 in New York morning after the release of better-than-expected U.S. economic data before stabilizing.

Versus the Japanese yen, dollar initially climbed higher to 104.41 in Asia on risk appetite but retreated later in tandem with the pullback in Nikkei 225 index. The pair dropped to 104.14 in early European trading before broad-based rebound in greenback lifted price back up to 104.36 in New York morning. Dollar settled at 104.20 near New York close.

Cable edged lower from Asian high of 1.6357 to 1.6323 in European morning, however, cross buying of sterling especially versus euro emerged ahead of Friday's low of 1.6316 and price later lifted to a fresh intra-day high of 1.6383 in New York before easing.

On the data front, report from INSEE showed French gross domestic product contracted at an 0.1 per cent quarter-on-quarter clip during the three months ended in September. In a separate report, mortgage approvals in the U.K. rose 45,000 in November from October's revised total of 43,300, more-than-expected and hit the highest level since December 2009.

No major economic data is released on Wednesday. Australia, New Zealand, France, U.K., Swiss, Germany, U.S. and Canada financial market are closed for Christmas Day holiday.

Japan manufacturing PMI, BOJ MPC minutes, housing starts, construction orders, U.S. jobless claims. on Thursday. Australia, New Zealand, Germany, France, U.K. Canada financial markets are closed due to boxing day.

Japan household spending, unemployment rate, CPI, industrial production, retail sales, France PPI on Friday.

Posted by: acetraderforex Dec 30, 2013, 02:44 AM

smile.gif AceTraderFx Dec 30: Euro hits 2-year high & then retreats sharply in New York session


Market Review - 28/12/2013 02:38GMT

Euro hits 2-year high and then retreats sharply in New York session

Euro rallied to a fresh 2 year high at 1.3994 (EBS) against the dollar in Europe after comment from European Central Bank Governing Council member Jens Weidman, who said 'low inflation pressure does not give a license for arbitrary monetary easing; must be sure to raise rates in time should inflation pressure mount.'

Earlier in the day, the single currency found renewed buying interest at 1.3687 in Australia and ratcheted higher in Asia. The pair then rallied above October's peak at 1.3833 to 1.3894 in thin holiday trading conditions at European midday after hawkish comments from ECB's Jens Weidman, however, profit-taking pressured price in New York morning and price later fell sharply to 1.3732 ahead of New York close.

Versus Japanese yen, although the greenback rose to 105.05 ahead of Tokyo open, renewed selling interest pressured price from there and price retreated to 104.65 in European morning. Dollar later rebounded to 105.01 in New York morning and then rose further to a fresh 5-year peak at 105.19 in New York afternoon.

Cable tracked euro's intra-day move closely on Friday. The pair found support at 1.6406 in Australian session and then rallied to a fresh 2-year peak at 1.6578 in European morning before retreating. The pound later fell sharply to 1.6458 ahead of New York close.

In other news, Bloomberg news reported Japan Vice Economic Minister Yasutoshi Nishimura said ‘'wants to quickly cut corporate tax rate below 30%; want bolder corporate tax cuts in special zones; want to show tax cut direction in revised growth plan; may be hard to declare in 2014 Japan deflation end; revised growth strategy planned for June 2014; 'hopes BOJ will deal appropriately with impact of sales tax hike; BOJ's Kuroda, PM Abe to hold regular dialogue to deal with sales tax hike impact; weak yen is positive for Japan's macro economy; wage hikes are biggest issue for Japan's economy in 2014; not so easy to declare that deflation has been beaten.'

On the data front, France PPI in November came in at 0.5% m/m and -0.6% y/y, higher than the forecasts of -0.1% and -1.2%, previous reading was revised to -0.3% and 1.3%.respectively.

Data to be released next week:

U.K. hometrack housing survey, Italy PPI, U.S. pending home sales on Monday.

U.K. Lloyds business barometer, U.S. Redbook retail sales, S&P home price, Chicago PMI, consumer confidence on Tuesday.

China manufacturing PMI on Wednesday. New Zealand, Australia, Japan, Hong Kong, Switzerland, Germany, France, U.K., U.S., Canada financial markets closed due to public holiday.

China HSBC manufacturing PMI, Italy manufacturing PMI, France manufacturing PMI, Germany manufacturing PMI, EU manufacturing PMI, EU manufacturing PMI, U.K. manufacturing PMI, U.S. jobless claims, manufacturing PMI, ISM manufacturing PMI, construction spending on Thursday. Financial markets in New Zealand, Japan, China and Switzerland will be closed due to public holiday.

Posted by: acetraderforex Dec 31, 2013, 02:36 AM

smile.gif AceTraderFx Dec 31: Dollar retreats broadly on improved market sentiment


Market Review - 30/12/2013 22:52GMT

Dollar retreats broadly on improved market sentiment

Dollar retreated broadly against other major currencies on Monday, as market appetite improved before the year end. In addition, thin trading volumes due to many investors closing books before year end reduced liquidity in the market and increased volatility, which helped to exaggerate market moves.

The single currency retreated after meeting renewed selling at 1.3770 in Australia and dropped to 1.3729 in Asian trading, however, improved risk appetite lifted price from there and euro ratcheted higher in European trading. Euro later rose to 1.3819 near New York afternoon before easing.

Versus Japanese yen, although the greenback rose to fresh 5-year high at 105.41 in Tokyo morning, profit-taking pressured price from there and the pair later fell to 105.12 in near European midday and then further to 104.97 after release of weaker-than-expected U.S. pending home sales before recovering.

U.S. November pending home sales came in at 0.2% m/m, lower than market expectation of an increase of 1.0%.

Cable traded sideways in Asian trading and then retreated to 1.6460 in European morning. Later, the British pound rose in tandem with euro on the back of dollar's broad-based softness and climbed to a high of 1.6533 in New York trading.

In the other news, German Finance Minister Wolfgang Schaeuble said 'low rate policies can't last forever; sees 1st signals of European money supply declining.'

On the data front, Italy PPI in November came in at -0.1% m/m n -2.3% y/y, previous reading was revised to -1.0% n -2.5% respectively.

Data to be released on Tuesday:


U.K. Lloyds business barometer, U.S. Redbook retail sales, S&P home price, Chicago PMI, consumer confidence on Tuesday.


Posted by: acetraderforex Jan 2, 2014, 03:23 AM

smile.gif AceTraderFx Jan 2: Dollar ends mixed on last trading day in 2013


Market Review - 01/01/2014 02:37GMT

Dollar ends mixed on last trading day in 2013

The dollar traded mixed against major currencies in subdued holiday trade on Tuesday, as market sentiment improved ahead of the year end although the greenback remained supported on dips.

Earlier in Asia, the single currency retreated after meeting renewed selling interest at 1.3812 and price dropped to 1.3760 in European morning. Later, despite a brief bounce to 1.3794, release of better-than-expected consumer confidence data in New York morning pressured euro and price weakened to sessn lows of 1.3740 near New Yok close

U.S. consumer confidence improved to 78.1 in December from 72.0 in November, beating consensus forecasts for a 76.0 reading.

Versus the Japanese yen, U.S. dollar traded in a choppy fashion near Monday's 5-year peak at 105.41 on Tuesday. Despite an initial drop from Australian high of 105.15 to 104.86 in Asian trading, the pair found support in New York trading as robust U.S. consumer confidence data sparked demand for the greenback amid hopes for U.S. recovery to gain steam in 2014. Dollar later rose to a fresh intra-day high of 105.36 near New York close.

Although cable remained under pressure in tandem with euro in Asia and fell to 1.6475, active cross-buying of sterling versus euro gave support to the pair and British pound later ratcheted higher above last Friday's 2-year peak at 1.6578 to 1.6580 in New York afternoon before easing.

On the data front, U.K. Lloyds Business Barometer dropped to 48 in December from 50 in previous month. U.S. S&P/Case-Shiller home price index in October came in at 1.05% m/m and 13.61% y/y, better than the forecast of 0.95% and 13.45% respectively.

Data to be released on Wednesday:

China manufacturing PMI on Wednesday. New Zealand, Australia, Japan, Hong Kong, China, Switzerland, Germany, France, U.K., U.S., Canada financial markets closed due to public holiday.

Posted by: acetraderforex Jan 3, 2014, 03:03 AM

smile.gif AceTraderFx Jan 3: Euro weakens on economic recovery concerns


Market Review - 02/01/2014 22:30GMT

Euro weakens on economic recovery concerns

The single currency weakened against the dollar on Thursday, as the release of mixed manufacturing activity reports from the euro zone added to concerns over the strength of the economic recovery in the region.

During the day, despite euro's initial rise to 1.3776 in Asian morning, renewed selling interest capped intra-day gain there and price later fell to 1.3716 in European morning and then further to 1.3630 on risk aversion in New York trading before stabilizing.

France's manufacturing PMI fell to a 7-month low of 47.0 in December, from 47.1 in November, compared to expectations for the index to remain unchanged. A separate report showed Germany's manufacturing PMI rose to a 30-month high of 54.3 in December, from a reading of 54.2 the previous month.

Versus the yen, U.S. dollar traded sideways in Asian session and before rising above Monday's high at 105.41 to a fresh 5-year high at 105.45 near European midday, however, profit-taking pressured and risk aversion on falling U.S. equity markets pressured price lower in New York trading and price dropped to 104.55 before stabilizing.

U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending December 28 declined by 2,000 to a seasonally adjusted 339,000.

Although cable rose to fresh 2-year high at 1.6605 in Asian trading, lack of follow through buying prompted profit-taking and the British pound later dropped to 1.6540 after the release of weaker-than-expected U.K. manufacturing PMI before tumbling to 1.6410 in New York morning on broad-based strength in greenback.

U.K. manufacturing PMI came in at 57.3 in December, weaker than the forecast of 58.1.

Data to be released on Friday:

China non-manufacturing PMI, Swiss KOF indicator, PMI, U.K. construction PMI, mortgage approvals, CPI, HICP on Friday. Financial markets in Japan and China will be closed due to public holiday.

Posted by: acetraderforex Jan 6, 2014, 03:40 AM

smile.gif AceTraderFx Jan 6: Euro falls broadly on broad-based demand for USD


Market Review - 04/01/2014 01:19GMT

Euro falls broadly on broad-based demand for USD

The single currency fell to a one-month low against the U.S. dollar on Friday due to renewed broad-based demand for the safe-haven dollar despite positive Spanish unemployment data released earlier in the trading session.

Earlier in the day, euro edged lower after meeting selling interest at 1.3673 in Australia and price briefly penetrated Thursday's low at 1.3630 to 1.3629 in European morning before staging a minor recovery. However, active cross-selling of euro on risk-aversion in New York session pressured price again and the single currency subseqeuntly weakened to a fresh 1-month low at 1.3582 and price traded near 1.3590 at New York close.

Versus Japanese yen, dollar tumbled from 104.87 to as low as 104.08 in Asian trading due to a 2% decline in the Nikkei futures. Later, dollar recovered to 104.54 in Europe as Nikkei futures turned positive. The greenback later pared all its intra-day loss in New York session and climbed to 104.89 near New York close.

Although cable found support at 1.6422 in Asian trading and then rebounded to 1.6474 in European morning after mixed U.K. economic reports, renewed cross-selling of sterling pressured price lower ahead of New York open and pound later fell further to 1.6395 in New York morning.

The Market U.K. construction PMI for December came in at 62.1 versus forecast of 62.0 but down from November's reading of 62.6. A separate report showed that the number of new home loans approved in the U.K. reached the highest monthly total in November in more than five years to 70,758, while the amount of mortgage lending in money terms declined from previous month's 1.22 billion pounds to 0.91 billion pounds (lowest since May).

In other news, Fed's Plosser says 'despite cut to bond-buying, Fed balance sheet still growing "at fairly rapid clip"; need to return balance sheet to predominantly all treasuries portfolio; concerned more with too-high inflation than too-low given $ 2.4 trillion in excess bank reserves; warns interest rates could rise "fairly quickly" if banks quickly release reserves; very hard to know accumulated distortions of ultra low rates for up to 6 years.'

Data to be released next week :

China HSBC services PMI, Germany export, import, trade balance, service PMI, CPI, HICP, Italy service PMI, EU Sentix investors’ confidence, France service PMI, U.K. service PMI, U.S. durable goods, factory orders, ISM non-manufacturing index, Canada PPI, CPI on Monday.

Australia trade balance, France consumer confidence, Germany unemployment change, unemployment rate, EU PPI, CPI, U.S. trade balance, Redbook retail sales, Canada trade balance, import, export, Ivery PMI on Tuesday.

U.K. BRC retails sales, Germany trade balance, export, import, CPI, current account, Italy unemployment rate, EU retail sales, unemployment rate, Germany factory orders, U.S. ADP unemployment change on Wednesday.

Australia retail sales, building approvals, France trade balance, U.K. trade balance, industrial production, BOE rate decision, EU business climate, economic sentiment, consumer confidence, ECB rate decision, Canada housing starts, building permit, new housing price index, U.S. jobless claim on Thursday.

Japan leading indicators, U.K. RBC retail sales, industrial production, manufacturing production, France industrial production, manufacturing production, Swiss unemployment rate, CPI, Canada unemployment rate, U.S. non-farm payrolls, private payrolls, unemployment rate, average hourly earning, wholesale inventories, wholesale sales on Friday.

Posted by: acetraderforex Jan 7, 2014, 04:33 AM

smile.gif AceTraderFx Jan 7: U.S. dollar retreats after weak ISM PMI data


Market Review - 06/01/2014 22:46GMT

U.S. dollar retreats after weak ISM PMI data

The single currency turned higher on Monday on short-covering together with dollar's broad-based weakness as data showed service sector activity in the U.S. slowed unexpectedly in December, led lower by a drop in new orders.

During the day, although the single currency remained under pressure in Asia and penetrated Friday's low at 1.3582 to a fresh 1-month trough at 1.3572 ahead of European opening, lack-of-follow through selling prompted short-covering and euro later rebounded to 1.3622 in European trading and then further to 1.3653 in New York morning after weak U.S. data.

The Institute of Supply Management said its non-manufacturing purchasing manager's index declined to 53.0 in December from 53.9 in November, worse than the forecast of an increase to 54.5.

Versus the Japanese yen, dollar tumbled in Asian trading after an initial rise to 104.95 with sharp falls in Japan equities market bolstering safe haven demand for the yen (Nikkei 225 index close down by 2.35% to 15,908.88). Dollar dropped to as low as 104.15 but failure to penetrated last Friday's low at 104.08 prompted short-covering and dollar later climbed back to 104.84 in New York before falling to 103.91 again after disappointing U.S. economic reports.

Cable ratcheted lower in Asia after penetrating Friday's low at 1.6395 and dropped to a fresh 1-week low at 1.6337 in European morning after data showed Markit/CIPS Services Purchasing Managers Index declined to a six month low of 58.8 in December from 60.0 in November, however, renewed weakness of dollar versus European currencies lifted price later in the day and cable rose above New Zealand high of 1.6420 to 1.6434 in New York morning before easing.

On the data front, euro zone showed the bloc's services PMI came in at 51.0 in December, unchanged from the preliminary estimate and down slightly from 51.2 in November. Separate reports showed that activity in Spain's private sector expanded at the fastest rate in 77 months, but activity in France and Italy contracted last month.

In other news, data over the weekend showed that activity in China's services sector slumped to the weakest level since August 2011 in December, fueling concerns over the outlook for growth in the world's second largest economy.

Data to be release on Tuesday:

Australia trade balance, France consumer confidence, Germany unemployment change, unemployment rate, EU PPI, CPI, U.S. trade balance, Redbook retail sales, Canada trade balance, import, export and Ivey PMI.

Posted by: acetraderforex Jan 8, 2014, 03:25 AM

smile.gif AceTraderFx Jan 8: Dollar strengthens after upbeat U.S. trade data


Market Review - 07/01/2014 21:37GMT

Dollar strengthens after upbeat U.S. trade data

Dollar rose against its major peers on Tuesday after a report showed that the U.S. trade deficit shrank to the lowest level in four years in November, however, gain was limited as investors were eyeing Wednesday's minutes of the Federal Reserve's December meeting and Friday's U.S. jobs report for December for further indications on the possible timing of reductions in Fed stimulus.

Versus the Japanese yen, dollar retreated after a brief rise to 104.62 in Asia in part due to cross-buying in yen, however, gains in the Nikkei futures gave support to the pair and dollar rose from European morning low at 104.25 to 104.74 in early New York trading after upbeat U.S. trade data.

U.S. Bureau of Economic Analysis said that the U.S. trade deficit narrowed to a four-year low of USD 34.25 billion in November from a deficit of USD 39.33 billion in October, whose figure was revised from a previously reported deficit of USD 40.6 billion.

Although euro rebounded after finding support at 1.3611 in early European trading and then rose to 1.3657 ahead of New York open, broad-based rebound in greenback after release of strong U.S. trade balance data pressured price lower to session low at 1.3596 in New York morning, however, euro pared intra-day loss in New York afternoon to 1.3640 before easing near the close.

Earlier, report showed that the annual rate of inflation in the euro zone slowed to 0.8% in December from 0.9% the previous month, fuelling fresh concerns over the threat of deflation in the currency bloc.

Similarly, although cable remained under pressure in Asia and then dropped to 1.6376 in European morning, price rose in tandem with euro ahead of New York open and penetrated Monday's New York high of 1.6434 to 1.6439 but only to tank to 1.6374 later in the day due to dollar's broad-based rebound.

In the other news, Fed's Rosengen says 'stimulus should be removed only gradually as economy continues to improve; Fed missing inflation, employment mandates by "fairly large margins"; inflation persistently below 2% a concern, leaves economy vulnerable; economic conditions improving; expects 3% growth in 2014.'

San Francisco Federal Reserve Bank President John Williams told reporters after a speech that "the Federal Reserve will make gradual cuts to its massive bond- buying program in coming months as long as the economy continues to improve, and only a significant deviation from those expectations would force it to change tack."

Data to be release on Wednesday:

U.K. BRC retails sales, Halifax house price Germany trade balance, export, import, current account, factory orders, Italy unemployment rate, EU retail sales, unemployment rate, n U.S. ADP unemployment change.

Posted by: acetraderforex Jan 9, 2014, 03:39 AM

smile.gif AceTraderFx Jan 9: U.S. dollar rises versus euro after Fed minutes


Market Review - 08/01/2014 21:32GMT

U.S. dollar rises versus euro after Fed minutes

The greenback rose against the single currency on Wednesday after the release of minutes of the Federal Reserve's December meeting, which showed the U.S. central bank was on track to wind down its bond purchases at a steady pace.

The Fed minutes laid out the central bank's rationale for cutting purchases of Treasuries and mortgage-backed securities to $75 billion a month from $85 billion starting this month. The minutes showed showed many members of the policy-setting Federal Open Market Committee wanted to proceed with caution in trimming the asset purchases, and most wanted to stress that further reductions were not on a preset course.

Some of the 10 voting policymakers "expressed concern about the potential for an unintended tightening of financial conditions if a reduction in the pace of asset purchases was misinterpreted as signaling that the committee was likely to withdraw policy accommodation more quickly than had been anticipated."

During the day, the single currency retreated against the dollar after meeting renewed selling at 1.3635 in Asia in part due to cross-selling vs yen and sterling and dropped to 1.3581 in European morning despite the release of upbeat euro zone retail sales in November. Later, the pair fell further to 1.3568 in New York morning after release of better-than-expected U.S. ADP employment change in December but lack of follow through selling prompted short-covering and price rebounded to 1.3618 before falling to a fresh 1-month low at 1.3554 near New York close.

ADP non-farm payrolls rose by 238,000 in December, exceeded expectations for an increase of 200,000. November's figure was revised up to a gain of 229,000 from a previously reported increase of 215,000.

Versus the Japanese yen, although dollar rose in Asia due to the rally in Nikkei 225 index and extended gain from Australian low at 104.60 to 105.13 in European morning, falling Nikkei futures in Europe pressured price to 104.67. Dollar later staged a brief rebound to 105.01 in early New York morning after upbeat U.S. ADP employment change and rose marginally higher to 105.05 after the release of FOMC minutes before retreating.

Posted by: acetraderforex Jan 10, 2014, 02:50 AM

smile.gif AceTraderFx Jan 10: Euro falls to a fresh 1-month low after ECB's Draghi comments


Market Review - 09/01/2014 21:24GMT

Euro falls to a fresh 1-month low after ECB's Draghi comments

The single currency turned lower to a fresh 1-month low against the dollar on Thursday after European Central Bank President Mario Draghi reinforced the bank's forward guidance on rates and said the bank was still ready to take 'further decisive action' if needed. The ECB kept interest rate unchanged at 0.25% in January.

During the day, although euro rebounded after finding support at 1.3567 at Asian open and then ratcheted higher to 1.3634 in New York morning, price came under pressure as Draghi reiterated that 'monetary policy will remain accommodative for as long as is needed in order to assist the economic recovery in the euro area' during the press conference and euro penetrated Wednesday's low of 1.3554 to a fresh 1-month low at 1.3548, however, lack-of-follow through selling prompted short-covering and price later recovered above 1.3600 near NY close.

Against the Japanese yen, dollar's intra-day moves on Thursday were mainly driven by cross-trading of yen and price traded in a choppy fashion below Wednesday's high of 105.13. The pair rebounded from Asian low at 104.75 to 105.06 in European morning before falling to 104.77 and then to session low at 104.57 in New York morning.

Cable edged higher from Asian low at 1.6441 to 1.6480 in European morning and then further to 1.6497 in New York morning after Bank of England announced no change to monetary policy following its first meeting of the year, however, euro's intra-day selloff pressured price here and the pair later dropped to 1.6452 and then traded in a choppy fashion for the rest of the New York session.

The Bank of England left rates on hold at 0.5% and announced no change to the size of its GBP 375 billion asset purchase program, as was widely expected. No statement after monetary policy decision.

On the data front, U.S. Labor Department said Thursday the number of people who filed for unemployment assistance last week fell by 15,000 to 330,000 from the previous week's revised total of 345,000. A separate report earlier showed U.K. trade deficit narrowed to GBP 9.44 billion from a downwardly revised deficit of GBP 9.65 billion in October.

In other news, BOJ's Shirai said 'it is possible to aim for 2%inflation at slower pace than 2 yr time frame if burden on households and companies become excessive; currently there is a lot of uncertainty around the time frame for the BOJ's 2% inflation target; would not hesitate to ease further if big downside risks economy, prices emerge; disinflationary trend is somewhat of a concern in euro area but rather limit in U.S.'

Kansas City Federal Reserve Bank President Esther George told the Wisconsin Bankers Association that 'the Federal Reserve's efforts to provide markets with so-called "forward guidance" on its interest rate policy could result in the Fed keeping interest rates too low for too long, to the detriment of the economy'.

Data to be released on Friday:

Japan leading indicators, U.K. RBC retail sales, industrial production, manufacturing production, France industrial production, manufacturing production, Swiss unemployment rate, CPI, Canada unemployment rate, U.S. non-farm payrolls, private payrolls, unemployment rate, average hourly earning, wholesale inventories and wholesale sales.

Posted by: acetraderforex Jan 13, 2014, 02:33 AM

smile.gif AceTraderFx Jan 13: Dollar tumbles broadly after disappointing U.S. jobs report


Market Review - 10/01/2014 21:06GMT

Dollar tumbles broadly after disappointing U.S. jobs report

Dollar weakened broadly on Friday after data showed that the U.S. economy added far less jobs than expected last month, although tapering of the Federal Reserve's stimulus program still lent some support.

Versus the Japanese yen, although dollar continued to edge higher from Thursday's New York low at 104.57 in Asia and Europe and then rose briefly to 105.40 ahead of the release of U.S. non-farm payroll data in New York morning, price tumbled sharply to 104.19 as data came in surprisingly weaker-than-expected and price later fell further below Monday's low at 103.91 to 103.83 before recovering due to short-covering ahead of the weekend.

U.S. official data showed that the U.S. non-farm payroll added 74,000 jobs in December, compared to expectations for a 196,000 increase, after an upwardly revised 241,000 rise the previous month. A separate report showed that the U.S. unemployment rate fell to 6.7% in December, from 7.0% in November.

The single currency rebounded to 1.3620 ahead of European opening on Friday but came in under pressure on active selling on eur/jpy cross, price fell to 1.3565 in New York morning and then rallied to 1.3687 on dollar's broad-based weakness after the disappointing U.S. jobs report before easing.

Cable traded in a relatively narrow range of 1.6472-1.6483 in Asia and then tumbled to 1.6403 in European morning as data showed that U.K. manufacturing production was flat in November, disappointing expectations for a 0.3% rise, after a downwardly revised 0.2% uptick the previous month. The pair later dropped further to 1.6381 in New York morning before rallying to 1.6518 on dollar's broad-based weakness on weak U.S. non-farm payroll data.

On the data front, official data showed that industrial production in France climbed 1.3% in November, exceeding expectations for a 0.4% rise, after a downwardly revised 0.5% decline the previous month

In the other news, Fed's Lacker said 'latest employment report showed dramatic fall in jobless rate, made substantial progress on unemployment; market expectations that interest rates will remain low may be bigger driver of market liquidity, equity prices than bond buys; healthcare act could have substantial economic impact, small business looking for how best to handle; Fed will be watching healthcare closely in next few years; wise not to cover-react to one month's employment report as a general principle; takes a couple of quarters to show a sustainable change in economic trends; would expect FOMC to discuss a similar reduction in bond buying pace at next meeting as the $10 billion agreed in Dec; markets have a good appreciation of FOMC's intentions, changes in forward curve more reflective of growth expectations.'

Data to be released next week :

Australia Home loans, Italy industrial production, U.K Lloyds employment confidence on Monday.

Japan current account balance, Economic watch DI, France current account, CPI, HICP, Italy CPI, HICP, U.K. PPI, CPI, RPI, ONS house price, EU industrial production, U.S. retail sales, import price index, export price index, Redbook retail sales, business inventories on Tuesday.

Japan machine tools orders, Germany GDP, Swiss retail sales, EU trade balance, US empire state mfg, PPI, Fed releases Beige Book report, Canada existing home sales on Wednesday.

Japan Tertiary industry index, machinery orders, domestic CGPI, Australia employment change, unemployment rate, U.K. RICS house prices, Germany CPI, HICP, Italy trade balance, EU CPI, U.S. CPI, Jobless claims, Net LT TIC flows, Philadelphia Fed survey, NAHB housing mrkt index on Thursday.

Japan consumer confidence, U.K. retail sales, U.S. housing starts, building permits, industrial production, capacity utilization, University of Michigan consumer confidence on Friday.

Posted by: acetraderforex Jan 14, 2014, 02:41 AM

smile.gif AceTraderFx Jan 14: Yen gains broadly on risk aversion


Market Review - 13/01/2014 21:48GMT

Yen gains broadly on risk aversion

The dollar dropped below the 103 level to a three-week low of 102.85 against the yen on Monday, driven lower by expectations that Friday’s surprisingly weak U.S. jobs report for December will prompt the Federal Reserve to maintain loose monetary policy for longer and U.S. treasury yields will cotninue to fall.

Versus the Japanese yen, dollar fell after meeting renewed selling at 104.14 in Australia and tanked below last Friday's low of 103.83 to 103.26 in Asia. Later, despite a recovery to 103.57 in European trading, active cross-buying of yen pressured the dollar again in New York morning and price dropped further to a fresh 3-week low of 102.97 before stabilizing.

The single currency ratcheted lower after failure to penetrate last Friday's high of 1.3688 in Asia and price retreated from 1.3685 to 1.3638 ahead of New York open before recovering. Price later climbed back to 1.3661 in New York morning in part due to active buying in eur/gbp cross and then traded sideways for rest of the session. Euro's losses versus dollar were limited amid that Fed will adopt a more cautious approach to scaling back its stimulus program, after cutting it by USD 10 billion in December.

The British pound tumbled versus the dollar on Monday, despite a recovery to 1.6508 in Asia, active cross-selling of sterling versus yen and euro pressured price sharply lower to 1.6422 in European morning. Cable later climbed back to 1.6466 but another round of selling sent price further lower to 1.6347 in New York morning before stabilizing.

On the data front, Italian industrial output rose for a third consecutive moth in November, up 0.3% from a month earlier.

In other news, Atlanta Fed President Dennis Lockhart told reporters that "The Federal Reserve should clarify its future plans for raising interest rates now that U.S. unemployment has dropped to 6.7 percent, close to the central bank's stated threshold of 6.5 percent for considering tighter policy."

Data to be released on Tuesday:

Japan current account balance, Economic watch DI, France current account, CPI, HICP, Italy CPI, HICP, U.K. PPI, CPI, RPI, ONS house price, EU industrial production, U.S. retail sales, import price index, export price index, Redbook retail sales and business inventories.

Posted by: acetraderforex Jan 15, 2014, 02:52 AM

smile.gif AceTraderFx Jan 15: Dollar strengthens against the yen after upbeat U.S. retail sales


Market Review - 14/01/2014 21:42GMT

Dollar strengthens against the yen after upbeat U.S. retail sales

U.S. dollar rose against the Japanese yen on Tuesday after data showed that U.S. retail sales increased more than expected in December, bolstering the outlook for the economy going into 2014.

Versus the Japanese yen, dollar found support at 103.02 at Asian open on Tuesday and climbed higher to 103.52 after data showed that trade deficit in the Japan widened to 1,254.3 billion yen in November, price later dropped to 103.23 at Asian midday but only to rally to as high as 104.29 near New York close due to the release of better-than-expected U.S. retail sales data.

The Commerce Department said U.S. retail sales rose 0.2% last month, beating expectations for a 0.1% increase. Core retail sales, which exclude automobile sales, climbed 0.7% in December, above forecasts for a 0.4% increase.

The single currency traded sideways against the dollar in Asia and then dropped to 1.3649 shortly after European opening, however, 'euro-supportive' comments from European Central Bank Governing Council member Ewald Nowotny lifted price sharply higher to 1.3699 in European morning but profit-taking ahead of 1.3700 pressured price lower ahead of New York open. Later, euro briefly fell to 1.3658 after release of upbeat U.S. retail sales and then traded sideways for rest of New York session.

European Central Bank Governing Council member Ewald Nowotny said on Tuesday that 'there was a potential upside to the ECB’s growth forecast for this year. The ECB revised its growth forecast for 2014 slightly higher in December, saying it now expects growth of 1.1%.'

The British pound moved in a choppy fashion versus the dollar on Tuesday. Cable dropped to 1.6368 in early European trading and then rose sharply to 1.6447 in tandem with euro and active cross buying in sterling in European morning, price then swiftly tanked to 1.6396 after the U.K. inflation data but later rose further to 1.6465 in New York before retreating.

On the data front, U.K. reported that the annual rate of consumer inflation rose 2.0% in December, slowing from 2.1% in November. It was the first time since 2009 that the U.K. inflation rate was in line with the Bank of England’s official target of 2%.

In the other news, Fed's Plosser says 'prefers to end bond purchases before late 2014; economy 'on firmer footing than it has been for the past several years; expects 6.2% U.S. unemployment by year end; rise in inflation toward 2%; Dec jobs growth likely hit by cold weather; drop in workforce participation mostly driven by demographics.'

Philadelphia Fed President Charles Plosser said on Tuesday that "the droves of Americans dropping out of the work force may not be a problem that needs to be fixed with policies; the U.S. labor force participation rate, or the proportion of working-age Americans who have a job or are looking for one, fell 0.2 percentage point to 62.8 percent in December, returning to the more than 35-year low hit in October."

Data to be released on Wednesday:

Japan machine tools orders, Germany GDP, Swiss retail sales, EU trade balance, US empire state mfg, PPI, Fed releases Beige Book report and Canada existing home sales.

Posted by: acetraderforex Jan 17, 2014, 03:10 AM

smile.gif AceTraderFx Jan 17: Dollar falls after lower than Fed's target inflation data


Market Review - 16/01/2014 22:17GMT

Dollar falls after lower than Fed's target inflation data

The greenback erased early gains and weakened broadly on Thursday after data showed U.S. consumer prices in December remained below the Federal Reserve's 2 percent target, supporting the central bank's pledge to keep rates at a record low.

During the day, although euro briefly dropped to 1.3586 against the dollar at Asian open, price climbed back to 1.3628 ahead of European opening on cross-buying of euro and then fell to 1.3597. The pair edged higher in early European trading as comments by European Central Bank governing council member Jens Weidmann lent support to the pair. Later, euro dropped again ahead of New York open but rebounded strongly from 1.3593 to 1.3649 as data showed U.S. inflation was still below Fed's 2% target.

ECB's Weidmann said on Thursday that 'agree with Draghi that have no reason to foster irrational inflationary fears; deflation risks in euro zone are limited; sees German economic upswing continuing this year and next; light at end of tunnel for most euro zone crisis countries; buying government bonds risks blurring line between monetary fiscal policy.'

U.S. December CPI came in at 0.3% m/m and 1.5% y/y, same as market's expectations.

Versus the Japanese yen, although dollar extended gain above Tuesday's high of 104.70 in to session high at 104.92, cross-buying of yen capped intra-day gain there and price later fell to 104.66 and the further to 104.15 in New York morning after U.S. inflation data.

Cable went trough another day of choppy trading on Thursday as despite falling from Asian high of 1.6375 to a fresh 4-week low of 1.6316 in European morning in part due to cross-selling of sterling, price rebounded to 1.6384 in New York morning on dollar's broad based weakness and then tanked to 1.6322 before trading sideways.

In the commodity currencies, the Australian dollar tumbled to a fresh 3-1/2 year low of 0.8777 on Thursday after data showed that the economy shed 22,600 jobs in December, compared to expectations for new jobs growth of 10,000. A separate report showed Australia's unemployment rate remained unchanged at 5.8%, in line with forecasts.

On the data front, Philadelphia Fed business conditions came in at 9.4 in January versus December 6.4. U.S. NAHB housing market index 56 in January versus revised 57 in December.

In other news, SNB Chairman Thomas Jordan said 'the Swiss National Bank's lid on the Swiss franc will remain at the centre of monetary policy for the foreseeable future, and the value of the safe-haven currency is still high."

Friday will see the release of Japan consumer confidence, U.K. retail sales, U.S. housing starts, building permits, industrial production, capacity utilization and University of Michigan consumer confidence.

Posted by: acetraderforex Jan 20, 2014, 02:50 AM

smile.gif AceTraderFx Jan 20 : Euro falls to fresh 7-week low


Market Review - 17/01/2014 20:18GMT

Euro falls to fresh 7-week low

The single currency tumbled to a fresh 7-week low at 1.3517 on Friday due to renewed dollar's strength after the release of stronger-than-expected U.S. industrial output, supporting the the view that U.S. economy is improving enough to keep the Federal Reserve's stimulus-reducing measures on track.

U.S. industrial output rose by 0.3%, its fastest clip in 3-1/2 years in the fourth quarter. U.S. New homes last month dropped 9.8%, the largest percentage decline since April, but housing starts were coming off a multi-year high in November. University of Michigan consumer confidence came in weaker-than-expected at 80.4 versus the economists' forecast of 83.5.

The greenback traded inside a tight range of 104.20-104.47 against the Japanese yen. However, the British pound rallied from intra-day low at 1.6309 to as high as 1.6459 after the release of unexpectedly strong U.K. retail sales data, which rose by 2.6% m/m and 5.3% y/y, better than the forecasts of 0.3% m/m and 2.5% y/y respectively with previous readings revised to 0.1% n 1.8%.

In other news, BoE's Broadbent said 'signs that headwinds facing wage growth are starting to abate; good reason to expect business investment growth to accelerate; highly unlikely we'll see anything like the relative price headwinds of past 4 years, opposite more likely; productive growth, euro zone will be key to determining UK recovery path.' Broadbent added later that "UK productivity doesn't look to have been good in H2 2013, but expect a pick-up."

Fed's Lacker says " tapering should continue and that recent data far fm what would be needed to change his view; deflecting monetary policy from price stability mission would be misguided."

Data to be released next week:

U.K. Rightmove house prices , China business climate, entrepreneur confidence, GDP, industrial production, fixed assets, retail sales, Japan capacity utilization, industrial production, Germany PPI on Monday. New Zealand, U.S financial markets are closed due to public holiday.

New Zealand CPI, Germany ZEW survey current situation, survey expectations, U.K. CBI industrial trend, Canada wholesale sales, U.S. IMF economic outlook on Tuesday.

Australia Westpac consumer confidence, CPI, Japan rate decision, all industry index, leading indicators, U.K. MPC minutes, claimant count, ILO unemployment rate, Avg. earnings, PSNCR, public sector Net knowing, Italy current account, Swiss Zew index, US Redbook retail sales, Canada BOC rate decision, on Wednesday.

New Zealand business manufacturing PMI, ANZ consumer confidence, China HSBC manufacturing PMI, Japan BOJ monthly economic report, France business climate, France manufacturing PMI, service PMI, EU current account, manufacturing PMI, service PMI, consumer confidence, U.K. CBI distributive trades, Canada retail sales, U.S. Chicago Fed index, jobless claims, markit PMI, house price, US existing home sales, leading index on Thursday.

U.K. BBA mortgage approvals, Canada CPI on Friday.

Posted by: acetraderforex Jan 21, 2014, 02:44 AM

smile.gif AceTraderFx Jan 21 : Euro recovers from a fresh 7-week low in subdued trade


Market Review - 20/01/2014 22:53GMT

Euro recovers from a fresh 7-week low in subdued trade

The single currency recovered from a fresh 7-week low against the dollar as investors closed their bet in subdued trade Monday due to closure of U.S. financial markets for Martin Luther King Day holiday.

Earlier in the day, although euro remained under renewed selling presure at 1.3546 at Monday's Australian open following last Friday's selloff and fell further to a fresh 7-week low of 1.3508 versus the dollar at Asian open, lack of follow- through selling prompted short covering and price later rebounded to 1.3562 in European morning due partly to cross-selling of euro and then edhed marginally higher 1.3568 near European closing before easing.

Versus the Japanese yen, dollar was under pressure in Asian trading on the back of falling Nikkei 225 index and price tanked to 103.86 before staging a rebound, dollar climbed back to 104.26 but renewed cross-buying of yen capped intra-day gain there and the pair later dropped back to 103.92 n then traded sideways for rest of the quiet North American session session.

Cable followed euro's move closely in Asia and fell to 1.6396 before climbing back to 1.6452 in European morning, however, renewed selling ahead of last Friday's high of 1.6459 capped intra-day gain and price later retreated to 1.6418 due partly to cross-selling of sterling before moving sideways.

On the data front, report showed that industrial production in Japan fell unexpectedly in November to a seasonally adjusted -0.1%, from 0.1% in the preceding month. A separate report stated that capacity utilization in Japan slipped by seasonally adjusted 0.5 percent month-on-month in November, compared to previous year, capacity utilization fell 2.8 percent.

In commodity currency, although Australian dollar fell initially to a fresh 3-1/2 year low of 0.8756 against the usd in Asian morning, the pair found support after data showed China's economy grew 7.7% on a year-over-year basis in the fourth quarter and rebounded to 0.8821 in European afternoon before easing.

Data to be release on Tuesday:

New Zealand CPI, Germany ZEW survey current situation, survey expectations, U.K. CBI industrial trend, Canada wholesale sales, and U.S. IMF economic outlook.

Posted by: acetraderforex Jan 22, 2014, 03:00 AM

smile.gif AceTraderFx Jan 22: Euro trades in a choppy fashion versus dollar after German ZEW


Market Review - 21/01/2014 21:15GMT

[B]Euro trades in a choppy fashion versus dollar after German ZEW[/B]

The single currency traded in a choppy fashion against the dollar on Tuesday after release of lower-than-expected German ZEW economic sentiment and amid expectations that the Federal Reserve will continue to scale back stimulus measures at next week's policy meeting.

During the day, although euro climbed higher from Asian low of 1.3537 to 1.3562 in European morning, cross-selling of euro versus yen and especially sterling pressured price from there and euro weakened to 1.3517 after a report showed that the ZEW index for German economic sentiment ticked lower in January. Failure to re-test Monday's 7-week low of 1.3508 prompted short-covering, the pair bounced back to 1.3545 in New York morning and then climbed to 1.3569 near New York afternoon before easing. Versus the British pound, euro fell below Jan's low of 0.8231 to a fresh 1-year low of 0.8215 on Tuesday before recovering.

The ZEW Centre for Economic Research said on Monday that its index of German economic sentiment ticked down to 61.7 in January from 62.0 in December. Market had expected an increase to 64.0.

Versus the Japanese yen, although dollar rose from Australian low of 104.16 to 104.69 in Asia on the back of rally in Nikkei 225 index and then further to 104.75 in European morning, renewed cross-buying of yen pressured price from there and dollar later dropped in New York trading to 104.03 on risk aversion due to the decline in U.S. equity markets.

Cable went through a roller-coaster session on Tuesday. Although price rebounded from 1.6408 to 1.6453 in European morning and then briefly weakened to 1.6400 after data showed that British factory orders fell in January, losses were limited as growth in new manufacturing orders was the strongest since April 2011 and cable later rallied above last Friday's high of 1.6459 to a fresh 1-week high of 1.6487 in New York morning, helped by active cross-buying of sterling versus euro before easing.

The Confederation of British Industry said its index of industrial order expectations fell to -2 this month from 12 in December, and below expectations of a reading of 10.

In other news, IMF said on Monday that it 'raises global forecast to 3.7% in 2014 fm 3.6% in Oct, sees 3.9% expansion in 2015; lifts 2014 forecast for advanced economies to 2.2%, seen increasing 2.3% in 2015; keeps 2014 growth forecast unchanged for emerging economies at 5.1%, sees 5.4% growth next year; sees new downside risk of very low inflation in advanced economies, could turn to deflation in negative shock to economic activity; advanced economies still have large output gaps, austerity remains; raises U.S. forecast for this year to 2.8%, expects smaller fiscal drag to boost domestic demand; hikes U.K. growth forecast to 2.4% this year from 1.9%, sees 2.2% growth in 2015; ECB should help repair bank balance sheets, provide targeted lending to boost demand, reduce financial fragmentation; hikes 2014 Japan GDP forecast to 1.7% from Oct's 1.2%, says fiscal stimulus should partly offset drag from higher consumption tax this year; raises China forecast for this year to 7.5%, predicts 7.3% expansion in 2015; China's recent growth driven by temporary investment boost, must do more to move economy away from investment towards consumption; financial conditions in advanced economies eased, but remain tight in emerging markets; stronger growth in India with structural policies to support investment; stronger exports main driver of growth in emerging markets, domestic demand weaker than expected; financial market, capital flow volatility still concern emerging markets, especially as Fed starts to taper.'

Data to be release on Wednesday:

Australia Westpac consumer confidence, CPI, Japan rate decision, all industry index, leading indicators, U.K. MPC minutes, claimant count, ILO unemployment rate, average earnings, PSNCR, public sector Net borrowing, Italy current account, Swiss Zew index, US Redbook retail sales and Canada BOC rate decision.

Posted by: acetraderforex Jan 24, 2014, 03:31 AM

smile.gif AceTraderFx Jan 24: Euro rallies on Thursday as QE from ECB diminishes after data


Market Review - 23/01/2014 21:52GMT

Euro rallies on Thursday as QE from ECB diminishes after data

The single currency strengthened against the dollar on Thursday as expectations for further monetary easing by the European Central Bank diminished after stronger-than-expected data on euro zone private sector activity.

During the day, although euro traded sideways after retreating from Wednesday's high of 1.3584 to 1.3530 at Asian open, price jumped sharply to 1.3647 in European morning as data showed recovery in the euro area is strengthening due to a larger than expected increase in euro zone private sector activity this month. Later, euro rose further to 1.3685 in New York morning after the number of continuing jobless claims in U.S. remained above the three million mark for the second successive week before easing. Price extended gain to 1.3699 near New York close due to the sell off in global stock markets.

Market reported on Thursday that the euro zone’s composite output index rose to a 31-month high of 53.2 in January, up from a final reading of 52.1 in December, as growth picked up in Germany and the rate of decline eased in France. A separate report showed Germany's Manufacturing PMI expanded at the fastest pace since May 2011 in January , record at 56.3 versus 54.3 in previous month.

Versus the Japanese yen, despite dollar's initial bounce to 104.84 shortly after Asian opening, price came under pressure and retreated to 104.21 in European morning on declining Nikkei 225 index. The greenback later met another round of selling in part due to active cross-buying of yen and dropped to 103.49 in New York morning on poor U.S. jobless claims and manufacturing PMI data. The pair weakened further to 102.97 in near New York close due to the sell off in global stock markets.

U.S. initial jobless claims rose to 326,000, up from the previous week's revised total of 325,000. The number of people filing continuing unemployment claims rose to 3.056 million up from 3.022 million in the week to January 11. Another report showed that the U.S. manufacturing PMI declined to 53.7 this month from a final reading of 55.0 in December.

Cable rose in tandem with euro on Thursday after finding support at 1.6557 in Asia and price then penetrated previous high of 1.6605 (January 2nd) to a fresh 2-year peak of 1.6637 in New York morning n then 1.6644 near NY close on dollar's broad based weakness.

In other news, BoE's Fisher said on Thursday that 'output growing too slow to support rapid real wage rise and big fall in unemployment; inflation pressures diminishing but strong GDP growth not guaranteed; no immediate need to tighten when unemployment falls to 7%, must allow economy to grow strongly for some time; "still some way off" from raising interest rates, MPC must avoid choking off recovery.'

Data to be release on Friday:

U.K. BBA mortgage approvals and Canada CPI.

Posted by: acetraderforex Jan 27, 2014, 03:05 AM

smile.gif AceTraderFx Jan 27: Yen and Swiss franc rally on risk aversion

Market Review - 24/01/2014 19:28GMT

Yen and Swiss franc rally on risk aversion

The Japanese yen and Swiss franc surged against U.S. currency on renewed risk aversion on Friday due to the selloff in global stock markets. Britain's FTSE 100, Germany's DAX, and France's CAC 40 closed down 1.7%, 2.6% n 2.9% respectively whilst Dow Jones index fell by more than 250 points to close below 16000. The greenback tumbled to as low as 102.00 and 0.8904 versus the Japanese yen and Swiss franc respectively.

The single currency traded with a firm undertone in Asia and then climbed to 1.3740 at European midday due to dollar's broad-based weakness before retreating briefly to 1.3669 in New York morning. Euro tumbled against Swiss franc to 1.2227.

The British pound rallied to a fresh 3-year high of 1.6668 against U.S. currency on Friday on continued speculation the Bank of England could raise interest rates before the end of the year, however, active profit-taking knocked price lower. Cable tanked to 1.6478 after BoE Governor Carney's downbeat comments. BOE's Carney said appreciation of sterling will hold back expansion of net exports.

In other news, European Central Bank President Mario Draghi told the World Economic Forum in Davos, Switzerland, that he did not see deflation in the euro area, which he said is experiencing a "weak, fragile and uneven" recovery. Draghi added that the ECB's "very accommodative" monetary policy is being passed into the euro zone economy; the other thing we are seeing in the last 3-4 months, is that both the improvement in financial markets and our very accommodative monetary policy in place since end 2011.

Data to be released next week :

Japan trade balance, Germany import price index, Ifo business climate, current assessment, expectations, U.S. new home sales on Monday. Australia. New Zealand financial market will be closed due to public holiday.

Australia NAB business confidence, France consumer confidence, Italy consumer confidence, U.K. GDP, U.S. durable goods, S&P home price, consumer confidence on Tuesday.

Australia Westpac leading economic index, U.K. nationwide house prices, Germany consumer confidence, Swiss UBS consumption indicator, U.K. FOMC rate decision on Wednesday.

Japan retail sales, China HSBC manufacturing PMI, Swiss KOF indicator, Germany unemployment rate, U.K mortgage approvals, EU business climate, economic sentiment, consumer confidence, Germany CPI, HICP, U.S. annual GDP, PCE core, personal consumption, jobless claims, pending home sales on Thursday.

New Zealand trade balance, Japan manufacturing PMI, household spending, unemployment rate, national CPI, Tokyo CPI, industrial production, housing starts, construction orders, U.K. Gfk consumer confidence, Lloyds business barometer, France PPI, Italy unemployment rate, PPI, EU CPI, Canada GDP, U.S. housing starts, personal income, spending, PCE, Chicago PMI, U. of Michigan consumer confidence on Friday. Financial markets in China, Hong Kong, Indonesia, Malaysia, Singapore, South Korea, Taiwan and Vietnam will be closed for Chinese New Year holiday

Posted by: acetraderforex Jan 28, 2014, 03:03 AM

smile.gif AceTraderFx Jan 28: Euro retreats ahead of Fed meeting


Market Review - 27/01/2014 21:28GMT

Euro retreats ahead of Fed meeting


The single currency traded with a soft bias against the dollar on Monday as expectations for a further reduction to the Federal Reserve's stimulus program after this Wednesday's FOMC meeting continued to support demand for the dollar.

During the day, although euro rebounded from 1.3669 in early Asia and then rose to 1.3716 in European morning due after data showed that German business confidence rose to the highest level in 2-1/2 years in January, renewed dollar's intra-day firmness pressured from there and the single currency later dropped to 1.3653 in New York morning before trading sideways.

The German research institute Ifo said on Monday that its business climate index rose to 110.6 in January, above expectation for a reading of 110.0 and up from 109.5 in December, indicating that businesses in the euro zone's largest economy had a strong start to the year.

Versus the Japanese yen, despite dollar's initial selloff below Friday's low at 102.00 to 101.77 on continued risk on continued risk aversion in thin trading conditions in early trading hours on Monday, lack of follow-through selling triggered broad-based short-covering and price rebounded to 102.41 at Asian open. Later, dollar climbed higher to 102.77 in European morning and then 102.93 but renewed cross-buying of yen due to risk aversion pressured price to 102.20 in New York morning.

Cable remained under pressure ahead of Asian open on Monday and dropped to 1.6471 but expectations that the Bank of England will raise interest rates sooner than anticipated after last week's U.K. unemployment data boosted demand for the British pound and sterling rose to 1.6571 in European morning and then 1.6588 in early New York trading before easing.

Some news over the weekend worth mentioning. Reuters reported IMF MD Christine Lagarde told the economic forum in Davos that Eurozone inflation is "way below target" and that deflation is a potential risk for the region. In response to this, ECB President Mario Draghi said ECB is ready to act if inflation went lower than forecast and reiterated that interest rates would remain low or go lower for an extended period of time.

Data to be release on Tuesday:

Australia NAB business confidence, France consumer confidence, Italy consumer confidence, U.K. GDP, U.S. durable goods, S&P home price and consumer confidence.

Posted by: acetraderforex Jan 29, 2014, 02:49 AM

smile.gif AceTraderFx Jan 29: Dollar trades mixed against other major currencies ahead of Fed's meeting

Market Review - 28/01/2014 21:33GMT

Dollar trades mixed against other major currencies ahead of Fed's meeting

The greenback traded mixed versus other major rivals on Tuesday as investors turned their attention to the outcome of the Federal Reserve's two-day policy meeting on Wednesday. Market participants are expecting that Fed will cut its asset purchase program by another $10 billion, to $75 billion per month after December last year.

During the day, although the single currency retreated after meeting renewed selling interest at 1.3688 ahead of European open and then tanked to 1.3629 in tandem with cable in European morning, price rebounded strongly to 1.3686 in New York morning on dollar's broad-based selloff after disappointing U.S. durable goods orders reports. Later, euro stabilized around 1.3660 later and traded in a relatively narrow range for rest of the New York session.

U.S. the Commerce Department said on Tuesday that durable goods orders tumbled 4.3% last month, confounding expectations for a 1.8% gain. Orders for durable goods in November were revised to a 2.6% increase from a previously reported gain of 3.4%.

U.S. dollar rose against the Japanese yen after finding support at 102.49 in Australia on Tuesday and penetrated Monday's high of 102.93 to 103.25 in early European trading in part due to cross-selling in yen, however, broad-based weakness in greenback during the New York morning pressured price back to 102.63 before rebounding on short-covering.

Cable fluctuated widely on Tuesday. Despite extending gain from Monday's low at 1.6471 to an intra-day high of 1.6627 ahead of European open, price fell to 1.6536 in European morning after preliminary data showed that the U.K. economy grew in line with expectations in the fourth quarter but added to uncertainty over the Bank of England's forward guidance. Later, price climbed back to 1.6578 and then higher to 1.6615 in New York morning before easing.

Report from U.K showed that the economy grew 0.7% in the final three months of 2013, slightly down from growth of 0.8% in the previous quarter, and expanded 2.8% from a year earlier.

On the data front, the Conference Board said its index of U.S. consumer confidence improved to 80.7 this month from a downwardly revised 77.5 in December. Market had expected the index to rise to 78.9.

Data to be released on Wednesday:

Australia Westpac leading economic index, U.K. nationwide house prices, Germany consumer confidence, Swiss UBS consumption indicator and U.S. FOMC rate decision.

Posted by: acetraderforex Jan 30, 2014, 03:00 AM

smile.gif AceTraderFx Jan 30: Yen rises to a 7-week high on risk aversion after Fed cuts bond buying to 65B


Market Review - 29/01/2014 21:54GMT

Yen rises to a 7-week high on risk aversion after Fed cuts bond buying to 65B

Although U.S. dollar rose initially above Wednesday's high of 103.26 to 103.45 against the Japanese yen in Australia, active cross-buying of yen pressured capped intra-day gain there and price later tumbled to 101.99 in New York morning as concerns over global emerging markets lingered ahead of the Federal Reserve's policy statement. Later, the greenback dropped to a session low of 101.85 on renewed risk aversion due to the selloff in U.S. stock market after Fed kept interest rate unchanged n reduced bond buying to $65B as widely expected.

The Fed announced a further $10 billion reduction in its monthly bond buying to $65 billion as widely expected as it stuck to plans to wind down its extraordinary stimulus. The Dow Jones industrial average, S&P 500 and the Nasdaq Composite closed down 189.77 points (1.19%) to 15738.79, 18.3 points (1.02%) to 1774.2, and 46.53 points (1.14%) to 4051.43 respectively.

The single currency swung widely on Wednesday as despite rebounding from Asian low at 1.3648 to 1.3684 in European morning due to unexpected rise in Germany's Gfk consumer climate going into February, cross-selling of euro pressured price lower from there and euro tanked to a session low of 1.3603 versus dollar after European Central Bank council member Christian Noyer said 'any rise in the currency's exchange rate would be negative.' Later, the single currency rebounded strongly in New York morning to 1.3677 on short-covering and then stabilized.

On the data front, Germany's Gfk consumer climate rose to its highest level since August 2007 to 8.2, from 7.7 in the preceding month whose figure was revised up from 7.6.

Although cable traded sideways in Asia after finding support at 1.6561 in Australia, price rebounded to 1.6607 in tandem with euro in European morning but only to drop to 1.6526 in part due to renewed cross-selling of sterling versus euro in New York morning before recovering. Eur/gbp cross dropped briefly below Tuesday's low at 0.8223 to 0.8220 in Wednesday's New York morning and then recovered.

The New Zealand dollar nose-dived to 0.8177 after RBNZ kept interest rate unchanged at 2.5%. RBNZ said expects to start returning rates to more normal levels soon n will raise rates as needed to keep inflation near 2%. RBNZ said scale, speed of rate rises will depend on future data; high NZ dollar offsetting inflation but current levels unsustainable in long run; price pressures rising over next two years; housing market appears to be moderating; expects GDP to continue around 3.5% over coming year; sees uncertainty about stimulus with drawal by major economies, EM economies affected.

Data to be released on Thursday:

Japan retail sales, China HSBC manufacturing PMI, Swiss KOF indicator, Germany unemployment rate, U.K mortgage approvals, EU business climate, economic sentiment, consumer confidence, Germany CPI, HICP, U.S. annual GDP, PCE core, personal consumption, jobless claims and pending home sales.

Posted by: acetraderforex Feb 4, 2014, 03:46 AM

smile.gif AceTraderFx Feb 4: U.S. dollar tumbles versus Japanese yen after weak US ISM manufacturing data

Market Review - 03/02/2014 18:16GMT

U.S. dollar tumbles versus Japanese yen after weak US ISM manufacturing data

The greenback tumbled against the Japanese yen after the release of much weaker-than-expected U.S. ISM manufacturing index which dropped to 51.3 in January versus economists' forecast of 56.0 and 56.5 in December. Dollar dropped from 102.41 to as low at 100.77 in New York before stabilizing.

Despite euro's early brief breach of last Friday's low of 1.3479 to a fresh 2-month low at 1.3477, short-covering lifted price and the single currency rebounded briefly to 1.3523 after the release of weak U.S. ISM MFG data and later rose to 1.3536 in thin New York session due to the sell-off in global stock markets.

Dow Jones index nose-dived by more than 300 points whilst UK's FTSE, Germany's DAX and France's CAC closed down by 0.8%, 1.3% and 1.4% respectively. Italy's FTSE MIB and Spain's IBEX tumbled by 2.5% and 1.8% respectively.

The British pound dropped after the release of U.K. Jan manufacturing PMI which came in lower-than-expected at 56.7, previous reading downwardly revised to 57.2. Cable fell sharply fm 1.6449 to 1.6290.

In other news, U.S. Treasury's Lew says "congress should act quickly; unnecessary delays or political posturing could trigger a crisis; U.S. would start missing payments on its obligations 'very soon' after extraordinary measures exhausted; once extraordinary measures exhausted, U.S. cash balance to decline faster than it would at other times of year; administration would exhaust extraordinary measures by end of Feb if debt ceiling not raised."

ECB's Constancio says "bank area front loading preparations for comprehensive assessment; banks with capital shortfall in stress test baseline scenario will have to raise capital in nearer term; capital shortfall from adverse scenario can be dealt with over more extended period."

Tuesday will release of Eurozone PPI, U.S. redbook retail sales, factory orders and durable goods.

Posted by: acetraderforex Feb 5, 2014, 02:56 AM

smile.gif AceTraderFx Feb 5: U.S. dollar rises versus Japanese yen as stock markets rebound


Market Review - 04/02/2014 18:25GMT

U.S. dollar rises versus Japanese yen as stock markets rebound

U.S. dollar fell initially against the Japanese yen to a fresh 10-week low at 100.76 in Asia as Nikkei-225 plunged by more than 4%, however, investors bought back U.S. dollar as global stock markets pared most of early losses.

Britain's FTSE 100 n Germany's DAX closed down by 0.2% n 0.6% respectively whilst France's CAC-40 closed up by 0.3%. Dow Jones index traded in +ve territory and rose by around 87 points to 15460 in NY midday. U.S. dollar rebounded strongly to 101.67 in New York.

The single currency traded inside a relatively narrow range of 1.3494-1.3539 as focus was on other currency pairs. The British pound rallied against the U.S. dollar from 1.6257 to 1.6353 after the release of much stronger-than-expected UK construction PMI.

The Australian dollar surged from 0.8730 to 0.8943, more than 2%, on Tuesday after Reserve Bank of Australia (RBA) dropped its easing bias toward interest rates and toned down its long-term call for the currency to weaken. New Zealand also rallied strongly from 0.8052 to as high as 0.8227.

In other news, Fed's Evan said there is uncertainty about sustainable rate of unemployment; believe 5-5.25% is attainable; a strongly growing economy will address many of the problems in the job market; Fed will eventually allow assets to roll off balance sheet during exit from super-easy policy; Fed's balance sheet will eventually be well south of $4 trln, but will be bigger than pre-crisis; Yellen will continue to improve Fed's communications, transparency; current pace of taper is a 'reasonable', 'modest' pace; took longer than expected for QE3 to kick in to jump start.

Wednesday will see the release of Germany's, Britain's and Eurozone PMI respectively; Eurozone retail sales; U.S. ADP employment and ISM non-manufacturing data.

Posted by: acetraderforex Feb 6, 2014, 03:14 AM

smile.gif AceTraderFx Feb 6: U.S. dollar rebounds as global stock markets stabilise


Market Review - 05/02/2014 18:33GMT

U.S. dollar rebounds as global stock markets stabilise

The greenback fell from Asian high at 101.77 to 100.77/80 in New York morning against the Japanese yen after the release of slightly less-than-expected U.S. ADP employment data, however, the pair jumped to 101.63 after the release of stronger-than-expected ISM non-manufacturing PMI data which came in at 54.0 versus economists' forecast of 53.7 and well above previous reading of 53.0.

Euro fluctuated wildly on Wednesday. Despite the brief bounce from European low at 1.3499 to 1.3555 in New York morning after the release of less-than-expected US ADP employment, the single currency dropped swiftly to 1.3504 before trading sideways later in the day.

On the data front, eurozone retail sales data which came in at -1.6% m/m n -1.0% y/y respectively versus economists' forecast of -0.7% m/m n 1.5% y/y with downwardly revised 0.9% m/m n 1.3% y/y increase in November.

The British pound weakened to a fresh 6-week low of 1.6252 after the release of weaker-than-expected U.K. services PMI which came in at 58.3 in January versus previous reading of 58.8 in December, however, cable rebounded to around 1.6333 on short-covering in New York.

In other news, Philadelphia Fed President Charles Plosser warned of looming communications problems if the central bank keeps buying assets while, as he expects, the U.S. unemployment rate falls below 6.5% some time in the first half of 2014, from the current 6.7%. Plosser said 'the U.S. Federal Reserve should wind down its bond purchases faster than planned and end it before mid-year.'

Dennis Lockhart, president of the Federal Reserve Bank of Atlanta, said the year had begun with some momentum, despite the recent drop in stock markets, and further reductions in the pace of central bank asset purchases would be appropriate as long as the economy remained on track. Lockhart said 'the U.S. Federal Reserve will probably keep steadily dialing back its asset purchases and wind them down completely by late 2014 but should be patient on raising interest rates.'

Posted by: acetraderforex Feb 7, 2014, 03:17 AM

smile.gif AceTraderFx Feb 7: Euro jumps from 1.3483 to 1.3619 as ECB refraines from...


Market Review - 06/02/2014 18:10GMT

Euro jumps from 1.3483 to 1.3619 as ECB refraines from announcing any additional stimulus measures

Despite brief drop to 1.3483, the single currency jumped to as high as 1.3619 on Thursday after ECB's president Draghi said there is no eurozone deflation problem and need to wait for more data before taking action, following ECB kept interest unchanged.

The greenback rallied from 101.25 to 102.00 against the Japanese yen due to improved risk appetite (euro rose strongly against the Japanese yen from 136.80 to 138.80) as global stock markets rebounded.

On the data front, U.S. initial jobless claims fell by 20,000, bigger-than-expected, to a seasonally adjusted 331,000 last week. The U.S. trade deficit widened to $38.7 billion in December as exports fell and imports rose.

Despite early brief drop to 1.6272, the British pound rebounded after the Bank of England kept interest range unchanged at 0.5% as widely expected. BOE also left QE asset purchase total unchanged at 375 billion sterling. BOE makes no statement after monetary policy decision. Cable later rebounded to 1.6348 on short-covering in tandem with euro in New York.

Australian dollar extended gain to 0.8981 against U.S. currency after the release of Australia's trade data as the exports exceeded imports by A$468 million ($420 million) in December.

In other news, European Central Bank policymaker Christian Noyer told Les Echos daily in an interview to appear in its Friday edition that 'the euro zone's fragile economic recovery and low inflation is "not normal, but not alarming."

Friday will see the release of RBA policy statement, Japan's leading indicators, Germany's trade data, U.K. trade balance, industrial and manufacturing production, German industrial production, Canada's unemployment rate and the important U.S. non-farm payrolls.

Posted by: acetraderforex Feb 11, 2014, 03:15 AM

smile.gif AceTraderFx Feb 11: Dollar remains under pressure ahead of Fed's chairman Yellen first testimony


Market Review - 10/02/2014 22:57GMT

Dollar remains under pressure ahead of Fed's chairman Yellen first testimony

The greenback traded mixed but with a soft bias against the other major currencies in thin trade on Monday as last Friday's downbeat non-farm payrolls report continued to dampen demand for the greenback. Investors are reluctant to add bets ahead of Fed's chairman Yellen first testimony before Congress on Tuesday and Thursday.

During the day, although euro opened lower at 1.3609 in New Zealand on Monday and then traded sideways in Asia, price rebounded in European morning and rose above last Friday's high of 1.3649 to 1.3652. Later, selling in euro crosses together with the worse-than-expected French manufacturing production and Italian industrial production pressured price to 1.3623 before moving sideways in New York trading.

Official data showed that French industrial production fell 0.3% in December, compared to expectations for a decrease of 0.2%. Industrial production in November was revised down to a 1.2% increase from a previously estimated 1.3% rise. A separate report showed that Italian industrial production fell in December after three straight gains, with a decline of 0.9%, compare to consensus forecast of a reading of 0.0%.

Versus the Japanese yen, despite dollar initial rise above last Friday's high of 102.58 to 102.65 in Australia, active buying of yen crosses knocked price down to 102.07 in European morning and then lower to 101.99 in New York morning. However, price pared intra-day losses and recovered to 102.27 near New York closing.

Cable moved sideways in Asia and then rose above last Friday's high of 1.6418 to 1.6428 ahead of European opening. Price later dropped to 1.6384 on cross-selling of sterling versus yen and euro in European morning and then moved around 1.6400 level for rest of the day.

In other news, EU's economic chief Olli Rehn says 'ECB still has big bazooka with plenty of ammunition after German court ruling; appropriate that an EU court should have final says over ECB as an EU institution; ECB should take decisions to ensure it meets its inflation target, better supporting euro zone economy; current 0.8% euro zone inflation is "quite far from ECB's self-set target".'

Posted by: acetraderforex Feb 13, 2014, 02:56 AM

smile.gif AceTraderFX Feb 13: The single currency weakens after ECB official comments


Market Review - 12/02/2014 21:03GMT

The single currency weakens after ECB official comments

The euro fell sharply against the dollar on Wednesday after a senior European Central Bank official said the bank is seriously considering negative deposit rates. ECB Executive Board member Benoit Coeure said that '"the status of the OMT is not changed" after German court decision; OMT is ready to be used but it is highly unlikely it would be needed at the moment; ECB is considering negative deposit rate "very seriously"; but you should not expect too much of "it"; don't see deflation in the euro zone, see inflation slowly rising back to 2%; there is a risk of another wave of bank deleveraging after the AQR.'

During the day, although euro traded sideways in Asia on Wednesday and then bounced briefly to 1.3653 in European morning, active cross-selling of euro versus yen and sterling capped intra-day gain there and the single currency later tumbled after ECB official negative deposit rate talk
before staging a stabilizing to as low as 1.3563 in New York morning before recovering.

Despite cable's brief drop from 1.6475 to 1.6425 in early European trading, the British pound rallied again the dollar to a near 2-week high of 1.6558 after the Bank of England outlined a new forward guidance policy and upgraded its forecast for economic growth this year. Later, profit-taking pressured price down to 1.6511 before another round of fresh buying lifted price higher to as high as 1.6600 in New York.

Bank of England indicated that it will keep interest rates on hold at record lows of 0.5% for at least another year, despite upgrading the U.K. economic growth forecast for 2014 to 3.4% from 2.8%. The bank outlined new forward guidance, saying that it will not raise rates until the spare capacity in the U.K. economy has been fully absorbed, which it does not see happening until 2015. BoE Governor Mark Carney said the U.K. unemployment rate has fallen much faster than the bank anticipated, and will hit the initial 7% threshold 'in the spring'. In the six months since forward guidance was implemented the U.K. unemployment rate has fallen to 7.1% from 7.8%.

Versus the Japanese yen, dollar met renewed selling just below Tuesday's high of 102.71 in Australia and price fell from 102.68 to 102.42 in Asia and then further to 102.22 ahead of New York open due to active cross-buying in yen versus other currencies. Later in the day, price recovered to 102.60 in New York before trading sideways.

In other news, European Central Bank Governing Council member Ardo Hansson said 'There is no risk of deflation in the euro zone at present and it would take "a major shock" to the bloc's economy to create such a risk.' European Commission, U.S. CFTC say made significant progress on harmonizing new rules for trading swaps. ECB's Noyer says 'euro's strength is "curious" given that Eurozone's recovery is lagging the U.S.'


Data to be released on Thursday:

Japan's domestic CGPI, U.K. RICS house price balance, Australia's employment change and unemployment rate, Germany's CPI, U.S. retail sales and initial jobless claims.

Posted by: acetraderforex Feb 17, 2014, 02:42 AM

smile.gif AceTraderFx Feb 17: Euro strengthens versus dollar on Friday after upbeat German &..


Market Review[/B] - 14/02/2014 18:35GMT

Euro strengthens versus dollar on Friday after upbeat German and French GDP

The single currency strengthened against the dollar and rose to a fresh 2-1/2 week at 1.3715 on Friday after release of upbeat German and French economic growth data, while recent disappointing U.S. economic reports still weighed on demand for the greenback.

Despite euro's sideways trading below Thursday's high of 1.3692 in Friday's Asian session, price rebounded from 1.3674 and then rose to 1.3713 after better-than-expected German and French GDP in Europe and then marginally higher to 1.3715. However, lack of follow through buying prompted profit-taking and the single currency later retreated to 1.3683 in thin New York morning.

Preliminary data showed that German GDP rose 0.4% in the fourth quarter, exceeding expectations for a 0.3% expansion, and after a 0.3% rise in the 3 months to September. A separate report showed that French GDP expanded by 0.3% in the last quarter, compared to expectations for a 0.2% rise, after a 0.1% contraction in the third quarter.

Versus the Japanese yen, although dollar rose briefly to 102.40 in Asia after the announcement on implementation of Japan's stimulus program, active cross-buying in yen knocked price down to 101.57 before recovering to 101.99 in European morning. Later, dollar chopped inside the range of 101.57-101.99 for rest of the day.

Japan's ministry of finance said that 70% of country's JPY 5 trillion stimulus will be implemented by the end of June and 90% by end of September.

Cable found support at 1.6644 ahead of European morning and continued its recent rally after the Bank of England revised up its U.K. economic growth forecast for 2014 to 3.4% from 2.8% on Wednesday. Price rallied above Thursday's 2-1/2 year peak at 1.6675 to 1.6718 in European midday and then further to 1.6731 before easing.

On the data front, U.S. official data showed that U.S. industrial production fell 0.3% in January, compared to expectations for a 0.2% rise, after a 0.3% increase the previous month. Later, the University of Michigan said its consumer sentiment index remained unchanged at 81.2 this month, higher than expectations for a fall to 80.6.

In other news, RBA Assistant Governor Christopher Kent told the Committee for Economic Development of Australia in Sydney on Friday that the decline in the Australian dollar over the past year may lead to balanced growth. "The Bank has noted for some time that lower levels of the exchange rate, if sustained, will assist in achieving balanced growth in the economy and bring about a quicker return to trend growth,” he said while adding that, “it will also add a little to inflation, for a time.”

Bundesbank President Jens Weidmann said 'the Bundesbank feels encouraged by the decision of Germany's top court to ask the European Court of Justice whether a key European Central Bank crisis-fighting programme is compatible with EU law.' Weidmann said 'Germany's Constitutional Court broadly shared the German central bank's concerns in its decision last week to refer the complaint against the ECB's bond-purchase programme to the European court.'

Posted by: acetraderforex Feb 18, 2014, 03:10 AM

smile.gif AceTraderFx Feb 18: Euro climbs to 3-week high in subdued trade on Monday


Market Review - 17/02/2014 22:51GMT

Euro climbs to 3-week high in subdued trade on Monday

The single currency rose to a fresh 3-week high at 1.3724 against the dollar on Monday, as Friday's better-than-forecast data on euro zone fourth quarter growth continued to underpin demand for the common currency, however, price later eased to 1.3693 in quite North American session as some investors took profit due to U.S. Presidents Day holiday.

Versus the Japanese yen, although dollar dropped initially below Friday's low at 101.57 to 101.39 at Tkyo open after official data showed that Japan's gross domestic product expanded 0.3% in the final three months of 2013 and grew 1.0% on a year-over-year basis, cross-selling of yen due to rebound in Nikkei index lifted price higher to 101.99 in European morning. Later, price moved in a narrow range of 101.83-101.99 for rest of the day.

Although cable continued its recent ascent in Asia on Monday and rallied to a fresh 4-year peak at 1.6823, lack of follow through buying and broad-based long liquidation of sterling pressured price lower to 1.6767 ahead of European open. Later, cable dropped further to 1.6720 and then 1.6694 in quite North American session.

On the data front, Rightmove said on Monday that the average selling price for houses in the U.K. was up 3.3% in February, from a 1.0% hike in January. On an annual basis, house prices spiked 6.9%, from an annual rate of 6.3% in January, the largest annual jump since February 2007.

In other news, ECB Governing Council member Ewald Nowotny said in London on Monday that 'ECB is not fulfilling its price stability goal; inflation forecast may show 2015 inflation may be below 2%; there might be good argument to wait and see on interest rates; ECB's OMT bond-buying programme "not that relevant" anymore because of improved European situation; negative deposit rate is one possible policy element but no decision made; sees improvements in real economy, need to discuss link to inflation rates.'

Data to be released on Tuesday:

Australia RBA minutes, Japan machinery tool orders, Italy trade balance, EU current account, UK CPI, RPI, Germany ZEW current situation, ZEW survey expectations, U.S. empire manufacturing, net long-term TIC flows, total net TIC flow and NAHB housing market index.

Posted by: acetraderforex Feb 18, 2014, 04:08 AM

smile.gif AceTraderFx Feb 18: Daily Market Outlook on Major - EUR/USD


DAILY MARKET OUTLOOK EUR/USD - 1.3701
Update Time: 18 Feb 2014 00:54 GMT

The single currency's sideways trading after yesterday's resumption of rise from February's 2-month low at 1.3477 to 1.3724 suggests consolidation with upside bias would be seen and above aforesaid resistance would extend gain towards daily objective at 1.3740, however, near term loss of momentum would prevent strong rise above there and yield retreat later this week.

On the downside, only a daily close below support at 1.3657 would indicate a temporary top has been made and risk retracement towards 1.3637.

Posted by: acetraderforex Feb 19, 2014, 03:13 AM

smile.gif AceTraderFx Feb 19: Euro strengthens broadly and hits a fresh 1-1/2 month high against the dollar


Market Review - 18/02/2014 22:05GMT

Euro strengthens broadly and hits a fresh 1-1/2 month high against the dollar

The single currency rose broadly on Tuesday and rose to a fresh 1-1/2 month peak at 1.3770 against the dollar due to active cross-buying of euro, although a report showed that German economic sentiment deteriorated in January due to concerns that the economic recovery in the U.S. could lose momentum.

The ZEW Centre for Economic Research said that its index of German economic sentiment came in at 55.7 in February, down from 61.7 in January. Meanwhile, a separate report showed the current conditions index improved to 2-1/2 year highs of 50.0 this month from 41.2 in January.

During the day, despite euro's sideways trading below Monday's high of 1.3724 in Asia, renewed weakness in greenback lifted price to 1.3734 near European midday and the single currency later rallied to fresh 1-1/2 month peak at 1.3770 on active buying in euro crosses in New York morning before easing.

Versus the Japanese yen, although dollar staged a brief drop from 102.17 to 101.77 in Asian morning on Tuesday, price swiftly rallied to 102.74 after the Bank of Japan kept rates on hold, but extended a bank lending scheme in an attempt to boost the effectiveness of its monetary stimulus program. Later, profit-taking pressured price to 102.31 in European morning and then 102.24 in New York session.

Bank of Japan kept its monetary policy steady by unanimous vote on Tuesday and stated 'board turns down by 8-1 vote a proposal by Kiuchi to make 2% inflation target a medium-term goal; economic assessment unchanged, economy continues to recover moderately; improvement in job market and incomes have continued; exports have generally been picking up; domestic and external demand is increasing moderately; can see front loading in demand ahead of sales tax hike; inflation expectations appear to be rising on the whole.' The central bank is however likely to scale up its low-interest loan program for commercial banks that are investing in growth-oriented sectors. It may also extend the deadline for applying for the loans by one or two years.

Cable traded in a choppy fashion on Tuesday, despite a briefly rise to 1.6741 ahead of European open, release of lower-than-expected U.K. consumer price index reinforced the view that the Bank of England is unlikely to raise interest rates any time soon and triggered broad-based selling in sterling. Price extended fall from Monday's 4-year peak at 1.6823 to 1.6655 in European morning but climbed back to 1.6708 and then 1.6728 in New York morning.

Data showed that consumer price inflation in the U.K. fell back below the Bank of England’s 2% target for the first time since November 2009 in January. U.K. consumer prices fell 0.6% in January from a month earlier, while core CPI, which excludes food, energy, alcohol, and tobacco costs rose 1.6% in January, slowing from 1.7% in December.

On the data front, U.S. Fed's Empire state index came in at 4.48, much lower than economists' forecast of 8.5.

In other news, RBA released its February minutes and said ' period of stability in interest rates likely most prudent course; RBA board saw further signs policy stimulus was having its intended effects; RBA board felt Q4 inflation figures likely contained “some noise”, as well as signal; inflation puzzle could also reflect lower A$, lag in impact from slower wages; lower A$, if sustained, would be expansionary for economy; leading indicators of employment had stabilized, but pointed to only moderate growth; board recognized that labour market conditions tended to lag economic growth; recent data more positive on consumption, home building, business conditions and exports; liaison suggested retail sales through Christmas were reasonably good; possible household consumption could outpace income thanks to house, equity prices; reasonable prospects that growth in major trading partners would pick up in 2014; board noted conditions in some emerging markets had become more unsettled.'

Data to be released on Wednesday:

Australia conference board leading index, Japan leading index, UK BoE minutes, claimant count, ILO unemployment rate, U.S. housing starts, building permits and PPI.

Posted by: acetraderforex Feb 20, 2014, 03:06 AM

smile.gif AceTraderFx Feb 20: Euro eases from a fresh 6-week peak against the dollar on Wed


Market Review - 19/02/2014 21:43GMT

Euro eases from a fresh 6-week peak against the dollar on Wednesday

Although the single currency rose marginally above Tuesday's high at 1.3770 to 1.3773 shortly after Asian opening on Wednesday, cross-related selling of euro especially versus Japanese yen pressured price lower to 1.3739 in New York morning before rebounding. Later, euro fell briefly to 1.3725 after the release of FOMC minutes that suggested policymakers would keep up the pace of a withdrawal of monetary stimulus.

Dollar retreated versus yen after meeting renewed selling interest at 102.42 in Australia and the pair continued to edge lower in early European trading on active cross-buying of yen due to falling Nikkei futures. Price dropped further to 101.84 in New York morning and then rebound to 102.47 after the release of FOMC minutes.

Bank of Japan released its monthly economic report, which stated 'prices are rising moderately, first such description since Oct 2008; overall economic view unchanged, economy recovering moderately; rises view on exports; raises view on employment situation.'

Despite cable's brief rise to 1.6734 in European morning, the pair retreated sharply to 1.6662 after data showed that the U.K. unemployment rate unexpectedly ticked higher in the three months to December. Cable eventually fell to 1.6637 ahead of New York open but short-covering emerged and lifted price back to 1.6725 in late New York.

The Office for National Statistics said on Wednesday that the rate of unemployment in the U.K. ticked up to 7.2% in the three months to December from 7.1% in the previous three months. A separate report showed the claimant count fell by a seasonally adjusted 27,600 last month, compared to expectations for a decline of 20,000 people. December's figure was revised to a drop of 27,700 people from a previously reported decline of 24,000.

Bank of England released its February's meeting minutes and stated 'Carney did not ask MPC vote on new forward guidance policy on Feb 6; MPC judged there was scope to absorb spare capacity before raising rates, rates rises would be gradual; note FX strategists attribute recent sterling appreciation to stronger U.K. demand outlook; past month's news strengthens sense of momentum in U.K. economy, see 0.9% Q1 growth, similar in Q2; upside news about euro zone periphery must be balanced against heightened risks from emerging economies; CPI to be lower than expected due to sterling appreciation, low global inflation pressures, fading one-off effects; strong short-term bounce in productivity unlikely, but normalizing banking sector may help; MCP voted 9-0 to keep QE bond purchase total at 375 bln pounds; MPC voted 9-0 to keep rates at 0.5%.'

On the data front, U.S. showed that the number of building permits issued last month declined by 5.4% to a seasonally adjusted 937K units from December's total of 991K, while housing starts plunged by 16% in January to hit a seasonally adjusted 880K units from December's total of 1.048 million.

FOMC minutes stated 'several Federal Reserve policymakers wanted to drive home the idea that their asset-purchase program would be trimmed in predictable, $10-billion steps unless the economy's performance surprises them.' Beyond the expected cut to bond buying, the Fed at the meeting made no changes to its other main policy plank: its pledge to keep interest rates low for some time to come.

Data to be release on Thursday:

New Zealand PPI, consumer confidence, Japan trade balance, imports, exports, China manufacturing PMI, Germany PPI, manufacturing PMI, services PMI, France CPI, manufacturing PMI, services PMI, EU manufacturing PMI, services PMI, UK CBI trends, U.S. CPI, jobless claims, manufacturing PMI, Philly Fed survey and leading index.

Posted by: acetraderforex Feb 21, 2014, 02:40 AM

smile.gif AceTraderFx Feb 21: Euro weakens on Thursday after weak PMI data


Market Review - 20/02/2014 21:17GMT

Euro weakens on Thursday after weak PMI data

The single currency dropped against the dollar on Thursday after data showed that private sector activity in the euro area slowed in February. Euro dropped from Asian high of 1.3763 to as low as 1.3686 after the disappointing PMI reports before stabilizing. Later, the pair climbed back to 1.3729 in New York morning and then traded sideways in New York afternoon.

The French manufacturing PMI fell to a two month low of 48.5, while the nation's services PMI fell to a nine-month low of 46.9. Meanwhile, Germany's manufacturing PMI slowed to 54.7 from 56.5 in January, while the country's services PMI rose to 55.4 this month from 53.1 in January. Later, a separate report showed that the euro zone's manufacturing PMI fell to a two-month low of 53.0 from 54.0 in January, compared to expectations for an unchanged reading.

Dollar fluctuated wildly against the yen on Thursday, although the safe haven yen was boosted after data showed that the preliminary reading of China's HSBC manufacturing index fell to a seven month low of 48.3 this month, down from 49.5 in January and usd/jpy fell fm Asian high of 102.40 to 101.67 in European morning, renewed buying lifted price from there and dollar later rose to 102.42 in New York morning after reports showed that U.S. jobless claims fell last week, U.S. consumer prices rose broadly in line with forecasts in January, and U.S. manufacturing PMI expanded at the fastest pace this month since May 2010.

U.S. consumer prices rose 1.6% on a year-over-year basis in January, in line with expectations. Consumer prices were 0.1% higher from a month earlier, also matching forecasts. The number of people who filed for unemployment assistance in the U.S. last week fell by 3,000 to 336,000, slightly below expectations for a decline of 4,000.

Market research group Markit said that its preliminary U.S. manufacturing PMI increased to 56.7 in February from a final reading of 53.7 in January.

Cable moved closely with euro and dropped from Asian high of 1.6995, price briefly penetrated Wednesday low at 1.6637 to 1.6635 in European morning but active cross-buying of sterling limited intra-day losses there. Later, cable was lifted to 1.6700 in New York morning and moved in a choppy fashion for rest of the session.

In other news, BoJ board member Morimoto said on Thursday that 'Japan economic growth to exceeding potential despite impact of sales tax hike; important to average out swing caused by sales tax hike when making policy decision; Japan's economy is steady making progress towards 2% inflation target; needs to monitor impact of Fed tapering on capital flows n real economy; JGB yields may rise in a way derivating from economic fundamentals n trust in Japan's finances is lost.'

Data to be release on Friday:

UK retail sales, public sector net borrowing, Canada CPI and U.S. existing home sales.

Posted by: acetraderforex Feb 24, 2014, 03:06 AM

smile.gif AceTraderFX Feb 24: Euro strengthens against the dollar after disappointing US home sales data


Market Review - 21/02/2014 21:06GMT

Euro strengthens against the dollar after disappointing U.S. home sales data

The single currency rose against the dollar on Friday after the release of disappointing U.S. existing home sales data which fell sharply to the lowest level in more than a year in January, the latest sign that the housing market in U.S. is buckling under higher mortgage rates and harsh winter.

During the day, although the single currency retreated after staging a brief jump to 1.3725 in Asia, renewed buying limited intra-day losses to 1.3702 and price later rallied to 1.3759 in New York morning after disappointing U.S. exiting home sales data but profit-taking knocked price to 1.3720 b4 recovering.

According to the National Association of Realtors, U.S existing home sales fell by 5.1% to a seasonally-adjusted annual rate of 4.62 million in January from 4.87 million in December, the lowest level since July 2012, when it stood at 4.59 million.

Versus the Japanese yen, dollar rose above Thursday's high of 102.43 to 102.71 in Asia after the BOJ monetary policy meeting minutes highlighted worries over the health of emerging economies together with the release of Japan's record trade deficit but cross-buying of yen knocked price down to 102.34 in European morning. Later, the pair rose again on renewed cross-selling on yen and the pair penetrated Tuesday's high of 102.74 to a fresh 2-week high at 102.83 in New York morning before easing.

Bank of Japan on Friday released the minutes of the meeting held on Jan. 21-22 and noted that, 'with regard to the emerging and commodity-exporting economies, many members said that the developments in these economies, some of which we're facing structural problems such as current account deficits, continued to warrant attention together with developments in the global financial markets.'

Cable fluctuated wildly on Friday as despite falling from Asian high at 1.6686 to a fresh 1-week low at 1.6610 in European morning after downbeat U.K. retail sales, price swiftly rallied to 1.6690 on short-covering. Later, cable retreated to 1.6656 but only to rally to 1.6725 in New York on dollar's broad-based weakness (except versus yen) after worse-than-expected U.S. existing home sales data before falling sharply to 1.6613 in New York trading.

Official data showed that U.K. retail sales dropped 1.5% in January, more than the expectation of 1% decline. Retail sales in December were revised down to a 2.5% increase from a previously estimated 2.6% gain. On a yearly basis, U.K. retail sales rose 4.3% last month, compared to expectations for a 5% increase, after a 5.3% advance in December.

A separate report showed that public sector net borrowing in the U.K. dropped by 6.4 billion pounds in January, confounding expectations for a 9 billion pounds decline. Public sector net borrowing for December was revised down to a 9 billion pounds increase from a previously estimated 10.4 billion pounds jump.

The Sydney G20 Finance Ministers and Central Bank Governors meeting will be held over the weekend of 22-23 February 2014, with the main meeting being held on the Sunday. Australia Treasurer Joe Hockey said earlier on Wednesday that 'Australia will use its presidency of the Group of 20 advanced and emerging economies to push for agreements on strengthening global growth and to generate ideas on funding public infrastructure.'

Data to be released next week:

UK house prices, Germany Ifo business climate, current assessment, expectations, import price index and EU CPI on Monday.

Germany GDP, exports, imports, Italy retail sales, consumer confidence, UK CBI trends, U.S. house price index and consumer confidence on Tuesday.

Germany Gfk consumer confidence, UK exports, imports, GDP, U.S. mortgage applications and new home sales on Wednesday.

New Zealand trade balance, exports, imports, Swiss GDP, France consumer confidence, Germany unemployment, CPI, HICP, EU economic confidence, consumer confidence, Canada current account, U.S. durable goods and jobless claims on Thursday.

Japan manufacturing PMI, jobless rate, CPI, industrial production, retail sales, housing starts, construction orders, UK Gfk consumer confidence, France PPI, Swiss KOF indicator, Italy unemployment rate, EU unemployment rate, Canada GDP, U.S. GDP, personal consumption, core PCE, pending home sales and U. of Michigan consumer confidence on Friday.

Posted by: acetraderforex Feb 24, 2014, 03:30 AM

smile.gif AceTraderFX Feb 24: Euro strengthens against the dollar after disappointing US home sales data


Dublicated posting wink.gif

Posted by: acetraderforex Feb 25, 2014, 03:06 AM

smile.gif AceTraderFx Feb 25: Dollar rises broadly Monday on safe haven demand


Market Review - 24/02/2014 21:25GMT

Dollar rises broadly Monday on safe haven demand

The dollar strengthened against other major currencies on Monday as safe haven demand increased after data showed that Chinese home prices fell for the first time in 14 months in January and added to fears that the world's second largest economy is slowing as the government tries to tackle bad loans and weak lenders.

During the day, although euro rose to a session high of 1.3772 after reports showed German business confidence rose more than expected this month, investors shrugged off the upbeat data and long-liquidation in 'delayed' reaction to 'negative' deposit rate comments by ECB Visco pressured price below New Zealand bottom at 1.3729 to a fresh session low of 1.3709 in New York morning before rebounding.

Ifo German business climate index came in at 111.3 in February, the highest level since mid-2011, up from 110.6 in January, meanwhile, the future expectations component of the index ticked down to 108.3 from 108.9 in January, but was ahead of expectations for a decline to 108.1. A separate report showed that the annual rate of euro zone inflation came in at 0.8% in January, unchanged from the previous month and slightly higher than the preliminary estimate for 0.7%.

ECB Goverrning Council member Ignazio Visco (also Governor of Bank of Italy) said on Monday that 'if needed, we're ready to consider negative deposit rate, Danish experience with this was not bad.'

Versus the Japanese yen, dollar dropped extended losses from Friday's near 3-week high of 102.83 to 102.17 in Asia but traded higher in European session due to the rebound in Nikkei futures. Later, dollar rose to 102.61 in New York morning on dollar's broad-based firmness before easing.

Cable fluctuated wildly on Monday, despite a brief selloff below last Friday's low at 1.6610 to 1.6598 in European morning, lack of follow-through selling lifted price from there and price later rebounded strongly to 1.6679, helped buy active cross-buying of sterling. Later, dollar's broad-based firmness knocked price down to a fresh near 2-week low at 1.6583 in New York morning before rebounding to 1.6670 in late New York.

News over the weekend worth noting, Bloomberg reported Bank of England Governor Mark Carney on the sidelines of the weekend G20 meeting, gave an interview with Australian newspapers published Sun and said a new phase of forward guidance is intended to give assurance that officials will support the economic rebound. He said 'we will not take risks with the recovery,' and 'we are going to set the path of monetary policy in a way that ensures that we see sustainable growth in jobs n incomes n in spending.' Carney said the revised framework for forward guidance that he introduced earlier this month reflects the necessity for a 'more complex set of judgments' than was needed in the first phase, where there was a link to the unemployment rate. The bank changed its approach after the jobless rate fell faster than officials had forecast toward the 7% threshold for considering an interest-rate increase.

Data to be release on Tuesday:

Germany GDP, exports, imports, Italy retail sales, consumer confidence, U.K. CBI trends, U.S. house price index and consumer confidence.

Posted by: acetraderforex Feb 26, 2014, 03:21 AM

smile.gif AceTraderFx Feb 26: Dollar trades mixed against other major currencies after comments from Fed's top regulator


Market Review - 25/02/2014 21:32GMT

Dollar trades mixed against other major currencies after comments from Fed's top regulator

Although data showed that U.S. consumer confidence deteriorated in February on Tuesday, dollar rose from session lows versus other major currencies as comments from Fed's Daniel Tarullo prompted broad-based buying in greenback.

Fed's Board Governor Daniel Tarullo said on Tuesday that 'monetary policy a possible tool to deal with broad, sustained systemic risk; current financial risks do not warrant change to policy, cites high-yield corporate bonds, leveraged loans as risky areas; ad hoc supervisory actions have their limitations; supervisory tools, refinements to policy can reduce need to tighten in face of systemic risk; urges better framework to judge tradeoffs between financial stability, reduced economic activity; incorporating financial stability into monetary policy does not require new mandate; possible that interest rates will remain historically low for some time after Fed starts to raise them.'

During the day, the single currency moved narrowly above Asian low at 1.3729 in early trading on Tuesday and then rose to 1.3763 in European morning after data confirmed Germany's economy expanded in Q4. Later, euro edged marginally higher to 1.3767 in New York morning after European Commission revised up its growth forecast for the euro zone this year but lack of follow through buying prompted long liquidation and price retreated sharply to 1.3715 due to comments from the Federal Reserve's top regulator before stabilizing.

European Commission revised up its growth forecast for the euro zone to 1.2% this year, up from 1.1% in November, but cut its inflation forecast for 2014 to 1% from 1.5% in November and warned that debt levels in several countries will continue to climb.

Earlier, official data confirmed that Germany's economy grew 0.4% in the fourth quarter and expanded 1.3% on a year-over-year basis as strong overseas demand bolstered exports.

Versus the Japanese yen, the greenback rose briefly to 102.63 shortly after Asian opening but cross-buying of yen on risk aversion due to a sharply decline in China's yuan pressured price lower to 102.22 in European morning. Later, price fell further to 102.01 in New York morning after release of weaker-than-expected U.S. February consumer confidence before recovering.

The Conference Board reported that its consumer confidence index declined to 78.1 in February, down from 79.4 in January, amid concerns over the short-term outlook for business conditions, jobs, and earnings.

Cable found support at 1.6646 in Asian morning and price later rose above Monday's high of 1.6679 to 1.6707 in European morning after reports showed stronger than forecast data on U.K. mortgage approvals and retail sales. Later, the British pound rose to 1.6724 in New York morning and then retreated sharply to 1.6642 on dollar's broad based rebound before rising to another session high of 1.6728.

The British Bankers Association on Tuesday showed that mortgage approvals rose 57% in January from a year earlier to 49,972, hitting a 76-month high. A separate report by the Confederation of British Industry said U.K. retail sales rose at the fastest rate since June 2013 in February. The CBI distributive trades survey rose to 37, up from 14 in January and well ahead of forecasts for an uptick to 15.

Data to be released on Wednesday:

Germany Gfk consumer confidence, UK exports, imports, GDP, U.S. mortgage applications and new home sales.

Posted by: acetraderforex Feb 27, 2014, 02:47 AM

smile.gif AceTraderFx Feb 27: Dollar rises broadly after the release of robust U.S. new home sales data


Market Review - 26/02/2014 20:32GMT

Dollar rises broadly after the release of robust U.S. new home sales data

The greenback rose against major currencies on Wednesday due to the upbeat U.S. new home sales data, shrugging off the Tuesday's poor consumer confidence data. Investors turned their attention to testimony by Federal Reserve Chair Janet Yellen on Thursday.

Official data showed that U.S. new home sales rose unexpectedly in January, surged by 9.6% to a seasonally adjusted 468,000 units last month, highest since July 2008. New home sales in December were revised up to 427,000 units from a previously reported 414,000 units.

Although the single currency rose to a session high of 1.3757 in European morning after data showed that Germany's forward looking Gfk consumer sentiment index ticked up to a seven-year high of 8.5 for March from 8.3 in February, cross-selling in euro knocked price down ahead of New York open and price later tumbled to 1.3662 in New York morning before staging a recovery.

Dollar traded sideways against the Japanese yen after a brief rise to 102.41 in Asia but active cross-buying of yen versus other currencies capped intra-day gains there. The greenback dropped to 102.11 in New York morning and later rose to 102.61. Eur/jpy, aud/jpy and gbp/jpy crosses all fell sharply from 140.79 to 139.66, from 92.37 to 91.60 and from 170.95 to 169.97 respectively on Wednesday before stabilizing.

Although cable traded sideways in Asia and then staged a brief rebound from 1.6661 to 1.6702 in European morning after data confirmed that the rate of fourth quarter economic growth in the U.K. was unrevised at 0.7%, but the annual rate of growth was revised slightly lower.

Two members of the Bank of England's monetary policy committee reiterated that the bank is planning to keep rates on hold for some time limited intra-day upside potential there and the British pound later dropped in New York morning on dollar's broad-based strength to 1.6622.

David Miles said recent falls in inflation meant there was less pressure to raise borrowing costs, while the bank’s chief economist Spenser Dale said it was not planning to raise rates any time soon. While Broadbent said 'BoE is not giving time specific guidance on when rates will rise; too much focus on specific date of when rates will rise first; timing of first interest rate rise has little bearing on average rate over next 5 years.'

In other news, Boston Federal Reserve Bank President Eric Rosengren said in remarks prepared for delivery to the Boston Economic Club that 'the recent drop in the U.S. unemployment rate overstates the health of the labor market and should not trigger any speedy reduction in the Federal Reserve's super-easy monetary policy; the high number of part-time workers who would rather work full-time, the still-high unemployment rate, and very low inflation suggest significant "slack" in labor markets and "call for a very patient approach to removing monetary policy accommodation, particularly given the softness in recent economic data.'

Data to be released on Thursday:

New Zealand trade balance, exports, imports, Swiss GDP, France consumer confidence, Germany unemployment, CPI, HICP, EU economic confidence, consumer confidence, Canada current account, U.S. durable goods and jobless claims.

Posted by: acetraderforex Feb 28, 2014, 02:48 AM

smile.gif AceTraderFx Feb 28: Dollar pares gains after mixed U.S. economic reports


Market Review - 27/02/2014 23:16GMT

Dollar pares gains after mixed U.S. economic reports

The greenback backed off from session highs against other euro and pound on Thursday as data showed the number of people who filed for unemployment assistance in the U.S. last week rose more than expected, while a separate report said U.S. orders for long lasting manufactured goods fell less than expected in January. Fed Chair Yellen's prepared testimony to senate panel on Thursday was identical to testimony delivered to house of representatives on Feb 11.

U.S. Labor Department said the number of individuals filing for initial jobless benefits rose by 14,000 to 348,000 from the previous week's total of 334,000. Market had expected a decrease of 1,000.

Meanwhile, the Commerce Department reported that durable goods orders declined by a seasonally adjusted 1% last month, compared to expectations for a 1.7% drop, while core durable goods orders, excluding volatile transportation items, rose 1.1% in January, the largest increase since May, confounding forecasts for a 0.3% decline.

During the day, although the single currency recovered to 1.3696 in Asia after Wednesday's sharp decline from 1.3757 to 1.3662, active cross-selling in euro on risk aversion due to rising geo-political tensions in Ukraine capped intra-day gain there and knocked price down to 1.3643 in European morning. Euro recovered to 1.3687 in New York morning on dollar's broad-based softness after release of mixed U.S. economic data before easing, the pair later rose to 1.3727 b4 easing.

Versus the Japanese yen, dollar edged lower after meeting renewed selling at 102.44 in Asia and then tanked to 101.72 in European morning on active cross-buying in yen versus other major currencies. Later, investors bought back the greenback to 102.21 in New York morning on short-covering and then traded in a choppy fashion for rest of the session.

Cable traded in a mixed tone on Thursday. Despite early retreat from Asian high of 1.6683 to 1.6617 in European morning on risk aversion due to geopolitical tensions between Russia and Ukraine, price staged a rebound to 1.6699 in New York morning on active cross-buying in sterling together with dollar's broad-based softness before moving sideways in thin New York afternoon.

In other news, Fed Chair Yellen said later in the day, 'since my appearance before last committee some data has been softer; hard to say how much due to weather; we will be attentive to signals on whether recovery is progressing in line with expectations.'

Data to be release on Friday:

Japan manufacturing PMI, jobless rate, National CPI, Toyko CPI, industrial production, retail sales, housing starts, construction orders, UK Gfk consumer confidence, France PPI, Swiss KOF indicator, Italy unemployment rate, EU unemployment rate and CPI, Canada GDP, U.S. GDP, personal consumption, core PCE, pending home sales and U. of Michigan consumer confidence.

Posted by: acetraderforex Mar 3, 2014, 02:49 AM

smile.gif AceTraderFx Mar 3: Euro rallies on eurozone inflation & downward revised US GDP data


Market Review - 28/02/2014 21:26GMT

Euro rallies on eurozone inflation and downwardly revised U.S. GDP data

The single currency rallied from 1.3694 to as high as 1.3825 in New York after the release of eurozone inflation data and downwardly revised U.S. economic growth for the fourth quarter.

Eurozone CPI unexpectedly held steady this month as eurozone Feb inflation estimated came in at 0.8% y/y versus economists' forecast of 0.7%. Euro zone Feb CPI core was 1.0% y/y, higher than previous reading of 0.8%. Euro zone unemployment rate unchanged at 12.0% in January. The inflation cooled expectations the European Central Bank might ease monetary policy as early as next week. The single currency rallied from Asian low at 1.3694 to as high as 1.3825 before retreating briefly in late New York.

The greenback fluctuated wildly against the Japanese yen on Friday. Renewed selling interest at 102.20 ahead of Asian open pressured the pair lower n price dropped to as low as 101.55, weighed down by the decline in the Nikkei futures. However, active short-covering on the rebound in Asian stock markets lifted the pair. Dollar rose strongly to 102.30 in NY after the release of U.S. economic data. Chicago PMI came in at 59.8 in Feb versus 59.6 in Jan whilst U.S. University of Michigan consumer sentiment index final Feb was 81.6 versus prelim. reading of 81.2.

U.S. dollar nose-dived to 101.67 in late New York due to the brief but strong retreat in U.S. stock markets together with rising geopolitical tensions in Ukraine as Ukraine's acting president accused Russia of open aggression and said Moscow was following a similar scenario to the one before it went to war with Georgia in 2008.

The British pound also fluctuated wildly on Friday. Cable rose from 1.6677 to 1.6769 in tandem with euro after the release of eurozone inflation data, however, profit-taking knocked price lower to 1.6684 before rebounding to 1.6764 in New York.

In other news, Chicago Fed President Charles Evans told an audience of economic heavyweights in New York that 'the Federal Reserve's best bet for returning the United States to full employment and 2-percent inflation is to clearly and repeatedly state those goals and even be willing to overshoot them to get there quickly; under Fed Chairman Ben Bernanke, the Fed has used massive bond-buying programs and a promise to keep rates low as effective tools to provide monetary policy accommodation despite having already slashed the main policy rate to near zero.'

Data to be released next week:

Australia new home sales, China non-manufacturing PMI, HSBC manufacturing PMI, UK hometrack housing survey, house prices, manufacturing PMI, mortgage approvals, Swiss manufacturing PMI, Italy manufacturing PMI, France manufacturing PMI, Germany manufacturing PMI, EU manufacturing PMI, U.S. personal income, personal spending, PCE, manufacturing PMI, ISM manufacturing and construction spending on Monday.

Australia building approvals, RBA rate decision, EU PPI and U.S. ISM New York on Tuesday.

Australia GDP, China HSBC services PMI, UK shop price index, Italy services PMI, France services PMI, Germany services PMI, EU services PMI, GDP, U.S. ADP employment, ISM non-manufacturing and Canada BoC rate decision on Wednesday.

Australia trade balance, retail sales, Germany factory orders, UK BoE rate decision, EU ECB rate decision, Canada building permits, U.S. labor cost, productivity, initial jobless claims and factory orders on Thursday.

Japan leading index, Swiss unemployment rate, CPI, France trade balance, Italy PPI, Germany industrial production, Canada unemployment rate, labor productivity, U.S. non-farm payrolls, private payrolls, unemployment rate and avg. hourly earnings on Friday.

Posted by: acetraderforex Mar 4, 2014, 08:17 AM

smile.gif AceTraderFx Mar4: Euro falls on risk aversion due to geopolitical tensions in Ukraine


Market Review - 03/03/2014 22:04GMT

Euro falls on risk aversion due to geopolitical tensions in Ukraine

The single currency fell against the dollar and the other major currencies on Monday as fears over the growing threat of war between Russia and Ukraine after Russian President Vladimir Putin's decision to send troops into the Crimea region over the weekend sparked a broad based selloff in assets perceived as risky.

Euro 'gap-down' opened in New Zealand on Monday after rising to a fresh 2-year peak at 1.3825 last Friday. Price fell to 1.3755 before rebounding to 1.3793 ahead of European opening on short-covering. Later, despite release of a mixed manufacturing PMIs from euro zone and its members countries, euro fell further versus dollar to 1.3726 in late New York on dollar's broad-based strength except versus the Japanese yen.

In euro zone, data on Monday confirmed that the region's manufacturing PMI declined to 53.2 in February from 54.0 in January. It was the first dip in five months, highlighting the fragile nature of the recovery in the euro area. Separate reports showed that the rate of decline in France's manufacturing sector eased in February, while activity in Germany's manufacturing sector rose for the eighth straight month.

Versus the Japanese yen, although dollar remained under pressure after opening lower from Friday's close of 101.80 to 101.32 in Monday's New Zealand due to broad-based buying of yen on risk aversion after Russian President Vladimir Putin's threat to invade Ukraine. Price briefly staged a short-covering rebound to 101.67 in Australia before falling further to 101.20 in Europe. Later, dollar climbed back to 101.57 after release of a slew of encouraging U.S. economic data in New York morning and then traded sideways in New York afternoon.

On the data front, U.S. personal income rose 0.3%, beating expectations for a 0.2% increase, after a flat reading in December. U.S. personal spending rose 0.4% in January, above expectations for an increase of 0.1%, however, December data was revised down to a 0.1% gain from a previously reported increase of 0.4%.

Cable traded in a choppy fashion on Monday. Although price moved closely with euro in Asia and rebounded from New Zealand low at 1.6710 to 1.6751, price retreated to 1.6698 (Reuters) in European morning and then rebounded to 1.6751 after data showed that the strong upswing in the U.K. manufacturing sector continued in February and more-than-expected mortgage approvals in January. Later, broad-based rebound in greenback pushed price lower again n cable nose-dived to 1.6652 in late New York after penetrating 1.6698 level.

The Markit U.K. manufacturing purchasing managers' index for February came in at 56.9, up from a revised 56.6 in January. Market had expected the index to tick down to 56.5. A separate report showed that the number of mortgages approved in the U.K. rose to 76,947 in February, the highest level since November 2007, from 72,798 in January.

In other news, ECB's President Mario Draghi gave testimony before the European Parliament's Committee on Economic and Monetary Affairs on Monday and said 'government bonds will be stressed according to stress parameters like all other assets in stress test; very important to reach swift conclusion on single resolution mechanism; financial linkages of Ukraine with euro zone are "rather small", economic impact likely to be limited; geopolitical dimensions of Ukraine could go beyond actual links of statistical numbers, must watch carefully; we have to find a way whereby the changes of our monetary policy will be passed to the real economy; start seeing some progress now in lending channels improving; funding for lending scheme is one of the instrument we could use; euro exchange is not our policy target, but it is important for price stability; premature to speculate about a debt relief for Greece, Greece should focus on programme implementation; looking at house price increases in some parts of euro zone with "great attention", too early to speak of bubble.'

Data to be released on Tuesday:

Australia building approvals, RBA rate decision, U.K. PMI construction, EU PPI and U.S. ISM New York.

Posted by: acetraderforex Mar 5, 2014, 02:53 AM

smile.gif AceTraderFx Mar 5: Yen weakens broadly on Tuesday as Ukraine-Russia tensions ease


Market Review - 04/03/2014 21:17GMT

Yen weakens broadly on Tuesday as Ukraine-Russia tensions ease

The Japanese yen fell broadly against other major currencies on Tuesday on improved risk appetite after Russian President Vladimir Putin indicated that the use of force in Ukraine would be a last resort and ordered troops engaged in military exercises close to Ukraine's borders to return to base, however, market sentiment remained fragile, with Russian forces still maintaining a military presence in Ukraine's Crimea region.

During the day, despite euro's initial fall below Monday's low at 1.3726 to 1.3718 in Asia on Tuesday, short-covering limited intra-day losses there and price later rebounded to 1.3774 in European morning on improved risk appetite. The single currency then climbed higher to 1.3782 in New York morning, helped by active cross-buying of euro versus yen and Swiss franc before retreating to 1.3726. Eur/jpy and eur/chf crosses rose from 139.28 to 140.53 and from 1.2126 to 1.2187 respectively.

U.S. dollar moved higher against the Japanese yen on Tuesday on active cross-selling in yen as concerns over the crisis in Ukraine eased. Price rose from Asian low at 101.20 to 101.95 in European morning and then further to 102.29 in late New York.

In other news, BOJ Kuroda said 'foreign investors haven't become downbeat on Japan cos; change in expectations helping to boost demand for funds; exit strategy from QE is extremely important; too early to discuss QE exit now; will act appropriately when exiting QE.'

Cable rose in tandem with euro on improved risk appetite and price rallied from Asian low at 1.6640 to 1.6717 in European morning and then retreated to 1.6670 after data showed that activity in the U.K. construction sector slowed in February. Later, cable climbed back to 1.6705 in New York morning and then chopped inside 1.6640-1.6717 for rest of the session.

Markit U.K. construction purchasing managers' index fell to 62.6 in February from a reading of 64.6 in January, the highest level since August 2007. Market had expected the index to fall to 63.2 last month. The report said heavy rain and flooding in parts of the country had contributed to softer construction output growth in February, especially in house building.

In commodity currency, the Australian dollar fluctuated wildly after the central bank held its cash rate at a record low 2.5% as expected and indicated a continued stable outlook and the need for a weaker currency to help re-balance the economy. Aussie fell from 0.8970 to 0.8909 in Asia and then climbed back to 0.8967 in European morning before trading sideways.

RBA left its cash rate unchanged at 2.50% and said 'Prudent course is for stable rates; monetary policy appropriate to foster growth; inflation seen consistent with target band; signs of improvement in non-resources investment plans only tentative; labor demand remains weak; fall in A$ to date will help growth; wages growth down noticeably; A$ remains high by historical standards; unemployment to rise further before it peaks; monetary policy remains accommodating.'

In other news, Canadian Prime Minister Stephen Harper said on Tuesday that the Group of Seven leading industrialized nations are discussing whether to hold a meeting in the near future, a move that would pointedly exclude Russia.

Data to be release on Wednesday:

Australia GDP, China HSBC services PMI, UK BRC shop price index, Italy services PMI, France services PMI, Germany services PMI, EU services PMI, GDP, U.S. ADP employment, ISM non-manufacturing and Canada BoC rate decision.

Posted by: acetraderforex Mar 6, 2014, 02:33 AM

smile.gif AceTraderFx Mar 6: Japanese yen extends weakness on increasing risk appetite


Market Review - 05/03/2014 21:16GMT

Japanese yen extends weakness on increasing risk appetite

The Japanese yen weakened broadly the second day on Wednesday as concerns over tensions between Russian and Ukraine continued to abate. Investors shrugged off weaker than expected data on U.S. private sector jobs growth and turned their focus on Thursday's monetary policy decision from Bank of England and European Central Bank.

Versus the Japanese yen, dollar rebounded after finding support at 102.12 in Wednesday's Asian trading and price later rose above Tuesday's high of 102.29 in European morning. Usd/jpy pair later climbed higher to 102.55 in New York morning before easing. Eur/jpy, aud/jpy and gbp/jpy crosses rose from 140.20 to 140.78, from 91.35 to 92.08 and from 170.15 to 171.40 on Wednesday respectively.

Euro remained under pressure after meeting renewed selling at 1.3745 in Australian session and despite release of upbeat reports on euro zone private sector activity and retail sales, the single currency fell below Tuesday low at 1.3718 to 1.3707 in European morning as investors remained cautious ahead of the ECB's monthly policy meeting on Thursday amid concerns that the bank could tighten monetary policy to help shore up the fragile recovery in the region. Later, euro traded in a choppy fashion inside 1.3707-1.3749 in New York session, ended around 1.3732 near New York closing.

On the data front, the final euro zone composite PMI was revised up to a 32-month high of 53.3 from a preliminary estimate of 52.7. The euro area services PMI rose 52.6 in February, from a final reading of 51.6 in January and higher than the flash estimate of 51.7. Meanwhile, Germany's composite PMI climbed to a 33-month high but France's fell to a two-month low of 47.7. Italy's service PMI soared to an almost three year high last month at 52.9.

Cable traded sideways above Tuesday's low at 1.6652 in Asian on Wednesday before active cross-buying of sterling versus yen and euro pushed price higher in Europe. The pair rose to 1.3734 in New York morning and then further to 1.6742 before easing in New York afternoon.

Bank of Canada (BoC) kept rate unchanged at 1.00% on Wednesday, repeated that timing and direction of next rate move to depend on how new data influence balance of risks. BoC said in the statement that 'with inflation expected to be well below target for some time, downside risks to inflation "remain important" roughly follow path outlined in January MPR; recent inflation readings slightly higher than expected; still expects underlying 2014 Canada growth of around 2-1/2%, Q1 2014 likely to be softer; risks associated with elevated household imbalances have not materially changed; exports a little stronger than previously thought but continue to underperform, overall business investment has yet to pick up; recent data support bank's expectation of soft landing in housing market, stabilizing debt-to-income ratios for households; fundamental drivers of growth and inflation in Canada continue to strengthen gradually, as expected; global economy evolving as anticipated, growth seen strengthen in 2014/2015; tensions in Ukraine have added to geopolitical uncertainty.' However, BoC statement did not mention of C$; in Jan it said weaker C$ should help boost exports, confidence and investment.

In other news, Fed Chair Janet Yellen said "the economy continues to operate considerably short of these objectives of maximum employment and stable prices; the economy is stronger and the financial system is sounder; we have come a long way, but we have farther to go."

Data to be release of Thursday:

Australia trade balance, retail sales, Germany factory orders, UK BoE rate decision, ECB rate decision, Canada building permits, U.S. labor cost, productivity, initial jobless claims and factory orders.

Posted by: acetraderforex Mar 7, 2014, 02:35 AM

smile.gif AceTraderFx Mar 7: Euro rallies to new 2 mths peak after ECB raises inflation expectation


Market Review - 06/03/2014 20:39GMT

Euro rallies to a fresh two-month peak after ECB raises inflation expectation

The single currency rallied to a fresh two-month peak at 1.3873 versus U.S. dollar on Thursday after the European Central Bank refrained from tightening monetary policy, and slightly upgraded its forecast for growth this year.

During the day, although euro traded sideways below Wednesday's high of 1.3749 in Asia and briefly dropped to 1.3722 in European morning, price rebounded after data showed German factory orders came in better-than-expected in January. Later, euro moved in a volatile manner shortly after the release of ECB's rate decision but eventually rallied to a fresh two-month peak at 1.3873 in New York as ECB President Mario Draghi confirmed the latest economic data indicating that 'the moderate economic recovery in the euro zone is proceeding.'

ECB President Mario Draghi confirmed that the bank left its benchmark interest rate unchanged at 0.5%, with the latest economic data indicating that 'the moderate economic recovery in the euro zone is proceeding.' The central bank revised its forecast for economic growth in 2014 to 1.2% from 1.1% in December. The bank revised down its inflation forecast for this year to 1.0% from 1.1% in December. The bank expects inflation to pick up to 1.3% in 2015 and 1.5% in 2016, remaining below the bank's target of just under 2%. Draghi reiterated the ECB's forward guidance on rates and said that interest rates will remain at their present levels, or lower for an extended period. The ECB remains determined to maintain the high degree on accommodating monetary policy for as long as needed, and will take further actions as it sees fit.

Earlier, report showed German factory orders were up 1.2 percent over December, when adjusted for price, calendar and seasonal factors. The office also said it revised the previous month's decline of 0.5 percent to a decline of only 0.2 percent.

Cable fluctuated wildly on Thursday, as despite a brief rise above Wednesday's high of 1.6742 to 1.6753 after the Bank of England kept monetary policy unchanged in a widely anticipated decision, active cross-selling in sterling versus euro knocked price down to 1.6686 in New York morning. Later, cable rallied to session high at 1.6778 in New York afternoon before retreating to 1.6734 near New York closing.

The Bank of England voted to leave U.K. interest rates unchanged at their record low of 0.5%, and also left its quantitative easing program steady at 375 billion pounds.

Active cross-selling in Japanese yen due to increased risk appetite continued to lift usd/jpy pair higher on Thursday. Dollar rose from Australian low at 102.27 to 102.81 in European morning and then further to a fresh one-month peak at 103.17 in New York morning before easing due to some profit-taking.

On the data front, the Department of Labor said the number of individuals filing for initial jobless benefits last week fell by 26,000 to 323,000 from the previous week's revised total of 349,000.

Data to be release on Friday:

Japan leading index, Swiss unemployment rate, CPI, France trade balance, Italy PPI, Germany industrial production, Canada unemployment rate, labor productivity, U.S. non-farm payrolls, private payrolls, unemployment rate, trade balance, and avg. hourly earnings.

Posted by: acetraderforex Mar 10, 2014, 02:36 AM

smile.gif AceTraderFx March 10: U.S. dollar rises on robust U.S. jobs report


Market Review - 07/03/2014 20:34GMT

U.S. dollar rises on robust U.S. jobs report

U.S. dollar strengthened against major currencies after the release of higher-than-expected U.S. non-farms payrolls data. Employers added 175,000 jobs to their payrolls last month after creating 129,000 (upwardly revised) new positions in January. However, the unemployment rate rose to 6.7% from a five-year low of 6.6% as Americans flooded into the labor market to search for work. The data added speculations that the Federal Reserve will continue to reduce its monetary stimulus despite the icy weather that gripped much of the nation.

The single currency rose to a fresh 2-1/2 year peak at 1.3915 on signs that the European Central Bank's balance sheet was shrinking. On the data front, German Jan industrial production came in at 0.8% m/m n 5.0% y/y, vs the forecast of 0.8% n 3.9%, previous reading is revised to 0.1% n 3.4% respectively, however, euro pared all the gains after the release of robust U.S. jobs report. The pair retreated to 1.3853 before trading sideways in New York session.

U.S. dollar rallied to as high as 103.76 against the Japanese yen after the release of robust U.S. jobs report, however, profit-taking knocked price lower to 103.12 before trading sideways in New York session on mounting tensions over Ukraine led stocks in Europe and elsewhere to retreat, while U.S. shares traded near flat. The British pound strengthened briefly to 1.6787 on Friday before retreating to 1.6706 in New York afternoon.

In other news, former Federal Reserve Chairman Ben Bernanke said on Friday that the U.S. boom in onshore natural gas production has cut power prices and appears to be contributing to the "reshoring" of manufacturing jobs from overseas. "It's a terrific development. I don't want to overstate it but it's one of the bright spots in the economy," Bernanke said at the IHS CERAWeek energy conference in Houston.

Bernanke said "the jobs number we got this morning was consistent with a recovering economy; signs of less wrangling in Congress over the debt limit and the budget should help alleviate worries among investors." However, Bernanke added more needs to be done on "too big to fail" rules that would limit the risks financial institutions can take. He added that he feels relatively optimistic about the global economy.

Data to be released next week:

Japan trade balance, GDP, Eco watchers survey, France industrial production, manufacturing production, Swiss retail sales, Italy Industrial production, U.K. Lloyds employment confidence, EU Sentix investor confidence, Canada housing starts on Monday.

Australia NAB business confidence, NAB business conditions, Japan rate decision, U.K. sales like-for-like, industrial production, manufacturing production, Germany trade balance, exports, imports, current account, Italy GDP, U.S. wholesale inventories and wholesale trade sales on Tuesday.

Australia consumer confidence, home loans, Japan tertiary industry index, BSI large all industry, BSI large manufacturing domestic CGPI, consumer confidence, U.K. trade balance, EU industrial production, U.S. monthly budget statement on Wednesday.

New Zealand rate decision, Australia employment change, unemployment rate, Japan machine orders, China fixed assets exclude rural, retail sales, industrial production, U.K. RICS house price balance, France HICP, CPI, Italy HICP, Canada capacity utilization rate, new housing price index, U.S. retail sales, initial jobless claims, import price index, business inventories on Thursday.

New Zealand manufacturing PMI, Japan industrial production, capacity utilization, Germany CPI, HICP, U.S. PPI, university of Michigan consumer confidence on Friday.

Posted by: acetraderforex Mar 12, 2014, 02:55 AM

smile.gif AceTraderFx March 12: U.S. dollar retreats versus Japanese yen on renewed risk aversion


Market Review - 11/03/2014 21:12GMT

U.S. dollar retreats versus Japanese yen on renewed risk aversion


U.S. dollar remained little changed against the euro and British pound on Tuesday and moved sideways versus the yen in light trade after the Bank of Japan kept monetary policy on hold and gave no sign that further easing is on the way. However, it later retreated against the Japanese yen on renewed risk aversion due to the weakness in U.S. equities. U.S. Dow Jones index closed down by 67 points to 16351.

The Bank of Japan maintained its pledge to expand the monetary base at a pace of 60 trillion yen to 70 trillion yen per year. The central bank also kept the view that economic growth and inflation are proceeding in line with forecasts.

BoJ's Governor Haruhiko Kuroda spoke in press conference after rate decision and said 'sales tax hike unlikely to cause 1997-style recession; economy near full employment, pushing up wages, prices; no change in my view on price outlook; capex to continue to rise moderately as trend; positive economic cycle intact due to firm domestic demand; Japan economy to grow above potential rate as trend in fiscal year 2014 and 2015; core CPI likely to hit 2% around early 2015; Japan economy on steady track towards 2% price goal.'

During the day, although euro retreated after meeting renewed selling at 1.3879 in Australia and dropped to a session low of 1.3834 in European morning due to comments from European Central Bank Vice President Vitor Constancio who said that markets had missed some parts of its message on forward guidance last week. Short-covering lifted price from there and price later rebounded to 1.3875 in New York morning before easing.

ECB's Vice President Vitor Constancio said 'policy stance does not mean we are on hold in terms policy regardless of development of situation; forward guidance was made more precise on March 6 in relation to slack in economy; we have tools on the table, including rate cuts or QE; we are on hold in terms of policy regardless of the developments of the situation.'

Versus the Japanese yen, dollar moved in a narrow range on Tuesday due to thin market condition, despite 1-tick rise above Monday's high of 103.41 to 103.42 in Asia, price traded sideways in Europe and then dropped to 103.03 in New York morning. Meanwhile, euro and sterling weakened from 143.44 to 142.84 and from 172.11 to 171.37 before stabilising as market sentiment remained fragile.

Cable retreated after a brief jump to 1.6653 shortly after European open and dropped below Monday's low at 1.6622 after data showed that U.K. manufacturing output rose more than expected in January, but bad weather hampered the broader measure of industrial output. Later, price fell to a session low of 1.6596 after Bank of England Governor Mark Carney indicated that there is leeway for the bank to leave rates on hold for longer before short-covering lifted price to 1.6647 in New York morning.

According to the Office for National Statistics, U.K. manufacturing production rose 0.4% in January, above expectations for a 0.3% gain, while December's figure was revised up to a 0.4% increase from a previously reported gain of 0.3%. On a year-over-year basis, manufacturing production rose 3.3%, up from 1.4% in December. A separate report showed U.K. industrial output rose 0.1% in January, slowing sharply after a 0.5% increase in December and was up 2.9% from a year earlier.

Bank of England Governor Mark Carney said Tuesday during testimony on the inflation outlook to parliament's Treasury Select Committee that there was a range of views among the bank’s monetary policy committee members on the amount of spare capacity in the U.K. economy. He also said it was not unreasonable to think that interest rates may rise to 2.0% to 2.5% over the next three years. Carney also reiterated that when rate increases do come they will be gradual.

Data to be released on Wednesday:

Australia consumer confidence, home loans, Japan tertiary industry index, BSI large all industry, BSI large manufacturing, domestic CGPI, consumer confidence, EU industrial production.

Posted by: acetraderforex Mar 13, 2014, 02:42 AM

smile.gif AceTraderFx March 13: The single currency rises on Wed after ECB's official comments


Market Review - 12/03/2014 20:31GMT

The single currency rises on Wednesday after ECB's official comments

The single currency rose against U.S. dollar on Wednesday and re-tested last Friday's 2-1/4 year high at 1.3915 after a senior European Bank official said there are no signs of deflation in the euro zone.

During the day, although the single currency retreated to 1.3844 in European morning, renewed cross-buying limited intra-day losses there and price later rose to 1.3915 (last Friday's 2-1/4 year peak) in New York on 'euro-positive' comments from ECB executive board member Benoit Coeure.

ECB's Coeure said on Wednesday that 'we don't see deflation in the euro zone; we see deflation as a risk, and we have to be ready to act; we may have situation where level of excess liquidity is not appropriate to monetary policy stance, would have to inject more liquidity; that is not the case now; different contingencies would call for different policy instruments; development of ABS market is probably beyond remit of monetary policy, European commission should lead it.'

Versus the Japanese yen, although dollar rebounded after marginal weakness below Tuesday's low at 102.84 to 102.79 in Australia on Wednesday, renewed cross-buying of yen due to risk aversion amid lingering concerns over the health of China's economy and escalating tensions over the crisis in Ukraine capped intra-day gain at 103.10 in Asia and the pair later fell further to 102.62, then 102.55 in New York morning before recovering.

Ukraine’s interim Prime Minister Arseniy Yatsenyuk was to travel to the U.S. to meet President Barack Obama on Wednesday, as diplomatic efforts to resolve the crisis continued.

Cable moved in a choppy fashion on Wednesday as despite falling from European morning high of 1.6636 to a fresh 2-week low at 1.6568 on risk-off trade ahead of New York opening, price rebounded strongly in tandem with euro to 1.6627 in New York before stabilizing.

On the data front, report showed that euro zone industrial production was down 0.2% in January from a month earlier, dragged down by a 2.5% drop in energy output. However, the underlying trend remained strong, with industrial output rising 2.1% on a year-over-year basis, after rising at an annual rate of 1.2% in December.

The Reserve Bank of New Zealand raised its benchmark cash rate by 25 basis points to 2.75%, as widely expected, and flagged a series of further increases to keep inflation pressures in check as the economy gains momentum.

Data to be released on Thursday:

Australia employment change, unemployment rate, Japan machine orders, China fixed assets exclude rural, retail sales, industrial production, U.K. RICS house price balance, France HICP, CPI, Italy HICP, Canada capacity utilization rate, new housing price index, U.S. retail sales, initial jobless claims, import price index, business inventories.

Posted by: acetraderforex Mar 14, 2014, 03:03 AM

smile.gif AceTraderFx March 14: Euro falls sharply from a fresh 2-1/4 year peak on increased...


Market Review - 13/03/2014 23:05GMT

Euro falls sharply from a fresh 2-1/4 year peak on increased Ukraine worries and ECB dovish remarks

The single currency rose to a fresh 2-1/4 year high at 1.3966 against the dollar on Thursday as diminished expectations on more easing by the European Central Bank bolstered demand for the euro.
However, gain was capped as investors remained wary due to the escalating tensions between Russia and the West ahead of Sunday's referendum in Ukraine's Crimea region, now controlled by pro-Russian forces.

During the day, despite euro's sideways trading in Thursday's Asian session after rallying to 1.3915 in previous session, this renewed buying at 1.3843 lifted price higher to a fresh 2-1/4 year peak at 1.3966 in European morning.
However dollar's broad-based rebound due to upbeat U.S. economic reports (retail sales and initial jobless claims) knocked price down to 1.3937 in New York morning.
Later, the single currency tumbled to 1.3846 due to active cross-selling in euro against the Japanese yen together with the sell-off in global stock markets on increased Ukraine worries, and with the dovish remarks from ECB's president Draghi. Dow Jones index closed down by 231 points to 16109.

ECB President Mario Draghi said that the European Central Bank has been preparing additional policy steps to guard against deflation taking hold in the euro zone as the strong euro weighs on prices

U.S. Commerce Department reported that retail sales rose 0.3% in February, ending two months of declines and better than market's expectation for an increase of 0.2%.
Meanwhile, core retail sales which exclude automobile sales, rose 0.3% last month, ahead of expectations for a 0.1% rise. A separate report from Department of Labor showed that the number of people filing new claims for unemployment benefits fell by 9,000 to a three month low of 315,000 last week, from the previous week's revised total of 324,000.

Cable found support at 1.6607 in Asia and price started to rise in tandem with euro during Tokyo afternoon. Price ratcheted higher to 1.6686 in European morning and then further to 1.6719 ahead of New York open before easing in New York morning. Later, cable nose-dived to 1.6607 due to dollar's broad-based rebound on safe-haven demand.

Versus the Japanese yen, dollar fell below Wednesday's low at 102.55 to 102.41 in Asia as lackluster data from China fuelled risk aversion and despite a brief rebound to 102.80 in New York morning after stronger-than-expected data on U.S. retail sales and initial jobless claims, renewed risk aversion due to the sharp sell-off in global stock markets triggered another round of cross-buying in yen and U.S. dollar tumbled to as low as 101.54 in late New York before recovering.

Chinese industrial production rose 8.6% in the first two months of 2014, according to data released on Thursday, missing market expectations for an increase of 9.5%, while Chinese retail sales rose by a smaller than forecast 11.8% in the same period.

In other news, ECB's Governing Council member Jens Weidmann said 'we have no Fx target; but euro appreciation can influence inflation outlook, which mean that we have to take this into account for monetary policy.
Watching German house price developments very closely, there is no systemic risk so far, and seeing normalization in money markets in recent months.
we have policy instrument at our disposal if needed to deal with low inflation, there is not much room let for further conventional measures, the need to discuss non-conventional measures together with the legal questions around these.'

Data to be released on Friday:

New Zealand manufacturing PMI, BoJ Feb meeting minutes, Japan industrial production, capacity utilization, Germany CPI, HICP, U.K. trade balance, U.S. PPI and University of Michigan consumer confidence.

Posted by: acetraderforex Mar 18, 2014, 03:08 AM

smile.gif AceTraderFx March 18: Euro rises against yen and U.S.dollar as Russia sanctions seen as modest


Market Review - 17/03/2014 20:40GMT

Euro rises against yen and U.S.dollar as Russia sanctions seen as modest

The single currency rose against the greenback on Monday after sanctions imposed by U.S. President Barrack Obama and EU on Russia improved risk appetite and triggered a rally in U.S. equities.

Earlier in the day, although euro remained under pressure in Asia and weakened to session low at 1.3879 ahead of European open, price rebounded to 1.3912 in European morning and then rallied to an intra-day high at 1.3948 in New York morning on increased risk appetite.

The White House said 'Obama freezes assets of Russian officials involved in incursion of Ukraine's Crimean region; Obama order imposes travel ban on Russian officials involved in Crimea incursion.'

Versus the Japanese yen, the greenback steadily gained throughout Asia and rose to session high at 101.88 in European morning before retreating to 101.56 in New York morning.

The British pound traded sideways in Asia and fell to session low at 1.6605 in European morning, due partly to active cross-selling of sterling vs euro. However, cable found support there and rose to an intra-day high at 1.6667 in New York morning on improved risk appetite before stabilizing.

In other news, BoE Deputy Governor Jon Cunliffe said 'biggest banks still couldn't be dismantled safely in a crisis; mutual trust between regulators needed to make financial reforms succeed, avoid unintended consequences; reforms like U.S. refinancing of foreign banks risks fragmenting global financial system.'

On the data front, U.S. NY Fed manufacturing came in below expectation at 5.61 vs forecast of 6.00.

Data to be released on Tuesday:

Italy trade balance, German ZEW current situation, ZEW expectation, EU ZEW expectation, U.S. CPI, housing starts, building permit, Redbook retail sales, long-term TIC flows.

Posted by: acetraderforex Mar 20, 2014, 03:31 AM

smile.gif AceTraderFx March 20: U.S. dollar rallies broadly on hawkish remarks from Fed Chair Janet Yellen


Market Review - 19/03/2014 22:56GMT

U.S. dollar rallies broadly on hawkish remarks from Fed Chair Janet Yellen

U.S. strengthens broadly against its major peers after the Federal Reserve continued to unwind its monetary stimulus as widely expected together with hawkish remarks by Fed Chair Janet Yellen who said the Fed will probably end its massive bond-buying program this coming fall, and could start to raise interest rates around six months later.

Despite euro's initial firmness in Asia after rebounding from Tue's New York low at 1.3880, the single currency retreated to 1.3905 in European morning on cross-selling of euro versus sterling before staging a brief recovery to 1.3930, however, renewed selling emerged and pressured the pair lower to 1.3899 in New York morning. Euro later tumbled sharply to 1.3810 after Fed's tapering move together with hawkish comments from Fed Chair Janet Yellen.

The British pound traded narrowly in Asia and strengthened in European morning, eventually rising to an intra-day high at 1.6655 ahead of New York open, helped by the upbeat economic picture painted by the Bank of England in its minutes. However, profit-taking there pressured price lower and cable retreated to 1.6608 in New York morning. Sterling later nose-dived to as low as 1.6508 after Federal Reserve cut its monthly bond-buying program and hawkish remarks by Fed Chair Janet Yellen.

BoE's minutes stated 'latest revisions to GDP data suggest UK recovery becoming more balanced but some way to go before sustainable; BoE notes 1.5% rise in sterling in month b4 Mar meeting, market contacts cite better UK growth outlook, Ukraine tension; stronger sterling has tightened UK monetary conditions, risk of further strength if UK growth outlook strengthens compared to other countries.'

Versus the Japanese yen, despite initial retreat to a session low at 101.30 in Asian morning, the greenback rebounded to 101.64 ahead of European open and then edged higher to 101.69 in European morning on dollar's broad-based strength. U.S. dollar jumped to as high as 102.69 (penetrated Tuesday's high at 101.94) after hawkish comments from Fed Chair Janet Yellen.

In other news, UK FinMin George Osborne said 'UK economy is recovering faster than forecast; country is borrowing too much, not exporting or saving enough; escalation of tensions in the Ukraine risk causing lower growth n higher inflation in UK; OBR have revised down UK underlying deficit in every year of forecast.'

On the data front, Japan all industry activity index came in at 1.0%, worse than the forecast of 1.1%, previous reading is revised to -0.3%.

Data to be released on Thursday:

New Zealand GDP, Swiss trade balance, import, export, rate decision, Germany PPI, Italy current account U.K. CBI trend total orders, U.S. initial jobless claims, Philadelphia Fed business outlook, existing home sales, leading index.

Posted by: acetraderforex Mar 21, 2014, 02:58 AM

smile.gif AceTraderFx March 21: U.S. dollar extends gain versus euro and cable after Wed....


Market Review - 20/03/2014 22:52GMT

U.S. dollar extends gain versus euro and cable after Wednesday's hawkish comments by Fed Chair Yellen

The greenback continued to strengthen against majority of its peers on Thursday after Yellen's message to the markets on Wednesday that interest rate hikes were not far away.

Although the single currency staged a short-covering rebound to 1.3845 at European open, renewed selling there pressured the pair lower and euro tumbled to an intra-day low at 1.3749 in New York morning on dollar's broad-based strength before stabilizing.

The British pound tracked euro's intra-day movements closely and edged higher to 1.6570 in European morning before falling to session low at 1.6480 in New York morning. Later, cable traded sideways for rest of the New York session.

Versus the Japanese yen, the greenback retreated to a session low at 102.21 ahead of European open, however, renewed dollar strength pushed the pair higher and dollar rose to a session high of 102.55 ahead of New York open before easing.

In other news, Germany Chancellor Angela Merkel said 'EU leaders will agree on further sanctions against Russia at summit beginning Thursday; current tension with Russia means G8 does not exist at present; EU leaders will make clear they are ready to go to 3rd stage of sections including economic measures if necessary.'

On the data front, SNB keep its rate unchanged at 0.0-0.25%.

The Department of Labor of U.S. reported that the number of people filing for initial jobless benefits in the week ending March 15 rose by 5,000 to 320,000 from the previous week's total of 315,000.

Data to be released on Friday:

New Zealand consumer confidence, EU current account, consumer confidence U.K. public finance, Canada retail sales, CPI. Japan financial market will be closed due to public holiday.

Posted by: acetraderforex Mar 24, 2014, 03:30 AM

smile.gif AceTraderFx March 24: Euro ends slightly higher on dollar's profit taking after....


Market Review - 23/03/2014 23:36GMT

Euro ends slightly higher on dollar's profit taking after Thursday's gain

The single currency ended the day slightly higher against the greenback on Friday as investors sought clarity on the Federal Reserve's stance on their monetary policy and pared some of Thursday's gains on profit taking.

Although the single currency traded sideways in Asia and edged lower to session low at 1.3766 in early European morning, price rebounded to 1.3805 ahead of New York open, as data showed a record Eurozone current account surplus. Later, euro rose higher to an intra-day high at 1.3810 in New York morning before stabilizing.

EU current account came in at 25.3 billion euros, up from previous figure of 20.0 billion euros.

The British pound tracked euro's intra-day movements closely and fell below Thursday's 1.6480 low to a fresh 1-month low at 1.6475 in early European morning before rebounding to 1.6515 and trading sideways for the remainder of the day.

Versus the Japanese yen, the greenback traded sideways and fell sharply to session low at 102.01 in early European morning on broad-based buying of jpy. However, dollar pared its losses and recovered to 102.41 at New York open before trading narrowly.

In other news, Fed's Kocherlakota said 'he dissented at March's FOMC meeting because guidance weakens Fed's credibility to target 2% inflation; new rate guidance suggests Fed sees inflation below 2% as acceptable outcome; Fed's new rate guidance does not communicate steps to move inflation rapidly up to 2%.'

Bank of England's Dale said "he doesn't know what will happen to interest rates in 6-12 months. BOE's Dale said central banks should communicate what they know, which is their 'reaction function'; central bankers should communicate state-contingent guidance, rather than time-contingent guidance."


On the data front, EU consumer confidence came in at -9.3, better than forecast of -12.3.

Data to be released next week:

China HSBC manufacturing PMI, France service PMI, manufacturing PMI, EU service PMI, manufacturing PMI, EU service PMI, manufacturing PMI, U.S. Chicago Nat activity index, Markit PMI on Monday

France business confidence, German IFO business climate, current assessment, expect, U.K. CPI, RPI, PPI, ONS house price, BBA loans for house purchase, CBI reported sales, U.S. Redbook retail sales, house price index, S&P house price, consumer confidence New home sales on Tuesday.

Germany Gfk consumer confidence, Swiss UBS consumption indicator, Italy retail sales, consumer confidence, U.S. durable goods on Wednesday.

New Zealand trade balance, exports, import, France consumer confidence, Italy business confidence, economic sentiment, U.K. retail sales, U.S. GDP, personal consumption, core PCE, initial jobless claims, pending home sales on Thursday.

Japan overall household spending, jobless rate, CPI, retail sales, France PPI, Italy PPI, U.K. Gfk consumer confidence, GDP, Lloyds business Barometer, current account, EU economic confidence, consumer confidence, business climate, Germany CPI, HICP, U.S. personal income, personal spending, PCE, university of Michigan consumer confidence on Friday.

Posted by: acetraderforex Mar 25, 2014, 02:33 AM

smile.gif AceTraderFx March 25: Euro jumps to 1.3877 after Chinese President Xi urges a political resolution to the crisis in Ukraine


Market Review - 24/03/2014 19:20GMT

Euro jumps to 1.3877 after Chinese President Xi urges a political resolution to the crisis in Ukraine

The single currency jumped to 1.3877 on short-covering after Chinese President Xi Jinping told U.S. President Barack Obama on Monday that a political resolution to the crisis in Ukraine would serve the interests of all sides. Investors bought euro on bets that tension over Ukraine won't escalate into military action.

Xi added that the United States should "distinguish right from wrong" on the issue of China's territorial disputes in the East and South China Seas.

Earlier in the day, although the single currency opened slightly higher in New Zealand to 1.3804 and traded sideways in Asia, price briefly rose to session high at 1.3827 in early European morning due to the release of better-than-expected France manufacturing and services PMIs. However, euro swiftly pared its gains and retreated sharply to 1.3769 and then lower to an intra-day low at 1.3760 ahead of New York open, weighed down by the release of weaker-than-expected German PMIs. Later, price rallied to 1.3877 in thin New York session after comments from Chinese President Xi Jinping.

On the data front, France Mar manufacturing PMI came in at 51.4, better than the expectation of 49.7. France Mar service PMI came in at 51.6, much stronger than the forecast of 47.5. German Mar manufacturing PMI came in at 53.8, worse than the forecast of 54.5. German Mar service PMI came in at 54.0, weaker than the forecast of 55.5.

Versus the Japanese yen, the greenback remained well bid in New Zealand and Australia and rose to 102.57 in Asian morning, helped by the rally in Nikkei. Despite a brief pullback to 102.34, dollar rose to an intra-day high at 102.65 in early European morning. However, price pared its intra-day gains and retreated to 102.13 in New York session on broad-based buying of Japanese yen before recovering.

Although the British pound opened lower to 1.6460 in New Zealand on Monday, price recovered to 1.6497 ahead of Asian open and traded sideways till European session. Cable briefly edged higher to session high at 1.6511 in European morning before falling again to 1.6466. Price later rebounded strongly to 1.6536 in thin New York session after Chinese President Xi Jinping's a political resolution to the crisis in Ukraine.

In other news, BoJ's deputy Governor Iwata said 'among negative factors of deflation was effect of strengthening yen's values, which hurt Japan export; not saying yen should be high or low, just saying policy makers must act if strong yen persists enough to cause job losses; BoJ is not aiming for inflation far exceeding 2%, instead aiming for stable inflation around 2%; risk of deflation will emerge if inflation runs below 1% for long period of time, which is why BoJ has 2% price target; 2% price goal doesn't necessary have to be met strictly in yrs but setting time frame helps to show BOJ's commitment vs price target.'

Data to be released on Tuesday:

France business confidence, German IFO business climate, current assessment, expect, U.K. CPI, RPI, PPI, ONS house price, BBA loans for house purchase, CBI reported sales, U.S. Redbook retail sales, house price index, S&P house price, consumer confidence New home sales.

Posted by: acetraderforex Mar 26, 2014, 03:09 AM

smile.gif AceTraderFx March 26: Euro drops on dovish comments from ECB policymakers before rebounding on short-covering



Market Review - 25/03/2014 18:45GMT

Euro drops on dovish comments from ECB policymakers before rebounding on short-covering

The single currency weakened against the greenback on Tuesday after comments from ECB policymakers Weidmann, Makuch and Draghi that triggered broad-based selling of euro, however, price rebounded on short-covering above last Thur's 2-week low at 1.3749 together with renewed risk appetite.

Although the single currency traded sideways in Asia and briefly edged up to session high at 1.3848 in European morning, price met renewed selling there and fell to an intra-day low at 1.3749 in New York midday, weighed by comments made from ECB's Weidmann, Makuch and Draghi. Later, the pair rebounded strongly to 1.3845 on active short-covering due to the rise in U.S. stock markets.

ECB Governing Council member Jozef Makush said 'ECB has many possibilities, one of them is adding liquidity; there are higher deflation risks in Eurozone, that's why we are preparing additional non-standard measures to avoid deflation environment; number of members of ECB Governing Council are ready to take decisive steps if needed.'

ECB's Weidmann said 'QE programme is not out of the question, must avoid monetary financing; must tighten monetary policy shud risks to price stability emerge, this shud be dominated neither by fiscal nor financial stability concerns.'

ECB President Mario Draghi said 'stands ready to take additional monetary policy measures to maintain price stability; urges banks to deal with balance sheet problems before health check results.' However, Draghi said later that "the European Central bank does not see any signs that consumers are putting off spending in anticipation that prices will fall, which is a key symptom of deflation." He added the ECB was carefully monitoring exchange rate developments because of their importance for price stability and economic growth.


The British pound edged lower to session low at 1.6481 at European open, however, price strengthened in European morning after the release of UK inflation data and rose to an intra-day high at 1.6550 in New York midday due partly to cross-buying of sterling vs euro.

UK CPI m/n and y/y came in as expected at 0.5% n 1.7% respectively. RPI m/m and y/y came in slightly higher at 0.6% and 2.7% vs forecasts of 0.5% and 2.6% respectively.

Versus the Japanese yen, despite a brief rebound to 102.35 in Asia, price retreated to session low at 102.10 in early European morning. However, renewed buying there lifted the pair and dollar rose to an intra-day high at 102.49 in New York morning, helped by the release of better-than-expected U.S. consumer confidence before falling sharply to 102.20.

U.S. consumer confidence came in better-than-expected at 82.3 vs forecast of 78.5.

In other news, Fed's Plosser said 'Fed has not changed its position; Yellen did not make a mistake with "six months comments".'

Data to be released on Wednesday:

Germany Gfk consumer confidence, Swiss UBS consumption indicator, Italy retail sales, consumer confidence and U.S. durable goods.

Posted by: acetraderforex Mar 27, 2014, 02:56 AM

smile.gif AceTraderFx March 27: Dollar strengthens versus euro on upbeat durable goods data


Market Review - 26/03/2014 19:04GMT

Dollar strengthens versus euro on upbeat durable goods data

The greenback strengthened against the euro on Wednesday after upbeat U.S. durable goods data added to speculation that the Federal Reserve will continue to cut back its stimulus measures.

U.S. durable goods came in better-than-expected at 2.2% versus forecast of 1.0%.

The single currency remained under pressure in Asia and weakened to 1.3790 in early European morning. Price edged lower to 1.3782 at New York open after the release of better-than-expected U.S. durable goods. Later, euro fell further to 1.3776 in New York afternoon before trading sideways.

Versus the Japanese yen, the greenback retreated from Asian high at 102.40 to 102.26 before rising to an intra-day high at 102.48 at New York open on dollar's strength. However, renewed selling there pressured the pair lower and price retreated to 101.87 in New York due to the decline in U.S. stock markets.

Although the British pound retreated to session low at 1.6509 at European open, renewed buying there lifted the pair and price rose to 1.6557 in early European morning. Later, cable rallied to an intra-day high at 1.6597 in late New York, helped by active cross-buying of sterling vs euro.

In other news, Japan EconMin Akira Amari said 'BoJ still has role to play but all 3 arrows of Abenomics must be deployed to achieve its price target; aiming for surprise effect is one way BoJ can maximize its policy impact; Japan not manipulating FX as yen has only fallen back to pre-Lehman crisis levels; gov't to scrutinize Oct, Nov 2014 data as well as Q3 GDP in deciding whether to proceed with sales tax rise to 10% in Oct 2015.'

On the data front, Italy Jan retail sales came in at 0.0% m/m n -0.9% y/y, versus the forecast of 0.1% n -1.6%. Germany Apr Gfk consumer confidence came in at 8.5, same as expectation.

Data to be released on Thursday:

New Zealand trade balance, exports, import, France consumer confidence, Italy business confidence, economic sentiment, U.K. retail sales, U.S. GDP, personal consumption, core PCE, initial jobless claims, pending home sales.

Posted by: acetraderforex Mar 28, 2014, 03:27 AM

smile.gif AceTraderFx March 28: Euro weakens after the release of U.S. growth and jobs data


Market Review - 27/03/2014 18:46GMT

Euro weakens after the release of U.S. growth and jobs data

The single currency fell against the greenback on Thursday on cross-selling of euro versus sterling and on dollar's strength after the release of U.S. data.

Despite trading sideways in Asia, the single currency met renewed selling interest at 1.3796 and dropped to 1.3741 in European morning, weighed down by cross-selling of euro versus sterling. Later, price recovered to 1.3779 in New York morning before falling again to an intra-day low at 1.3728 in New York midday. Euro then moved sideways for rest of the session.

Versus the Japanese yen, although the greenback spiked down to session low at 101.71 at Asian open, price rallied to 102.29 ahead of European open due to the rise in Nikkei-225 index. Dollar briefly retreated to 102.00 in European morning before rising to an intra-day high at 102.43 after the release of U.S. data. However, price pared intra-day gains and dropped to 101.99 on disappointing U.S. pending home sales report before recovering.

U.S. GDP annualized came in slightly below expectation at 2.6% vs forecast of 2.7%. Initial jobless claims fell to 311K fm prev. reading of 321K. In a separate report, U.S. pending home sales index dropped by 0.8% last month, disappointing expectations for a 0.3% gain.

Although the British pound remained under pressure and dropped to session low at 1.6555 in early European morning, price rallied swiftly 1.6640 after the release of better-than-expected UK retail sales. Cabled traded with a firm undertone and edged higher to an intra-day high at 1.6648 in New York morning before easing.

U.K. retail sales came in at 1.7% m/m and 3.7% y/y, much better than forecasts of 0.5% and 2.5% respectively.

In other news, BoE releases statement from March MPC meeting, which stated 'risks from spikes in long-term interest rates and credit spreads at heart of FPC risk assessment; impact of tensions in Ukraine and China markets limited so far, but risk that markets not prepared for normal rates; notes increasing momentum in UK housing market, will be vigilant n take proportionate n graduated action if needed; UK banks will face extra stress test bases on house price fall n spike in interest rates as part of EU 2014 tests.'

Fed's William Dudley said while explicit policy coordination among the world's central banks is unfeasible, a more effective system should be developed to ensure they have access to foreign currency reserves in times of stress.

On the data front, France Consumer confidence comes in at 88, higher than forecast of 85.

Data to be released on Friday:


Japan overall household spending, jobless rate, CPI, retail sales, France PPI, Italy PPI, U.K. Gfk consumer confidence, GDP, Lloyds business Barometer, current account, EU economic confidence, consumer confidence, business climate, Germany CPI, HICP, U.S. personal income, personal spending, PCE, university of Michigan consumer confidence.

Posted by: acetraderforex Mar 31, 2014, 02:55 AM

smile.gif AceTraderFx March 31: U.S. dollar rallies versus Japanese yen on renewed risk appetite due to the rally in U.S. equities


Market Review - 28/03/2014 05:57GMT

U.S. dollar rallies versus Japanese yen on renewed risk appetite due to the rally in U.S. equities

The greenback rallied against the Japanese yen on Friday as the release of U.S. personal income and spending data together with the rise in U.S. equities boosted risk appetite.

U.S. personal income and personal spending, both came in as expected at 0.3%.

Versus the Japanese yen, the greenback traded sideways in Asia and rose to 102.38 in European morning. Dollar later rallied to 102.78 in New York morning on increased risk appetite after the release of U.S. data together with the rise in U.S. equities. The pair later climbed to an intra-day high at 102.98 before easing in late New York.

Although the single currency traded sideways in Asia and dropped briefly to session's near 4-week low at 1.3705 in European morning, euro pared intra-day losses and rebounded to intra-day high at 1.3774 in New York morning on improved risk appetite due to the rally in U.S. equities together with the release of German inflation data.

German CPI m/m and y/y came in at 0.3% and 1.0% vs forecasts of 0.4% and 1.1% respectively.

Although the British pound traded with a firm undertone in Asia, price edged lower to session low at 1.6599 in European morning, price pared intra-day losses and rose in tandem with euro to 1.6651 in New York morning.

In other news, ECB's Visco said 'signs of recovery in Italy encouraging but must be confirmed over next months and years, essential reforms continue.'

On the data front, EU economic sentiment and business climate rose to 102.4 and 0.39 from previous readings of 101.2 and 0.37 respectively.


Data to be released next week :

Australia HIA home sales, Japan manufacturing PMI, industrial production, construction orders, housing starts, U.K. hometrack housing survey, mortgage approvals, France GDP, Swiss KOF leading indicator, EU CPI, Italy HICP, Canada, GDP, average weekly earning, U.S. Chicago PMI on Monday.

Australia Rate decision, Japan Tanken large manufacturing index, Tanken non-manufacturing index, China manufacturing PMI, HSBC manufacturing PMI, Swiss manufacturing PMI, Italy manufacturing PMI, unemployment rate, France manufacturing PMI, Germany manufacturing PMI, unemployment change, unemployment rate, EU manufacturing PMI, unemployment rate, U.K. manufacturing PMI,, U.S. Markit PMI, ISM manufacturing, construction spending on Tuesday.

Australia building approvals, U.K. PMI construction, EU PPI, U.S. ADP employment change, ISM New York, factory orders on Wednesday.

Australia retail sales, trade balance, China non-manufacturing PMI, HSBC service PMI, Italy service PMI, France service PMI, Germany service PMI, EU service PMI, retail sales, rate decision, U.K. service PMI, Canada trade balance, U.S. trade balance, initial jobless claim, ISM non-manufacturing index on Thursday.

Germany factory orders, Canada employment change, unemployment rate, Ivery PMI, U.S. non-farm payroll, private payroll, hourly earning, unemployment rate on Friday.

Posted by: acetraderforex Apr 1, 2014, 03:09 AM

smile.gif AceTraderFx April 1: Dollar pares initial gains on dovish comments from Fed's Chair Janet Yellen


Market Review - 31/03/2014 22:53GMT

Dollar pares initial gains on dovish comments from Fed's Chair Janet Yellen

The greenback pared its initial gains after comments from Federal Reserve Chair Janet Yellen created some uncertainty surrounding the central bank's plans to further cut its stimulus measures.

Fed Chair Janet Yellen said 'extraordinary commitment to stimulus will be needed for some time, a view widely shared by fellow policymakers; economy still considerably short of Fed's goals; will take time to reach; considerable slack remains in economy, labor market; cuts to bond buying not a lessening of commitment, but reflection of some labor market progress; QE cuts show aid for the recovery need not grow as quickly; labor market slack has held down compensation; recovery still feels like a recession to many Americans.'

Versus the Japanese yen, although the greenback traded sideways in Asia, price rallied in European morning on cross-selling of jpy especially versus euro. Dollar eventually hit session high at 103.44 in New York morning, however, comments from Fed's Yellen triggered broad-based weakness in usd and the pair dropped to 102.90.

Despite trading sideways in Asia, the single currency fell briefly but sharply to session low at 1.3722 in European morning after the release of weaker-than-expected EU inflation data. However, euro swiftly pared its losses and rallied to an intra-day high at 1.3810 in New York morning before retreating to 1.3763.

Euro zone CPI in Mar came in at 0.5%, lower than the forecast of 0.6%.

The British pound also traded sideways in Asia and edged higher to 1.6656 in European morning before falling to session low at 1.6613 in New York morning. However, cable pared its losses and rose to an intra-day high at 1.6684 on cross-buying of sterling versus euro together with dollar's weakness.

In other news, BoJ Governor Haruhiko Kuroda said 'BOJ easing aimed at ending 15 years of deflation; Japan long-term yields are stable and low; Japan economy continues moderate recovery; too early to discuss QE exit policy; discussing exit policy too soon could cause confusion; should discuss exit specifics only after reaching 2%; must consider state of economy, markets when exiting.'

On the data front, U.S. Chicago PMI comes in weaker-than-expected at 55.9 vs forecast of 59.0. U.K. Feb mortgage approvals came in at 70.3K, lower than the forecast of 75.3K, previous reading is revised to 76.8K.

Data to be released on Tuesday:


Australia Rate decision, Japan Tankan large manufacturing index, Tankan non-manufacturing index, China manufacturing PMI, HSBC manufacturing PMI, Swiss manufacturing PMI, Italy manufacturing PMI, unemployment rate, France manufacturing PMI, Germany manufacturing PMI, unemployment change, unemployment rate, EU manufacturing PMI, unemployment rate, U.K. manufacturing PMI,, U.S. Markit PMI, ISM manufacturing, construction spending.

Posted by: acetraderforex Apr 3, 2014, 03:04 AM

smile.gif AceTraderFx April 3: Euro weakens ahead of ECB rate decision


Market Review - 02/04/2014 23:06GMT

Euro weakens ahead of ECB rate decision

The single currency ended the day lower against the greenback due partly to an increase in U.S. ADP employment together with positions adjustment ahead of Thursday's ECB rate decision.

Although the single currency traded with a firm undertone in Asia and rose to session high at 1.3820 at European open, renewed selling interest capped euro's gain and price dropped to 1.3767 in New York morning on dollar's strength after data showed an increase in U.S. ADP employment change. The pair later dropped to an intra-day low at 1.3753 before recovering.

U.S. ADP employment rose to 191K from previously revised figure of 178K.

Versus the Japanese yen, the greenback resumed its recent ascent and rose to an intra-day high at 103.93 in Asian morning. However, profit-taking there knocked the pair lower and price retreated to session low at 103.58 at New York open before staging a recovery in New York afternoon.

The British pound traded sideways in Asia and rose to session high at 1.6665 in early European morning, however, renewed selling there pressured cable lower and price retreated to 1.6621 in New York morning.

In other news, IMF MD Christine Lagarde said 'sees emerging risk of low-inflation especially in Eurozone; Eurozone needs more monetary easing, including through unconventional measures; global growth was about 3% last year; global economic recovery is weak n too slow; sees risk of heightened market volatility due to taper of Fed's monetary easing; need cooperation among central banks, financial regulators to contain policy spillovers.'

On the data front, U.S. factory orders came in better-than-expected at 1.6% versus forecast of 1.2%. Euro zone Feb PPI came in -0.2% m/m and -1.7% y/y, lower than the forecast of 0.0% and -1.6% respectively.

Data to be released on Thursday:

Australia retail sales, trade balance, China non-manufacturing PMI, HSBC service PMI, Italy service PMI, France service PMI, Germany service PMI, EU service PMI, retail sales, rate decision, U.K. service PMI, Canada trade balance, U.S. trade balance, initial jobless claim, ISM non-manufacturing index.

Posted by: acetraderforex Apr 4, 2014, 02:33 AM

smile.gif AceTraderFx April 4: Euro tumbles on Draghi's dovish comments


Market Review - 03/04/2014 23:06GMT

Euro tumbles on Draghi's dovish comments

The single currency tumbled against the greenback on Thursday after ECB President Mario Draghi reiterated the central bank is ready to use unconventional methods, if needed to battle low inflation in the region.

Mario Draghi, in his press conference, said 'recent information consistent with expectation of prolonged low inflation; to maintain accommodative monetary policy stance for as long as necessary; expects to keep rates at current or lower levels for an extended period of time; expectation based on subdued medium-term inflation outlook; inflation outlook based on weak economy, high degree of slack; we haven't finished with our non-conventional measures; all instruments fall within the mandate, including QE; we discussed the possibility of negative deposit rate; negative deposit rate received good deal of attention at today's discussion.'

Earlier in the day, euro traded sideways in Asia and showed muted reaction to ECB's decision to leave its rate unchanged at 0.25%. Despite a brief spike to session high at 1.3808 as Draghi began his press conference, the single currency tumbled to an intra-day low at 1.3698 in New York morning as the President said negative deposit rates were also considered.

Versus the Japanese yen, the greenback maintained a firm undertone throughout Asia and Europe on Thursday and rose to an intra-day high at 104.11 in New York morning. Later, price pared some of its gains and retreated to 103.82 before stabilizing.

The British pound rebounded to session high at 1.6661 in Asian morning before retreating to 1.6625. Later, cable re-tested 1.6661 in early European morning, however, price fell sharply 1.6581 after data showed a drop in UK services PMI. Cable later weakened to an intra-day low at 1.6570 in New York morning in tandem with euro before recovering.

U.K. Mar service PMI falls to 57.6 from 58.2 in Feb, weaker than the forecast of 58.2.

In other news, UK Chancellor of Exchequer George Osborne said 'must stay vigilant on household debt levels even as household assets rising more quickly than debt; not seen evidence that help to buy plan has bumped up house prices; foreign exchange manipulation issues are potentially very, very serious.'

On the data front, U.S. jobless claims rose to 326K from previous revised figure of 310K. Eurozone Feb retail sales came in at 0.4% m/m and 0.8% y/y, better than the forecast of -0.5% and 0.7%, previous reading are revised to 1.0% and 0.8% respectively.

Data to be released on Friday:

Germany factory orders, Canada employment change, unemployment rate, Ivey PMI, U.S. hourly earning, private payroll, non-farm payroll and unemployment rate.

Posted by: acetraderforex Apr 7, 2014, 02:50 AM

smile.gif AceTraderFx April 7: Dollar falls broadly on long liquidation after U.S. jobs data missed forecast


Market Review - 05/04/2014 00:49GMT

Dollar falls broadly on long liquidation after U.S. jobs data missed forecast

The greenback fell against the majority of its peers on Friday as the release of weaker-than-expected U.S. non-farm payrolls boosted speculation that the Federal Reserve would remain accommodative in its monetary policy.

U.S. NFP came in at 192,000, lower than forecast of 200,000 and a revised previous month's figure of 197,000. Unemployment rate remained unchanged at 6.7%.

Versus the Japanese yen, although the greenback traded sideways in Asia and Europe, price briefly rose to an intra-day high at 104.13 immediately after the release of U.S. NFP. However, dollar swiftly fell to 103.56 as traders interpreted the data as not good enough and later dropped to session low at 103.20 in New York afternoon.

The single currency met renewed selling interest at 1.3724 at Asian open and resumed its descent from Thursday to 1.3796 at European open. Price pared its losses and rose briefly to session high at 1.3732 at New York open after the release of U.S. jobs report, however, euro dropped sharply to an intra-day low at 1.3672 in New York morning before recovering.

The British pound spent a lackluster day on Friday and traded sideways in Asia and Europe. Despite edging lower to session low at 1.6554 ahead of U.S. jobs data, price rose to an intra-day high at 1.6606 in New York morning on dollar's weakness. Later, cable retreated to 1.6568 before recovering again in New York afternoon.

In other news, Fed's Fisher said 'at current rate of taper QE3 will terminate in October; forward guidance a complicated monetary tool; calendar-based commitment can be unsound; calendar-based commitments can lead to markekt instability by encouraging overshoot, as some markets appear to be at present; economic models largely guesswork, notes "rabid" focus on FOMC projection; clear to me U.S. has liquidity pool sufficiently deep and wide to finance job-creating capital expansion.'

On the data front, U.K. March Halifax house prices came in at -1.1% m/m n 8.7% 3m/y, vs the forecast of 0.6% n 9.4% respectively.


Data to be released next week :

Japan leading index, Germany industrial production, Swiss CPI, U.K. Lloyds employment changes, EU Sentix investor confidence on Monday. China financial market is closed due to public holiday.

Australia NAB business confidence, Japan current account, Swiss unemployment rate, retail sales, France trade balance, U.K. industrial production, manufacturing production, Canada housing starts, building permits on Tuesday.

Australia consumer confidence, home loans, U.K. shop price index, trade balance, Germany export, import, trade balance wholesale inventories, wholesale sales, FOMC minutes on Wednesday.

New Zealand manufacturing PMI, Australia employment change, unemployment rate, Japan machine orders, machine tool orders, France industrial production, manufacturing production, CPI, HICP, Italy Industrial production, U.K. BoE rate decision, asset purchase target, Canada new house price index, U.S. jobless claims, import price index, monthly budget statement on Thursday.

Japan domestic CGPI, China PPI, CPI , Germany CPI, HICP, France current account, U.S. PPI, U.S. University of Michigan consumer confidence on Friday.

Posted by: acetraderforex Apr 8, 2014, 03:28 AM

smile.gif AceTraderFx April 8: Euro rebounds on short covering after Friday's U.S. payrolls missed estimate


Market Review - 07/04/2014 22:39GMT

Euro rebounds on short covering after Friday's U.S. payrolls missed estimate

The greenback weakened against majority of its peers on Monday as the release of weaker-than-expected U.S. jobs data on Friday continued to weigh on the dollar.

The single currency traded sideways in Asia and rebounded to 1.3721 in early European morning. Price continued to trade with a firm undertone and rose to an intra-day high at 1.3748 in New York morning after comments from ECB policymakers signaled deflation risks within the Eurozone are contained.

ECB's Yves Mersch said 'QE is a theoretical concept, there is a long way to go to any practical steps; there is conventional room to ease policy; do not see imminent risk of deflation but ready to prepare for it.'

ECB's Vitor Constancio said 'possible that we will see an uptick in inflation in April, need to see if base-line scenario for inflation outlook has changed; we are in a situation of great concern about inflation.'

Versus the Japanese yen, the greenback remained under pressure in Asia and dropped to session low at 103.00 ahead of European open. Despite a rebound to 103.30 in European morning, renewed selling there knocked price lower to 103.00 again. However, dollar found support there and recovered to 103.27 in New York morning before stabilizing.

The British pound traded inside a narrow range in Asia and edged lower to session low at 1.6566 in early European morning. However, renewed buying lifted the pair and cable rose to an intra-day high at 1.6623 in New York morning.

On the data front, Euro zone April Sentix investor confidence came in at 14.1, better than the forecast of 13.9. German industrial production in Feb came in at 0.4% m/m n 4.8% y/y, better than the forecast of 0.3% n 4.7%.

Data to be released on Tuesday:

Australia NAB business confidence, Japan current account, BoJ rate decision, Swiss unemployment rate, retail sales, France trade balance, U.K. industrial production, manufacturing production, Canada housing starts and building permits.

Posted by: acetraderforex Apr 9, 2014, 02:30 AM

smile.gif AceTraderFx April 9: Japanese yen rallies broadly as Bank of Japan refrains from...


Market Review - 08/04/2014 18:08GMT

Japanese yen rallies broadly as Bank of Japan refrains from adding to stimulus

Versus the Japanese yen, the greenback retreated to 102.74 in Asian morning before staging a brief rebound to 103.06 after BoJ's decision to keep its rate unchanged at 0.1%. However, renewed selling quickly emerged there as the central bank refrained from additional easing and price dropped further after Governor Haruhiko Kuroda offered little indication that more stimulus was likely in the short term. Dollar eventually tumbled to an intra-day low at 101.55 in New York afternoon.

BoJ Governor Kuroda said 'positive cycle in works in economy driven by robust domestic demand; monetary policy must be flexible so not saying we will never take additional easing steps; what we're saying is that we see no need to ease now judging from current economy, near-term outlook; absolutiely not thinking of early reversal of QE as see no upside, downside risks materializing.'

The single currency gained against the greenback on Tuesday on dollar's broad-based weakness together with IMF's upgrade of the region's growth forecast.

Earlier in the day, euro traded sideways in Asia and found renewed buying at 1.3737 at European open and gained to 1.3774 in European morning due to the rally in gbp/usd. Price rose to an intra-day high at 1.3811 in New York morning as IMF upgraded the growth outlook of the region.

IMF sees Eurozone growth at 1.2% this year vs 1% forecasted in January.

The British pound traded in a narrow range in Asia before rallying to 1.6713 in early European morning after the release of better-than-expected UK industrial and manufacturing production data. Cable continued to trade with a firm undertone and rose to an intra-day high at 1.6755 in New York morning after IMF upgraded UK's growth forecast for the year.

U.K. Feb industrial production came in at 0.9% m/m n 2.7% y/y, stronger than the forecast of 0.3% n 2.2% respectively.

U.K. Feb manufacturing production came in at 1.0% m/m n 3.8% y/y, higher than the expectation of 0.3% n 3.1% respectively.

IMF hiked Britain's growth forecast to 2.9% this year from 2.4% previously.

In other news, Bundesbank said 'acknowledges IMF recommendations on monetary policy; notes ECB is monitoring inflation developments closely; Eurozone monetary policy already very accommodative; shud inflation stay low for too long, ECB has necessary instruments to act; however, the possible risks of a long-lasting low interest rate phase must be weighed; IMF/G20 meetings to address geopolitical uncertainties n their impact on global growth; IMF/G20 will also discuss normalization of U.S. monetary policy n impact on global economy; risks to world economy come fm geopolitical developments, finance conditions in some emerging economies.'

On the data front, Japan Mar Eco watchers survey came in at 57.9, better than the forecast of 53.3.

Data to be released on Wednesday:

Australia consumer confidence, home loans, U.K. shop price index, trade balance, Germany export, import, trade balance wholesale inventories, wholesale sales and FOMC minutes.

Posted by: acetraderforex Apr 11, 2014, 03:12 AM

smile.gif AceTraderFx Apr 11: U.S. dollar continues to weaken broadly on Thursday after Wednesday's dovish FOMC minutes


Market Review - 10/04/2014 22:44GMT

U.S. dollar continues to weaken broadly on Thursday after Wednesday's dovish FOMC minutes

U.S. dollar dropped to three-week lows of 101.33 and 0.8749 against the Japanese yen and the Swiss franc respectively on Thursday after Wednesday's release of dovish minutes of the Federal Reserve's March meeting.

Despite staging a brief bounce to 102.14 in Asian morning on Thursday on short-covering, U.S. dollar weakened again in European session and fell briefly below Wednesday's low of 101.55 to 101.45 before trimming losses after the release of better-than-expected U.S. weekly jobless claims which fell to a seven-year low of 300,000, lower than the consensus forecast of 320,000. However, renewed selling interest quickly emerged at 101.97 due to renewed selloff in global stock markets. Dow Jones index dropped by more 200 points. U.S. dollar later dropped to a session low of 101.33.

Despite extending Wednesday's rally to 1.3871 in Asian morning on Thursday, following the release of dovish FOMC minutes, profit-taking below previous res at 1.3877 pressured price to 1.3836 in European morning before rebounding. The single currency later rose to an intra-day high of 1.3900 in New York due to renewed selling in U.S. stock markets.

The British pound extended Wednesday's rally to an intra-day high of 1.6821 in Asian morning on Thursday, however, profit-taking offers below Feb's 4-year peak of 1.6823 knocked price lower to 1.6754 b4 rebounding in New York in tandem with euro after the release of less-than-expected U.S. jobless claims. Bank of England kept its benchmark rate and QE total unchanged at 0.50% n 375 billion sterling respectively.

Bundesbank chief Jens Weidmann reiterated on Thursday that if there is a prolonged period of low inflation, the ECB will consider unconventional instruments. Last week, ECB chief Mario Draghi flagged the chances of quantitative easing.

In other news, IMF said 'unwinding large central bank balance sheets will be complex, could risk large spillovers via market n exchange rate volatility; calls for more cooperation between central banks and financial regulators; major emerging markets see room for more cooperation on spillovers from monetary policy; advanced economies shud calibrate pace of austerity to support recovery; reform fatigue could push global economy into prolonged slump.'

Friday will see the release of Japan domestic CGPI, China PPI, CPI , Germany CPI, HICP, France current account, U.S. PPI and U.S. University of Michigan consumer confidence.

Posted by: acetraderforex Apr 14, 2014, 03:25 AM

smile.gif AceTraderFX Apr 14: Dollar steadies on minor short covering ahead of 3-day IMF/World Bank spring meetings


Market Review - 12/04/2014 00:57GMT

Dollar steadies on minor short covering ahead of 3-day IMF/World Bank spring meetings


The greenback pared intra-day losses versus its major peers as investors trimmed recent short dollar positions ahead of the 3-day IMF/World Bank spring meetings in Washington which began on Friday.

Although dollar briefly weakened to a fresh 3-week low of 101.32 at Tokyo open, bargain hunting by Japanese importers lifted the pair to 101.87 in Europe. Despite a brief retreat to 101.37, dollar maintained a steady undertone in NY session and last traded at 101.63 near Friday's close.

BOJ governor Kuroda said Japan only halfway through meeting BOJ's price target; told G20 Japan making steady progress toward achieving BOJ's price target with positive economic mechanism working; BOJ ready to adjust monetary policy as needed if achievement of its price target comes under threat.

Euro penetrated Thursday's high of 1.3900 and rose briefly to 1.3906 in European morning on Friday due to dollar's broad-based weakness, however, profit-taking pressured price to 1.3864 in New York morning before rebounding after ECB Governing Council member and Bundesbank President Jens Weidmann downplayed deflation concerns in eurozone.

Weidmann said 'the risk of broad deflation in the eurozone is very low; expects economy in eurozone to pick up n inflation rate to gradually increase; at the ECB we have made clear that we will react effectively to long-term low inflation; in the case of long-term low inflation, any unconventional monetary policy measures by the ECB would have to fulfill many conditions.'

The British pound weakened versus U.S. dollar after the release of lower-than-expected U.K. construction output, which came in at -2.8% and 2.8% versus forecasts of 2.1% and 5.7% respectively, together with the selloff in U.K. equities. FTSE-100 fell by 1.2% whilst Germany's DAX and France's CAC-40 closed down by 1.6% and 1.2% respectively. Cable declined from 1.6787 to 1.6717 on Friday before recovering.

Data to be released next week :

Italy HICP, EU industrial production, U.S. retail sales, business inventories on Monday.

Australia RBA's April minutes, U.K. BRC sales like for like, CPI, RPI, PPI, ONS house price, Germany Zew current situation, survey expectation, EU Zew survey expectation, trade balance, U.S. Empire manufacturing, CPI, Redbook retail sales, Net long term TIC, Total Net TIC, NAHB housing market index, Canada existing home sales on Tuesday.

New Zealand CPI, Australia leading index, China business climate, entrepreneur confidence index, retail sales, Industrial production, GDP, , Italy trade balance, current account, EU CPI, U.K. claimant court, weekly earning, unemployment rate, EU CPI, U.S. housing starts, building permits , industrial capacity utilization, Canada rate decision on Wednesday.

New Zealand consumer confidence, Australia Business confidence, Japan consumer confidence, Germany PPI, EU current account, Canada CPI, U.S. jobless claim, Philadelphia Fed Business outlook on Thursday.

No major economic data is released on Friday. New Zealand, Australia, U.K. Germany, Swiss France, U.S. and Canada financial markets are closed due to Easter Good Friday holiday.

Posted by: acetraderforex Apr 15, 2014, 03:09 AM

smile.gif AceTraderFx April 15: Euro falls after weekend's dovish remarks by ECB president Draghi and other policymakers


Market Review - 14/04/2014 22:48GMT

Euro falls after weekend's dovish remarks by ECB president Draghi and other policymakers

The single currency gaped lower at New Zealand open on Monday after European Central Bank President Mario Draghi said on Saturday that further appreciation in the currency would trigger more monetary stimulus. Euro later fell to an intra-day low at 1.3808 after U.S. retail sales rose in March by the most since September 2012.

Draghi said on April 12 that "I've always said that the exchange rate is not a policy target, but it’s important for price stability and growth. And now, what has happened over the last few months, it’s become more and more important for price stability." Draghi's statement was also echoed by other ECB officials in weekend meetings of the International Monetary Fund and World Bank in Washington.

U.S. retail sales in March increased 1.1%, much stronger than economists' forecast of 0.9% rise, following a 0.7 percent gain in February. Sales excluding receipts at gas stations were the strongest in four years.

U.S. dollar bounced briefly to 101.71 against the Japanese yen in New Zealand morning on Monday and then ratcheted lower to 101.42 in Tokyo, however, short-covering above last Friday's low at 101.32 lifted the pair and price rebounded to 102.02 on dollar's broad-based strength due to the release of robust U.S. retail sales data before retreating in late New York as U.S. equities pared some of early gains.

The British pound also opened lower to 1.6709 in New Zealand morning on Monday in tandem with euro. Cable weakened further to 1.6697 after the release of stronger-than-expected U.S. retail sales data before staging a brief bounce to around 1.6743.

In other news, German FinMin Schaeuble said 'Ukraine is the greatest geo-political risk facing the economy by a great margin; further euro strengthening could have negative effect on economy; Draghi made a convincing case at IMF meeting that Europe's low inflation rates hold no deflation fears; no signs at all of deflation spiral in Europe.' ECB's Noyer said 'euro appreciation is a drag on ECB's price stability objective; ECB can buy all sorts of securities if it wants to embark on QE, including both private and sovereign.'

After Monday's choppy moves, investors are waiting for the speeches from Bank of Japan Governor Haruhiko Kuroda and Fed's Chair Yellen respectively and also the release of China's gross domestic product data on Wednesday. China's GDP is expected to come in at 7.3% last quarter from a year earlier, the least since 2009.

Tuesday will see the release of Australia April minutes, U.K. BRC sales like for like, CPI, RPI, PPI, ONS house price, Germany Zew current situation, survey expectation, EU Zew survey expectation, trade balance, U.S. Empire manufacturing, CPI, Redbook retail sales, Net long term TIC, Total Net TIC, NAHB housing market index and Canada existing home sales.

Posted by: acetraderforex Apr 16, 2014, 04:04 AM

smile.gif AceTraderFx April 16: U.S. dollar ends mixed ahead of Wednesday's China GDP data


Market Review - 15/04/2014 22:42GMT

U.S. dollar ends mixed ahead of Wednesday's China GDP data

The Japanese yen rose initially versus most major peers in Asian session on Tuesday as Ukraine unleashed an offensive to dislodge militants from its eastern area and authorities in Kiev said Russian troops were sighted, fueling investor demand for safety.

However, Japan's currency pared gains versus the dollar after Nikkei said the government will downgrade its economic assessment in a report this week. U.S. dollar rebounded to an intra-day high of 101.99 in New York morning after the release of U.S. CPI data before falling to 101.50 due to the selloff in global stock markets.

Germany's DAX fell sharply by 1.7% or 165 points to close at 9174, however, U.S. Dow Jones index pared earlier more than 100 points decline and turned into positive territory in the afternoon.

The single currency dropped briefly below Monday's low at 1.3809 to 1.3790 in Europe after release of lower-than-expected Germany ZEW (The Centre for European Economic Research) economic expectations survey before rebounding to 1.3833 on short-covering partly due to the release of U.S. CPI. The ZEW Apr survey came in at 43.2 vs consensus of 45.0. The U.S. consumer price index m/m and y/y were higher than forecast at 0.2% and 1.5% versus expectations of 0.1% and 1.4% respectively in March. The so-called core CPI, excluding volatile energy and food components, also rose 0.2%. Another report on Tuesday showed confidence among homebuilders remained dour in April. The NAHB/Wells Fargo Housing Market index rose only a point to 47. The pair later traded sideways in quiet U.S. session.

The British pound proved quite tricky to trade on Tuesday. Despite an initial spike down to 1.6657 (Reuters) after data showed U.K. inflation fell to its lowest level in 4-years, traders quickly bought sterling as most investors feared the data would be much worse. Cable swiftly pared its losses and rose to 1.6731 in European morning and then 1.6749 in New York before retreating.

Australian dollar fell slid versus U.S. currency after minutes of the Reserve Bank of Australia's April meeting showed policy makers reiterated the most prudent course would probably be a period of steady interest rate together with China's money supply grew at the slowest pace on record.

In other news, Fed's Chair Janet Yellen said 'Fed considering additional measures to address remaining stability risks of wholesale funding market; some measures such as minimum margin requirements could apply on market-wide basis; new liquidity capital for banks do not fully address stability concerns of wholesale funding; standards do not focus on financial system as a whole, do not apply directly to shadow banks.'

Trading was relatively thin on Tuesday as investors are awaiting speeches from Bank of Japan Governor Haruhiko Kuroda and Fed's Chair Yellen respectively and also the release of China's gross domestic product data on Wednesday. China's GDP is expected to come in at 7.3% last quarter from a year earlier, the least since 2009.

Wednesday will see the release of New Zealand CPI, Australia leading index, China business climate, entrepreneur confidence index, retail sales, Industrial production, GDP, Italy trade balance, current account, EU CPI, U.K. claimant court, weekly earning, unemployment rate, EU CPI, U.S. housing starts, building permits, industrial production, capacity utilization and Canada rate decision.

Posted by: acetraderforex May 23, 2014, 10:39 AM

smile.gif AceTraderFx May 23:The greenback strengthens broadly after upbeat U.S. data



Market Review - 22/05/2014 22:41GMT

The greenback strengthens broadly after upbeat U.S. data

The greenback turned broadly higher against the other major currencies on Thursday as positive U.S. data showed that U.S. jobless claims near the lowest level since 2007 last week, while manufacturing sector expanded at a faster rate than expected this month and housing market was also regaining momentum.

Versus the yen, dollar rose above Wednesday's high of 101.63 to 101.76 in Asia as data showed that Chinese manufacturing activity improved in May and dampened safe haven demand for the Japanese currency. Later, cross-buying in yen pressured price to 101.47 in Europe before rising to a fresh session high of 101.82 in New York afternoon after the positive U.S. economic reports.

The preliminary reading of China's HSBC manufacturing index rose to a five month high of 49.7 this month.

U.S. Labor Department showed that the number of people filing for initial jobless benefits last week increased by 28,000 to 326,000 from the previous week's revised total of 298,000, which was the lowest reading since May 2007. In a separate report, Markit said that its preliminary U.S. manufacturing index rose to 56.2 this month from a final reading of 55.4 in April, and ahead of expectations of 55.5.

The National Association of Realtors said U.S. existing home sales increased 1.3% in April to an annual rate of 4.65 million units. Although the data came in worse than expected of a rise 2.2% to 4.69 million last month, the increase indicated that the housing market is regaining momentum.

The single currency ended the day lower on Thursday due to renewed broad-based strength in greenback. During the day, although euro rebounded from 1.3654 to 1.3688 (also Wednesday's New York high) in European morning as data showed that the recovery in the euro zone private sector continued in May, failure to penetrate this resistance and renewed broad-based rebound in dollar knocked euro down to a fresh session low at 1.3645 in New York afternoon.

The euro zone flash manufacturing purchasing managers' index slid to 52.5 this month, from 53.4 in April. The bloc's services PMI rose to a 35-month high of 53.5 up from 53.1 in April. Analysts had expected the index to tick down to 53.0. Earlier, data showed Germany's manufacturing PMI slid to 52.9 from 54.1 in April, while the services PMI improved to 56.4 from 54.7 last month.

Cable went through a mini 'roller-coaster' session on Thursday as despite a brief jump to 1.6917 in European morning, release of unchanged U.K. Q1 disappointed the market and price swiftly tanked to 1.6862 and then lower to 1.6852 in New York.

The Office for National Statistics confirmed that U.K. gross domestic product grew 0.8% in the first quarter, unchanged from its preliminary estimate and in line with forecasts. The annual rate of growth was unchanged at 3.1%.

Data to be released on Friday :


New Zealand ANZ consumer confidence, Germany GDP, exports, imports, Ifo business climate, Ifo current assessment, Ifo expectations, Italy retail sales, Canada CPI, U.S. new home sales.

Posted by: acetraderforex May 26, 2014, 03:19 AM

smile.gif AceTraderFX May 26: Intra-Day Market Moving News & Views & data to be released today



Intra-Day Market Moving News and Views
25 May 2014
23:09GMT

EUR/USD - 1.3627.. On election results of the European Parliament, Reuters reported earlier Exit polls show surge in support for far right, Euroskeptics in European Parliament election.

Centre-right parties estimated to top European parliament vote with 211 seats out of 751.

Reuters reports according to official projections, centre-right parties are estimated to top European parliament vote with 211 seats out of 751.

Socialists seen in second place with 193 seats, Liberals third with 74,Greens 58, far left 47 n Eurosceptic parties seen winning about 129 seats in European parliament.

Reuters then reported Britain's Eurosceptic UKIP party has won gains in elections to the European Parliament, so far polling more strongly than PM David Cameron's Conservative party n the opposition Labour party, early results showed on Sunday.

With results for 10 out of 73 seats declared, the UK Independence Party, which wants Britain to leave the European Union, had won 4 seats, the opposition Labour party 3 seats, and the Conservatives 3 seats.

25 May 2014 22:57GMT

NZD/USD - 0.8545.. Ratings agency Fitch said New Zealand Subnational ratings still underpinned by institutional framework.

Fitch Ratings says in a newly-published report that the overall strength of the New Zealand institutional framework remains a major positive credit factor for subnationals.

Data to be released this week :

New Zealand trade balance, exports, imports, Germany Gfk consumer confidence, import price index, UK Spring Bank holiday, Nationwide house prices and U.S. Memorial day holiday on Monday.

Japan business confidence, Swiss GDP, trade balance, Germany retail sales, France consumer confidence, Italy consumer confidence, UK BBA loans, U.S. durable goods, house prices, services PMI and consumer confidence on Tuesday.

Australia Westpac leading index, China industrial profits, France PPI, Germany unemployment change, unemployment rate, Italy business confidence, economic sentiment, EU economic confidence, industrial confidence, consumer confidence, services confidence, business climate, UK CBI sales and U.S. MBA mortgage applications on Wednesday.

Japan retail sales, Australia home sales, private capital expenditure, China leading index, UK business barometer, Canada current account, U.S. GDP annualized, personal consumption, GDP price index, core PCE, jobless claims and pending home sales on Thursday.

New Zealand building permits, Japan jobless rate, household spending, national CPI, Tokyo CPI, industrial production, housing starts, construction orders, Swiss KOF leading indicator, Italy PPI, CPI, Canada GDP, U.S. personal income, personal spending, PCE and University of Michigan consumer confidence on Friday.

Posted by: acetraderforex May 27, 2014, 03:38 AM

smile.gif AceTraderFX May 27: Intra-Day Market Moving News and Views USD/JPY NZD/USD


Intra-Day Market Moving News and Views

27 May 2014 01:56GMT

USD/JPY- 101.93

Despite yesterday's initial gain to 102.05 on improved risk appetite due to the rise in Nikkei-225 index, the greenback retreated to 101.84 in thin trading conditions as U.K. n U.S. were closed on Monday.
Bids are now located at 101.80-75 and more at 101.65-60 with stops only seen below 101.60.
On the upside, offers are now tipped at 102.05-15 and more at 102.30-35.

A piece of yesterday's news worth mentioning again, Bank of Japan Deputy Governor Kikuo Iwata said in a speech in Tokyo on Monday that an economy "with low real growth rates under mild inflation" is possible.

U.S. will release its durable goods orders, house price purchase index, Markit US services PMI n consumer confidence data at 12:30GMT, 13:00GMT, 13:45GMT n 14:00GMT respectively.

27 May 2014 00:06GMT

NZD/USD - 0.8564

New Zealand Institute of Economic Research (NZIER) says slumping house sales 'significant risk' to outlook; sees economy expanding 3.5% in 2014; says RBNZ may pause rate hikes after June if growth slows.


Data to be released on Tuesday:

Japan business confidence, Swiss GDP, trade balance, Germany retail sales, France consumer confidence, Italy consumer confidence, UK BBA loans, U.S. durable goods, house prices, services PMI and consumer confidence.

Posted by: acetraderforex May 28, 2014, 03:20 AM

smile.gif AceTraderFX May 28: Intra-Day Market Moving News,Views and data to be released today


Intra-Day Market Moving News and Views


28 May 2014 01:13GMT

USD/MAJ
Fed's Lockhart says:
Labor market tightening in certain industries and regions, points to skilled trades in places like Louisiana's oil sector;
Some aspects of labor market may be approaching full employment, others remain very weak;
No strong preference whether taper ends in October or December;
Important to global system that U.S. follow all BASEL requirements;
Fed still in early days of testing new tools for controlling future interest rates;
Inflation above 2 percent should not be ruled out, says a measured overshoot is ok up to 2.5 percent;
Fed should continue reinvesting bond proceeds until it begins to raise rates.
"considers long-term neutral Fed funds rate at around 4%; does not believe economy will be weak over the long run; does not believe there is a skills mismatch between jobs and job-seekers, feels stronger growth will absorb labor slack."

Economy should rebound to near 3 percent growth in Q2 after poor start;
Despite optimism, Fed still needs patience, "confirming evidence" of sustainable growth before lifting interest rates;
No rush to raise rates, sees no increase until second half of 2015;
Transition to rate increases will need careful execution and clear communication;
Labor market still slack and well short of full employment;
Improvement in labor outlook will be steady but not "dramatic";
Inflation will increase to the Fed's target only over the medium term.

Data to be released on Wednesday:

Australia Westpac leading index, China industrial profits YTD, Switzerland GDP, Germany import price index, unemployment rate, unemployment change, France PPI, Italy business confidence, economic conference, euro zone economic conference, industrial conference, consumer conference, service conference, business climate indicator and U.K. CBI reported sales.

Posted by: acetraderforex May 29, 2014, 03:33 AM

smile.gif AceTraderFx May 29: Intra-Day Market Moving News & Views & data to be released today


Intra-Day Market Moving News and Views

29 May 2014 01:32GMT

USD/JPY - 101.70

New on BOJ's Shirai speech:
Positive cycle of output, income, expenditure likely to continue in Japan;
Downside risks subsiding somewhat but still need to be mindful of them;
Japan prices likely to gradually rise around 4Q 2014;
Will take some time for medium-, long-term inflation expectations of households to rise as a trend;
Downside risks on Japan price outlook subsiding somewhat, but still need monitoring;
Must scrutinise economy, price moves after second sales tax hike to see whether 2 pct inflation will be sustained stably;
My economy, price forecasts are made on assumption QQE will be maintained beyond 2015;
Feel Japan will need more than 2 years to achieve 2 pct inflation under current flexible inflation targeting;
Expectations of households to rise as a trend.


00:51GMT
Chinese Premier Li Keqiang says will adopt timely and moderate "fine tuning" of economic policy;
fundamental fiscal and monetary policy will remain intact.


Data to be released on Thursday :


Japan retail sales, Australia HIA new home sales, private capital expenditure, China leading index, Canada current account balance, U.S. GDP, personal consumption, core PCE, initial jobless claims, pending home sales.

Posted by: acetraderforex May 30, 2014, 03:33 AM

smile.gif AceTraderFx May 30: Intra-Day Market Moving News & Views & data to be released today


Intra-Day Market Moving News and Views

30 May 2014
01:55GMT

USD/JPY - 101.62

Early release of Japan's economic data showed that Japan's inflation accelerated in April to a 23-year high while industrial output and household spending fell after a sales-tax increase. Consumer prices excluding fresh food rose 3.2% y/y in April after a 1.3% increase in March.

A piece of news worth mentioning, Board member Sayuri Shirai said on Thursday the BOJ's unprecedented easing could last beyond next year and downplayed the bank's optimism that inflation would reach its target in fiscal 2015.

The greenback fell to 101.43 on Thursday due to cross buying in Japanese yen, however, short-covering lifted price to 101.79 in Australian morning b4 easing. Some bids are located at 101.55-50 with stops building up below 101.40 n 101.35. On the upside, some offers are tipped at 101.75/80 n 101.95/00.


Japan's MOF's Furusawa says that there are indications Japan's economy is entering a virtuous cycle; is no longer in deflationary situation.

Japan EconMin Amari says that April CPI shows the sales tax hike is being passed on effectively.

Data to be released on Friday:

New Zealand building permits, U.K. Gfk consumer confidence, Japan jobless rate, overall household spending, National CPI, Tokyo CPI, industrial production, housing starts, construction orders, China leading index, Germany retail sales, Switzerland KOF leading indicator, Italy PPI, CPI, Canada GDP, U.S. personal income, personal spending, PCE, Chicago PMI and University of Michigan confidence.

Posted by: acetraderforex Jun 3, 2014, 02:59 AM

smile.gif AceTraderFx Jun 3: Intra-Day Market Moving News and Views USD/JPY


Intra-Day Market Moving News and Views

03 Jun 2014
01:13GMT

USD/JPY - 102.39

BOJ governor Kuroda says various means are available if BOJ were to exit QQE; how to exit QQE, including what to do with BOJ's JGB buying, will depend on price, market developments at the time; don't see limits to options available to BOJ if it were to ease again to ensure achievement of 2% inflation target.

BOJ says key monetary official Amamiya to be reappointed as executive overseeing monetary policy department.

BOJ governor Kuroda says too early to debate specific plans on exiting BOJ's QQE policy; taking about specific exit strategy at too early a stage could create confusion in markets, as seen in overseas examples; it's true we will need to debate exit strategy when 2% inflation is achieved in stable manner, but too early to do so now.

BOJ's Kuroda says BOJ won't rule out adjusting policy if achievement of price target becomes difficult, but as of now Japan moving steadily toward meeting the target.

He then says "private consumption likely to remain firm as a trend despite impact of sales tax hike".

BOJ's Kuroda says Japan's output gap has narrowed to near zero but how demand performs remain important.

Earlier, Reuters news quoting source fm the Nikkei, Japan GPIF's asset allocation committee head says raising Japan stock weighting to 20% wouldn't be too high.

BoJ Governor Kuroda says "expect Japan consumer inflation to reach 2% around fiscal 2015"; "won't hesitate to adjuest policy if risks threaten achievement of 2% inflation target"; "hope Japan govt steadily proceeds with steps to boost Japan's growth potential".

Posted by: acetraderforex Jun 4, 2014, 03:53 AM

smile.gif AceTraderFx Jun 4: Intra-Day Market Moving News & Views & data to be released today



Intra-Day Market Moving News and Views USD/JPY, AUD/USD

04 Jun 2014
01:56GMT

USD/JPY - 102.61

Despite y'day's brief retreat to 102.27, the greenback ratcheted higher against the Japanese yen to 102.55 in NY n then 102.67 in Asian morning due to the selloff in U.S. Treasuries. The U.S. 10-year yield climbed to 2.6% yesterday, the highest level since May 14, due to that speculation that the Wed's release of U.S. ADP empolyment report will show the U.S. added more than 200,000 jobs for a third month.

Bids are now located at 102.40-20 n more at 102.05-00 with some stops seen below 102.00. On the upside, some offers are tipped at 102.75-85 with mixture of offers n stops seen at 103.00.

04 Jun 2014 01:34GMT

AUD/USD - 0.9285
The Australian dollar jumped to 0.9299 after the release of robust Australia's GDP data which came in at 1.1% q/q n 3.5% y/y versus economists' forecast of 0.9% q/q n 3.2% y/y respectively.

Data to be released on Wednesday:

Australia GDP, Japan Markit service PMI, Itarly Markit/ADACI service PMI, France Markit service PMI, U.K. Halifax house prices, Markit/CIPS service PMI, euro zone service PMI, producer prices, GDP (revised), U.S. ADP national employment, trade balance, productivity (revised), labor costs, ISM non-manufacturing PMI, Canada trade balance, exports, imports, BoC rate decision.

Posted by: acetraderforex Jun 5, 2014, 03:37 AM

smile.gif AceTraderFx Jun 5: Intra-Day Market Moving News & Views & data to be released today


Intra-Day Market Moving News and Views
05 Jun 2014
01:31GMT

USD/JPY - 102.57
Statement quoted from BOJ's Sato:

Japan economy likely to resume moderate recovery trend from summer onward;
Expected gradual recovery in exports likely to heighten likelihood of economy moving in line with BOJ's scenario;
There is risk eurozone may suffers from prolonged period of disinflation mainly in peripheral nations;
Must be mindful of chance U.S. inflation may stay lower than desirable levels in longer-term perspective;
Japan's economy somewhat undershooting, prices overshooting, initial projections;
Underlying overshooting of inflation due in part to rises in energy costs, weak yen, capacity constraints;
QE's intended transmission channels, such as portfolio rebalancing n rises in inflation expectations, not appearing as much as expected so far;
Monetary policy policy must be guided flexibly with eye not just on economy n prices, but on risks including financial imbalances;
BoJ's price target by no means a rigid, superficial framework that simply aims to achieve 2% temporarily;
Must avoid any misunderstanding that BoJ is solely pursuing pickup in prices without due attention to economy;
Natural for nominal interest rates to face upward pressure when unconventional monetary policy begins to exert intended effects;
BoJ's price target is a flexible framework in which some degree of latitude. both upside n downside, is accommodated;
BoJ policy, including eventual exit fm QE, shouldn't be swayed by consideration to fiscal sustainability.


Data to be released on Thursday:

Australia trade balance, export and import, China HSBC Service PMI, France ILO unemployment rate, Germany industrial orders, U.K. Halifax house prices, euro zone retail sales, BoE rate decision, ECB's rate decision, U.S. jobless claims, Canada building permits, Ivey PMI.

Posted by: acetraderforex Jun 9, 2014, 03:30 AM

smile.gif AceTraderFx Jun 9: Intra-Day Market Moving News & Views & data to be released today


Intra-Day Market Moving News and Views

09 Jun 2014
01:41GMT

USD/JPY - 102.54 ... Despite last Fri's brief but strong retreat to 102.12 after the release of U.S. non-farm payrolls data, the greenback subsequently rebounded to 102.61 and then extended marginal gain to 102.65 in Asian morning today b4 retreating. Bids are now located at 102.45-40 and more buying interest is noted at 102.30-25 with stops only seen below 102.10. On the upside, some offers are tipped at 102.65 and 102.75-80 with stops are reported above 102.80 and 103.00.

On the data front, Japan's gross domestic product (GDP) grew an annualized 6.7% in the first three months of the year, faster than economists' forecast of 5.6% n a preliminary 5.9%. Besides, Japan reported a narrower current account surplus, 187.4 billion yen versus economists' forecast of 322.5 billion yen.


Data to be released next week:

Japan GDP revised, consumer confidence index, economy watch, euro zone Sentix index, Canada house starts. Market in Germany, France and Switzerland will be closed on Monday.

Australia NAB business confidence, NAB business conditions, invest housing finance, housing finance finance, China PPI, CPI, unemployment rate, retail sales, France industrial output, Italy industrial output, GDP, U.K. industrial output, manufacturing output, U.S. wholesale inventories, wholesale sales on Tuesday.

Australia consumer sentiment, U.K. average earnings, claimant count unemployment change, ILO unemployment rate, U.S. Federal budget on Wednesday.

Japan machinery orders, U.K. RICS housing survey, Australia unemployment rate, employment, France CPI, current account, euro zone industrial production. U.S. retail sales, export prices, import prices, business inventories, Canada new housing price index, capacity utilization on Thursday.

Japan capacity utilization, industrial output, France non-farm payroll, China retail sales, Germany CPI, HICP, Italy CPI, euro zone employment, Canada manufacturing sales, U.S. University of Michigan sentiment on Friday.

Posted by: acetraderforex Jun 10, 2014, 03:26 AM

smile.gif AceTraderFx Jun 10: Intra-Day Market Moving News & Views & data to be released today


Intra-Day Market Moving News and Views EUR/USD, USD/JPY

10 Jun 2014
01:48GMT

EUR/USD - 1.3592 ... Despite yesterday's brief bounce to 1.3669 at European opening, selling interest quickly emerged below last Friday's high at 1.3677 n euro ratcheted lower to as low as 1.3582 in New York morning b4 stabilising. Some offers are tipped at 1.3620 n 1.3640 whilst some bids are located at 1.3585-80 n more at 1.3570 with stops only seen below 1.3550.

There is no major economic data coming out from the eurozone.

10 Jun 2014 01:26GMT
USD/JPY - 102.38.. State from Japna's ECONMIN Amari says "wants to settle issue of corporate taxreform this week with LDP tax panel head"; "views are split on whether to clarify how much n when to cut corporate tax".


Last night statement from the Fed's Rosengren said: 'urges predictable, transparent reductions in portfolio in years ahead to avoid financial risks; floats "seamless continuation" of QE tapering to reduce balance sheet; Fed could specify percentage of portfolio that would run off, increase that depending on economy; history shows policy 'exits' can be unsettled; Fed should focus on financial stability; backs raising IOER, doing reverse repos when time comes to tighten policy; holding mbs could help fed contain any future housing market bubbles.'


Data to be release on Tuesday:

Japan Tertiary industry index, machine tools orders, China PPI, CPI, Australia NAB Business conditions, NAB Business Confidence, investing housing finance, housing finance, Switzerland unemployment rate, retail sales, industrial output, France industrial output, Italy industrial output, GDP, U.K. BRC retail sales, manufacturing output, industrial output, NIESR GDP estimate, U.S. Redbook, wholesale sales, wholesale inventories.

Posted by: acetraderforex Jun 11, 2014, 03:51 AM

smile.gif AceTraderFx Jun 11: Intra-Day Market Moving News & Views & data to be released today


Intra-Day Market Moving News and Views EUR/JPY & USD/JPY

11 Jun 2014 02:16GMT

EUR/USD - 1.3525 ... The single currency fell sharply from 1.3602 to 1.3543 yesterday and then 1.3524 in Asian morning today due to active cross selling in euro especially versus the Japanese yen (eur/jpy fell fm 139.43 to 138.46 n then 138.37 today). Offers are now tipped at 1.3545-60 n more at 1.3580. On the downside, stops at 1.3520 n 1.3500 are now in focus.

Bloomberg news reported y'day after a meeting hosted by Swedish Prime Minister Fredrik Reinfeldt at his country residence in Harpsund, German Chancellor Angela Merkel and U.K. Prime Minister David Cameron were still at loggerheads over the candidacy of Jean-Claude Juncker to head the European Commission. Merkel urged her fellow leaders to proceed in the "European spirit" to enable compromise. EU President Herman Van Rompuy signaled the choice of the next commission president will be part of a package of appointments to high European posts, increasing the scope for a negotiated deal with the U.K.

11 Jun 2014 01:50GMT

USD/JPY - 102.34 ... The greenback fell to 102.21 y'day due to active cross buying in Japanese yen on the selloff in Nikkei-225 index together with speculation that the Bank of Japan will refrain from expanding stimulus at a policy meeting this week. Offers are now tipped at 102.45-50 n more at 102.60 whilst mixture of bids n stops is located at 102.20 with more stops seen below 102.10 n 102.00.

BOJ Governor Haruhiko Kuroda will speak at a press conference following the central bank decision on June 13. A survey by Bloomberg polled June 3 to 6 showed that 9% of the economists expect additional monetary stimulus in July, down from 38% in the previous survey.


Data to be released on Wednesday:

Australia Westpac consumer confidence, U.K. average weekly earnings, claimant count unemployment change, ILO unemployment rate, U.S. Federal budget

Posted by: acetraderforex Jun 12, 2014, 03:13 AM

smile.gif AceTraderFx Jun 12: Intra-Day Market Moving News & Views & data to be released today


Intra-Day Market Moving News and Views USD/JPY

12 Jun 2014
01:43GMT

USD/JPY - 102.00 ... The greenback remained under pressure after yesterday's cross-inspired weakness to 101.87 due to renewed risk aversion. Nikkei-225 index currently drops by 195 points to 148734 following the retreat in global stock markets. Offers are now tipped at 102.10-20 and more at 102.30-40.
On the downside, mixture of bids and stops is located at 101.80.

12 Jun 2014 00:23GMT

Statement from Japan govt. to cut corporate tax below 30% within a few years, citing a source familiar with the matter.
Reuters reported corp. tax in Japan is nearly 36% for large companies operating in Tokyo. Private-sector members of the govt.'s top economic and fiscal council have proposed cutting the rate to 25% to put it in line with international standards.


Data to be released on Thursday:

New Zealand RBNZ rate decision, U.K. RICS housing survey, Australia unemployment rate, Japan machinery orders, BoJ monetary policy meeting (12th-13th June), France CPI, current account, euro zone industrial production, U.S. jobless claims, retail sales, import prices, export prices, business inventories, Canada new housing price index.

Posted by: acetraderforex Jun 12, 2014, 09:31 AM

wrong thread

Posted by: acetraderforex Jun 13, 2014, 03:37 AM

smile.gif AceTraderFx Jun 13: Intra-Day Market Moving News & Views & data to be released today


Intra-Day Market Moving News and Views

13 Jun 2014
01:56GMT

USD/JPY - ... Despite staging a brief bounce to 102.14 yesterday, the greenback ratcheted lower in New York and fell to an intra-day low of 101.61 on speculation that continued speculation that the BoJ will refrain from expanding stimulus measures at Fri's monetary meeting, however, short-covering in late NY lifted the pair to 101.82 in Asian morning. Bids are located at 101.65-60 whilst some offers are tipped at 102.00-10.

BOJ is likely to announce its rate decision at 02:30-03:30GMT. Most economists predict no policy change. The BOJ has kept its policy of buying about 7 trillion yen ($68.8 billion) of government bonds a month since April 2013.

Nikkei-225 index currently drops by 95 points to 14877, following the sell off in U.S. stock markets.


Data to be released on Friday:

Bank of Japan rate decision, Japan industrial production, China industrial output, retail sales, Germany CPI, HICP final, Italy consumer prices final, CPI, euro zone employment, trade balance, U.S. PPI, University of Michigan consumer sentiment.

Posted by: acetraderforex Jun 16, 2014, 03:49 AM

smile.gif AceTraderFx Jun 16: Intra-Day Market Moving News & Views & data to be released today


Intra-Day Market Moving News and Views

16 Jun 2014
01:45GMT

USD/JPY ... Despite dlr's rebound from last Thursday's low at 101.61 to 102.14 on Fri, the greenback ratcheted lower to 101.85 in Asian morning as Nikkei-225 index dropped by 99 points to 14998 due to geopolitical worries as violence escalated in Iraq, and together with Prime Minister Shinzo Abe's pledge to cut corporate taxes last week failed to lift investor sentiment.
Offers are tipped at 101.95-00 and 102.10. On the downside, bids are located at 101.70-65 with stops building up below 101.60 and 101.40.

Investors are now focusing on this week's important event that whether the Federal Reserve will provide new hints or not on the timing of interest rate hikes when it concludes its two-day policy meeting on Wednesday.
U.S. dollar may rally if there is any hawkish comments by Fed Chair Janet Yellen.


Data to be released this week:

U.K. Rightmove house prices, euro zone inflation reports, U.S. New York Fed manufacturing, industrial output, New long-term TIC flow, capacity utilization, NAHB housing market index on Monday.

Japan BoJ meeting minutes, RBA meeting minutes, Switzerland producer/import price, Italy trade balance, U.K. CPI, PPI, RPI, Germany ZEW current conditions, ZEW economic sentiment, U.S. CPI, housing starts, building permits on Tuesday.

New Zealand current account, Japan exports, imports, trade balance, China house prices, U.K. BoE MPC vote outcome, Switzerland ZEW investor sentiment, Canada wholesale trade, U.S. Current account, FOMC rate decision on Wednesday.

New Zealand GDP, Japan Tankan, U.K. Retail sales, CBI trends, U.S. Consumer confidence on Thursday.

Germany producer prices, euro zone current accounts, Italy industrial orders, U.K. PSNCR, Canada CPI, retail sales on Friday.

Posted by: acetraderforex Jun 17, 2014, 03:37 AM

smile.gif AceTraderFx Jun 17: Intra-Day Market Moving News & Views & data to be released today


Intra-Day Market Moving News and Views

17 Jun 2014
01:31GMT

AUD/USD - RBA releases minutes of its June's policy meeting (the minutes said to keep rates low amid uncertain outlook) :

1. significant recovery underway in home building, non-mining investment still subdued.

2. liaison with retailers suggested sales growth slowed further in may.

3. noted sharp fall in surveys of consumer confidence, doubted their predictive power.

4. spare labour capacity to keep wage growth restrained over the year ahead.

5. lower iron ore price still profitable for Australian miners, not so for some others.

6. demand for labour had improved, but employment growth likely to be only moderate.

7. economic growth to be below trend for next year or so, inflation within target band.

8. repeats a$ high by historical standards, especially given fall in commodity prices.

9. these "uncertainties" would likely take some time to resolve.

10. difficult to judge if low rates enough to offset mining investment, fiscal tightening.

11. policy likely to stay accommodative for some time yet.

The aussie falls after the minutes as the tone is interpreted on the dovish side.



Data to be released on Tuesday:

Australia RBA meeting minutes, Switzerland producer/import price, Italy trade balance, U.K. CPI, PPI, RPI, euro zone ZEW economic sentiment, Germany ZEW economic sentiment, ZEW current conditions, U.S. CPI, housing starts, building permits. FOMC begins 2-day meeting.

Posted by: acetraderforex Jun 18, 2014, 03:49 AM

smile.gif AceTraderFx Jun 18: Intra-Day Market Moving News & Views & data to be released today


Intra-Day Market Moving News and Views

18 Jun 2014
01:58GMT

USD/JPY - ... The greenback maintained a firm undertone in Tokyo morning after y'day's cross-inspired rebound to 102.24 due to the release of stronger-than-expected U.S. inflation data. The rise in Japanese equities (Nikkei-225 index rose by 65 points to 15041) is likely to support the pair. Bids are now located at 102.05-00 n more at 101.90 with stops only seen below 101.80 n 101.60. Offers are now tipped at 102.30-40 n further out at 102.55-60.

According to the minutes of the May 20-21 board meeting released earlier today, most board members said the Bank of Japan will check risks and make adjustment as needed.

Below are minutes from the BOJ :

members expressed the view that it was appropriate for BOJ to continue to steadily pursue QQE, as such easing had been exerting its intended effects;
members shared recognition QQE effects continued to firmly take hold;
members shared the recognition that, in a situation where nominal interest rates had been stable, real interest rates were declining on the back of a rise in inflation expectations;
gov't rep. said supply-side constraints had surfaced in the form of labor shortages, due to the current sustained economic recovery; members shared view global markets had been calm on whole though some nervousness observed reflecting geopolitical risks such as Ukraine;
some members said recent U.S., European long-term rate falls may reflect market awareness of weaker outlook for medium- to long-term economic growth;
members shared view overseas economies, mainly advanced economies, would recover moderately;
members concurred that growth momentum in the ASEAN countries remained weak.


Data to be released on Wednesday:

New Zealand current account, Japan trade balance, exports, imports, BoJ meeting minutes, China house prices, U.K. BoE meeting minutes, BoE MPC vote outcome, Switzerland ZEW investor sentiment, Canada wholesale trade, U.S. current account, FOMC rate decision, QE total.

Posted by: acetraderforex Jun 19, 2014, 03:32 AM

smile.gif AceTraderFx Jun 19: Intra-Day Market Moving News & Views & data to be released today


Intra-Day Market Moving News and Views USD/JPY

19 Jun 2014
01:54GMT

Despite y'day's brief rise to 102.35, the greenback retreated strongly to 101.88 on dlr's broad-based weakness after FOMC rate decision n dovish comments fm Fed Chair Janet Yellen, however, the rally in Nikkei-225 (now rallies by 214 points) limited the pair's downside somewhat. Offers are tipped at 102.10-15 n more at 102.30. On the downside, some bids are located at 101.85-80 n 101.70-60 with stops building up below 101.60.

A Bank of Japan report showed earlier that non-financial companies' holdings of cash and deposits rose 4.1 percent to 232 trillion yen ($2.3 trillion) at the end of March, while they increased borrowing from private banks at the slowest pace since the final quarter of 2012. Households kept more than half of their assets in cash and deposits.


Statement from BOJ board member Morimoto says:-

Japan's economy continues to recover moderately as a trend;
Japan's economy likely to sustain positive cycle of output, income and expenditure;
Effect of BOJ's monetary easing likely to strengthen ahead as inflation expectations heighten;
Creating sustainable fiscal structure a crucial prerequisite to achieve sustained economic growth in Japan;
Overseas economic growth likely to heighten ahead as recovery in advanced economies gradually spreads to emerging nations;
Must watch carefully how risk of prolonged disinflation, developments over ukraine could affect euro zone economies;
Effect of sales tax hike on consumption likely to recede from around summer onward;
Exports likely to rebound, albeit moderately, as overseas growth picks up, though risks of fluctuations exist;
Expect Japan's inflation to gradually accelerate as improvement in corporate revenues leads to rises in jobs, wages, capex.


Data to be released on Thursday:

New Zealand GDP, Japan leading economic index, Switzerland SNB rate decision, U.K. retail sales, CBI trends, U.S. jobless claims, leading index, Philly Fed business index.

Posted by: acetraderforex Jun 20, 2014, 03:35 AM

smile.gif AceTraderFx Jun 20: Intra-Day Market Moving News & Views & data to be released today


Intra-Day Market Moving News and Views

20 Jun 2014
02:03GMT

USD/JPY - ... The greenback recovered briefly after retreating from Wednesday's high at 102.35 to 101.74 yesterday, suggesting further sideways trading would be seen as there is no major economic data coming out from Japan and U.S. Offers are now tipped at 102.00-05 whilst some bids are located at 101.75 and 101.65 with stops seen below 101.60.

U.S. dollar is likely to move narrowly versus the Japanese yen as currency volatility fell to a record amid prospects a sluggish U.S. economy will prompt the Federal Reserve to hold interest rates near zero for longer.
Bank of Japan Governor Haruhiko Kuroda will speak later today.

Data to be released on Friday:

Germany producer prices, euro zone current account, Italy industrial orders, U.K. PSNB, PSNCR, Canada CPI, retail sales.

Posted by: acetraderforex Jun 23, 2014, 03:43 AM

smile.gif AceTraderFx Jun 23: Intra-Day Market Moving News & Views & data to be released today


Intra-Day Market Moving News and Views

23 Jun 2014
02:13GMT

USD/JPY - ... Despite last Fri's cross-inspired rebound to 102.20 in part due to the gain in Nikkei-225 index futures following the rise in U.S. stock markets, the greenback retreated briefly as offers are reported at 102.20 n more at 102.30-35. On the downside, bids are located at 101.85-80 with stops building up below 101.70 n 101.60.

The Official Monetary and Financial Institutions Forum, a London-based research group, issued a report last week that concluded central banks were buying equities to compensate for lost revenues on their reserves amid zero interest rates. The report also showed global public investors, including sovereign wealth and pension funds as well as central banks, have bought at least $1 trillion of publicly quoted equities in recent years.

BoJ's governor Kuroda will speak in Tokyo at 06:00GMT.


23 Jun 2014 01:48GMT
AUD/USD - ... The Australian dollar jumped to 0.9430 after the release of much stronger-than-expected China's HSBC manufacturing PMI data which came in at 50.8 versus the economists' forecast of 49.7 n previous reading of 49.4.


Data to be released next week:

China HSBC manufacturing PMI, France Markit manufacturing PMI, Markit service PMI, Germany Markit service PMI, Markit manufacturing PMI, euro zone Markit manufacturing PMI, Markit service PMI, U.S. Markit manufacturing PMI, U.S. existing home sales on Monday.

Switzerland trade balance, Germany Ifo business climate, Ifo current conditions, Ifo expectations, U.S. consumer confidence, new home sales on Tuesday.

Germany Gfk consumer sentiment, Italy retail sales, consumer confidence, U.K. nationwide housing price, CBI distributive trades, U.S. PCE, durable goods, GDP, Markit service PMI on Wednesday.

France business climate, U.S. initial jobless claims, PCE price index, core PCE, personal consumption, personal income, Switzerland SNB quarterly bulletin on Thursday.

New Zealand trade balance, exports, imports, U.K. Gfk consumer confidence, Japan CPI core Tokyo, France consumer spending, GDP, Switzerland KOF indicator, Italy business confidence, euro zone business climate, consumer confidence, economic sentiment, industrial sentiment, service sentiment, Germany CPI preliminary, HICP preliminary, Canada producer prices, University of Michigan consumer sentiment on Friday.

Posted by: acetraderforex Jun 25, 2014, 03:41 AM

smile.gif AceTraderFx Jun 25: Intra-Day Market Moving News & Views & data to be released today


Intra-Day Market Moving News and Views

25 Jun 2014
01:44GMT

USD/JPY - ... The greenback bounced briefly to 102.17 due to the release upbeat U.S. economic data, including consumer confidence and new home sales, however, renewed risk aversion due to the geopolitical tensions in Iraqi n Ukraine knocked price lower to 101.92 in late NY and then 101.87 in Asian morning.
Offers are now tipped at 102.00-10 whilst bids are located at 101.85, 101.75 and 101.65 with stops building up below 101.60.

WSJ reported that Syrian warplanes strike in western Iraq, killing at least 50 people. The strikes on Tuesday came as the Pentagon announced that the first 130 members of a potential 300 U.S. military advisers were in place in Baghdad to start assessing and improving the Iraqi army's ability to counter the gains of rebels led by the Islamic State of Iraq and al-Sham.

Bloomberg news reported that Ukrainian president Petro Poroshenko called for immediate talks with leaders in Russia, Germany and France after pro-Russian rebels shot down a government helicopter in violation of a cease-fire.

Yesterday statements from Fed's Dudley said 'can get the unemployment rate considerably lower without an inflation problem; mid-2015 interest rate hike sounds like reasonable, but forecasts often "go astray"; Puerto Rico banking sector doing well given difficult operating environment.'


Data to be released on Wednesday:

Germany Gfk consumer sentiment, Switzerland UBS consumption indicator, Italy retail sales, consumer confidence; U.K, CBI distributive trades, U.S. PCE, durable goods, GDP, and Markit service PMI (flash).

Posted by: acetraderforex Jun 26, 2014, 03:52 AM

smile.gif AceTraderFx Jun 26: Intra-Day Market Moving News & Views & data to be released today


Intra-Day Market Moving News and Views USD/JPY

26 Jun 2014
01:49GMT

USD/JPY - ... The greenback tumbled to 101.64 on Wednesday due to dollar's broad-based weakness after the release of weaker-than-expected U.S. GDP n durable goods data, however, short-covering lifted price briefly to 101.87 in late NY.
Offers are now tipped at 101.90-00 and more at 102.10-20.
On the downside, sizeable stops at 101.60 are in focus but some demand is located at 101.45/40 and more at 101.20-10.

Nikkei-225 index rose by 48 points to 15315, following the rise in U.S. stock markets. Prime Minister Shinzo Abe said on Wednesday that deflation has ended and will be thwarted by new government policies designed to encourage business expansion.

Last night statement from the U.S. White House said, quote:
'Obama is mindful of not putting in U.S. companies at a competitive disadvantage when mulling further sanctions against Russia over Ukraine; sanctions regime against Russia will be most effective if implemented with allies in Europe who are among Russia's strongest trading partners.'
'Obama called Italy's PM to discuss Ukraine on Wednesday.'


Data to be released on Thursday:

France business climate, U.K. BoE financial stability report, U.S. jobless claims, personal consumption, personal income, core PCE, PCE index.

Posted by: acetraderforex Jun 27, 2014, 02:53 AM

smile.gif AceTraderFx Jun 27: Intra-Day Maket Moving News & Views & data to be released today


Intra-Day Market Moving News and Views

27 Jun 2014
00:30GMT

USD/JPY - Statement from the Japan govt. official announced that : May household spending fall n impact of sales tax hike are within expectations, as spending other than auto, housing in uptrend.

While Japanese household spending fell much more than expected in May, data showed on Friday, in a sign that consumer spending is struggling after an increase in the national sales tax.

The 8.0% annual decrease exceeded the median market forecast for a 2.0 percent annual decline.
The govt. raised the national sales tax to 8% fm 5% on Apr 1st to pay for rising welfare costs.


Yesterday Fed's Bullard in his statement said, qoute:

'prefers to end bond buying in October; sees GDP growth bouncing back in 2nd qtr, on track for 3.5 pct to 4 pct growth; own forecast of q1 2015 rate hike is data-dependent; wage increases will follow increase in inflation.'

' if jobless rate falls faster than expected, Fed may be behind curve; confident that fed will do the right thing; "way ahead of schedule" on decline in unemployment rate; view that inflation will rise above 2 pct in 2015; U.S. no longer in 1 pct-2 pct low-inflation environment; inflation will tick higher; U.S. is still a long way from a turn in monetary policy; economy could tolerate the process of fed going back to normal.'

'as credit markets heal, harder to justify continued low rates; Fed's bond-buying has not made U.S. income, wealth inequality worse; higher inflation would hurt the poor the most; Fed's bond-buying has boosted stocks, which have recently returned to more standard valuations; largely agree that low real yields will help repair damage from crisis more quickly.'

Data to be release on Friday:

New Zealand trade balance, exports, imports, Japan household spending, CPI core Tokyo, CPI core nationwide, unemployment rate, Germany import price index, CPI, HICP, France consumer spending, GDP, producer prices, Switzerland KOF indicator, Italy business confidence, U.K. Gfk consumer confidence, GDP, euro zone business climate, consumer confidence, economic sentiment, service sentiment, Canada producer prices, U.S. University of Michigan sentiment (Final).

Posted by: acetraderforex Jun 30, 2014, 04:06 AM

smile.gif AceTraderFx Jun 30: Intra-Day Maket Moving News & Views & data to be released today


Intra-Day Market Moving New and Views

30 Jun 2014
02:35GMT

EUR/USD - ... The single currency maintained a firm undertone after rising to 1.3650 on Friday n bids are now located at 1.3640-30 n more at 1.3620-10 with stops only seen below 1.3600. On the upside, some stops are tipped abv 1.3650 n 1.3655.

Bloomberg news reported that German Chancellor Angela Merkel and French President Francois Hollande, in a telephone call lasting more than two hours, told Russian President Vladimir Putin and Ukraine chief Petro Poroshenko to start peace talks and reminded them of a looming deadline for Kremlin action.

In other news, the Bank for International Settlements (BIS) said in its annual report released earlier that loose monetary policy makes it easy for euro-area banks to keep bad debt on their books, potentially delaying the flushing out of sour loans.

Last Friday, statement from France's Hollande said, qoute:
'will hold phone talks with Germany's Merkel, Ukraine's Poroshenko, Russia's Putin on Sunday; EU will take more measures if no progress on Ukraine by Sunday.'

Also, statement from German Chancellor Angela Merkel qoute:
'progress made on Ukraine peace process is not satisfactory; if no progress made on any of the points of Ukraine peace plan then we are prepared to take severe measures.'


Data to be release next week:

Japan industrial output, construction orders, housing starts, Germany retail sales, Italy producer prices, consumer prices preliminary, CPI, U.K. mortgage approvals, mortgage lending, euro zone inflation, Canada GDP, U.S. Chicago PMI, pending home sales on Monday.

Japan Tankan, China NBS manufacturing PMI, HSCB manufacturing PMI, Japan manufacturing PMI, Australia RBA rate decision, Switzerland PMI, Italy Markit/ADACI manufacturing PMI, unemployment rate, France Markit manufacturing PMI, Germany Markit/BME manufacturing PMI, unemployment rate, unemployment change, euro zone Markit manufacturing PMI, unemployment rate, U.K. Markit/CIPS manufacturing PMI, U.S. Markit manufacturing PMI, ISM manufacturing PMI, construction spending on Tuesday.

Australia exports, imports, trade balance, U,K. Nationwide house price, Markit/CIPS construction PMI, euro zone producer prices, U.S. ADP employment, durable goods revised, factory orders, Canada manufacturing PMI on Wednesday.

China NBS non-manufacturing PMI, HSBC service PMI, Australia building approvals, retails sales, France Markit/ABACI service PMI, Fracne Markit service PMI, Germany Markit service PMI, euro zone Markit service PMI, retails sales, ECB rate decision, U.K. Markit/CIPS service PMI, Canada trade balance, exports, imports, U.S. non-farm payrolls, unemployment rate, jobless claims, average earnings, trade balance, Markit service PMI, ISM non-manufacturing PMI on Thursday.

Germany industrial orders, U.K. Halifax house prices, U.S. markets closed for July 4 Independence Day holiday on Friday.

Posted by: acetraderforex Jul 2, 2014, 03:52 AM

smile.gif AceTraderFx Jul 2: Intra-Day Maket Moving News & Views & data to be released today


Intra-Day Market Moving New and Views USD/JPY

02 Jul 2014
02:15GMT

USD/JPY - ... The greenback ratcheted higher to 101.65 due to the rise in Nikkei-225 index, which rose by 89 points to 15416, following the rally in U.S. stock markets. Bids are now located at 101.50-40 and more at 101.30 with stops only seen below 101.20.
On the upside, some offers are tipped at 101.80-85 and more at 102.00.

BOJ reported that firms forecast inflation of 1.5 percent in a year, unchanged from three months ago.
Japanese companies see prices rising 1.6 percent from a year earlier in three years, and gaining 1.7 percent in five years. Japanese companies forecast sustained price gains, providing support for the Bank of Japan's campaign to generate stable inflation.

Investors are focusing on the speech at 14:00GMT by Federal Reserve Chair Janet Yellen after saying last month U.S. interest rates will stay low for a 'considerable time.'


Data to be release of Wednesday:

Australia exports, imports, trade balance, U,K. Nationwide house price, Markit/CIPS construction PMI, euro zone GDP, producer prices, U.S. ADP employment, durable goods revised, factory orders, Canada manufacturing PMI on Wednesday.

Posted by: acetraderforex Jul 3, 2014, 03:24 AM

smile.gif AceTraderFx Jul 3: Intra-Day Maket Moving News & Views AUD/USD


Intra-Day Market Moving New and Views

03 Jul 2014
01:00GMT

AUD/USD.. The latest prepared statements from RBA Governor Glenn Stevens which has knocked AUD sharply lower to intra-day low of 0.9393 after he said Australia rebalancing act to take time, A$ overvalued, quote :-
1. rebalancing signs encouraging but some way to go yet;
2. monetary policy very accommodative, but still has ammunition on rates;
3. A$ overvalued by most measures, and by more than a few cents;
4. investors under-estimating risk of sharp fall in a$ at some point;
5. not seeking to actively "jawbone" the currency lower;
6. has not contemplated tightening, stability language has worked on market expectations;
7. could drop reference to stable rates long before giving any thought to tightening;
8. federal budget unlikely to change near term economic outlook;
longer term tightening of fiscal policy seems sensible;
9. longer term tightening of fiscal policy seems sensible;
10. questions whether budget impact on household confidence will persist;
11. Q1 GDP probably overstated pace of growth, outlook little below trend;
12. housing market appears to be calming down, slower price growth favoured;
13. conditions in housing market do not warrant higher rates.


Yesterday, the foreign ministers of Russia and Ukraine agreed in talks in Berlin on Wednesday to work towards resuming a ceasefire which would be made possible by starting three-ways talks including pro-Russian separatists by this weekend.

German foreign minister Steinmeier said, quote: 'talks with Ukraine, Russia and France produced measures that will point way to multilateral ceasefire; welcomes Russian readiness to allow Ukraine officers access to checkpoints on border.'

Ukraine foreign minister Klimkin said, quote: 'talks agreed to work towards resumption of trilateral contact group talks; de-escalation will happen when ukraine president's peace plan is respected in its totality'

Russian foreign minister Lavrov said, quote: 'hopes for meeting of contact group on Ukraine in next few days; Russian side will be ready during any new ceasefire to let OSCE monitor certain border crossings; Russia will work for release of hostages in Ukraine; expects a ceasefire to be put in place in Ukraine.'

French foreign minister Fabius said, quote: 'talks on Ukraine "can report mission accomplished".'

Posted by: acetraderforex Jul 4, 2014, 03:46 AM

smile.gif AceTraderFx Jul 4: Intra-Day Maket Moving News & Views & data to be released today - EUR/USD


Intra-Day Market Moving New and Views

04 Jul 2014
02:13GMT

EUR/USD - ... Despite yesterday's brief bounce to 1.3664 at European open, renewed selling interest there knocked price lower n euro nose-dived to an intra-day low at 1.3596 after dovish comments from ECB's president Draghi who said that take-up of the TLTRO could reach EUR 1 trillion. Selling interest is now tipped at 1.3620-25 n more at 1.3635-40. On the downside, mixture of bids n stops is located at 1.3600 but some bids are noted at 1.3580-75.

ECB's Draghi announced that starting January 2015, the ECB will reduce the frequency of its policy meetings to every 6 weeks, allowing for the publication of minutes a few weeks later. He added that studies on ABS have intensified but stressed the need for unanimity among council members about the possible use of non-standard measures.

On the data front, Germany will release its industrial orders at 06:00GMT.


Yesterday, ECB's Executive Board member Benoit Coeure said, quote: 'only way to move from current low interest rates is to reinvigorate euro zone's productive potential; govts should not view period of low rates as an invitation to abandon fiscal prudence; states should stick to rules of new EU fiscal framework, not stretch these to point where framework is discredited; confident euro zone banks with strong business models will make full use of TLTROS.'

Quoting the statement from ECB's policymaker Jens Weidmann :'ultra-loose monetary policy leads, over time, to financial stability risks; concerned that low rates are easing pressure on govts to reform, consolidate budgets; important to stress that ECB will not delay a normalisation of monetary policy out of regard for state finances; for the euro zone, monetary policy has made its contribution to deliver price stability; will take a while for June policy measures to take full effect; I regard it as wrong to speculate about further measures immediately after June decisions.'


Data to be released on Friday:

Germany industrial orders, U.K. Halifax house prices. U.S. independence day holiday.

Posted by: acetraderforex Jul 7, 2014, 03:13 AM

smile.gif AceTraderFx Jul 7: Intra-Day Maket Moving News & Views & data to be released today


Intra-Day Market Moving New and Views

07 Jul 2014 00:37GMT
EUR/USD - .. Euro breaks Fri's low at 1.3586 in Asian morning. Price opened around 1.3600 in NZ n continued to edge lower, traders cited st specs sold the euro on dovish comments from ECB members Chritian Noyer & Benoit Coeure in a financial forum in Aix-En-Provence, France. Some stops below 1.3585 were stopped but trading volume is likely to be thin in Asia following last Fri's market holiday in the U.S.

07 Jul 2014 00:26GMT
USD/JPY -.. Quoting comments from BoJ Governor Haruhiko Kuroda who is speaking at the quarterly meeting of BoJ branch managers :

"Japan's economy continues to recover moderately as a trend."
"Japan's CPI likely to move around 1-1.5% for some time."
"Japan's financial system maintaining stability as a whole."
"Japan's QE has been exerting intended effects."
"Japan will continue with QE for as long as needed to achieve its 2% inflation target in stable manner."
"BoJ will examine upside, downside risks to economy, prices, n adjust policy as necessary."


Data to be released next week:

Japan leading index, Switzerland unemployment rate, Germany industrial orders, euro zone Sentix index, Canada building permits, Ivey PMI on Monday.

U.K. BRC shop price, Japan current accounts, economy watcher, Australia Westpac consumer confidence, NAB business conditions, NAB business confidence, China CPI, PPI, GDP, retail sales, Germany trade balance, exports imports, France trade balance, Switzerland CPI, retail sales, U.K. industrial output, manufacturing output, U.S. redbook on Tuesday.

Australia consumer sentiment, Canada house starts on Wednesday.

New Zealand PMI, U.K. RICS housing survey, Japan machinery orders, Australia employment, unemployment, China exports, imports, trade balance, Japan consume confidence, France CPI, industrial output, Italy industrial output, U.K. trade balance, BoE rate decision, Canada new house price index, U.S. wholesale inventories, wholesale sales on Thursday.

Australia housing finance, invest housing finance, Germany CPI, HICP, France current account, Canada unemployment rate, employment change, U.S. Federal budget on Friday.

Posted by: acetraderforex Jul 8, 2014, 03:52 AM

smile.gif AceTraderFx Jul 8: Intra-Day Maket Moving News & Views & data to be released today


Intra-Day Market Moving New and Views

08 Jul 2014
01:59GMT

EUR/USD - .. Euro moves narrowly but with a firm bias in subdued Asian trading after Mon's rebound from European near 2-week low of 1.3676.
Short-term specs sold the single currency at European open on stop hunting and although price briefly penetrated Friday's 1.3586 low, good buying interest emerged at 1.3676 and euro staged a rebound to 1.3602, such move prompted broad-based short-covering in euro vs USD & GBP, the pair later rose marginally to session high of 1.3609 in NY afternoon, the 1.3610 at Asian open.

Although consolidation with mild upside bias is seen, reports of fairly good offers at 1.3615/25 should cap intra-day gain, so day traders can sell the euro on marginal rise for re-test of 1.3676 later in the day.
Initial bids are noted at 1.3600 and more at 1.3590-85 with stops below 1.3675, however, traders reported a layer of bids at 1.3665-50, so downside on the euro also looks pretty limited today.
Germany & France will release trade data at 06:00GMT & 06:45GMT but these are not expected to move the euro much.

White House said Obama, Hollande decide U.S., Europe should take further coordinated measures to impose costs on Russia if it does not take immediate steps towards de-escalation in Ukraine.


Data to be released on Tuesday:

Japan current account, economic watchers, Australia NAB business confidence, business conditions, Germany imports, exports, trade balance, France trade balance, Swiss CPI, retail sales, UK industrial output, manufacturing output and U.S. redbook retail sales.

Posted by: acetraderforex Jul 9, 2014, 03:22 AM

smile.gif AceTraderFx Jul 9: Intra-Day Maket Moving News & Views & data to be released today


Intra-Day Market Moving New and Views USD/JPY

09 Jul 2014
01:53GMT

USD/JPY - ... Yesterday's cross-inspired weakness knocked price lower to 101.49 in NY and then 101.45 at Tokyo open due to the decline in Nikkei-225 index following the sell off in global stock markets on Tuesday. Offers are now tipped at 101.65-70 and more at 101.80-85.
On the downside, some bids are located at 101.40 and 101.30-25.
Trading is likely to be thin in Asia as investors are waiting for the release of Fed's minutes at 18:00GMT later today.

Tuesday's news worth mentioning, Minneapolis Fed President Narayana Kocherlakota said inflation may run below the central bank's target, while his Richmond counterpart Jeffrey Lacker curbed his previous expectation for more robust growth.

09 Jul 2014 01:30GMT

In other news, comments by Chinese President Xi Jinping who said as he opened annual talks between U.S. & China confrontation between China, U.S. would be a disaster.
Preisent Xi said China, U.S. should speed up talks on bilateral investment treat; China, U.S. must respect each other's sovereignty & territorial integrity.
U.S. Treasury Secretary Jack Lew said moving to market-determined FX rate is crucial step for China; Sees a strengthening recovery in U.S.


Data to be released on Wednesday:

UK shop price index, Japan machinery orders, Australia Westpac consumer sentiment, China CPI, PPI, Canada housing starts and U.S. FOMC minutes.

Posted by: acetraderforex Jul 10, 2014, 03:39 AM

smile.gif AceTraderFx Jul 10: Intra-Day Maket Moving News & Views & data to be released today


Intra-Day Market Moving New and Views USD/JPY

10 Jul 2014
02:12GMT

USD/JPY - ... Despite yesterday's brief bounce to 101.85 after the release of FOMC minutes, the greenback subsequently retreated and ratcheted lower to 101.51 in Asia.
Offers are now tipped at 101.75-80 and more at 101.95-00 with stops seen above 102.00.
On the downside, bids are located at 101.30-25 with stops seen below 101.20 but demand from various accounts is located above 101.00 level.

On the data front, Japan's machinery core orders fell by 19.5% from April, the most on record in May since 1987, suggesting that companies remain cautious about deploying record cash reserves into investment.

Bloomberg news reported earlier that Bank of Japan officials see buying exchange-traded funds based on the JPX-Nikkei Index 400 as a future option to boost the impact of unprecedented easing and encourage companies to deploy cash for investment, according to people familiar with the central bank's discussions.

Data to be released on Thursday:

New Zealand PMI, Japan domestic CGPI, machinery orders, consumer confidence, Australia employment, China exports, imports, trade balance, France CPI, industrial output, Italy industrial output, UK RICS housing survey, trade balance, BoE rate decision, Canada housing price index, U.S. jobless claims, wholesale sales and wholesale inventories.

Posted by: acetraderforex Jul 14, 2014, 04:02 AM

smile.gif AceTraderFx Jul 14: Intra-Day Maket Moving News & Views & data to be released today


Intra-Day Market Moving New and Views

14 Jul 2014
02:26GMT

USD/JPY - ... The greenback edged higher in Asia on Mon and briefly penetrated Fri's high of 101.39 to 101.41 due to broad-based softness in yen as the BoJ kicked off its latest two-day monetary policy meeting today with the board expected to stand pat.

Offers from various accounts are noted at 101.50-60 with mixture of offers and stops emerging above 101.80.
On the downside, bids are placed at 101.30/25 and then 101.15/10 with stops located just below 101.00.

Earlier Japan PM Abe said that he wanted a summit with China at Nov Apec meeting.

Data to be released next week:

Japan capacity utilization, industrial output and EU industrial production on Monday.

Australia RBA minutes, Japan BoJ rate decision, Swiss PPI, UK BRC retail sales, CPI, PPI, PPI input, PPI output, RPI, core RPI, Italy CPI, Germany ZEW current conditions, economic sentiment, U.S. retail sales, export prices, import prices, Redbook retail sales and business inventories on Tuesday.

New Zealand CPI, China GDP, retail sales, industrial output, Italy trade balance, UK ILO unemployment, claimant count, Swiss ZEW sentiment, U.S. PPI, core PPI, net L-T flows, capacity utilization, industrial output, NAHB housing market index, Fed beige book and Canada BoC rate decision on Wednesday.

Australia NAB business confidence, EU CPI, U.S. building permits, housing starts and jobless claims on Thursday.

EU current account, Canada CPI, core CPI and U.S. U. of Michigan consumer sentiment on Friday.

Posted by: acetraderforex Jul 15, 2014, 03:14 AM

smile.gif AceTraderFx Jul 15: Intra-Day Maket Moving News & Views - AUD/USD


Intra-Day Market Moving New and Views

15 Jul 2014
01:29GMT

AUD/USD - Statement just released by RBA minutes of its July 1st monetary policy meeting, quote :

1 on present indications, prudent to have period of steady rates;
2 repeats A$ high by historical standards, particularly given drop in commodity prices;
3 A$ offering less assistance to the economy than it might otherwise;
4 board noted NZD and CAD also high, were most surprised by low level of US dollar;
5 members agreed was difficult to judge if low rates would offset mining, fiscal drag;
6 further substantial falls in mining investment expected, public demand to be weak;
7 economic growth seen a little below trend over coming year, inflation in target band;
8 significant amount of monetary stimulus already in place to support economy;
9 RBA saw some improvement in labour market, only moderate jobs growth expected;
10 household consumption had eased, liaison suggested retail sales little changed from May to June;
11 strong growth in home building expected, non-mining investment rising gradually;
12 labour costs subdued, members noted productivity had improved across economy.

AUD briefly dipped to intra-day low of 0.9384 b4 rebounding to 0.9402 after the minutes were released as Reuters headline:
"Australia c.bank sets steady course for rates amid economy doubts" suggests no rate cut will be made any time soon.

Next RBA meeting will be on Aug 5.


Data to be released on Tuesday:

Australia RBA minutes, Japan BoJ rate decision, Swiss PPI, UK BRC retail sales, CPI, PPI, PPI input, PPI output, RPI, core RPI, Italy CPI, Germany ZEW current conditions, economic sentiment, U.S. retail sales, export prices, import prices, Redbook retail sales and business inventories.

Posted by: acetraderforex Jul 16, 2014, 04:28 AM

smile.gif AceTraderFx Jul 16: Intra-Day Maket Moving News & Views & data to be released today


Intra-Day Market Moving New and Views

16 Jul 2014
02:42GMT

GBP/USD - .. BoE Governor Mark Carney told lawmakers at a hearing in Britain's parliament on Tue said the central bank's forward guidance policy aimed to signal how interest rates might change over the medium term, not pinpoint the timing of a first hike.

He said "We don't know exactly when the rate cycle is going to start. It will be driven by the data. We do expect markets to react to that data." When asked about comments he made last month that a first rate hike might come sooner than markets were thinking, Carney said he wanted to make investors think about the chance of an early increase in borrowing costs as U.K.'s economy recovered.
"We were concerned that markets were not reacting to data, a fairly long run of data, that was as good as expected, if not slightly better." Carney added "The only guidance that the new MPC is now giving is around the expected medium-term path of interest rates, not the timing of the first rate rise.

16 Jul 2014 02:42GMT

Cable continued its volatile moves in Tuesday's choppy session. Although renewed cross-selling of sterling vs euro knocked price lower at European open, stops below previous day's 1.7070 low were tripped n cable hit a fresh 2-week low of 1.7059 ahead of key U.K. inflation data but when CPI surprised to the upside, sterling bears dived for covers n lifted cable to 1.7147, price continued to ratchet higher n touched a fresh near 6-year peak of 1.7192 immediately after Yellen's dovish remarks but only to fall to 1.7138 on long liquidation due to usd's broad-based strength.

Although euro's intra-day weakness in Asia has pressured cable, some bids are touted at 1.7130-20 are likely to contained downside. On the upside, initial offers are tipped at 1.7150/60 n more abv, suggesting range trading wud continue until release of key U.K. jobs data at 08:30GMT.

Data to be released on Wednesday:

New Zealand CPI, China GDP, retail sales, industrial output, Italy trade balance, UK ILO unemployment, claimant count, Swiss ZEW sentiment, U.S. PPI, core PPI, net L-T flows, capacity utilization, industrial output, NAHB housing market index, Fed beige book and Canada BoC rate decision. [size="4"][/size]

Posted by: acetraderforex Jul 17, 2014, 04:04 AM

smile.gif AceTraderFx Jul 17: Intra-Day Maket Moving News & Views & data to be released today


Intra-Day Market Moving New and Views USD/JPY

17 Jul 2014
02:31GMT

USD/JPY - ... The greenback traded with a soft bias below Wednesday's high of 101.79 in Asian morning and retreated to 101.52 due partly to cross-buying in yen vs other currencies.
Eur/Jpy dropped to a fresh 5-month low at 137.38 whilst aud/jpy and gbp/jpy retreated from 95.29 to 95.04 and fm 174.34 to 174.01 respectively.

Investors are reluctant to enter big position ahead of U.S. jobless claims and housing data due at 12:30GMT. Range trading is envisaged in Asia and Europe, therefore, buying dlr on dips is the way to go.
Market forecasts the U.S. jobless claims to be up by 6K to 310K from previous reading of 304K and U.S. housing starts and building permits in June to be increased to 1.018 mln and 1.040 mln respectively.

At the moment, bids are noted at 101.50/45 and then 101.30-20 with stops emerging below 101.00, whilst offers from various accounts are placed at 101.75/80 and around 101.90 with stops located just above 102.00.

Data to be released on Thursday:

Australia leading indicator, NAB business confidence, EU inflation, U.S. housing starts, building permits and jobless claims.

Posted by: acetraderforex Jul 18, 2014, 03:52 AM

smile.gif AceTraderFx Jul 18: Intra-Day Maket Moving News & Views & data to be released today


Intra-Day Market Moving New and Views USD/JPY

18 Jul 2014
02:14GMT

USD/JPY - ... comments from Japan's FinMin Taro Aso said: " need to watch negative impact on economy such as oil prices due to situation over Ukraine including downing of Malaysian airliner.

Dlr weakened slightly below o/n NY low at 101.17 to 101.09 in Australia this today as investors weighed risks after President Barack Obama said the U.S. would assist in determining the cause of the crash of a Malaysia Airlines plane near the Russia-Ukraine border. However, short covering in yen crosses lifted price and dlr climbed back to 101.30.

At the moment, offers are noted at 101.40-50 n then 101.65/70 with stops emerging above Wed's high of 101.79. On the downside, bids are placed at 101.00 n around 101.85 with stops located just below 2014 bottom at 100.76 (Feb). Selling dlr on recovery is cautiously favoured as demand for yen on risk aversion after yesterday's Malaysian Airplanes plane crash should continue to pressure usd/jpy in Asia.


Earlier BoJ minutes stated, quote:
most members shared view that BoJ would continue with QE to achieve the price stability target of 2 percent, as long as necessary;
members shared view that impact of QE is firmly taking hold, supporting firms' and households' spending;
members agreed that geopolitical risks continue to warrant attention;
some members said decline in interest rates worldwide might reflect weaker outlook for mid- to long-term growth;
members agreed Asian economies likely to lack momentum because of weak demand, especially in Thailand;
members shared view that the economy continues to recover moderately as a virtuous cycle among production, income and spending continued to operate;
members agreed that Japan's exports had leveled off but were likely to increase moderately, mainly due to a recovery in overseas economies.'

Data to be released on Friday:

Japan BoJ minutes, China house prices, EU current account, Canada CPI, wholesale trade, U.S. leading indicators and U. of Michigan consumer sentiment.

Posted by: acetraderforex Jul 21, 2014, 03:53 AM

smile.gif AceTraderFx Jul 21: Intra-Day Maket Moving News & Views & data to be released today


Intra-Day Market Moving New and Views

21 Jul 2014
02:17GMT

USD/JPY - ... The greenback traded with a soft bias in Asia this morning n moved lower from Australian high of 101.37 to 101.27 in part due to cross-buying in yen vs other CCYs as risk aversion remained after the shooting down of a Malaysia Airlines jet in eastern Ukraine last Fri.

Today, expect range trading with mild downside bias until European open as market is thin in Asia due to national holiday in Japan. There are no major economic data release from U.S. and therefore, fund flow should be the main drive for this pair's direction.

At the moment, offers are noted at 101.35/40 and then 101.55/60 with stops emerging above last Wed's high of 101.79, whilst bids are noted at 101.15/10 and around 101.00 with mixture of bids and stops located at 101.80 and just below 2014 bottom at 100.76 (Feb).

Data to be released this week:

Japan market holiday, UK house prices, Germany PPI, Italy industrial sales and industrial orders on Monday.

China leading index, Japan leading index, Swiss trade balance, UK PSNB, PSNCR, CBI trends, U.S. CPI, core CPI, Redbook retail sales, home price and existing home sales on Tuesday.

Australia CPI, France business climate, UK BoE minutes, BBA mortgage approvals, Italy trade balance, Canada retail sales and EU consumer confidence on Wednesday.

NZ RBNZ rate decision, trade balance, imports, exports, Japan exports, imports, manufacturing PMI, China HSBC manufacturing PMI, France manufacturing PMI, services PMI, Germany manufacturing PMI, services PMI, EU manufacturing PMI, services PMI, Italy retail sales, UK retail sales, U.S. jobless claims, manufacturing PMI and new home sales on Thursday.

Japan National CPI, Tokyo CPI, Germany Gfk consumer confidence, Ifo current conditions, expectations, business climate, Italy unemployment, UK GDP and U.S. durable goods on Friday.

Posted by: acetraderforex Jul 22, 2014, 03:39 AM

smile.gif AceTraderFx Jul 22: Intra-Day Market Moving News & Views & data to be released today


Intra-Day Market Moving New and Views

22 Jul 2014
02:12GMT

USD/JPY - .... The greenback strengthened ahead of Asian open today as risk appetites improved after comments from Japan economy minister Amari (see our prev. MMN). Broad-based selling in yen pushed dlr rose above yesterday's high of 101.39 to 101.52 b4 easing.

Today, expect the greenback to trade with a mild upside bias ahead of European open but gain should be ltd due to thin market condition as investors are on the sidelines to monitor development of events in Ukraine and Gaza. Having said that, market participants should pay attention to the U.S.'s CPI and existing home sales due out at 12:30GMT n 14:00GMT respectively. Market forecasts CPI m/m for Jun to be lowered to 0.2% from previous reading of 0.3%, whilst core CPI m/m in Jun also to be reduced to 0.3% from previous reading of 0.4%. Meanwhile, market expects the existing home sale for Jun to be 2.0% and 4.95 mln units.

At the moment, offers are noted at 101.60-70 n then 101.75/80 with stops emerging above 102.00, whilst bids from various accounts are placed at 101.40-30 n around 101.20 with stops located just below 101.10.

The United Nations Security Council condemned the downing of a Malaysian passenger plane in Ukraine with 298 people on board and demand that armed groups allow safe, secure, full and unrestricted access to the crash.

Earlier, Bloomberg headline which came out in Australia, Kyodo news reported comments from Japan economy minister Amari who said Japan to decide on 10% sales tax hike in early Dec.

Dlr climbed on the news ahead of Asian open and hit intra-day high of 101.51 after tripping stops above last Fri's top at 101.45.

U.S. President Barack Obama & Polish President Komorowski stress in call need for "transatlantic solidarity" in response of Malaysia plane & "Russia's efforts to destabilise Ukraine" - White House.


Data to be released on Tuesday:

The release of China leading index, Japan leading index, Swiss trade balance, UK PSNB, PSNCR, CBI trends, U.S. CPI, core CPI, Redbook retail sales, home price and existing home sales.

Posted by: acetraderforex Jul 23, 2014, 03:24 AM

smile.gif AceTraderFx Jul 22: Intra-Day Market Moving News & Views & data to be released today


Intra-Day Market Moving New and Views

23 Jul 2014
01:33GMT

USD/JPY .... Statement from BoJ's Deputy Governor Nakaso quote: 'Japan's economy continues to grow above its potential; domestic demand is firm but exports continue to move sideways;
expect Japan's economy to continue to grow above its potential as virtuous cycle is sustained;
QQE exerting its intended effect with long-term yields moving stably, inflation expectations rising as a whole;
Japan eyeing end of deflation but still half-way through in meeting BoJ's price target;
won't hesitate to adjust policy if risks threaten change to our economic, price projections;
no evidence to confirm view that U.S. is suffering "secular stagnation"; situation in Ukraine, Russia a potential risk for global outlook, warrants attention;
I am somewhat concern about slow growth in emerging economies, particularly in Asia; decline in Japan's private consumption broadly in line with initial expectations;
pace of recovery in Japan's exports has been slower than in the past when considering pace of recovery in global growth, yen moves;
Japan's real exports are expected to increase moderately, though must watch developments "without undue optimism"; Japan likely to achieve 2% inflation in or around fiscal 2015.'

Earlier quoting source from the Nikkie which said Abe advisers urge an initial 2% corporate tax cut.


Wednesday will see the release of Australia CPI, France business climate, UK BoE minutes, BBA mortgage approvals, Italy trade balance, Canada retail sales and EU consumer confidence.

Posted by: acetraderforex Jul 24, 2014, 03:12 AM

smile.gif AceTraderFx Jul 24: Intra-Day Market Moving News & Views & data to be released today


Intra-Day Market Moving New and Views USD/JPY AUD/USD

24 Jul 2014
00:42GMT

USD/JPY - 101.53... BoJ's board member Shirai gave the following statements:
'BoJ sees long-term inflation expectations in moderate rising trend, must closely monitor whether this trend will continue;
transforming public's deflation mindset will take some time but positive developments gradually starting to spread;
BoJ's goal of "sustaining 2% inflation in stable manner" is equivalent to stabilizing long-term inflation expectations at around 2%;
assigning too many objectives to monetary policy without allocating sufficient policy tools may be potentially problematic.'

Japan June trade balance -822.2 bln yen, exports -2.0% y/y n imports +8.4%.


24 Jul 2014 01:54GMT
AUD/USD - .... Despite Aussie's retreat from yesterday's high of 0.9463 ahead of Asian open, price staged a strong rebound from 0.9435 after release of better-than-expected China HSBC manufacturing PMI and rose to 0.9470.

China HSBC July flash PMI came in at 18-month high of 52.0.


Thursday will see NZ RBNZ rate decision, trade balance, imports, exports, Japan exports, imports, manufacturing PMI, China HSBC manufacturing PMI, France manufacturing PMI, services PMI, Germany manufacturing PMI, services PMI, EU manufacturing PMI, services PMI, Italy retail sales, UK retail sales, U.S. jobless claims, manufacturing PMI and new home sales.

Posted by: acetraderforex Jul 25, 2014, 04:03 AM

smile.gif AceTraderFx Jul 25: Intra-Day Market Moving News & Views & data to be released today


Intra-Day Market Moving New and Views GBP/USD

25 Jul 2014
02:43GMT

GBP/USD - ... Cable gains respite in subdued Asian trading after tanking to a 4-week trough of 1.6967 on Thur as a tepid 0.1% m/m growth in Jun retails sales (vs forecast of 03% increase) triggered broad-based selling of sterling vs usd n eur.

As retail sales account for just under 6% of U.K. economic output, market is keenly awaiting the release of the 1st reading of Britain's Q2 GDP. Street forecast is looking for a q/q growth of 0.8% & an annual expansion of 3.1%. If actual quarterly figure disappoints, then recent expectation of the start of a rate hike near year-end wud be put in the back burner. If the reading is higher than forecast, then one can expect a short-covering rally back twd 1.7085/95.

Until then, offers are noted at 1.7000/10 n more abv, initial bids are reported at 1.6970-60 with more stops touted below 1.6950.

25 Jul 2014 02:21GMT

U.K. Telegraph :
The IMF cut its global growth forecast for 2014 from 3.7% to 3.4% in the latest update to its World Economic Outlook, warning that the advanced economies are still being weighed on by high levels of debt.

Ultra-low interest rates around the world are fuelling financial bubbles n pushing investors into overvalued assets, the IMF has warned in a marked shift of policy.

Olivier Blanchard, the IMF?s chief economist, said the fund is now watching financial markets "like a hawk" but said the world economy is still too fragile to withstand the introduction of tighter monetary policy. "The first line of defence should be macro-prudential tools; slowing down the housing market for example. The recovery is not very strong and really needs to be nurtured," he said. The report also said "Global growth could be weaker for longer, monetary policy should thus remain accommodative in all major advanced economies."


Friday will see the release of Japan National CPI, Tokyo CPI, Germany Gfk consumer confidence, Ifo current conditions, expectations, business climate, Italy unemployment, UK GDP and U.S. durable goods on Friday.

Posted by: acetraderforex Jul 28, 2014, 04:12 AM

smile.gif AceTraderFx Jul 28: Intra-Day Market Moving News,Views & data to be released today


Intra-Day Market Moving New and Views USD/JPY

28 Jul 2014
02:43GMT

USD/JPY - .... The greenback continues to trade with a soft bias in Tokyo this morning after cross-inspired retreat from Friday's 2-week peak at 101.94 to 101.72 in NY as weekend's events in Russia-Ukraine n Middle East boosted yen demand at Tokyo open (eur/yen weakened 1 tick below Fri's 136.65 low).

Expect range trading to continue in Asia until European open, however, as the N225 index has shrugged off initial loss after Fri's decline in the Dow n has climbed to a fresh 6-month peak of 15.556, suggesting buying on dips is favoured. Later today, investors should pay attention to the release of Markit service PMI for U.S. n U.S. pending home sales data due at 13:45GMT n 14:00GMT respectively.

At the moment, offers are noted at 101.90-00 n around 102.10 with stops emerging abv 102.30. On the downside, bids are placed at 101.50-40 n then 101.30/25 with stops located below 101.20.


Next week will see the release of U.S. Markit Services PMI Flash, pending Homes Index and pending sales change on Monday; Japan’s unemployment rate and retail sales, Australian HIA home sales, Germany import prices, U.S.

Redbook and consumer confidence on Tuesday.

Japan’s industrial output, industrial production forecast, Swiss KOF indicator, Eurozone business climate, economic and services sentiment, Germany’s CPI and HICP, U.S. ADP employment, Canada’s producer prices, U.S. GDP and FOMC rate decision on Wednesday.

U.K. GfK consumer confidence, Australia’s building approvals and private home approval, Japan’s housing start and construction orders, Germany’s unemployment rate, Canada’s GDP and U.S. Challenger layoffs and Chicago PMI on Thursday.

China’s NBS manufacturing PMI, Australia’s PPI, Japan’s manufacturing PMI, China HSBC manufacturing PMI final, U.S. unemployment rate, Markit/CIPS manufacturing PMI, unemployment rate, PCE price index, private payrolls and non-farm payrolls, University of Michigan consumer confidence and ISM manufacturing PMI on Friday.

Posted by: acetraderforex Jul 29, 2014, 03:55 AM

smile.gif AceTraderFx Jul 29: Intra-Day Market Moving News & Views & data to be released today


Intra-Day Market Moving New and Views USD/JPY

29 Jul 2014
01:33GMT

Statement from BoJ's broad member Koji Ishida, quote:
'Japan's economy continues to recover moderately;
exports continue to move sideways, lacking momentum;
structural factors, such as shift of Japan firms' production overseas, may be partly behind soft exports;
capex expected to increase moderately as a trend;
next month's Q2 GDP data likely to show negative growth but economy's positive momentum seen intact;
effect of April sales tax hike likely to subside gradually;
labour market conditions likely hold key to whether household spending will remain firm;
want to scrutinise whether companies increasingly translate costs to consumers through higher prices;
environment surrounding exports to gradually improve as global growth pick up, tough uncertainty remains;
QQE exerting intended effects on markets, Japan's 10-year JGB yield remains at very low levels;
inappropriate to judge if BoJ's target by looking at core CPI alone, must take into account other data too to guage overall price trend.'


Data to be released on Tuesday:

Japan unemployment rate, retail sales, Australia HIA home sales, Germany import prices, U.S. Redbook retail sales and consumer confidence.

Posted by: acetraderforex Jul 30, 2014, 03:37 AM

smile.gif AceTraderFx Jul 30: Intra-Day Market Moving News & Views & data to be released today


Intra-Day Market Moving New and Views USD/JPY

30 Jul 2014
00:59GMT


USD/JPY - .... Statement Japan MTEI Official Quote:
'industrial production shows shipments falling for 5 straight months, which is similar to last time Japan entered recession.'

Last night U.S. President Obama announced expanded sanctions against Russia on Tuesday, just hours after the European Union imposed its most sweeping measures yet penalizing Moscow for its role in supporting separatists in neighboring Ukraine.


Wednesday will see the release of Japan’s industrial output, industrial production forecast, Swiss KOF indicator, Eurozone business climate, economic and services sentiment, Germany’s CPI and HICP, U.S. ADP employment, Canada’s producer prices, U.S. GDP and FOMC rate decision.

Posted by: acetraderforex Jul 31, 2014, 03:08 AM

smile.gif AceTraderFx Jul 31: Intra-Day Market Moving News & Views & data to be released today


Intra-Day Market Moving New and Views

31 Jul 2014
01:05GMT

Statement just released by the IMF quote:
'reiterates China 2014 GDP growth forecast at 7.4 pct, 2015 GDP growth at 7.1 pct;
appropriate for China to set 2015 GDP growth target at 6.5-7 pct;
some directors feel an even lower 2015 GDP growth target is appropriate for China;
China should not deploy broad stimulus unless GDP growth well under target level;
reiterates that yuan is "moderately undervalued";
weakness in China real estate sector poses near-term risks for economy; urgent for China to push reforms as current path of growth is unsustainable; near-term risks in china economy manageable due to gov't policy buffers.'


Yesterday, The Federal Reserve pressed ahead with its plan to wind down its bond-buying stimulus and upgraded its assessment of the U.S. economy, while reaffirming it is in no rush to raise interest rates.

The central bank cut its monthly asset purchases to $25 billion from $35 billion, leaving it on course to shutter the program this fall.

The Fed reiterated that it would likely keep rates near zero for a "considerable time" after its bond buying ends and restated that an "accommodative" policy was needed.

The Fed has kept overnight rates near zero since December 2008 and has more than quadrupled its balance sheet to $4.4 trillion through a series of bond purchase programs.

But it cited improving labor market conditions and declining unemployment and acknowledged rising inflation.


Thursday will see the release of U.K. GfK consumer confidence, Australia's building approvals and private home approval, Japan's housing start and construction orders, Germany's unemployment rate, Canada's GDP and U.S. Challenger layoffs and Chicago PMI.

Posted by: acetraderforex Aug 1, 2014, 03:40 AM

smile.gif AceTraderFx Aug 1: Intra-Day Market Moving News & Views & data to be released today


Intra-Day Market Moving New and Views

01 Aug 2014
02:22GMT

China July's final HSBC Mfg PMI came in at 51.7 vs previous preliminary reading of 52.0.

Reuters reported China's vast factory sector posted its strongest growth in 18 months in Jul as new orders surged to multi-month highs, a private survey showed on Friday, adding to signs the economy is regaining momentum after a flurry of govt. stimulus measures.

The HSBC/Markit China manufacturing PMI climbed to 51.7 last month, up from June's 50.7 but slightly below a preliminary reading of 52.

Still, July's reading is the best outcome since January 2013. Output and total new orders both rose at the strongest rates since March 2013, while new export work increased at the 2nd-fastest pace in more than 3-1/2 years.

Friday will see the release of China’s NBS manufacturing PMI, Australia’s PPI, Japan’s manufacturing PMI, China HSBC manufacturing PMI final, U.S. unemployment rate, Markit/CIPS manufacturing PMI, unemployment rate, PCE price index, private payrolls and non-farm payrolls, University of Michigan consumer confidence and ISM manufacturing PMI.

Posted by: acetraderforex Aug 5, 2014, 03:21 AM

smile.gif AceTraderFx Aug 5: Market Review & data to be released today


Market Review - EUR/USD

EUR/USD - ... Yesterday on Europe closing saw the single currency traded narrowly on Monday after Fri's strong rebound to 1.3445. Euro ratcheted lower from last Fri's NY high at 1.3445 to 1.3409/10 in New York b4 recovering. Some bids are now reported at 1.3410-05 whilst some offers are tipped at 1.3430-40, however, trading was subdued as investors are waiting for the ECB's rate decision on Thursday.
Earlier Fed issued a statement, quote:
banks eased lending standards for many loan categories amid broad-based pickup in loan demand in 3-month period to July;
many banks eased standards on prime residential home loans;
little change in standards for other household loans; domestic banks eased lending standards for commercial/industrial, most types of commercial real estate loans;
banks saw stronger demand for many more loan categories that in April survey - quarterly senior loan officers survey.


Tuesday will see the release of Australia’s import, export and trade balance, Japan’s services PMI, China HSBC services PMI, Reserve Bank of Australia rate decision, German and Eurozone Markit services PMI, Eurozone retail sales, U.S. redbook, U.S. Markit services PMI, ISM non-manufacturing PMI, durable goods and factory orders.

Posted by: acetraderforex Aug 6, 2014, 04:19 AM

smile.gif AceTraderFx Aug 6: Intra-Day Market Moving News & Views & data to be released today


Intra-Day Market Moving New and Views USD/JPY

06 Aug 2014
02:39GMT

USD/JPY - .... The greenback went through a roller-coaster session on Tue. Although price found renewed buying at 102.46 in Asia n climbed steadily in Europe due to recovery in the Nikkie future, price then hit session high of 102.93 after the release of a slew of upbeat U.S. data (ISM non-manufacturing PMI n factory orders), active cross-buying in yen due to risk aversion due to sell off in U.S. equities on renewed geopolitical tension in the Ukraine pressured price sharply lower to 102.48ahead of NY close b4 staging a minor recovery to 102.64 in Australia.

Today, range trading is envisaged n intra-day broad-based strength in the greenback suggests mild upside bias remains. However, do pay attention to the U.S. trade balance at 12:30GMT as market forecast for the deficit figure to widen to $44.7 bln vs prev. reading of $44.4 bln. A narrowing of the deficit may give dlr a lift. Bids are noted at 102.40-35 with stops below 102.30, however, more buying interest is reported at 102.10-00. On the upside, offers are placed at 102.70/75 n then 102.90-00 with stops touted above 103.00.


Wednesday will see the release of New Zealand HLFS unemployment rate, UK BRC shop price index, Japan’s leading indicator, German industrial orders, Swiss CPI, U.K. industrial and manufacturing output, Canada’s import, export and trade balance.

Posted by: acetraderforex Aug 7, 2014, 03:27 AM

smile.gif AceTraderFx Aug 7: Intra-Day Market Moving News & Views & data to be released today


Intra-Day Market Moving New and Views AUD/USD

07 Aug 2014
01:34GMT

AUD/USD - .... Aussie tanks after Australian jobless rate in July climbed sharply to 6.4% vs forecast of 6.0% whilst employment change came in at -300 vs street forecast of a +12K job growth. The pair tumbled fm 0.9355 to 0.9302 after the data shock.


Last night, U.S. President Obama said: 'can't solve entire corporate tax inversions problem administratively, but looking for ways to interpret statutes to discourage use of loophole; would prefer congress pass law end inversion loophole but White House reviewing all its options on the issue; we don't want to see this trend grow on inversions, so wants to move quickly on the issue.'
He also said 'Russian economy has "ground to a halt" as result of U.S. and European sanctions; supports ceasefire negotiations talking place in Egypt, wants to make sure that current temporaty truce holds.'

News from Reuters, Russia's veterinary service to ban all U.S. agricultural products and all EU fruit, vegetable imports - RIA news agency says, citing the service.

Thursday will see the release of Australia’s unemployment rate, Swiss consumer confidence, German industrial output, Bank of England rate decision, eurozone rate decision, Canada’s Ivy PMI and building permit.

Posted by: acetraderforex Aug 8, 2014, 03:47 AM

smile.gif AceTraderFx Aug 8: Intra-Day Market Moving News & Views AUD/USD


Intra-Day Market Moving New and Views

08 Aug 2014
01:33GMT

AUD/USD - ... News on Reuters, the RBA releases its quarterly monetary policy report, qoute:

Australia c.bank repeats outlook likely to be period of stability for interest rates;
RBA sees economic growth little below average over 2014/15, above average thereafter;
RBA trims GDP forecast for end 2014 to 2.5 pct vs 2.75 pct, lowers forecast band for 2015;
Underlying inflation for end 2014 seen at 2.25 pct vs 2.5 pct, 2.25-3.25 pct for end 2015;
Removal of carbon tax to lower CPI by 0.75 ppt, underling inflation 0.25 ppt in 2014/15;
Jump in July unemployment might be partly due to survey changes, sample rotation;
Unemployment rate likely to remain elevated for some time, not decline until 2016;
Slack in labour market, improved productivity to keep domestic costs contained;
A$ high by historical standards, fall in terms of trade mean A$ could drop over time;
Falling mining investment, fiscal consolidation to drag on economic growth;
Growth supported by strong resource exports, low rates, upswing in home building;
Sees pick up in China aided by policy stimulus, expects Beijing to meet 7.5 pct 2014 target.

Posted by: acetraderforex Aug 11, 2014, 04:27 AM

smile.gif AceTraderFx Aug 11: Intra-Day Market Moving News & Views & data to be released today


Intra-Day Market Moving New and Views USD/JPY

11 Aug 2014
02:58GMT

The greenback eased after a 'gap up' open to 102.22 (Reuters) in NZ today as Fri's rally in the Nikkei futures in NY session prompted broad-based yen-selling. The Nikkei has risen sharply in Asia (currently up by 329 points at 15107), suggesting consolidation with upside bias remains in Asian trading. Bids are noted at 102.00-101.90 with mixture of bids n stops located 101.75/70 n around 101.60. On the upside, offers are reported at 102.40-50 n then 102.65/70 with stops emerging further out abv 102.90.

Although geopolitical events shud remain as the major driver of volatility for the day, investors shud pay attention to the BoJ monthly economic survey at 05:00GMT as it will be interesting to see how the BOJ sees growth in that consists of the GDP number (market expects Wed's Japan Q2 GDP to post a sharp fall of 7.1%), trading dlr fm both sides of the market is recommended.


Next week will see the release of Japan's economic survey, Swiss retails sales and Canada's housing start on Monday.

U.K. BRC retail sales, BOJ meeting minutes, Japan's domestic CGPI, Australia's house prices, NAB business conditions and business confidence, Japan's industrial output, eurozone ZEW economic sentiment, current conditions and economic sentiment, U.S. redbook and Federal Budget on Tuesday.

Japan's GDP, Australia's Westpac consumer confidence, China's retail sales and industrial production, Germany's CPI and HICP, U.K. claimant count unemployment change and ILO unemployment rate, Swiss ZEW investor sentiment, eurozone industrial production, U.S. retail sales and business inventories on Wednesday.

New Zealand's business PMI and retail sales, U.K. RICS housing survey, Australia's westpac leading economic index, China's CB leading economic index, Germany's GDP, Swiss producer and import price, eurozone GDP and inflation, Canada's new house prices, U.S. import prices, exports prices and jobless claims on Thursday.

U.K. GDP, Canada's manufacturing sales, U.S. PPI, NY Fed manufacturing, overall net capital flows, foreign treasury buy, industrial and manufacturing output, capacity utilization and University of Michigan sentiment on Friday.

Posted by: acetraderforex Aug 12, 2014, 03:14 AM

smile.gif AceTraderFx Aug 12: Market Review, New and Views, and data to be released


On the European closing, and despite last Friday's active short-covering rally from as high as 1.3433 on Friday, the single currency ratcheted lower to 1.3381 in New York on Monday on renewed worries about the impact of the Russia-Ukraine conflict on Germany, the euro zone's largest economy.
Offers are not tipped at 1.3400 and more at 1.3410-20.
On the downside, some bids are located at 1.3375-70 with mixture of bides and stops seen at 1.3350.

Last night, U.S. president Obama told Poroshenko in phone call any Russian intervention in Ukraine is "unacceptable".
U.N. chief welcomes "forward movement" toward creation of Iraq gov't, commends Iraqi president for asking Haider Al-Abadi to form government


Tuesday will see the release of U.K. BRC retail sales, BOJ meeting minutes, Japan's domestic CGPI, Australia's house prices, NAB business conditions and business confidence, Japan's industrial output, eurozone ZEW economic sentiment, current conditions and economic sentiment, U.S. Redbook and Federal Budget.

Posted by: acetraderforex Aug 13, 2014, 03:11 AM

smile.gif AceTraderFx Aug 13: Intra-Day Market Moving News & Views USD/JPY


Intra-Day Market Moving New and Views

13 Aug 2014
00:42GMT

USD/JPY - ....BoJ EconMin Amari statement:
'see no immediate need for extra budget but govt, BoJ have always said ready to take action to support economy as needed;
when we say we will take appropriate action, that means we are ready to take whatever means available;
economy will undoubtedly make pretty big rebound in July-Sept, expect outlook to brighten;
Japan firms' shift to overseas production, weak demand in Asia partly behind soft Japanese exports.'

'economic recovery intact after weak GDP;
GDP surge ahead of tax hike and reactionary slump is "normal" response when compared with past cases of sales tax hike;
PM Abe will make final decision on if to proceed with second sales tax hike looking at various data ahead;
positive cycle of corporate earnings, wages and capex need to remain in place for economy to rebound in July-September.'

Highlights of BoJ meeting minutes:
- Most BOJ members said BOJ to keep QQE as long as necessary, said QQE having desired effects.
- Most BOJ members said BOJ to examine risks, adjust policy as needed.
- Some members cautious on achieving 2% price target.
- One member said inflation expectation have not risen.

According to minutes of the July policy meeting, several of the Bank of Japan's board members expressed a more cautious view on the economic outlook to reach a sustained 2% price stability target by fiscal 2015.


Posted by: acetraderforex Aug 14, 2014, 04:05 AM

smile.gif AceTraderFx Aug 14: Intra-Day Market Moving News & Views & data to be released today


Intra-Day Market Moving News and Views

14 Aug 2014
02:36GMT

USD/JPY - .... The greenback climbed at Tokyo open after finding support at 102.40/41 in Australia and easily penetrated yesterday's high of 102.54 to 102.66 in Tokyo morning as gain in the Nikkei following yesterday's rally in U.S. n major European stock markets (last seen up 80 points to 15,294) boosted risk appetite.

Intra-day broad-based gains in Asian equities suggest buying dlr on dips is the way to go. Bids are noted at 102.30-20 and then 102.05/00 with mixture of bids n stops located just below 101.80. On the upside, offers at 102.60-70 are being absorbed but more are are placed at 102.80-90 and then 103.00 with stops emerging just above July's peak at 103.15.

Investors should pay attention to U.S. weekly jobless claims later today at 12:30GMT. Economists are forecasting a rise of 6K to 295K for the week ended Aug. 9, however, recent low claims levels show the U.S. labor market is strengthening.

Thursday will see the release of New Zealand's business PMI and retail sales, U.K. RICS housing survey, Australia's Westpac leading economic index, China's CB leading economic index, Germany's GDP, Swiss producer and import price, eurozone GDP and inflation, Canada's new house prices, U.S. import prices, exports prices and jobless claims.

Posted by: acetraderforex Aug 15, 2014, 03:32 AM

smile.gif AceTraderFx Aug 15: Intra-Day Market Moving News & Views & data to be released today


Intra-Day Market Moving New and Views USD/JPY

15 Aug 2014
01:57GMT

USD/JPY - .... This morning statement from Japan FinMin Aso, quote:
'moderate economic recovery is continuing;
will closely watch economic data from July-Sept before deciding whether to raise sales tax next year;
sluggish growth in money supply means economic recovery is not strong enough.'

Last night despite dlr's brief retreat from Asian high at 102.66 to 102.32 in NY morning after the release of more than expected U.S. jobless claims which came in at 311,000 versus economists' forecast of 295,000.
However, renewed buying interest there lifted price again to 102.54 in New York.

Friday will see the release of U.K. GDP, Canada's manufacturing sales, U.S. PPI, NY Fed manufacturing, overall net capital flows, foreign treasury buy, industrial and manufacturing output, capacity utilization and University of Michigan sentiment.

Posted by: acetraderforex Aug 18, 2014, 03:07 AM

smile.gif AceTraderFx Aug 18: Intra-Day Market Moving News & Views & data to be released today


Intra-Day Market Moving New and Views

17 Aug 2014
22:58GMT

EUR/USD - .... News from Reuters, German Foreign Minister says 'he and Russian, Ukrainian, French foreign ministers agreed to report back to their leaders and then possibly agree Monday or Tuesday how to continue talks; the aim remains to bring about a ceasefire in Ukraine.'

On its Friday closing, although euro climbed to an intra-day high of 1.3412 in New York morning after the release of a series of U.S. economic data, including NY Fed manufacturing, PPI, foreign treasury buy, industrial and manufacturing output and University of Michigan sentiment.
Selling interest below there capped euro's upside somewhat. The pair later retreated to 1.3378 in part due to active cross buying in Japanese yen versus the euro after the news.
While EUR/JPY tumbled from 137.62 to 136.77. Offers are now tipped at 1.3400-10 with stops building up above 1.3420.
On the downside, some bids are located at 1.3380-75 and 1.3360-50.


Next week will see the release of U.K. rightmove house prices, China house prices, eurozone eurostat trade and U.S. NAHB housing market index on Monday.

New Zealand’s producer prices, RBA meeting minutes, eurozone current account, U.K. CPI, PPI and RPI, U.S. building permits, core CPI, housing starts, Redbook and Cleveland Fed CPI on Tuesday.

RBA’s Stevens testimony, Japan’s exports, imports and trade balance, Australia’s Westpac leading economic index, Japan’s all industry index, Germany’s producer prices, BOE’s meeting minutes and CBI trend, Canada’s wholesale trade and U.S. FOMC minutes on Wednesday.

On Thursday, Japan’s manufacturing PMI, China’s HSBC manufacturing PMI, Swiss trade balance, France’s Markit manufacturing and service flash PMI, Germany’s Markit manufacturing flash PMI, eurozone’s manufacturing and service flash PMI, U.K. PSNCR and retail sales, U.S. jobless claims and Markit manufacturing PMI, eurozone consumer confidence, U.S. Philly Fed business index, and existing home sales on Thursday. The 3-day annual Federal Reserve Bank symposium held in Jackson Hole, Wyoming begins.

Canada’s CPI and retail sales on Friday.



Posted by: acetraderforex Aug 19, 2014, 02:58 AM

smile.gif AceTraderFx Aug 19: Intra-Day Market Moving News & Views & data to be released today


Intra-Day Market Moving New and Views

19 Aug 2014
00:03GMT

NZD/USD - .... Statement from NZ FinMin Bill English said:
'NZ economy still growing robustly, outlook not changed significantly from budget;
New Zealand govt surplus seen at NZ$297 mln in 2014/15 vs NZ$372 mln in budget;
NZ has limited fiscal headroom for higher spending, tax cuts, spending restraint will remain;
NZ national govt to hold to economic/fiscal policies, tax cuts possible when room to do so;
NZ does not need tax hikes nor sharply higher govt spending in parties' election promises.'

New Zealand Treasury publishes pre-election fiscal update -
'budget surplus forecasts over next four years trimmed because of slower economic growth;
net debt peaking 26.8 pct of gdp in 14/15 (budget 26.4 pct);
slower reduction seen;
NZ net debt seen below 20 pct of gdp by 2021 (budget 2020), superannuation payments to resume then;
NZ debt management office reaffirms budget forecast of NZ$8 bln bond issuance in 2014/15;
NZ economic momentum is slowing, as terms of trade ease, growth forecasts trimmed;
NZ govt tax take expected to be slightly less than budget forecasts as growth slows;
2015 march yr GDP +3.8 pct (budget 4 pct);
reaffirms later year forecasts; inflation 2015 March yr 1.7 pct (budget 1.8 pct); 2016 at 2.4 pct (budget 2.5 pct).'


Tuesday will see the release of New Zealand's producer prices, RBA meeting minutes, eurozone current account, U.K. CPI, PPI and RPI, U.S. building permits, core CPI, housing starts, Redbook and Cleveland Fed CPI.

Posted by: acetraderforex Aug 20, 2014, 04:24 AM

smile.gif AceTraderFx Aug 20: Intra-Day Market Moving News and Views AUD/USD


Intra-Day Market Moving News and Views AUD/USD

20 Aug 2014
02:39GMT

AUD/USD - ... The Aussie chopped around after RBA Governor Glenn Stevens' testimony b4 the House of Standing committee ahead of Asian open, short-term specs were selling the AUD after NY close but when Stevens did not jawbone the Aussie lower, shorts covered their positions and lifted price on 0.9318.

Below were Stevens testimonies released on Reuters :

-remains view that on most metrics would be surprising if A$ remains so high
-risk of A$ fall is under appreciated
-puzzled why u.s. dollar is not higher given u.s. is recovering
- intervention on A$ part of tool kit if thought useful
-have not considered intervention useful so far
-would not want to give advance warning if did consider intervention
-economy does not need draconian fiscal tightening right now
-budget problems are in the medium term
-recent reading on unemployment was a weak one, difficult to interpret
RBA's Kent says unemployment not to fall sustainably until late 2015, early 2016

Stevens continued - A$ high in part because global capital finds Australia attractive
-has not thought about raising rates
-says expects fairly subdued result for Q2 QDP
-have not felt that intervention would work at current A$ levels
-would consider lower rates if thought it would be helpful
-but does not think interest rates the answer right now


Wednesday will see the release of RBA’s Stevens testimony, Japan’s exports, imports and trade balance, Australia’s Westpac leading economic index, Japan’s all industry index, Germany’s producer prices, BOE’s meeting minutes and CBI trend, Canada’s wholesale trade and U.S. FOMC minutes.

Posted by: acetraderforex Aug 21, 2014, 04:33 AM

smile.gif AceTraderFx Aug 21: Intra-Day Market Moving News & Views & data to be released today


Intra-Day Market Moving New and Views USD/JPY

21 Aug 2014 02:33GMT

USD/JPY - ..... The greenback maintains a firm undertone in Tokyo morning following yesterday's mildly hawkish FOMC minutes, price easily penetrated NY high at 103.85 at Tokyo open n climbed to a fresh 4-1/2 month peak of 103.96 as gain in the Nikkei boosted risk sentiment.

As the follow-through buying from Asian traders indicates upside bias remains, suggesting buying dlr on dips is the way to go, however, investors should stay alert ahead of the daily key res at 104.13 (Apr 4 high) as only a firm rise above there would indicate an 'upside break' of 7-month broad range of 100.76-104.13 has taken place n yield further headway twd 105.00 later this month. Bids are noted at 103.70/60 n then 103.50/45 with stpps emerging below 103.30. On the upside, offers are placed at 104.00 n with mixture of offers n stops located at 104.10-20.

Pay attention to a slew of U.S. economic data starting with weekly jobless claims, Philly Fed business index, existing home sales. Another key event is the 3-day annual Kansas City Fed symposium in Jackson Hole, Wyoming. Fed Chair Janet Yellen & ECB Governor Mario Draghi will both speak in the event on Fri.

USD/JPY - .... U.S. dollar strengthened to a 4-1/2 month high at 103.75 versus the Japanese yen after the release of FOMC minutes. Bids are now located at 103.60-50 and more at 103.30 with stops only seen below 103.20. On the upside, some offers are tipped at 103.85-95 with mixture of offers and stops seen at 104.00 option barrier.

Thursday will see the release of Japan's manufacturing PMI, China's HSBC manufacturing PMI, Swiss trade balance, France's Markit manufacturing and service flash PMI, Germany's Markit manufacturing flash PMI, eurozone's manufacturing and service flash PMI, U.K. PSNCR and retail sales, U.S. jobless claims and Markit manufacturing PMI, eurozone consumer confidence, U.S. Philly Fed business index and existing home sales. The 3-day annual Federal Reserve Bank symposium held in Jackson Hole, Wyoming begins on Thursday.

Posted by: acetraderforex Aug 22, 2014, 03:41 AM

smile.gif AceTraderFx Aug 22: Intra-Day Market Moving News & Views & data to be released today



Intra-Day Market Moving New and Views USD/JPY

22 Aug 2014
02:31GMT

USD/JPY -.... Despite the release of a slew of upbeat U.S. economic figures on Thur, investors shrugged off the data n decided to take profit ahead of Fri's Fed Chair Janet Yellen's speech in Jackson Hole as market anticipated that she will deliver dovish remarks to complement the hawkish FOMC minutes in order to convey to markets that even though rates will rise, monetary authorities will make sure they do so gradually. Dlr retreated after rising to a fresh 4-1/2 month peak at 103.96 in Asia yesterday and then briefly weakened to 103.60 in NY morning b4 climbing back to 103.95 in Tokyo morning on renewed cross-selling in yen due to increase of risk appetite (S&P 500 climbed to its intra-day all-time high of 1,991.45 n closed at record high of 1,990.15 on Thur).

As Japan's Nikkei 225 Stock Average is also heading for a 10th day of gains - the longest winning streak in 26 years (N225 is currently trading up 19 points to 15,605), therefore, buying dlr on dips for a re-test of daily key res at 104.13 (Apr 4 high) is the way to go, however, sharp gain abv there is unlikely to be seen as layers of selling interest on profit-taking are noted up fm 104.10 to 104.40. On the downside, bids are located at 103.70-60 n then 103.50 with stops emerging below 103.30.

Yesterday the greenback stabilised after retreating briefly to 103.60 after the release of a series of U.S. economic data, including exiting home sales, leading index, Philly Fed. Bids are now located at 103.65-60 whilst offers are tipped below Asian fresh 4-1/2 month peak at 103.96 with mixture of offers n stops seen at 104.00.


Friday will see the release of Canada's CPI and retail sales. Investors are reluctant to add bets ahead of a keynote speech at 14:00GMT by Fed Chair Janet Yellen who may provide her take on the latest data on labor markets at the Kansas City Fed's annual symposium in Jackson Hole, Wyoming.

Posted by: acetraderforex Aug 25, 2014, 03:40 AM

smile.gif AceTraderFx Aug 25: Intra-Day Market Moving News & Views & data to be released today


Intra-Day Market Moving New and Views EUR/USD

25 Aug 2014
01:50GMT

EUR/USD - .... The single currency tumbled to a fresh 11-month bottom of 1.3184 as the greenback opened higher vs its major peers in NZ on Mon, however, selling quickly subsided n price staged a minor recovery to 1.3206 at Asian open.

The fact that price is trading below Fri's 1.3220 low suggests intra-day downside bias remains following a short-covering rebound to 1.3297 in Europe last Fri but bears returned in full force after Fed Chair Yellen's rather balanced speech in Jackson Hole.
Offers are tipped at 1.3220/30 n more abv n initial bias are noted at 1.3185-80, suggesting selling euro is the favoured strategy.
Pay attention to the only EZ data at 08:00GMT, Germany will release Ifo Aug business sentiment index, street forecast is looking for a lower reading of 107.0 vs previous no. at 108.0, this will show German business confidence dropped to a 13-month low, so if actual figure is lower than forecast, euro shud face further downward pressure.

On Friday closing, ECB's president Draghi said: "new ECB lending to banks will be ineffective in helping economy without government structural reforms to promote business;
if inflation drop continues, risks for price stability would increase and governing council would need to use all available tools in reaction;
drop in European inflation due to temporary factors, such as Ukraine, energy prices."


Next week will see the release of Ifo business climate, current conditions and Ifo expectations, U.S. Markit services PMI and new home sales change on Monday.

New Zealand's imports, exports and trade balance, China's leading economic index, U.S. durable goods and consumer confidence on Tuesday.

Germany's Gfk consumer sentiment, Swiss UBS consumption indicator, France's business climate and Italy's consumer confidence on Wednesday.

Australia's HIA new home sales, building Capex and capital expenditure, Germany's unemployment rate and change, Italy's retail sales, eurozone business climate, consumer confidence and economic and industrial sentiment; U.K. CBI distributive trades; Germany's CPI and HICP, Canada's current account, U.S. PCE, GDP and pending home sales on Thursday.

Japan's unemployment rate, CPI, industrial output and retail sales, New Zealand's business outlook, Australia's housing credit and private sector credit, Japan's housing starts and construction orders, Swiss KOF indicator, Italy's unemployment rate, eurozone inflation and unemployment rate, U.S. PCE, personal consumption and income, Canada's GDP, producer prices and raw material prices, U.S. Chicago PMI, University of Michigan condition and expectations on Friday.

Posted by: acetraderforex Aug 26, 2014, 03:30 AM

AceTraderFx Aug 26: Intra-Day Market Moving News & Views & data to be released today


Intra-Day Market Moving New and Views EUR/USD

26 Aug 2014
02:02GMT

EUR/USD - .... For 2 days in a row, Asia bore the brunt of the largest intra-day price swings. Despite meeting renewed selling in thin trading market condition ahead of Asian open on stop hunting, euro easily penetrated yesterday's 1.3183 low to a fresh 11-month trough of 1.3178, however, the single currency quickly pared intra-day loss and rebounded back to 1.3201.

Current usd's broad-based retreat vs G7 currencies in Asian morning suggests euro still has legs to move higher as Fri's CFTC report revealed euro shorts had climbed to its highest in 2 years, therefore, time is ripe for a short-covering rally to take place any time this week.

As no EZ data are due out in European morning, technical trading is expected to dominate near term price movement. Bids are noted at 1.3185-80 whilst some offers are tipped at 1.3210/20 with stops touted above there.

Last night, Ukraine Presidential spokesman said that it will hold a new parliamentary election on October 26.


Tuesday will see the release of New Zealand's imports, exports and trade balance, China's leading economic index, U.S. durable goods and consumer confidence.

Posted by: acetraderforex Aug 27, 2014, 03:30 AM

smile.gif AceTraderFx Aug 27: Intra-Day Market Moving News & Views & data to be released today


Intra-Day Market Moving New and Views EUR/USD

27 Aug 2014
01:55GMT
EUR/USD - .... The single currency continues its recent losing streak and easily penetrated o/n NY low at 1.3164 to a fresh near 1-year trough of 1.3152 after tripping stops below said yesterday low, however, bids above rumoured 1.3150 option barrier contained intra-day weakness.

We may well see a repeat of the price action seen in last 2 days in Asia, that is euro hits intra-day lows at Asian open n then stages a decent recovery into European open b4 coming off later in the day, so chasing present decline is not a good bet. Bids are noted at 1.3150 n more above daily sup at 1.3105, on the upside, offers are tipped at 1.3175/80 n more above would stop (fairly large) touted above 1.3220, suggesting selling the single currency on rally is the way to go.

Eco. data from the EZ today which may move price are Germany Gfk consumer confidence index at 06:00GMT, then French bus. confidence at 06:45GMT and then Italy's consumer confidence at 08:00GMT. No data are due out from the U.S. today.

News from last night, Russia's Utair airline said its MI-8 helicopter was shot down in South Sudan, according to preliminary information.

Three regional Federal Reserve banks, Philadelphia, Kansas city, Dallas Federal Reserve banks renewed requests to raise discount rate by 25 basis points to 1% ahead of July FOMC meeting, according to minutes on Tuesday. U.S. dollar rose broadly against major currencies in late New York.

U.S. welcomes Israeli-Palestinian ceasefire, urges parties to fully and completely comply with its terms and hopes it will be durable.


Wednesday will see the release of Germany's Gfk consumer sentiment, Swiss UBS consumption indicator, France's business climate and Italy's consumer confidence. Investors are waiting for eurozone inflation data on Friday.

Posted by: acetraderforex Aug 28, 2014, 04:03 AM

smile.gif AceTraderFx Aug 28: Intra-Day Market Moving News & Views & data to be released today


Intra-Day Market Moving News & Views USD/JPY
28 Aug 2014
02:43GMT

USD/JPY - ..... Despite a recovery from 103.79 to 104.00 in NY session, dlr came under renewed selling pressure shortly after Tokyo open n briefly weakened to 103.70 as fall in Nikkei triggered broad-based buying in yen (N225 was last seen down 80 points to 15454).

Although dlr's intra-day breach of yesterday's NY low at 103.75 suggests further choppy trading below Mon's 7-month peak at 104.49 would continue, sharp fall is unlikely ahead of the release of a slew of U.S. data (U.S. Q2 GDP, PCE, jobless claims n pending home sales) in NY morning.
Therefore, trading dlr from both sides of the market is recommended.
Bids are placed at 103.70/65 n 103.55 with stops emerging just below 103.50. On the upside, offers are noted at 103.80-90 n then 104.00 with stops located above 104.10.
Japan's FinMin is to request record 25.8238 tln yen for debt servicing costs for fiscal 2015/16.

Last night despite dollar's brief bounce to 104.16 in Asian morning, selling interest below penetrated Tuesday's NY res at 104.17 capped dollar's upside and price ratcheted lower to 103.79 in New York morning before trading sideways. Offers are now tipped at 104.00-10 whilst some bids are located at 103.80-75 with some stops seen below there but buying interest is located well above 103.50 sup.
Federal Reserve said to hold open meeting on Sept 3 on final rules for liquidity ratio, margin for non-cleared swaps.


Thursday will see the release of Australia's HIA new home sales, building Capex and capital expenditure, Germany's unemployment rate and change, Italy's retail sales, eurozone business climate, consumer confidence and economic and industrial sentiment; U.K. CBI distributive trades; Germany's CPI and HICP, Canada's current account, U.S. PCE, GDP and pending home sales on Thursday.

Posted by: acetraderforex Aug 29, 2014, 04:28 AM

smile.gif AceTraderFx Aug 29: Intra-Day Market Moving News & Views & data to be released today


Intra-Day Market Moving New and Views USD/JPY

29 Aug 2014
02:22GMT

USD/JPY - .... Dlr went through a mini 'roller-coaster' session on Thur. Although broad-based buying in yen due to renewed geopolitical tensions in Ukraine pressured price to 103.56 in Thursday's Europe, release of upbeat 2nd reading of U.S. GDP lifted price to 103.90 in NY morning but only to retreat to 103.65 in NY afternoon.

Today, traders have showed muted reaction to the early release of a slew of mixed economic reports from Japan (including unemployment rate, all household spending, CPI, industrial production and retail sales), suggesting consolidation above said yesterday's 103.56 low would continue, therefore, buying dlr on dips is still the favoured strategy.

Bids are noted at 103.60-50 with stops below 103.50, whilst offers are placed at 103.85/90 and above with stops emerging above 104.20.

Friday will see the release of Japan's unemployment rate, CPI, industrial output and retail sales, New Zealand's business outlook, Australia's housing credit and private sector credit, Japan's housing starts and construction orders, Swiss KOF indicator, Italy's unemployment rate, eurozone inflation and unemployment rate, U.S. PCE, personal consumption and income, Canada's GDP, producer prices and raw material prices, U.S. Chicago PMI, University of Michigan condition and expectations.

Posted by: acetraderforex Sep 1, 2014, 04:29 AM

smile.gif AceTraderFx Sept 1: Intra-Day Market Moving News & Views & data to be released today


Intra-Day Market Moving New and Views EUR/USD

01 Sep 2014
02:22GMT

EUR/USD - .... 2 pieces of euro bearish news on Reuters worth noting which had caused the single currency to open lower in NZ today.

ECB executive board member Benoit Coeure said in an essay published in Greek newspaper Ta Nea on Sat the ECB is ready to adjust its monetary policy further if needed and boost bank liquidity. Coeure said the ECB's measures so far have contributed to stability in the euro zone while its recent decisions have ensured a particularly accommodative direction in monetary policy in the single-currency bloc.

He then said "The ECB will provide additional liquidity to banks on the condition that they increase credit directed to the real economy, n it is ready to further adjust the direction of its monetary policy, if needed."

French PM Manuel Valls reiterated on Sun calls for the ECB to go "further" in tackling the problem of an overvalued euro. Speaking at a Socialist party gathering in La Rochelle, Valls said the ECB's June decision to cut interest rates was a "strong signal" but more was needed.

Euro trades at intra-day fresh near 1-year trough of 1.3122 after opening lower below Fri's 1.3132 low on weekend euro bearish news.
However, selling was not particularly heavy on this Asian Mon morning as markets in U.S. are closed for Labor Day holiday (Canada is also closed too).

Offers are noted at 1.3135/40 n more abv with stops reported abv 1.3200. Some bids are touted at 1.3110-00 with stops below there, suggesting selling euro on recovery is the way to go.

Next week will see the release of New Zealand trade data, Japan's Capex, Australia's inflation gauge, China's NBS manufacturing PMI, Japan's manufacturing PMI, China's final HSBC manufacturing PMI, Germany's detailed GDP, Swiss PMI, German, eurozone and U.K. manufacturing PMI on Monday. U.S. market will be closed for Labor Day holiday.

Australia's building approvals, current account RBA's interest rate decision and policy statement, Swiss GDP, U.K. Markit construction PMI, eurozone producer prices, U.S. construction spending and ISM manufacturing PMI on Tuesday.

U.K. BRC shop price index, China's NBS non-manufacturing PMI, Australia's GDP, China's HSBC services PMI, German and eurozone and U.K. Markit services PMI, eurozone retail sales, U.S. Redbook, ISM-New York index, Canada's rate decision, U.S. factory orders, durable goods and Fed's Beige book on Wednesday.

Australia's exports, imports, trade balance and retail sales, Germany's industrial orders, Bank of England's rate decision, ECB's rate decision, U.S. ADP employment, ECB's press conference, U.S. initial jobless claims, productivity and international trade, Canada's exports, imports and trade balance, U.S. Markit services PMI, ISM non-manufacturing PMI on Thursday.

U.K. RICS housing price balance, Bank of Japan monthly economy servery and leading indicator, Germany's industrial output, Swiss CPI and industrial orders, eurozone revised GDP, U.S. non-farm payrolls, private payrolls and unemployment rate, Canada's employment change, unemployment rate, and Ivey PMI on Friday.

Posted by: acetraderforex Sep 2, 2014, 03:13 AM

smile.gif AceTraderFx Sept 2: Intra-Day Market Moving News & Views & data to be released today


Intra-Day Market Moving New and Views EUR/USD

02 Sep 2014
01:49GMT

EUR/USD - .... Despite gaining a fleeting moment of respite in subdued North American session as markets in U.S. & Canada were closed for Labor Day holiday, euro bears returned shortly after Asian open as a surprise rally in the Nikkei led to intra-day rally in dlr/yen, this in turn triggered broad-based rise in the greenback.

The single currency fell from 1.3133 to a fresh near 1-year bottom of 1.3117 after penetrating Mon's 1.3119 low. The lack of a recovery suggests euro bears would test daily chart obj. 1.3105, at present, some buying interest n stops are touted above 1.3105 n below 1.3100 respectively. Offers have been lowered to 1.3130/40 with stops above 1.3150, therefore, selling euro on recovery is the way to go.

Yesterday despite staging a short-covering rebound from a fresh 1-year low at 1.3116 to 1.3146 in early European morning, the single currency met renewed selling n retreated to 1.3127 after European close in thin trading conditions as North American markets (U.S. n Canada) remained closed for Labour day holiday.
Offers are now seen at 1.3145/50 n more above at 1.3160/70 with stops building up above there whilst initial bids are noted at 1.3120/30, suggesting selling on recovery is still the favored strategy.

Data to be released on Tuesday:

Australia building approvals, current account, RBA rate decision, Swiss GDP, UK construction PMI, EU PPI, U.S. manufacturing PMI, construction spending and ISM manufacturing.

Posted by: acetraderforex Sep 3, 2014, 04:02 AM

smile.gif AceTraderFx Sept 3: Intra-Day Market Moving News & Views & data to be released today


Intra-Day Market Moving New and Views

03 Sep 2014
02:34GMT

USD/JPY - ..... The greenback continued its recent winning streak and strengthened to a fresh 8-month high of 105.27 ahead of Tokyo open on renewed broad-based selling in the yen following Tuesday's rally on market speculation Japanese PM Abe will appoint Yasuhisa Shiozaki, deputy policy chief of the LPD who may shift pension funds toward riskier assets.

Current firmness due to 130 points gain in the N225 index suggests buying dlr on dips for a re-test of 2014 peak at 105.45 is recommended. However, sharp gain is unlikely to be seen as market participants are awaiting release of a slew of U.S. data, then the U.S. Beige book later today (18:00GMT) to get a snapshot of economic health in each of the central bank's districts for hints of Fed to ending its extraordinary monetary policy and normalizing interest rate.

Bids are noted at 105.00-104.80 region, with stops below there. On the upside, offers are placed at 105.30-40 and then 105.50 with stops touted above there.

Last night the greenback rallied to a fresh 8-month high of 105.21 in NY morning after the release of much stronger-than-expected U.S. ISM manufacturing PMI which came in better-than-expected at 59.0 versus economists' forecast of 56.8. However, profit-taking offers capped dlr's upside somewhat n more offers are tipped at 105.40/45. On the downside, bids are located at 105.00, 104.85-80 and more at 104.70.

Wednesday will see the release of U.K. BRC shop price index, China's NBS non-manufacturing PMI, Australia's GDP, China's HSBC services PMI, German and eurozone and U.K. Markit services PMI, eurozone retail sales, U.S. Redbook, ISM-New York index, Canada's rate decision, U.S. factory orders, durable goods and Fed's Beige book.

Posted by: acetraderforex Sep 4, 2014, 03:49 AM

smile.gif AceTraderFx Sept 4: Intra-Day Market Moving News & Views & data to be released today


Intra-Day Market Moving New and Views EUR/USD

04 Sep 2014
02:13 GMT

EUR/USD - .... Euro is in holding pattern after yesterday's short-covering rebound to 1.3160 ahead of NY open, however, sellers quickly emerged once price faltered below offers 1.3160/70 but lack of follow-through selling lifted price from 1.3133.

Expect range trading to continue as traders are keep their powder dry ahead of ECB policy announcement at 11:45GMT, then ECB President Draghi's press conference which guarantees sharp swings in the euro, until then, we have a slew of EZ data with French unemployment kicking off at 05:30GMT and then Germany's industrial order at 06:00GMT.

Order flows n position adjustments would influence intra-day move, offers are reported at 1.3160/70 with stops building above there, more stops are touted above 1.3200. Initial bids are noted at 1.3135-25 with stops below there, more bids are reported at 1.3110/00 with fairly large stops below there.

Yesterday, Dallas Federal Reserve Bank President Richard Fisher said the U.S. economy is 'in a pretty good place', adding that he believes it will soon be ready for gradual interest rate increases but stopping short of saying when.

"I don't think it would be much of a brake on the economy if we had a gradual increase in interest rates," Fisher told Reuters in an interview.

As to when the Fed should start raising rates from the near-zero level they've been since December 2008, he said, "My personal opinion is that the calendar has been moved forward, at least in my mind - how far forward, I couldn't tell you right now."

Thursday will see the release of Australia's exports, imports, trade balance and retail sales, Germany's industrial orders, Bank of England's rate decision, ECB's rate decision, U.S. ADP employment, ECB's press conference, U.S. initial jobless claims, productivity and international trade, Canada's exports, imports and trade balance, U.S. Markit services PMI and ISM non-manufacturing PMI.

Posted by: acetraderforex Sep 5, 2014, 03:41 AM

smile.gif AceTraderFx Sept 5: Intra-Day Market Moving News & Views & data to be released today


Intra-Day Market Moving New and Views USD/JPY

05 Sep 2014
01:49GMT

USD/JPY - ..... Japan's FinMin Taro Aso said, quote:
"rapid FX moves undesirable".
"Understand BoJ Kuroda's concern about risk from foregoing next sales tax hike;
Rapid FX moves undesirable".
"hard to know if raising min. wage would hurt or help employment";
compiling extra budget will be an option to back decision in Dec on next tax hike.'
"not surprised about FX moves, trend is more dlr strength than yen weakness";
if uncertainty about economy outlook appears, gov't and BoJ would call on each other to respond;
dollar has reached 105 yen due to strength of U.S. economy.'


Friday will see the release of U.K. RICS housing price balance, Bank of Japan monthly economy servery and leading indicator, Germany's industrial output, Swiss CPI and industrial orders, eurozone revised GDP, U.S. non-farm payrolls, private payrolls and unemployment rate, Canada's employment change, unemployment rate and Ivey PMI.

Posted by: acetraderforex Sep 8, 2014, 03:48 AM

smile.gif AceTraderFx Sept 8: Intra-Day Market Moving News & Views & data to be released today


Intra-Day Market Moving New and Views USD/JPY

08 Sep 2014
02:12GMT

USD/JPY - .... The greenback went through a mini 'roller-coaster' session in early Monday trading. Although price dipped to 104.93 partly on selling in stg/yen & eur/yen, intra-day steep fall in the pound at NZA open lifted the dlr broadly and price quickly pared initial loss and climbed to 105.23 but offers below Fri's NY high at 105.26 checked dlr's upside n price edged lower ahead of Tokyo open.

Dlr showed muted reaction to a downward revision to Japan's Q2 GDP which showed Japan's Q2 growth shrank to 7.1% annually vs previous reading of -6.8% (but not far fm forecast of -7.0%). The GDP contraction was the steep since Q1 2009 after the Lehman crash.

Range trading is expected after Fri's strong retreat from a near 6-year peak of 105.71 (AUS) to as low as 104.69 after a surprise disappointing U.S. payrolls.
Initial bids are noted at 105.95/00 and more below with fairly large stops touted below 104.65. On the upside, offers are tipped at 105.20-30 and more at 105.45/55, suggesting choppy consolidation would continue.



Next week will see the release of Japan's current account, revised GDP and economy watcher poll, Swiss unemployment rate, Germany's imports, exports and trade balance, Swiss CPI and retail sales, eurozone Sentix index and Canada's building permits on Monday.

U.K. BRC retail sales, Bank of Japan's meeting minutes, Australia's NAH business confidence, Japan's consumer confidence index, U.K. industrial and manufacturing output, goods trade balance, Canada's housing starts on Tuesday.

Japan's corp. goods price and machinery orders, Australia's consumer sentiment, Canada's capacity utilization, U.S. wholesale inventories on Wednesday.

Reserve Bank of New Zealand interest rate decision, Australia's employment, full time employment and unemployment rate, China's CPI and PPI, Germany's CPI and HICP, Canada's new housing price index and U.S. Federal budget on Thursday.

New Zealand's manufacturing PMI, Japan's capacity utility index and industrial output, eurozone employment and industrial production, U.S. exports, imports, retail sales, University of Michigan sentiment and business inventories on Friday.

Posted by: acetraderforex Sep 10, 2014, 04:18 AM

smile.gif AceTraderFx Sept 10: Intra-Day Market Moving News & Views & data to be released today


Intra-Day Market Moving New and Views USD/JPY

10 Sep 2014
01:31GMT

USD/JPY - ..... Statement from BoJ Deputy Governor Iwata, quote:
'QQE has been exerting intended effects;
Japan's economy continues to recover moderately as a trend, although effect of sales tax hike remains;
what matters is the mechanism underlying the economic recovery and not temporary factors;
BoJ judges that the virtuous cycle of economic activity remains firmly intact in both the household and corporate sectors;
with the employment and income situation improving steadily, private consumption has remained resilient as a trend;
labour market is likely to continue tightening as the economy continues to recover;
virtuous cycle of economic activity in the household sector is expected to remain in place;
BoJ will carefully examine how decline in real income, due to tax hike, affects households' spending behaviour;
need structural reforms, not just monetary policy, to achieve govt economic growth targets;
2 pct price target can be achieved with monetary policy regardless of potential growth rate;
Japan's potential growth rate estimated around 0.5 percent; now is time for efforts to promote innovation and reverse decline in working age population; export recovery has been delayed, but exports likely to head for a moderate increase;
Japan's economy likely to continue recovering moderately as a trend;
yen depreciation does not necessarily lead to inflation;
exports are potential concern for outlook of Japan's economy;
from somewhat longer-term perspective, correction of past excessive yen appreciation will mitigate downward pressure on exports;
yen depreciation can raise prices for some goods but also weigh on aggregate demand;
need to examine output gap to forecast prices on macro level;
increase in CPI is expected to accelerate moderately, along with increasing wages;
yen falls will encourage firms to be more proactive in capex, boost exports.'

Wednesday will see the release of Japan's corp. goods price and machinery orders, Australia's consumer sentiment, Canada's capacity utilization and U.S. wholesale inventories.

Posted by: acetraderforex Sep 11, 2014, 03:07 AM

smile.gif AceTraderFx Sept 11: Intra-Day Market Moving News & Views & data to be released today


Intra-Day Market Moving New and Views NZD/USD

11 Sep 2014

NZD/USD
- ...... News from New Zealand on interest rate decision: RBNZ holds offical cash rate unchanged at 3.5% in Sept.

Statement from RBNZ on interest rate, quote-
'prudent to have a period of assessment on rates;
90 day bank bill avg 3.8 pct dec (pvs 4.0 pct);
3.9 pct March '15 (pvs 4.3 pct);
some further tightening will be necessary;
90 day bill 4.0 pct Jun '15 (pvs 4.5 pct);
4.3 pct Dec '15 (pvs 4.7 pct);
4.5 pct Jun'16 (pvs 5 pct);
sees annual cpi 1.3 pct end 2014 (pvs 1.5 pct);
1.6 pct at end 2015 (pvs 1.9 pct);
economy adjusting to policy measures;
sees GDP yr to March '15 3.2pct (pvs 2.7 pct);
2.6 pct yr to March'16 (pvs 2.4 pct);
house price inflation easing;
strong NZ dollar will remain significant headwind;
CPI inflation remains moderate;
paying close attention to how nz dollar responds to lower export prices;
NZ$ remains unjustifiable and unsustainable;
pick up in inflation to be gradual, capacity pressures subdued;
expects further significant fall in NZ$;
economic growth seen moderating to more sustainable pace in coming years;
export commodity prices to recover, terms of trade to stay historically high;
inflation, housing risks around strong immigration;
net immigration to peak at end 2014 impact on housing seen subdued;
tradeables inflation to pick up in mid term, reflecting weaker NZ dollar;
expects economic growth to moderate in response to falling commodity prices and higher rates.'

Thursday will see the release of Reserve Bank of New Zealand interest rate decision, Australia's employment, full time employment and unemployment rate, China's CPI and PPI, Germany's CPI and HICP, Canada's new housing price index and U.S. Federal budget.

Posted by: acetraderforex Sep 15, 2014, 04:27 AM

smile.gif AceTraderFx Sept 15:Intra-Day Market Moving News & Views & data to be released today


Intra-Day Market Moving New and Views

15 Sep 2014
02:00GMT

EUR/USD -..... The single currency moved in choppy fashion in fairly thin Asian trading due to closure of financial markets in Japan. Despite opening higher in NZ, failure to re-test Fri's near 1-week high of 1.2980 (intra-day top was 1.2979) prompted selling by st specs, price retreated to 1.2950.

Although range trading is expected to continue, Fri's erratic rise abv 1.2963 res to 1.2980 suggests recent short-covering activities wud continue as Fri's release of CFTC data showed for the 1st time in 15 months, euro shorts pared their short positions. Bids are noted at 1.2950-40 n more below with some stops touted below 1.2900. On the upside, offers are tipped at 1.2980/90 with stops reported building abv the psychological 1.3000 level.

A piece of Reuters news which came out after Fri's close worth noting:
ECB President Mario Draghi promised on Fri the central bank planned asset purchase programme wud be "big" but stressed that only structural reforms by govts could revive the moribund euro zone economy.
Draghi told a news conference following a meeting of FinMins in Milan, "our balance sheet is expected to move towards the size it had at the start of 2012." He declined to give an estimate on the size of the ABS programme, saying "we know it's going to be big, but we are hesitant to give a number now".
Draghi believed recovery was continuing, even though it was "fragile, uneven and weak". However, with interest rates now at their "lower bound", he stressed that it was now up to govts to reform their economies to improve their ability to grow.
"No matter what monetary or even fiscal stimulus can be decided, we won't see much growth coming from these measures ... if there are no serious structural reforms," the ECB chief said.

On Friday closing, the single currency jumped to 1.2979/80 in thin New York trading, however, selling interest there caped euro's upside n price retreated to around 1.2940. Offers are now tipped at 1.2975/80 n more at 1.2990. On the downside, bids are located at 1.2925-20 n more at 1.2910.

This week will see the release of U.K. Rightmove house prices, Swiss producer or import price, eurozone Eurostat trade, U.S. New York Fed manufacturing, capacity utilization, industrial and manufacturing output on Monday.

Australia's RBA meeting minutes, U.K. CPI, PPI and RPI, Bank of England quarterly bulletin, Germany's ZEW current conditions and economic sentiment, U.S. core PPI final demand, Canada's manufacturing sales, U.S. Redbook, overall net capital flows on Tuesday.

New Zealand's current account, Bank of England minutes, U.K. average earnings, claimant count unemployment, ILO unemployment, Swiss ZEW investor sentiment, eurozone inflation, U.S. core CPI, CPI, current account, NAHB housing market index, FOMC rate decision and monetary policy statement on Wednesday.

New Zealand's GDP, Japan's import, export and trade balance, China's house prices, Swiss trade balance and interest rate decision, U.K. retail sales, CBI trends, U.S. building permits, housing starts, initial jobless claims, Philly Fed business index on Thursday. U.K. Independence referendum.

Germany's producer prices, eurozone current account, Canada's core CPI, CPI inflation and wholesale trade and U.S. leading index on Friday.

Posted by: acetraderforex Sep 18, 2014, 03:34 AM

smile.gif AceTraderFx Sept 18: Intra-Day News & Views (USD/JPY) & data to be released today


Intra-Day Market Moving New and Views

18 Sep 2014 02:12GMT
USD/JPY
- ..... Statement from Japan Deputy Chief Cabinet Secretary, quote:
'no truth to report Japan will announce stronger sanction on Russia tomorrow;
will take appropriate action focusing on coordination with G7, on sanctions vs Russia.'

Japan's MoF, their FinMin Taro Aso and U.S. Treasury Secretary Jack Lew will hold a bilateral meeting on Fri ahead of a weekend gathering of finance leaders in Cairns, Australia.
The ministry said that the 2 sides will likely discuss the ECO. situations of their countries as well as the world economy.

Reuters reported the meeting will take place after the dollar broke above 108 yen, a 6-year high versus the Japanese currency, although it was unknown if the two finance chiefs would discuss currencies.


Thursday will see the release of New Zealand's GDP, Japan's import, export and trade balance, China's house prices, Swiss trade balance and interest rate decision, U.K. retail sales, CBI trends, U.S. building permits, housing starts, initial jobless claims, Philly Fed business index and U.K. Independence referendum.

Posted by: acetraderforex Sep 19, 2014, 02:51 AM

smile.gif AceTraderFx Sept 19: Intra-Day News & Views (GBP/USD) & data to be released today


Intra-Day Market Moving New and Views

19 Sep 2014
01:10GMT

GBP/USD
- .... Cable continues to climb to intra-day high of 1.6523 after 2nd local council result (total 32) from Orkney Islands showed 'No' won by 67% vs 'Yes' at 33%.

Reuters reported results from smaller councils will appear before larger ones (for obvious reasons), big cities of Glasgow, Edinburgh & Aberdeen are expected to come around 04:00GMT.

Earlier, Cable rises again in Asia on Bloomberg TV news reporting the 1st local council (32 in total) results from Clackmannashire which showed 'No' won by 53.8% vs 'Yes' at 46.2% in the Scottish Independence referendum.

Friday will see the release of Germany's producer prices, eurozone current account, Canada's core CPI, CPI inflation and wholesale trade and U.S. leading index.

Posted by: acetraderforex Sep 22, 2014, 04:25 AM

AceTraderFx Sept 22: Intra-Day News & Views (USD/JPY) & data to be released today


Intra-Day Market Moving New and Views
22 Sep 2014
02:58GMT

USD/JPY - ...... Statement from OECD's Tamaki:
'up to BoJ Kuroda to decide whether to deploy additional monetary easing;
BoJ should commit as early as possible to maintain monetary easing beyond next spring;
don't want Japan to resort to big fiscal stimulus to cushion next sales tax hike's impact given the state of public finances.'
'will be hard to achieve BoJ's 2% inflation target next spring;
BoJ should make new monetary policy commitment beyond 2015 to achieve 2% inflation target;
Japan must proceed with fiscal consolidation by implementing sales tax hike next year;
Japan shud resort to near-term stimulus to mitigate downward pressure next sales tax hike.'
On Friday closing, Despite dlr's brief retreat from intra-day fresh 6-year peak of 109.46 (Asia) to 108.59, renewed buying there lifted the pair. More bids are located at 108.50 (sizeable). On the upside, some offers are tipped at 109.15-20.

This week will see the release of Italy's industrial orders and sales, U.S. existing home sales and eurozone consumer confidence on Monday;

China's HSBC manufacturing PMI, German and eurozone Markit service PMI, U.K. PSNB and PSNCR, Canada's retail sales, U.S. Redbook and Markit manufacturing PMI on Tuesday;

New Zealand's exports, imports and trade balance, Japan's Markit manufacturing PMI, Swiss ubs consumption indicator, German Ifo business climate, current conditions and expectations, U.S. new home sales on Wednesday;

U.K. CBI distributive trades, U.S. building permits, durable goods and Markit services PMI on Thursday;

Japan's CPI Germany's Gfk consumer sentiment, France's consumer confidence, U.S. core PCE, GDP in Q2, University of Michigan sentiment on Friday.

Posted by: acetraderforex Sep 23, 2014, 03:54 AM

smile.gif AceTraderFx Sept 23: Intra-Day News & Views (USD/JPY) & data to be released today


Intra-Day Market Moving New and Views

23 Sep 2014
02:20GMT

USD/JPY - 108.78.. Although dlr remained under pressure at Asian open following o/n weakness in NY session as decline in the Dow (down 107 points) triggered broad-based buying of yen on risk aversion.
The pair briefly penetrated NY low of 108.74 n fell to intra-day low of 108.60, however, release of stronger-than-expected China HSBC flash mfg PMI (Sep came in at 50.5 vs forecast of 50.0) boosted risk sentiment n lifted price to 108.81.

Range trading is expected in quiet Asian morning session as financial markets in Japan are closed for Autumn Equinox holiday.Bids are reported at 108.65-55 with stops touted below 108.50.
Offers are noted at 109.00/10 n more abv with stops abv 109.20. However, more selling interest is reported near last Fri's fresh 6-year peak at 109.46.

In an interview at a Bloomberg's eco. forum in NY on Mon, NY Fed President William Dudley said a sharply stronger dollar could hamper Fed efforts to spur growth n lift inflation.

Tuesday will see the release of China's HSBC manufacturing PMI, German and eurozone Markit service PMI, U.K. PSNB and PSNCR, Canada's retail sales, U.S. Redbook and Markit manufacturing PMI.

Posted by: acetraderforex Sep 24, 2014, 03:36 AM

smile.gif AceTraderFx Sept 24: Intra-Day News & Views (AUD/USD) & data to be released today


Intra-Day Market Moving New and Views

24 Sep 2014
01:31GMT

AUD/USD -..... RBA releases Financial Stability Review:
'discussing with apra further steps to strengthen bank lending standards;
APRA has already intensified supervision of mortgage lending;
composition of housing and mortgage market becoming "unbalanced";
bank competition driving strong rise in loans for housing investment;
speculative demand could amplify house price cycle, risk eventual sharp reversal;
risks from housing cycle mostly macroeconomic, could become systemic if loan growth persists;
important that Australian banks do not loosen mortgage lending standards;
overall lending standards have not eased as yet, but still might not be conservative enough;
strong investor demand for commercial property driving up prices, but risks modest so far;
Australian bank profitability remains robust, capital ratios rising and bad debts falling;
shadow banking only small fraction of australian market, poses little systemic risk;
indicators point to low levels of financial stress in household sector;
business lending by foreign-owned banks in Australia expanding at a fast pace;
rising concerns about asset quality in china amid slower growth, softer house prices.'

Wednesday will see the release of New Zealand's exports, imports and trade balance, Japan's Markit manufacturing PMI, Swiss UBS consumption indicator, German Ifo business climate, current conditions and expectations, U.S. new home sales.

Posted by: acetraderforex Sep 25, 2014, 03:48 AM

smile.gif AceTraderFx Sept 25: Intra-Day News & Views(USD/JPY) & data to be released today



Intra-Day Market Moving New and Views

25 Sep 2014
02:25GMT

USD/JPY - ....... Dlr ended up higher above 109.00 level yesterday as release of robust U.S. new home sales data triggered broad-based buying in greenback in NY n investors ignored the comments from Japan PM Abe who expressed concerns over the impact of a weak yen ahead of Wednesday's Tokyo open.

Despite dlr's retreat after climbing to 109.34 ahead of Tokyo open, intra-day near 200 points rally in the Nikkei should continue to boost risk sentiment and buying dlr on dips is still the way to go, however, sharp gain beyond last Friday's 6-year peak at 109.46 is not likely ahead of release of a slew of U.S. data in NY morning where are expected to come in weaker than previous readings.
Bids are noted in the region of 109.00-108.80 and then 108.60-50 with stops emerging below 108.30, whilst offers are placed at 109.45/50 and further out at 109.80-90 with stops located just above psychological barrier at 110.00.

U.S. will release durable goods, weekly jobless claims and Markit Service PMI today. Economists forecast durable goods orders to drop 18.0% in August after July's unusual 22.6% jump which mainly caused by a 317% spike in civilian aircraft n parts orders due to Boeing booking of a record 327 airplane orders.
For the weekly jobless claims and Markit Service PMI, market expects the number to climb to 299K a week ago and to drop to 59.0 in Sept from 59.5 in previous month respectively.

Thursday will see the release of U.K. CBI distributive trades, U.S. building permits, durable goods and Markit services PMI.

Posted by: acetraderforex Sep 26, 2014, 03:49 AM

smile.gif AceTraderFx Sept 26: Intra-Day News & Views & data to be released today


Intra-Day Market Moving News and Views

26 Sep 2014


Last night Atlanta Federal Reserve President Dennis Lockhart said that the Fed's main policy statement will almost certainly shift in October as its bond-buying program winds down.

The current statement says the Fed will wait "a considerable time" after the end of its bond-buying program before raising interest rates. The end of the bond-buying program means that phrase will have to change, Lockhart said, though the committee may just drop the reference to the asset purchases and keep the rest of the language. With the softening economy, Lockhart, for one, said he thinks "considerable time" should remain.

"Some adjustment will come because of the reference to the end of asset purchases. That does not mean necessarily that the use of the phrase considerable time will be dropped," Lockhart said. "Whether we like it or not any change in language will be viewed as a signal. As policymakers the question I have to evaluate is do I now want to make that signal?...I would prefer to see a little more time pass to confirm that we are on the path that we think we are on and that we are going to start normalization with our statutory objectives in sight."

He also said that global trends may keep that dollar at its current high levels, particularly the continued weakness in Europe.

From the rise in the dollar alone "it is hard to disentangle whether we are getting a vote of confidence or whether the rest of the world is showing more trouble or weakness," he said.

Friday
will see the release of Japan's CPI Germany's Gfk consumer sentiment, France's consumer confidence, U.S. core PCE, GDP in Q2 and University of Michigan sentiment.

Posted by: acetraderforex Sep 29, 2014, 03:50 AM

smile.gif AceTraderFx Sept 29: Intra-Day News & Views(EUR/USD) & data to be released today


Intra-Day Market Moving New and Views

29 Sep 2014
02:09GMT

EUR/USD - ..... Euro briefly fell marginally below Fri's NY low of 1.2677 to a fresh 22-month at 1.2667/68 in NZ as short-term specs bot the greenback broadly shortly after Mon open following Fri's renewed weakness in NY session after upbeat revised U.S. GDP data, however, lack of follow-through selling lifted the pair to 1.2688 in Asia.

Looks like range trading is in store until European open as traders await release of EZ confidence index n German inflation data at 09:00GMT.
With Fri's release of CFTC report which showed net long usd positions hitting at 15-month high, selling euro on intra-day recovery is the way to go as recent losing streak is expected to continue.
Offers are tipped at 1.2690/00 n more abv with some stops touted abv 1.2730. On the downside, some bids are noted at 1.2670-60 with some stops below there.

Last week, ECB Governing Council member Luc Coene told a conference on Fri in Brussels the central bank be prepared to enact more stimulus measures if necessary to increase liquidity in the euro area.
Coene held out the possibility that the targeted-loan program that the ECB announced in Jun wouldn't be adequate to spur lending n stimulate the economy of the 18-nation euro area. He said "if we estimate that it? insufficient, inevitably we will add other instruments at our disposal to increase the balance sheet of the central bank, if it's necessary."
Coene added he considered Sep's demand to be at predicted levels, n he expected it to be greater at the next operation in Dec. "The fact that they didn't take a lot seemed to us more or less foreseeable in the month of Sep," "I think there will be more pronounced demand for the December offering."


Next week will see the release of U.K. mortgage approvals, eurozone business climate, consumer confidence, economic and industrial sentiment, Germany's CPI and HICP, U.S. PCE price index, core PCE price index, personal income and consumption, pending home index and pending sales change on Monday;

Gfk consumer confidence, Japan's unemployment rate, all household spending, industrial prelim. output, IP forecast and retail sales, China's final HSBC manufacturing PMI, Japan's construction orders and housing starts, Germany's retail sales, U.K. national house price, Swiss KOF indicator, Germany's unemployment rate, Canada's GDP and producer prices, U.S. Redbook, CaseShiller 20 MM house prices, Chicago PMI, consumer confidence on Tuesday;

Japan's Tankan, China's NBS manufacturing PMI, Australia's retail sales, Japan's manufacturing PMI, Swiss PMI, German and eurozone Markit manufacturing PMI, U.K. Markit manufacturing PMI, ADP National employment, Canada's RBC manufacturing PMI, U.S. final Markit manufacturing PMI, construction spending, ISM manufacturing PMI on Wednesday;

Australia's HIA new home sales, building approvals and trade balance, U.K. Markit construction PMI, eurozone producer prices, ECB rate decision, U.S. jobless claims, ISM New York index, revised durable goods and factory orders on Thursday;

China's NBS non-manufacturing PMI, German and eurozone Markit final services PMI, eurozone retail sales, Canada's imports, exports and trade balance, U.S. average earnings, government payrolls, unemployment rate, Markit services PMI, ISM non-manufacturing new orders and PMI on Friday.

Posted by: acetraderforex Sep 30, 2014, 03:19 AM

smile.gif AceTraderFx Sept 30: Intra-Day News & Views(EUR/USD) & data to be released today


Intra-Day Market Moving New and Views

30 Sep 2014
01:46GMT

EUR/USD - ...... Euro trades narrowly with a downside bias on the last trading day of the month (also end of Q3) in Asia after staging a short-covering rebound from Monday's fresh 22-month low of 1.2664 to 1.2715 shortly after NY open.
However, renewed selling quickly emerged and pushed price lower to 1.2678 but another round of buying returned and lifted euro to 1.2712 ahead of European close but euro later drifted lower in NY afternoon after failure to absorb offers at 1.2710/15.

The single currency touched an intra-day low of 1.2681 in Asia and range trading with a soft bias is seen ahead of release of a slew of euro area eco. data later starting with Germany's retail sales at 06:00GMT, then German unemployment at 07:55GMT followed by Italy's unemployment at 08:00GMT. At 09:00GMT, EZ will release the key inflation & unemployment data, Italy will release CPI & PPI data.

Offers are reported at 1.2705/15 with stops above 1.2730. Initial bids are noted at 1.2880-70 with a mixture of buying interest n stops touted at 1.2665-60.

Data to be released on Tuesday:

Japan unemployment, household spending, industrial output, retail sales, New Zealand RBNZ business outlook, China manufacturing PMI, Germany retail sales, unemployment, UK consumer confidence, house prices, GDP, France producer prices, Swiss KOF indicator, Italy unemployment, CPI, EU inflation, Canada GDP, producer prices, U.S. redbook retail sales, caseshiller house prices, Chicago PMI and consumer confidence.

Posted by: acetraderforex Oct 2, 2014, 06:34 AM

smile.gif AceTraderFx Oct 2: Intra-Day News & Views (GBP/USD) & data to be released today


Intra-Day Market Moving New and Views

02 Oct 2014

GBP/USD -
...... Cable swung wildly in Wednesday's session as despite falling to a fresh 2-week low of 1.6161 after release of downbeat U.K. mfg PMI in European morning, short-covering together with broad-based selling in greenback after downbeat U.S. data lifted price to 1.6252 in NY before retreating to 1.6173 on renewed cross-selling in sterling.
Later, price edged higher after NY closing and recovered to 1.6199 in Aust. and 1.6206 in Asian morning.

The overnight rebound after holding above yesterday's low of 1.6161 suggests range trading is likely until European open, however, investors should pay attention to the release of U.K. Markit construction PMI at 08:30GMT.
In addition, investors should also closely watch the intra-day move of eur/gbp cross as yesterday's recovery after failing to penetrate Tuesday's 2-year low at 0.8766 may triggered broad-based short covering and pressure price here later in the day.

Bids are noted at 1.6185/80 and around 1.6170 with mixture of bids and stops at 1.6150/45 and further out at 1.6130.
On the upside, offers are placed at 1.6220-30 and then 1.6240/45 with stops emerging just above 1.6260.

Data to be released on Thursday:

China market holiday, Australia new home sales, exports, imports, trade balance, UK construction PMI, EU producer prices, ECB rate decision, U.S. jobless claims, ISM New-York index, durable goods and factory orders.

Posted by: acetraderforex Oct 3, 2014, 04:13 AM

smile.gif AceTraderFx Oct 3: Intra-Day News & Views(USD/JPY) & data to be released today


Intra-Day Market Moving New and Views

03 Oct 2014
02:40GMT

USD/JPY -......News from Japan Health Min Shiozaki, He said, quote
'what's most important in GPIF reform is to safely and efficiently manage public's pension funds;
reforming fund management, governance both important for GPIF.'

Another news from Japan PM Abe, he said, quote:
'its true Apr sales tax hike led to 7.1% contraction in Apr-Jun GDP;
must scrutinize impact of bad summer weather, rising fuel costs on economy, among other factors, in deciding whether to proceed with second sales tax hike.'

Yesterday saw USD/JPY, the pair was the major mover. Price came under renewed selling pressure due to broad-based buying of yen at Tokyo open as previous day sell off in the Dow pressured the Nikkei.
Dlr fell below Wednesday's 108.87 low to 138.55 after N225 index tumbled 420 points n despite a brief recovery to 108.96 at yesterday European open, renewed weakness in the Nikkei futures prompted another wave of broad-based buying in yen, the pair tumbled to session low of 108.32.
However, price pares yesterday intra-day loss as Nikkei futures staged a recovery after having fallen 120 points earlier.

Data to be released on Friday:

China market holiday, non-manufacturing PMI, Australia new home sales, Japan services PMI, Italy services PMI, France services PMI, Germany market holiday, services PMI, EU services PMI, retail sales, UK services PMI, U.S. non-farm payrolls, unemployment rate, avg. earnings, trade balance, services PMI, ISM non-manufacturing PMI, Canada imports, exports and trade balance.

Posted by: acetraderforex Oct 7, 2014, 08:18 AM

smile.gif AceTraderFx Oct 7: Intra-Day News & Views(USD/JPY) & data to be released today


Intra-Day Market Moving New and Views
07 Oct 2014
01:34GMT

USD/JPY - ...... Reuters news quoting BOJ GOV Kuroda who is speaking before the parliament and says, quote:
recent export moves lacking momentum;
exports likely to improve moderately as overseas growth picks up;
tankan showed CAPEX plans are pretty firm;
positive cycle of households, companies using their income for spending is in place;
effect of sales tax hike on economy being prolonged, bad weather also affecting economy;
weak yen is generally positive for Japan's economy if it reflects economic, market fundamentals;
in general, weak yen has some positive effects on exports, Japan firms operating overseas;
weak yen also pushes down earnings of non-manufacturers by pushing up import costs.

Kuroda continues n says BOJ ready to adjust policy if needed, which means we will ease policy if economic, price outlook undershoots our forecasts; economy on steady track to meet 2% inflation goal; receny yen weakness due to diverging monetary policies between Japan, U.S. n Europe; yen weakness up until now has not been a problem for Japan's economy; important for public finances to be sustainable; appreciate govt's effort to tackle fiscal reforms.


01:12GMT Japan's GPIF now aims to decide portfolio overhaul between mid-Nov n mid-Dec, source.
Japan's Chief Govt. Spokesman says "had expected weak yen to boost exports but now moving sideways".
This morning BOJ Governor Kuroda to appear in parliament from around 01:20GMT - parliamentary source.
BOJ board meeting to recess for about 1-2 hours during time GOV Kuroda appears in parliament.

Last night, the greenback tumbled to as low as 108.65 due to active long liquidation in thin U.S. trading. Offers are tipped at 109.00-10 n more at 109.30. On the downside, a mixture of bids n stops is located at 108.50.


Tuesday will see the release of New Zealand business confidence, Japan BoJ rate decision, leading indicators, Australia RBA rate decision, Germany industrial output, Swiss CPI, retail sales, UK industrial output, manufacturing output, Canada building permits and U.S. redbook retail sales.

Posted by: acetraderforex Oct 8, 2014, 03:34 AM

smile.gif AceTraderFx Oct 8: Intra-Day News and Views(USD/JPY) & data to be released today


Intra-Day Market Moving News and Views

08 Oct 2014 02:20GMT

USD/JPY - ..... Dlr pares Tue's losses in Tokyo trading and staged a strong bounce from intra-day bottom at 107.76 to 108.44.

Although st specs sold the pair at 108.19 in Australia on stop hunting, price briefly fell below o/n NY low at 107.82 to 107.76. However, buyers quickly emerged and lifted the dlr.
The pair continued to climb just ahead of Tokyo open by Japanese names on 'bargain hunting' as sub-108.00 looked cheap to Japanese importers, price later climbed to 108.44 before easing.

Last night the Federal Reserve is prepared to adjust its approach to raising U.S. interest rates, when the time comes, depending on the reaction of financial markets, New York Fed President William Dudley said on Tuesday.

"The trickiest part will be, some things are just not knowable right now, and one thing is exactly how the financial markets will react to the process of monetary policy normalization," he said at a college here.

The central bank will "adjust the pace with which we'll do it, the way in which we do it, depending on how circumstances evolve," Dudley added.

Wednesday will see the release of UK BRC shop price index, Japan current account, China HSBC services PMI, Swiss unemployment, Canada housing starts and U.S. FOMC minutes.

Posted by: acetraderforex Oct 9, 2014, 03:07 AM

smile.gif AceTraderFx Oct 9: Intra-Day News and Views(USD/JPY) & data to be released today


Intra-Day Market Moving News and Views

08 Oct 2014

USD/JPY
- ......comments by BOJ GOV Kuroda who is attending World Bank & G20 n is speaking at The Economic Club of NY said QQE has been producing intended effects:
-virtuous cycle of spending has been operating steadily due to qqe
-japan's economy has been on path suggesting its 2 percent price stability target will be achieved as expected
-japan's economy expected to continue its recovery, weathering the temporary slowdown in economic growth due to the consumption tax hike
-japan's economy has been on path suggesting its 2 percent price stability target will be achieved as expected
-japan's economy is expected to continue its recovery, weathering the temporary slowdown in economic growth due to the consumption tax hike
-there is almost no slack in japan's labor market, spare capacity in firms and labor market is zero
-output gap and inflation expectations are expected to continue improving
-we need to raise inflation rates and inflation expectations further toward 2 percent and thus we are only halfway there
-boj will make adjustments without hesitation if outlook changes due to manifestation of risk factors
- boj's commitment is "result oriented," we will continue with qqe to achieve price target and make adjustments if necessary
-japan's potential growth rate is estimated to be around 0.5 percent
-many options are available to ramp up easing if needed

Thursday will see the release of Japan machinery orders, Australia employment, unemployment, consumer confidence, Germany imports, exports, trade balance, France imports, exports, trade balance, UK BoE rate decision, U.S. jobless claims, wholesale sales, wholesale inventories and Canada new housing price index.

Posted by: acetraderforex Oct 10, 2014, 04:14 AM

smile.gif AceTraderFx Oct 10: Intra-Day News and Views(USD/JPY) & data to be released today


Intra-Day Market Moving News and Views

10 Oct 2014
02:27GMT

USD/JPY - .... Despite staging a rebound from Thursday's 3-week low of 107.53 to 108.18 initially in NY morning session after release of upbeat U.S. initial jobless claims (weekly claims dropped 1,000 to nearly its lowest level b4 the 07'-09' recession), however, sell off in U.S. stocks (S&P & the Dow fell 2.1% & 1.9% respectively) led to renewed risk-aversion buying of yen n knocked dlr back down to 107.72.
The pair traded narrowly in Aust. before falling to 107.65 at Asian open as the Nikkei open lower following o/n sell off in the N225 futures.

Although Nikkie is currently down 152 points, it is trading above intra-day 15259 low, therefore, as dlr/yen has been tracking the Nikkei index closely these days, further consolidation above 107.53 is therefore envisaged.
Offers are tipped at 108.00 and more at 108.15/20 with stops above there. Initial bids are noted at 107.65-60 with stops reported below 107.50, then 107.40, suggesting selling dlr on intra-day recovery is still favoured.

Friday will see the release of Japan BoJ minutes, consumer confidence, France industrial output, Italy industrial output, UK trade balance, Canada employment, unemployment, U.S. export price index and import price index.

Posted by: acetraderforex Oct 13, 2014, 02:55 AM

smile.gif AceTraderFx Oct 13: Intra-Day News and Views(USD/JPY) & data to be released today


Intra-Day Market Moving News and Views

13 Oct 2014 00:53GMT

USD/JPY - ..... Dlr opened lower in NZ on Monday as decline in global stocks triggered continued broad-based buying of yen on risk aversion.
Price easily penetrated last week's 107.53 low in NZ n hit an intra-day low of 107.26 in Australia, despite a minor recovery ahead of Asian open, the 400 plus points sell off in the Nikkei futures (financial markets in Japan are closed for Health-Sports Day holiday) prompted another round of yen buying, the pair weakened to a near 1-month bottom of 107.18 shortly after the open.

Today's decline was partly attributable to usd's weakness vs other major European currencies as dovish comments by Federal Reserve Vice Chairman Stanley Fischer on Sat who said weaker-than-expected global growth could prompt the Fed to slow the pace of eventual interest-rate increases.

Offers are tipped at 107.50/60 n more above with some stops reported at 108.00.
On the downside, some bids are noted at 107.10-00 and more below with some fairly large stops rumoured below 106.80, suggesting selling the pair on recovery is the way to go as initial weakness in Asian equities suggests intra-day risk-aversion buying of yen should continue.


This week's economic events will see the release of China's export, import and trade balance on Monday while Japan, Canada and U.S. will be closed for holiday.

U.K. BRC retail sales, Japan's domestic CGPI, Australia's NAB business conditions, BOJ outlook report, U.K. CPI, PPI and RPI, Germany's ZEW economic sentiment, eurozone industrial production, U.S. Redbook on Tuesday.

China's CPI and PPI, Japan's industrial production, Germany's final CPI and HICP, U.K. ILO unemployment rate and claimant count unemployment change, Swiss ZEW investor sentiment, U.S. retail sales, NY Fed manufacturing, core PPI final demand, business inventories and Fed's Beige book on Wednesday.

New Zealand's manufacturing PMI, consumer inflation expectation, eurozone trade balance and CPI, U.S. initial jobless claims, industrial and manufacturing output, NAHB housing market index, Philly Fed business index, Net L-T flows and overall capital flows on Thursday.

Japan's Tankan, Germany's whole price index, eurozone GDP, U.S. building permits and housing starts, Canada's CPI and preliminary U.S. University of Michigan sentiment on Friday.

Posted by: acetraderforex Oct 14, 2014, 03:20 AM

smile.gif AceTraderFx Oct 14: Intra-Day News and Views(USD/JPY) & data to be released today


Intra-Day Market Moving News and Views

14 Oct 2014
01:23GMT

USD/JPY - .... It was deja vu in Australia early this morning, just like Monday's morning price action in NZ when short-term specs sold the greenback broadly ahead of Asian open, knocking the pair briefly but sharply below Monday's 137.06 low to a fresh 1-month trough of 106.76 as a late sell off in the Dow & S&P (only U.S. bond market was closed for Columbus Day holiday on Mon) prompted renewed buying of yen on risk aversion.

Bids are noted at 107.10-00 and more below whilst offers are tipped at 107.45/55 with stops above there, however, more selling interest is reported at 108.00/10, suggesting consolidation with upside bias is in store.

Despite intra-day sell off in the Nikkei (currently down 367 points), Japanese bargain hunters (importers) bot dlr ahead of Tokyo open, price bounced back to 107.24, suggesting the intra-day low print would remain, at least during Asian session.

Data to be released on Tuesday:

U.K. BRC retail sales, Japan's domestic CGPI, Australia's NAB business conditions, BOJ outlook report, U.K. CPI, PPI and RPI, Germany's ZEW economic sentiment, eurozone industrial production, U.S. Redbook.

Posted by: acetraderforex Oct 15, 2014, 03:51 AM

smile.gif AceTraderFx Oct 15: Intra-Day News and Views(USD/JPY) & data to be released today

Intra-Day Market Moving News and Views

15 Oct 2014
02:09GMT
USD/JPY - ..... Earlier Japanese Economics Minister Akira Amari said today the gov't is not pursuing a policy to intentionally weaken the yen.
Amari, speaking in parliament, said it is necessary to monitor any negative impact from rising import prices.
Some cited his comments may have contributed to dlr's intra-day retreat from 107.41.

The greenback swung from gain to loss in volatile Tokyo trading on Wed as various comments from Japan officials have confused traders.

Despite climbing in Australia after touching a fresh 1-month low of 106.67 in Europe yesterday due to cross-buying of yen, anticipated rebound in the Nikkei prompted short covering, dlr easily penetrated NY high of 107.12 n rallied to intra-day high of 107.41 ahead of Tokyo open after tripping stops above 107.30. Present retreat on renewed cross-buying of yen possibly after Japan's Economy minister Amari's comment suggests choppy sideways trading is in store.

Offers are noted at 107.30/40 n more at 107.55/60 would stops touted above there. Initial bids have been raised to 107.05-00 n more below should keep dlr trading above said yesterday's low. Therefore, with the Nikkei now in positive territory after recent losing streak, buying dlr on dips is favoured.

Earlier, BoJ senior official said 'BoJ's QE has caused rates to fall, making it easier for banks to increase lending; increase in money stock helps support demand for funding, supports overall economy.'
'no comment on specific FX levels;
in general, weak yen is positive for exports and companies operating globally; weak yen can be negative for some small firms and importers;
weak yen can put pressure on real household incomes;
BoJ gov Kuroda thinks that as long as FX moves in line with fundamentals, weak yen is positive.'

Wednesday will see the release of China's CPI and PPI, Japan's industrial production, Germany's final CPI and HICP, U.K. ILO unemployment rate and claimant count unemployment change, Swiss ZEW investor sentiment, U.S. retail sales, NY Fed manufacturing, core PPI final demand, business inventories and Fed's Beige book.

Posted by: acetraderforex Oct 16, 2014, 03:42 AM

smile.gif AceTraderFx Oct 16: Intra-Day News and Views(USD/JPY) & data to be released today


Intra-Day Market Moving News and Views

16 Oct 2014
02:08GMT

USD/JPY - ..... Dlr is nursing loss after yesterday's brief but sharp fall to a 5-week trough of 105.20 as release of a surprise sharp drop in U.S. retail sales (September monthly sales fell 0.3% vs forecast of -0.1%, previous reading was +0.6%) proved to be the 'catalyst' for a broad-based sell off in global stocks with the Dow having fallen 458 points after the data.
The broad-based weakness in global equities also triggered sharp fall in the Nikkei futures (N225 futures closed down 535 points) led to active buying of yen on risk aversion.
Although recovery in U.S. stocks plus rebound in the benchmark 10-year U.S. treasury yields (10Y had one of the biggest intra-day moves in over a decade fell from 2.20% to 1.85%, lowest since mid-2013) lifted dlr to 106.40 on short-covering, price moved narrowly for rest of NY afternoon session.

The lack of a movement in Tokyo trading is a surprise, no bargain hunters, no short-term specs selling dlr on stop-hunting etc suggests buyers & sellers are evenly balanced.
Although Nikkei is currently trading at a 4-1/2 month low of 14763 (down 310 points), yen is weak on the crosses, suggesting range trading would continue in Asia as traders are on the sideline.
Offers are noted at 106.30/40 and more above with stops above 106.70. Initial bids are reported at 105.80-60 area with stops touted below 105.20.

Thursday will see the release of New Zealand's manufacturing PMI, consumer inflation expectation, eurozone trade balance and CPI, U.S. initial jobless claims, industrial and manufacturing output, NAHB housing market index, Philly Fed business index, Net L-T flows and overall capital flows.

Posted by: acetraderforex Oct 17, 2014, 03:09 AM

smile.gif AceTraderFx Oct 17: Intra-Day News and Views(USD/JPY) & data to be released today


Intra-Day Market Moving News and Views

17 Oct 2014
01:33GMT

USD/JPY - ....... Statement from BoJ Kuroda, quote:
'there is no doubt BoJ will end QQE if Japan hits 2% inflation and this price level is maintained stably;
too early to debate exit strategy for QQE now, how to exit will depend on market, economic developments at the time;
talking about specific exit strategies now could cause confusion when communicating with market.'

While statement from BoJ Deputy Gov Iwata quote:
'BoJ is internally making ssimulations on exit strategy, but too early to consider one now;
Japan still half way in meeting boJ's 2% inflation target.'

Japan's FinMin Taro Aso said no plan now to review Japan's foreign reserves.


Friday will see the release of Japan's Tankan, Germany's whole price index, eurozone GDP, U.S. building permits and housing starts, Canada's CPI and preliminary U.S. University of Michigan sentiment.

Posted by: acetraderforex Oct 20, 2014, 02:50 AM

smile.gif AceTraderFx Oct 20: Intra-Day News and Views (USD/JPY) & data to be released today


Intra-Day Market Moving News and Views

20 Oct 2014

USD/JPY
.......Statement at a quarterly meeting of the central bank's regional branch managers BoJ Governor Haruhiko Kuroda said, quote:
-Japan's economy continues to recover moderately as a trend
- effect of sales tax hike on economy likely to gradually ease
-Japan banking system maintaining stability
-QQE exerting intended effects
-BOJ will maintain qqe for as long as needed to achieve 2 pct inflation in stable manner
-BOJ will adjust policy as needed, looking at upside, downside risks to economy, prices
-some weakness seen in output

The main driver of today's gap-up open on the dlr in NZ was a w/end report by Bloomberg citing source from the Nikkei.

Bloomberg reported Japan's $ 1.2 tln retirement fund will increase its allocation target for shares to about 25% from 12%, the Nikkei newspaper reported today without attribution.

Nikkei also said GPIF will also boost its holdings of foreign bonds n stocks to about a combined 30% from 23%, while reducing domestic notes to the 40% level from 60%.

Takatoshi Ito, a member of the panel said that the GPIF would be "stupid? to announce its new investment strategy before adjusting asset allocations. Publishing targeted weightings in advance would move markets, forcing the fund to buy at highs and sell at lows, he said in an interview on Oct. 14.

The fund's asset review could come as late as December, as GPIF officials, members of its investment committee n the health ministry have different views on the best timing and approach, Ito said.

Data to be released this week:

UK Rightmove house prices, Germany producer prices, EU current account, Italy industrial orders, industrial sales and Canada wholesale trade on Monday.

Australia CB leading indicator, Westpac leading index, RBA minutes, China GDP, retail sales, industrial output, Japan industry index, Swiss trade balance, UK PSNB, PSNCR, U.S. Redbook retail sales and existing home sales on Tuesday.

Japan imports, exports, trade balance, Australia inflation, BoE minutes, UK BoE MPC vote, Canada retail sales, BoC rate decision, U.S. weekly earnings and CPI on Wednesday.

New Zealand CPI, Japan manufacturing PMI, China HSBC manufacturing PMI, France business climate, manufacturing PMI, services PMI, Germany manufacturing PMI, services PMI, EU manufacturing PMI, services PMI, Italy trade balance, UK retail sales, CBI trends, U.S. home price index, jobless claims, manufacturing PMI, leading index and consumer confidence on Thursday.

New Zealand trade balance, imports, exports, China house prices, Germany consumer sentiment, Italy retail sales, UK GDP and U.S. new home sales on Friday.

Posted by: acetraderforex Oct 21, 2014, 04:06 AM

smile.gif AceTraderFx Oct 21: Intra-Day News and Views (USD/JPY AUD/USD)


Intra-Day Market Moving News and Views

21 Oct 2014
01:30GMT

USD/JPY - 106.78.. In total stark contrast to yesterday's biddish tone in Tokyo session, dlr remains under pressure in Tokyo morning as renewed weakness in global stocks on Mon pushed the Nikkei in the red (N225 index currently down 92 points at 15019 after yesterday's spectacular 578-points rally to 15111, being the strongest rise in over a year).

Light stops were tripped after dlr met renewed selling at 107.01 n briefly penetrated NY low of 106.79 to 106.70. The lack of a recovery suggests intra-day downside bias remains for a correction of y'day's rally from a 5-week low of 105.20.
Traders cited broad-based yen buying on risk aversion due to the upcoming China GDP as street forecast is looking for Q3 annual growth to slow down to 7.2% vs prev. reading of 7.5%.
So short-term specs are buying yen/selling dlr ahead of the downbeat China GDP.
Offers are noted at 107.00/10 n more abv with minor bids at 106.70, stops below 106.60-50 are now in focus.

21 Oct 2014
AUD/USD - .......RBA meeting minutes:
'most prudent course likely to be a period of stability for rates;
despite recent fall, a$ remained high by historical standards;
in recent months there had been a further pick up in lending to housing investors;
members discussed importance for banks to maintain strong lending standards;
range of indicators suggested labour market was subdued but had stabilised somewhat this year;
forward-looking indicators pointed to modest employment growth ahead; wage growth to remain relatively slow near term, help contain inflation even with A$ lower;
historically slow wage growth consistent with spare capacity in labour market;
more timely indicators suggested moderate growth overall had continued into Q3;
consumption was likely to be supported by ongoing strength in housing; members observed most Australian iron ore production remained profitable following price fall;
members were briefed that Chinese authorities had scope to ease policy if needed to support growth.'

Posted by: acetraderforex Oct 22, 2014, 03:29 AM

smile.gif AceTraderFx Oct 22: Intra-Day News and Views (USD/JPY) & data to be released today


Intra-Day Market Moving News and Views

22 Oct 2014
01:45GMT

USD/JPY - ...... The pair pares yesterday's gain and retreats in Tokyo morning due to intra-day broad-based pullback in the greenback following yesterday's rally together with present retreat in the Nikkei (the N225 trimmed initial 325-point gain, now at 15025, up by 221 points).

Despite extending o/n rise in NY session to 107.11 in Australia, selling interest emerged after dlr showed muted reaction on Japan's trade data, price retreated to 106.86 in Asian morning.
Looks like range trading is in store and as long as the Nikkei can hold on to intra-day gain after yesterday's broad-based rise in global stocks, buying on dips is favoured.
Bids are noted at 106.80-70 and more below with some stops below 106.50. Initial offers are tipped at 107.05/15 with stops above 107.20, more stops are touted above 107.40.

Data to be released on Wednesday :

the release of Japan imports, exports and trade balance,
Australia inflation,
BoE minutes,
UK BoE MPC vote,
Canada retail sales,
BoC rate decision,
U.S. weekly earnings and CPI.

Posted by: acetraderforex Oct 23, 2014, 03:03 AM

smile.gif AceTraderFx Oct 23: Intra-Day News and Views (USD/JPY) & data to be released today


Intra-Day Market Moving News and Views
23 Oct 2014
01:26GMT

USD/JPY - ...... Dlr pares Wed's gain in early Tokyo trading as intra-day retreat in the Nikkei (currently down 102 points at 15093 after yesterday's 2.5% rally) has led to intra-day renewed buying in yen.

Although the pair climbed in NY morning after U.S. CPI ticked higher and touched session high of 107.38, offers at Monday's 107.39 top checked intra-day gain and price edged lower near NY close.
Looks like range trading would continue in Asia, unless the Nikkei falls sharply, re-test of 107.28/39 is on the card.
Bids are noted at 107.00 and more below would stops below 106.80-75.
On the upside, offers are tipped at 107.45/50 with stops above there, however, more selling interest is reported at 107.80/00 area.

Thursday will see the release of New Zealand CPI, Japan manufacturing PMI, China HSBC manufacturing PMI, France business climate, manufacturing PMI, services PMI, Germany manufacturing PMI, services PMI, EU manufacturing PMI, services PMI, Italy trade balance, UK retail sales, CBI trends, U.S. home price index, jobless claims, manufacturing PMI, leading index and consumer confidence.

Posted by: acetraderforex Oct 24, 2014, 03:22 AM

smile.gif AceTraderFx Oct 24: Intra-Day News and Views (USD/JPY) & data to be released today


Intra-Day Market Moving News and Views

24 Oct 2014
01:49GMT

USD/JPY - ..... Just when the market gave a green light to buy the dlr/sell the yen on Thursday after yesterday's upbeat data in the euro zone (PMIs) and the U.S. (falling jobless claims, rising leading indicators), news on the 1st diagnosed case of Ebola in New York knocked the wind off the USD, knocking the pair briefly to 107.87 in Tokyo as the news triggered a bout of yen buying on risk aversion.
Nikkei pared initial gain after the N225 futures rallied 300 points (Nikkei spot index is currently up 142 points at 15280) & S&P futures are trading in negative territory.

Unless the Nikkei heads higher again later in the day once current Ebola scare subsides, range trading with downside bias is seen.
For now, offers are tipped at 108.10/20 and more above with stops above yesterday's NY high at 108.36.
Initial bids are noted at 107.85-80 and more below with stops touted below 107.40-35.

Japan's FinMin Taro Aso talked about the importance to proceed with sales tax plan as scheduled to maintain trust in JGB market.
Aso continued to say that the MoF will continue to communicate with markets to make sure discount bills and JGBs are auctioned smoothly.

Last night the greenback maintained a firm undertone due to renewed risk aversion as Dow Jones index rallied by more than 225 points or 1.37% to 16654. Besides, U.S. 2-year treasuries note yield climbs near 0.4%, highest in more than a week.
Bids were located at 108.10-05 n more at 107.90-80.
On the upside, some offers were tipped at 108.40-45 with mixture of stops n offers is seen at 108.50.

Friday will see the release of New Zealand trade balance, imports, exports, China house prices, Germany consumer sentiment, Italy retail sales, UK GDP and U.S. new home sales.

Posted by: acetraderforex Oct 27, 2014, 03:16 AM

smile.gif AceTraderFx Oct 27: Intra-Day News and Views (USD/JPY) & data to be released today


Intra-Day Market Moving News and Views

27 Oct 2014
02:00GMT

USD/JPY - ....... Although dlr 'gapped-up' higher to a fresh 2-week peak at 108.37 in Australia after Reuters reported Sun a Yomiuri poll showed public approval for Japan PM Abe's government has slumped, lack of follow-through buying n continued concerns over the Ebola case in NY prompted profit-taking. Dlr later retreated to 107.93 in Tokyo morning.

Today, dlr's retreat from 108.37 suggests initial consolidation with mild downside bias would be seen ahead European open but as long as 107.79 (Fri's low in NY) holds, outlook remains mildly bullish for marginal gain after consolidation n therefore, buying dlr on dips is the favoured strategy. Bids are noted at 108.00-107.90 with mixture of bids n stops at 107.80/75 n further out at 107.50/45. On the upside, offers are placed at 108.30-40 n then 108.50 with stops emerging just above 108.80.

The coming week will see the release of German Ifo business climate, U.K. CBI distributive trades, U.S. Markit services PMI flash, pending sales change and revised building permits change on Monday.

Japan's retail sales, German import index, U.S. durable goods, Redbook, CaseShiller house price, consumer confidence on Tuesday.

Japan's industrial output, New Zealand ANZ bussiness outlook, U.K. mortgage approval and mortgage lending, Canada's producer prices, FOMC rate decision and Fed's monetary policy statement on Wednesday.

RBNZ rate decision, Australia's HIA new home sales, import and export prices, U.K. Nationwide house prices, Swiss KOF indicator, German unemployment rate, EU business climate, economic sentiment and final consumer confidence, U.S. jobless claims, GDP in Q3 and core PCE, German CPI and HICP on Thursday.

Japan's all household spending, CPI and unemployment, GfK consumer confidence, Australia's PPI, Bank of Japan monetary statement, construction orders, housing starts, BOJ press conference, BOJ outlook report, EU inflation and unemployment, U.S. PCE price index, personal real consumption and income, core PCE price index, Canada's GDP and U.S. University of Michigan sentiment on Friday.

Posted by: acetraderforex Oct 28, 2014, 03:00 AM

smile.gif AceTraderFx Oct 28: Intra-Day News and Views (USD/JPY) & data to be released today


Intra-Day Market Moving News and Views

28 Oct 2014
01:08GMT

USD/JPY - ...... Statement from BoJ Governor Kuroda, quote:

'-Japan's economy is showing some weakness mainly in output but positive cycle remain intact
-job, income conditions improving steadily
-private consumption solid as a trend with non-durable goods sales emerging from sales tax hike pain
-Tankan shows many firms expect effect of sales tax hike to be temporary
-Japan's economy likely to continue moderate recovery with effect of tax hike seen easing
-consumer inflation slowing somewhat due to recent energy price falls but likely to hover around 1-1.5 pct for time being
-QQE exerting intended effects, japan on steady path toward meeting boj's price target
-Japan only half way in meeting boj's price target
-won't hesitate to adjust policy should risks threaten achievement of boj's price target
-negative yields seen in boj's short-term bill auctions are sign of how powerful effect of boj's monetary easing is
-BOJ is not trying to guide yields to negative territory, it is only consequence of its stimulus policy
-yen weakness so far has been positive for Japan's economy '

Tuesday will see the release of Japan's retail sales, German import index, U.S. durable goods, Redbook, CaseShiller house price and consumer confidence.

Posted by: acetraderforex Oct 29, 2014, 03:53 AM

smile.gif AceTraderFx Oct 29: Intra-Day News and Views (USD/JPY) & data to be released today


Intra-Day Market Moving News and Views

29 Oct 2014
02:08GMT

USD/JPY...... Despite dlr's volatile trading in Tuesday's NY session after release of mixed U.S. eco data, price rebounded after meeting renewed buying at 107.70 and traded firmly against the yen in NY afternoon.
Dlr rose above European high of 108.17 to a fresh intra-day high of 108.19 near NY close and then marginally higher to 108.23 in Tokyo morning on the rally in Nikkei index (currently up 1.36% to 15538).

Although cross-selling in yen on improved risk appetite after yesterday's rally in global stocks suggests buying on dips is recommended, sharp gain above Monday's 2-week peak at 108.37 is not envisaged as market participants are reluctant to enter large position ahead of the release of FOMC statement later in NY afternoon today.
The Fed is widely expected to announce the end of its bond-buying program today, though uncertainty as to whether or not the statement will contain dovish or hawkish language surrounding interest rates. As no press conference is scheduled, market won't hear any comments from Fed Chair Janet Yellen.

At present, bids are noted at 108.00-107.90 and around 107.80 with mixture of bids and stops emerging below 107.60.
On the upside, offers are placed at 108.30-40 and then 108.50 with stops located just above 108.70, however, heavy selling interest from various accounts is touted in the 108.90-109.10 region.

News from WSJ about today's Fed's monetary policy announcement, the newspaper reported that Federal Reserve officials meeting Tuesday and Wednesday are virtually certain to end their latest bond-buying program, but they won't be retiring the policy for good.

Their recent comments show bond purchases are now an established part of the Fed's policy tool kit that they could employ again in times of deep economic trouble.

Several Fed policy makers said they think the latest round of Treasury n mortgage-bond purchases, begun in late 2012, helped lower long-term interest rates, boosting hiring and growth. But they also see a high bar to launching more bond buying (QE) seeing it as a last resort to use only if very low interest rates n communications efforts were to fail to reverse a sharply worsening economic outlook.

Fed Chairwoman Janet Yellen has said she wouldn't rule out more bond buying if needed, and Fed Vice Chairman Stanley Fischer deemed the program 'largely successful.'

Many investors expect the Fed to start raising its benchmark short-term rate from near zero in the middle of next year, a view some top officials have encouraged.

Wednesday will see the release of Japan's industrial output, New Zealand ANZ business outlook, U.K. mortgage approval and mortgage lending, Canada's producer prices, FOMC rate decision and Fed's monetary policy statement.

Posted by: acetraderforex Oct 30, 2014, 03:39 AM

smile.gif AceTraderFx Oct 30: Intra-Day News and Views (USD/JPY) & data to be released today


Intra-Day Market Moving News and Views

30 Oct 2014
02:13GMT

USD/JPY - .....statement from PM Abe this morning:
"need to flexibly review composition of GPIF's pension fund management reflecting end to deflation;
won't use pension fund management directly to boost stock prices, but change in allocation will indirectly help Japan's economy.
whether Japan can return growth path in Jul-Sep quarter will be key on if proceed with next sales tax hike to 10%;
it's true sales tax hike weakens consumers' purchasing power, must scrutinise how it effects prospects for ending deflation;
economic growth is continuing as a whole;
want to look at various data for Jul-Sep in deciding if to compile extra budget to stimulate economy."

Thursday will see the release of RBNZ rate decision, Australia's HIA new home sales, import and export prices, U.K. Nationwide house prices, Swiss KOF indicator, German unemployment rate, EU business climate, economic sentiment and final consumer confidence, U.S. jobless claims, GDP in Q3 and core PCE, German CPI and HICP.

Posted by: acetraderforex Oct 31, 2014, 02:47 AM

smile.gif AceTraderFx Oct 31: Intra-Day News and Views (USD/JPY) & data to be released today


Intra-Day Market Moving News and Views
31 Oct 2014
00:08GMT

USD/JPY - .......Latest news: 'Japan government to approve GPIF reallocation on Friday, raising Japan equity target to 25% from the current target of 12%, two government sources said.'

Japan's economy minister Amari said that :
"Abe's cabinet is ready to take steps as needed, when asked about chance of compiling stimulus measures;
will consult with Abe whether stimulus package is needed, after scrutinising Jul-Sep data;
no decision yet on whether to complete stimulus package, also on size of any package."

Last night U.S. dollar rose to a fresh 3-1/2 week high of 109.36 versus the Japanese yen on renewed risk appetites due to the rally in Nikkei-225 index futures n U.S. stock markets.
Dow Jones index now rose by 221 point or 1.3% to 17196. Bids was located at 109.20-10 and more at 109.00. On the upside, some offers were tipped at 109.40 and 109.60.


Friday will see the release of Japan's all household spending, CPI and unemployment, GfK consumer confidence, Australia's PPI, Bank of Japan monetary statement, construction orders, housing starts, BOJ press conference, BOJ outlook report, EU inflation and unemployment, U.S. PCE price index, personal real consumption and income, core PCE price index, Canada's GDP and U.S. University of Michigan sentiment.

Posted by: acetraderforex Nov 3, 2014, 04:05 AM

smile.gif AceTraderFx Nov 3: Intra-Day News and Views (USD/JPY) & data to be released today


Intra-Day Market Moving News and Views

03 Nov 2014
02:39GMT

USD/JPY - ...... Dlr pares initial gain after rising to a fresh near 7-year peak of 113.00/01. The euphoria of broad-based yen-selling continued at Monday's open after Friday's close near the day's high of 112.48 together with the closing of the Dow & S&P 500 at their records highs (Nikkei futures were up 495 points on Fri) boosted risk sentiment even though markets are closed in Japan for Culture Day holiday.

Although dlr opened near said Friday's NY close in NZ, st specs sold the yen broadly, sending dlr to 113.00/01 in Australia, however, price eased to 112.65 on lack of follow-through buying.
Initial bids are reported at 112.50-40 with stops below there, however, more buying interest is noted above 112.00.
On the upside, offers are touted at 112.90/00 with some stops above there. As the w/end release of downbeat China official mfg PMI plus today's release of weaker-than-expected China official non-mfg PMI have not tempered risk sentiment in the yen, buy dlr on dips is the way to go.


The coming week will see the release of following economic data:

Australian building approvals, China NBS non-manufacturing PMI n HSBC manufacturing PMI, German and EU Markit manufacturing PMI, U.K. Markit manufacturing PMI, U.S Markit manufacturing PMI, construction spending, ISM manufacturing employment index and manufacturing PMI on Monday;

Australia's trade balance and retail sales, RBA interest rate decision and statement, U.K. Halifax house price, Markit construction PMI, EU producer prices, U.S. international trade, Canada's exports, imports and trade balance, U.S. Redbook, ISM New York index, factory orders, durable goods on Tuesday;

New Zealand's HLFS unemployment rate, job growth and labour cost index, China's HSBC services PMI, Swiss CPI, German Markit services PMI, U.K. Markit services PMI, eurozone retail sales, U.S. ADP National employment, Markit services PMI, ISM non-manufacturing PMI and employment index on Wednesday;

Australia's unemployment rate and employment change, Japan's leading indicator, Swiss consumer confidence, Germany's industrial orders, U.K. industrial output and manufacturing output, BOE interest rate decision, ECB rate decision, Canada's building permits, U.S. labor costs and productivity and Canada's Ivey PMI on Thursday;

Swiss unemployment rate, Germany's imports, exports and trade balance, Swiss retail sales, U.K. goods trade balance and average earnings, Canada's unemployment and employment change, U.S. non-farm payrolls, unemployment rate, private payrolls, government payrolls and consumer credit on Friday.

Posted by: acetraderforex Nov 3, 2014, 11:02 AM

smile.gif AceTraderFx Nov 3: Intra-Day Market Moving News and Views (GBP/USD)


Intra-Day Market Moving News and Views

03 Nov 2014

GBP/USD
- ..... Despite cable's fall to a fresh 2-week low at 1.5926 in Asia, price recovered in tandem with euro and then climbed back to 1.5983 in European morning.

Offers are touted at 1.6000-10 and around 1.6030 with mixture of offers and stops emerging just above Friday's high of 1.6038.
On the downside, bids are placed at 1.5940-30 and then 1.5915/10 with demand from real money accounts is placed around 1.5900.
Investors are now awaiting the release of U.K. Markit/CIPS mfg PMI.


This morning Cable fell in tandem with euro shortly after Asian open as dlr continued to strengthen against other ccys after Friday's BoJ's surprise easing. The pound briefly tanked below Fri's 2-week low of 1.5942 to 1.5928 b4 short-covering lifted price to 1.5971 n then 1.5975.

The intra-day rebound fm 1.5928 suggests a temporary low has been made n therefore, buying cable on dips for st trade was recommended, however, position traders can looked to sell cable on intra-day rise as dlr's recent broad-based firmness led by usd/jpy suggests a test of Oct's 11-month trough at 1.5875 wud be seen later this week. Offers was noted at 1.6000-10 n then 1.6025/30 with mixture of offers n stops emerging just abv Fri's high of 1.6038.
On the downside, demand from real money accounts was placed around 1.5900 with buying interest from various accounts located further out at 1.5850-40.

On the data front, investors shud pay attention to the U.K. Markit/CIPS mfg PMI at 09:30GMT. The PMI has been losing ground in the 2nd half of 2014, n slipped to 51.6 points last month. Market forecasts the reading to weaken further to 51.2 in Oct.

Posted by: acetraderforex Nov 4, 2014, 03:04 AM

smile.gif AceTraderFx Nov 4: Intra-Day News and Views (USD/JPY AUS/USD) & data to be released today


Intra-Day Market Moving News and Views

04 Nov 2014
01:22GMT
AUS/USD - ....... Australia's official statistician released revised figures for employment showed that labour market was weaker than first report over August and September.
Australian September employment revised to -23.7K, from -29.7K, whilst Australian September unemployment rate revised to 6.2% vs 6.1% in August.

04 Nov 2014 00:28GMT
USD/JPY - ...... quoting comments from Japan EcoMin Amari when asked about weak yen, he said 'yen will no doubt move in that direction given divergence in U.S., Japan monetary polices.'
and 'believe PM Abe will like to take into account MOF's corporate survey, due early Dec, in making final decision on if to raise sales tax hike.'

Tuesday will see the release of Australia's trade balance and retail sales, RBA interest rate decision and statement, U.K. Halifax house price, Markit construction PMI, EU producer prices, U.S. international trade, Canada's exports, imports and trade balance, U.S. Redbook, ISM New York index, factory orders and durable goods.

Posted by: acetraderforex Nov 5, 2014, 03:55 AM

smile.gif AceTraderFx Nov 5: Intra-Day News and Views (EUR/USD) & data to be released today


Intra-Day Market Moving News and Views

05 Nov 2014
02:04GMT

EUR/USD - 1.2553.. Ahead of Thurday's ECB policy meeting, WSJ reported the ultra low inflation becoming entrenched in Europe is playing out in strikingly different ways across the euro zone's 18 economies, complicating attempts to combat it.

In crisis-hit countries such as Greece n Spain, the detrimental effects of falling prices, known as deflation, are showing up clearly in strained profits n lower wages as companies try to adjust. But in healthier economies such as Germany n Austria, where unemployment is low and incomes are up, the most obvious impact is a boost to consumers' purchasing power.

At 0.4% in annual terms, euro zone inflation is far below the ECB's target of close-to 2%. A survey of purchasing managers released this week showed manufacturers cutting prices for a 2nd-straight month. The European Commission on Tuesday forecast inflation in the euro zone will remain below-target until at least 2016.

The ECB meets Thursday n is expected by analysts to refrain from new stimulus, but to keep the door open to dramatic measures such as gov't bond purchases if needed. Officials have signaled that they prefer to wait for recent measures including interest-rate cuts, bank loans n private-debt purchases to take hold before weighing additional steps.


In Asian morning, the euro maintains a firm undertone following yesterday's rally in NY morning to 1.2577. Price traded was above European low at 1.2501 in NY n jumped on Reuters report euro area central bankers were planning to challenge ECB President Draghi's leadership style.

In its exclusive report, Reuters said the bankers are particularly angered that Draghi effectively set a target for increasing the ECB's balance sheet immediately after the policy-making governing council explicitly agreed not to make any figure public, the sources said.

Some members intend to raise their concerns with Draghi at the governors' traditional informal working dinner on Wednesday before their formal monthly rate-setting meeting on Thursday.
Despite the intra-day brief but sharp rise to 1.2577, euro later moved sideways on lack of follow-through buying n retreated to 1.2541.
Range trading was expected to continue in Asia with offers noted at 1.2575/80, stops were reported above there, however, more selling interest was noted at 1.2590/00.
On the downside, initial bids were reported at 1.2545-40 n more below with stops touted below 1.2500.

Pay attention to a slew of eco. data in European morning with Italy's Markit services PMI, then the same fm France, Germany & the euro zone.

Data to be released on Wednesday:

New Zealand's HLFS unemployment rate, job growth and labour cost index, China's HSBC services PMI, Swiss CPI, German Markit services PMI, U.K. Markit services PMI, eurozone retail sales, U.S. ADP National employment, Markit services PMI, ISM non-manufacturing PMI and employment index.

Posted by: acetraderforex Nov 10, 2014, 03:15 AM

AceTraderFx Nov 10: Intra-Day News and Views (USD/JPY) & data to be released today


Intra-Day Market Moving News and Views

10 Nov 2014
01:05GMT

USD/JPY - 114.38.. Dlr opened in NZ around where it left off in NY Friday (around 114.62), however, renewed usd's broad-based weakness following a weak closing Friday pressured price in NZ/AUS, the pair fell 1-tick below Friday's 114.26 low at Tokyo open but lack of follow-through selling quickly lifted price.

Despite the Dow & S&P 500 indices touching record closing highs for the 3rd day in a row, intra-day weakness in the Nikkei (currently down 121 points at 16759) as well as falling U.S. treasury yields suggests dlr may well have formed a temporary high at Friday's fresh 7-year peak at 115.62.
Offers are tipped at 114.60/65 n more above with stops touted above 115.00.
On the downside, initial bids are noted at 114.25-20 and more below at 114.10-00 with stops reported below there, suggesting consolidation with downside bias is in store.

Reuters reported citing source from the Japan's Yomiuri newspaper Japan's PM Shinzo Abe is considering dissolving the lower house of parliament and calling a snap election if he decides to delay a plan to raise the sales tax next year.
If Abe does dissolve the lower house, an election could be held on Dec. 14 or Dec. 21, the Yomiuri reported on Sunday citing several government and ruling party sources.
Abe has also told members of his party's coalition partner of this plan, the Yomiuri said. In a TV interview on Fri, Abe said he was not thinking of calling an early election, but then he hedged his bets by saying this is something a prime minister always has to say.
Abe has to decide by year's end whether to go through with a plan to raise the sales tax to 10 percent from 8 percent in October 2015.
Abe could delay this plan by a year and a half if 3rd quarter GDP, which is due on Nov. 17, struggles to accelerate, the Yomiuri said.
If Abe does delay the tax hike he would call an election to ask the public to judge his economic policies, the Yomiuri said.


Data to be released this week:

Australia housing finance, China CPI, PPI, Italy industrial output, EU sentix index and Canada housing starts on Monday.

Japan trade balance, current account, tertiary industry index, Australia home price index, NAB business confidence, France market holiday, Canada market holiday and U.S. market holiday on Tuesday.

Australia Wage price index, UK average earnings, claimant count, ILO unemployment, BoE inflation report, EU industrial production, U.S. redbook retail sales, wholesale inventories and wholesale sales on Wednesday.

Japan CGPI, machinery orders, industrial output, capacity utilization, China industrial output, retail sales, Germany CPI, HICP, Swiss PPI, Italy CPI, Canada housing price index, U.S. jobless claims and Federal budget on Thursday.

France GDP, Germany GDP, Italy GDP, UK construction output, EU GDP, CPI, U.S. retail sales, export prices, import prices, business inventories, U. of Michigan sentiment and Canada manufacturing sales on Friday.

Posted by: acetraderforex Nov 11, 2014, 03:43 AM

AceTraderFx Nov 11: Intra-Day News and Views (USD/JPY) & data to be released today


Intra-Day Market Moving News and Views

11 Nov 2014
02:08GMT

USD/JPY - ..... Dlr pares intra-day gain after an initial brief rise to 115.01 but offers at 115.00/10 capped upside and pushed price back down to 113.64.

Although dlr showed muted reaction to a sharply higher trade surplus (September surplus was 963 bln yen vs forecast of 534 bln, this represents a near 62% jump vs the same period in 2013) as yesterday's another record closings in the Dow & S&P 500 boosted risk sentiment, prompting another round of yen selling but 115.00 res seems to a tough nut to crack.

Looks like range trading is in store n teh strong bounce from yesterday's 113.86 low in Europe suggests consolidation with upside bias remains. Offers are reported at 115.00/10 with stops above there, more selling interest is noted below Friday's 7-year peak at 115.62.
On the downside, bids are noted at 114.60 and more at 114.45/40 and more below with stops touted below 113.80.

Earlier Japanese PM Shinzo Abe's approval rating fell in a public opinion poll published on Mon amid speculation the gov't is considering calling a snap election.
National broadcaster NHK surveyed 1,527 people and found support for Abe's gov't had fallen 8 percentage points from last month to 44%, the lowest since Abe's gov't began 2 years ago.
Of those surveyed, 38% said they disapproved of Abe, up 4 percentage points from last month.

Abe's popularity has been sliding since 2 members of his cabinet resigned last month over political scandals. Abe also has to decide before the end of the year whether to raise the sales tax next year and some media are reporting that he could delay this plan and call an election.

Tuesday
will see the release of Japan trade balance, current account, tertiary industry index, Australia home price index, NAB business confidence. France, Canada and U.S. markets will be closed on Tuesday due to holiday.

Posted by: acetraderforex Nov 12, 2014, 03:11 AM

smile.gif AceTraderFx Nov 12: Intra-Day News and Views (NZD/USD) & data to be released today


Intra-Day Market Moving News and Views

12 Nov 2014

NZD/USD
- ...... Statement from RBNZ, quote:
not appropriate to ease LVR lending limits;
risk of house inflation pick-up from strong immigration;
NZ dlr above sustainable, justified level;
NZ dlr may fall further on tighter u.s. policy, China slowdown;
dairy payout fall may see more loan defaults;
further rises in short-term rates may be needed in future years;
says risk of sharp china slowdown will hurt NZ, AU economies.
will likely ease LVR limits, rather than removing them;
LVR limits still meant to be temporary, not permanent;
NZ dlr still unjustified, unsustainable;
exchange rate still has 'further to go';
extent of further NZ dlr fall may depend on U.S. dlr.
pleased that NZ dlr has come down 12 pct vs U.S. dlr;
neutral rates still seen around 4.5 pct;
interest rates still at a low level, still expansionary.

Wednesday will sell the release of Australia Wage price index, UK average earnings, claimant count, ILO unemployment, BoE inflation report, EU industrial production, U.S. redbook retail sales, wholesale inventories and wholesale sales.

Posted by: acetraderforex Nov 13, 2014, 03:37 AM

smile.gif AceTraderFx Nov 13: Intra-Day News and Views (USD/JPY) & data to be released today


Intra-Day Market Moving News and Views

13 Nov 2014
02:18GMT

USD/JPY - ...... After taking centre stage by swinging wildly in Asia, European & NY sessions on Wednesday, the greenback has moved narrowly in relatively subdued Tokyo morning trading as the absence of market-moving comments by Japanese official(s) has kept price moving sideways.

Dlr showed muted reaction to early release of Japan's machinery orders which showed an unexpected rise of 2.9% in September vs forecast of a drop of 1.9%. However, for those who like to trade on comments/news, keep an eye on breaking news from Reuters/Bloomberg when BoJ Governor Kuroda appears before the Japanese parliament at 04:40GMT.

Despite yesterday's brief drop to 114.85 (Reuters) in NY morning, subsequent strong bounce in NY afternoon on renewed dlr's broad-based strength suggests consolidation with mild upside bias is in store, however, as the Nikkei is trading well below yesterday's fresh 7-year peak at 17443 (currently at 17225), range trading should continue.
Offers are noted at 115.70/75 n more above with stops reported above 116.10. Initial bids are noted at 115.40-30 n more below with stops building below 114.80.

Japan Chief Gov't spokesman: decline to comment on some views that next sales tax hike should be delayed by a year and a half. To hike or not to hike (sales tax), Japanese officials have kept the market guessing.

The WSJ reported Japan's PM Shinzo Abe will likely decide next week to postpone an unpopular sales-tax increase, judging that the country's economy is too weak to withstand the burden, n call a general election to seek public support for his economic program, a top Abe administration official said on Wednesday.

Abe's aides are preparing for an election campaign next month that will stress growth over fiscal austerity, weighing the likelihood that data due next Mon will show growth in the Jul-to-Sep quarter was below 2% on an annualized basis, the gov't official said. "We want to seek a mandate to push ahead with Abenomics, with the growth policy," said the official, adding that any election would likely come on Dec. 14 or Dec. 21.

Abe has said he would decide on the sales-tax increase in Dec after considering Jul-to-Sep GDP figures, suggesting he would wait until a revision to the GDP data is released Dec. 8. On Tue, he reiterated that view n said he hasn't "decided on the timing" of an election.

The official said the PM's aides were preparing an election platform that, in addition to delaying the sales-tax rise, would call for a greater cut in corporate taxes than Abe has pledged so far.

Amamiya says 'BoJ's current QQE programme is open-ended, not deadline set; BoJ won't hold off on taking steps to hit its price target just because of worries over risks of hurting its balance sheet;
see no need to worry about risk of triggering hyper-inflation with BoJ's policy, which aimed at achieving 2 pct inflation.'

Thursday will see the release of Japan CGPI, machinery orders, industrial output, capacity utilization, China industrial output, retail sales, Germany CPI, HICP, Swiss PPI, Italy CPI, Canada housing price index, U.S. jobless claims and Federal budget.

Posted by: acetraderforex Nov 14, 2014, 03:04 AM

smile.gif AceTraderFx Nov 14: Intra-Day News and Views (USD/JPY) & data to be released today


Intra-Day Market Moving News and Views

14 Nov 2014
01:32GMT

USD/JPY - ...... The pair continues to take centre stage in hectic Tokyo trading as comments by Japan's ECONMIN Amari (see early MMN) led to renewed broad-based selling in the yen, intra-day gain to fresh 7-year highs in the Nikkei (N255 index rose to 17520) boosted risk sentiment and pushed price to a fresh 7-year peak at 116.20 after tripping stops above 115.90, then 116.10.

However, intra-day retreat in the Nikkei has prompted liquidation in speculative longs, dlr retreated to 115.89, suggesting choppy trading below 116.20 would be seen.
Initial bids are noted at 115.90-85 with stops below there, more buying interest is reported at 115.60-55 with stops below yesterday's NY low at 115.21.
On the upside, offers are reported at 116.10/20 and more at 116.40/50.

Statement from Japan's Chief Gov't Spokesman Yoshihide Suga (Chief Cabinet Sec) says Japan economy in recovery trend through gov't's economic policies.

While Japan FinMin Aso comment:
economy continuing a moderate recovery on the whole;
gov't must continue with efforts on fiscal reform;
private consumption stalling but employment, incomes investment improving; it would be become hard to halve primary budget deficit in FY2015/16 as planned if sales tax hike delayed.'
Japan sales tax hike is delayed, gov't may need to consider if economic stimulus steps are needed;
rising sales tax and delaying sales tax hike both carry risks, up to gov't to take steps to reduce these risks;
if Abe delays sales tax hike, he will do utmost to achieve primary budget deficit reduction targets;
not possible Abe to delay sales tax hike indefinitely; cannot allow trust in Japanese gov't debt to be damaged.'


Friday will see the release of France GDP, Germany GDP, Italy GDP, UK construction output, EU GDP, CPI, U.S. retail sales, export prices, import prices, business inventories, U. of Michigan sentiment and Canada manufacturing sales.

Posted by: acetraderforex Nov 17, 2014, 03:39 AM

AceTraderFx Nov 17: Intra-Day News and Views (USD/JPY) & data to be released today


Intra-Day Market Moving News and Views

17 Nov 2014
01:45GMT

USD/JPY - ...... Despite a brief jump above Fri's 116.82 top to a fresh 7-year high of 117.06 after Japan's Q3 GDP unexpectedly contracted, intra-day sell off in the Nikkei (N225 fell from 17409 to 17133) triggered broad-based buying of yen on risk aversion in Asia.

Reuters reported Japan's economy unexpectedly slipped into recession in Q3, setting the stage for PM Shinzo Abe to delay an unpopular sales tax hike n call a snap election just 2 years after he took office.

GDP fell at an annualised 1.6% pace in July-September period, after it plunged 7.3% in the 2nd quarter following a rise in the national sales tax.
The economy had been forecast to rebound by 2.1% in the 3rd quarter.

Abe had said he would look at the data when deciding whether to press ahead with a 2nd increase in the sales tax to 10% in October next year, as part of a plan to curb Japan's huge public debt, the worst among advanced nations.

Japanese media have said the PM, who returns from a week-long tour to China, Myanmar and Australia on Monday, could announce his decision to delay the hike as early as Tuesday and states his intention to call a poll, which ruling party lawmakers expect to be held on Dec. 14.

Etsuro Honda, an economic adviser to Abe who opposes the tax rise, has said that if growth was under 3.8%, raising the tax rate would be "out of the question".


This week will see the release of the following economic data:

New Zealand retail sales, Japan's GDP, U.K. Rightmove house price, EU eurostat trade, U.S. New York Empire state manufacutring, ECB Draghi's speech, U. S. industrial production on Monday;

Australia's CB leading indicator, Westpac leading index and RBA meeting minutes, China house prices, U.K. CPI, PPI and RPI, Germany's ZEW economic sentiment, U.S. PPI, Redbook, NAHB housing market index, net L-T flows, overall net capital flows and foreign buys on Tuesday;

BoJ interest rate decision, EU current account, BoE MPC Vote outcome, Swiss ZEW investor sentiment, U.S. building permits, housing starts, FOMC minutes on Wednesday;

Japan's export, imports, trade balance and manufacturing PMI, China HSBC manufacturing PMI, BoJ monthly economic survey, Germany's producer prices ad Markit service PMI, EU Markit PMI, U.K. retail sales, CBI trade, Canada's wholesale trade, U.S. CPI, Markit manufacturing PMI, Philly Fed business index, existing home sales, leading index change and consumer confidence on Thursday;

U.K. PSNCR and Canada CPI on Friday.

Posted by: acetraderforex Nov 18, 2014, 02:46 AM

smile.gif AceTraderFx Nov 18: Intra-Day News and Views (AUD/USD) & data to be released today


Intra-Day Market Moving News and Views

18 Nov 2014
00:31GMT

AUD/USD - ........ statement from RBA minutes, quote:
- Australia C.bank minutes repeat outlook is for period of stability in rates
- A$ above estimates of fundamental value, providing less help to economy
- BoJ stimulus, Japanese pension fund flows could keep A$ above fundamental value
- RBA board cited considerable uncertainty over China property market, impact on economy
- domestic growth running at moderate pace, to remain below trend until late 2016
- very low rates, growing population to support housing market, home building
- higher home prices filtering through to household wealth and consumption
- RBA board noted lending to home investors rising noticeably faster than to owner occupiers
- mining investment still set to fall sharply, offset by rising resource exports
- RBA board noted non-mining investment not being hampered by cost or availability of finance
- labour market subdued, would be some time before unemployment fell consistently
- sluggish wage growth to help keep inflation in line with target range

Tuesday will see the release of Australia's CB leading indicator, Westpac leading index and RBA meeting minutes, China house prices, U.K. CPI, PPI and RPI, Germany's ZEW economic sentiment, U.S. PPI, Redbook, NAHB housing market index, net L-T flows, overall net capital flows and foreign treasury buys.

Posted by: acetraderforex Nov 19, 2014, 03:13 AM

smile.gif AceTraderFx Nov 19: Intra-Day News and Views (USD/JPY) & data to be released today


Intra-Day Market Moving News and Views

19 Nov 2014
01:28GMT
USD/JPY - ........ Dlr swung wildly on Tuesday following Japan PM Abe said to dissolve parliament and postpone next year's sales tax hike.
Despite a brief sell off but sharp sell off from 117.05 to 116.35 after the announcement, speculation for new stimulus measures from BoJ after 2-day meeting on Wednesday pushed price higher in NY and dlr eventually rose to a fresh 7-year peak at 117.21 in Tokyo morning b4 retreating.

Today's focus in Asia will be on the BoJ's monetary policy announcement n then the conference in Asian midday.
BOJ board may call for a bleaker view to be given this time, however, any signs that Kuroda's conviction about the recovery is wavering may spur speculation of more easing early next year.

As dlr has resumed its recent strong ascent in Asia, buying on dips is recommended.
Bids are noted at 116.80-70 with mixture of bids and stops located at 116.55/50 and 116.25/20.
On the upside, offers are placed at 117.20-30 and further out at 117.50-60 with stops emerging above 117.80.


Wednesday will see the release of BoJ interest rate decision, EU current account, BoE MPC Vote outcome, Swiss ZEW investor sentiment, U.S. building permits, housing starts and FOMC minutes.

Posted by: acetraderforex Nov 20, 2014, 03:34 AM

smile.gif AceTraderFx Nov 20: Intra-Day News and Views (EUR/USD) & data to be released today


Intra-Day Market Moving News and Views

20 Nov 2014
02:03GMT
EUR/USD - ...... The single currency swung wildly on Wednesday as despite ratcheting higher from Asian low at 1.2513 to a fresh near 3-week high at 1.2602 in NY after release of FOMC minutes, renewed broad-based buying in greenback emerged and quickly knocked price down to 1.2525.
Later, euro recovered to 1.2556 in Thursday's Australia before retreating to 1.2530 in Asian morning.

The overnight sell off and failure to close above 1.2600 level yesterday suggest initial choppy trading with downside bias would be seen and selling euro on recovery ahead of the release of a slew of PMI reports from EU and its member countries in European morning is the favorable strategy.
Offers are placed at 1.2550-60 and then 1.2575/80 with mixture of offers and stops emerging just above 1.2600.
On the downside, bids are placed at 1.2510-00 and around 1.2480 with stops located just below 1.2450.

Last night the single currency briefly rose to 1.2602 after the release of FOMC minutes which showed many Federal Reserve policy makers last month said they should be on the lookout for signs of a decline in expectations for inflation, however, renewed dollar's strength knocked price lower.


Thursday will see the release of Japan's export, imports, trade balance and manufacturing PMI, China HSBC manufacturing PMI, BoJ monthly economic survey, Germany's producer prices ad Markit service PMI, EU Markit PMI, U.K. retail sales, CBI trade, Canada's wholesale trade, U.S. CPI, Markit manufacturing PMI, Philly Fed business index, existing home sales, leading index change and consumer confidence.

Posted by: acetraderforex Nov 21, 2014, 03:25 AM

smile.gif AceTraderFx Nov 21: Intra-Day News and Views (USD/JPY) & data to be released today


Intra-Day Market Moving News and Views
21 Nov 2014
02:00GMT

USD/JPY - ...... Dlr went through a roller coaster session on Thursday as despite an initial rally to a fresh 7-year peak at 118.98 shortly European open, selling interest located below 119.00 level knocked price lower ahead of NY open.
The greenback eventually fell to 117.74 in NY morning after release of worse-than-expected U.S. jobless claims and soft inflation data before rebounding to 118.32 due to upbeat U.S. existing home sales figures.
Dlr briefly climbed to 118.37 in Friday Tokyo morning and then tumbled to 117.45 on risk aversion due to intra-day fall in Nikkei (currently down 0.9% to 17144) and comments from Japan FinMin Aso (see our prev. MMN).

Although dlr's intra-day sell off below 117.74 support signals further choppy trading below yesterday's top at 118.98 would continue and selling on recovery is recommended, price may find support near 117.00 level as growing divergence of economic and monetary policy developments between the U.S. and Japan should continue to provide support to the pair.

Bids are noted 117.40-30 n then 117.10-00 with mixture of bids and stops emerging just below 117.00.
On the upside, offers from various accounts are placed at 117.90/00, 118.20-30 and more near 118.50 level.

Friday will release U.K. PSNCR and Canada CPI.

Posted by: acetraderforex Nov 24, 2014, 04:00 AM

smile.gif AceTraderFx Nov 24: Intra-Day News and Views (EUR/USD) & data to be released today


Intra-Day Market Moving News and Views
24 Nov 2014
02:21GMT

EUR/USD - ..... The single currency weakened broadly on Friday after dovish comments from ECB's President Mario Draghi. Euro fell sharply against the greenback from 1.2553 to 1.2424 in European morning and continued to ratchet lower after a brief recovery to 1.2460.
Later, the pair fell to as low as 1.2375 in NY and then 1.2360 at Mon's NZ open before recovering in thin Asian session.

Although euro's failure to test Nov's 26-month trough at 1.2357 suggests price is likely to stage a recovery ahead of European open, the single currency is expected to undergo another round of selling pressure later in the day due to recent 'negative sentiment'.
Therefore, whilst investors may look to buy euro on dips for a recovery towards 1.2400 for st trade, preferred strategy is selling on intra-day rebound.
Bids are placed at 1.2370-60 with stops emerging just below 1.2350.
On the upside, offers are located at 1.2390-00 and then 1.2415/20 with mixture of offers and stops noted at 1.2440/45 and just above 1.2450.

Investors should pay close attention to the release of German IFO reports in European morning (09:00GMT). Market forecasts the headline IFO Business Climate Index to edge further down to 103.0 in Nov, below the 103.2 booked in October, which was the lowest level since Dec 2012.
Meanwhile, the Current Assessment sub-index is also seen edging down to 107.9, after posting a figure of 108.4 a month ago. Only the IFO Expectations Index is projected to rise to 98.6, from 98.3 in Oct.


This week will see the release of following economic data:

Swiss non-farm payrolls, German Ifo business climate and U.S. Markit services PMI on Monday;

Japan's BoJ meeting minutes, New Zealand's RBNZ inflation expectation, German GDP, U.S. prelimary GDP, PCE prices and Redbook, Canada's retails and U.S. monthly home price and consumer confidence on Tuesday;

German import prices U.S. GDP and CBI distributive trades, U.S. core PCE, durables, personal income, Chicago PMI, University of Michigan sentiment, new home sales, pending homes sales change and building permits on Wednesday;

New Zealand's trade balance, Australia's HIA new home sales, Swiss GDP, U.K. Nationwide house prices, German unemployment rate, EU business climate, consumer confidence, economic sentiment, Germn Gfk consumer sentiment, HICP and CPI on Thursday;

Japan's unemployment rate, CPI, prelimary industrial output, IP forecast, retails sales, New Zealand's NBNZ business outlook U.S. Gfk consumer confidence, Japan's construction orders, housing starts, Swiss KOF indicator, EU inflation and unemployment rate, Canada's GDP and producer prices on Friday

Posted by: acetraderforex Nov 26, 2014, 03:18 AM

smile.gif AceTraderFx Nov 26: Intra-Day News and Views (USD/JPY) & data to be released today

Intra-Day Market Moving News and Views

26 Nov 2014
02:00GMT

USD/JPY -....... Dlr weakened vs the Japanese yen on Tuesday after volatile sessions. Although price has rebounded after early sell off from 118.57 to 117.70 in Asia due to BoJ meeting minutes n comments from BoJ Governor Haruhiko Kuroda who voiced concerns over the impact of the weaker yen on the economy, price briefly jumped to 118.30 in NY morning after upbeat U.S. Q3 GDP (prelim.).
Later, dlr retreated to 117.72 in NY afternoon following the release of disappointing U.S. consumer confidence and then further to 117.67 in Wednesday's Tokyo morning.

Although intra-day's weakness in Asia suggests choppy trading with mild downside bias remains, sharp fall below 117.36 (Fri's reaction low from last Thursday's fresh 7-year peak at 118.98) is not envisaged as investors are awaiting the release of a slew of U.S. economic reports in NY morning.

At present, offers are noted at 118.00-10 and then 118.25/30 with mixture of offers and stops emerging just above 118.60.
On the downside, bids are placed at 117.40-30 and around 117.10 with stops located just below 117.00.


Wednesday
will see the release of German import prices U.S. GDP and CBI distributive trades, U.S. core PCE, durables, personal income, Chicago PMI, University of Michigan sentiment, new home sales, pending homes sales change and building permits.

Posted by: acetraderforex Nov 27, 2014, 04:03 AM

smile.gif AceTraderFx Nov 27: Intra-Day News and Views (EUR/USD) & data to be released today


Intra-Day Market Moving News and Views
27 Nov 2014
02:36GMT

EUR/USD - ...... Euro strengthened against the dlr on Wednesday as despite a brief retreat from 1.2495 to 1.2444 in European morning after dovish comments from ECB's Constancio, the single currency rebounded due to dlr's broad-based weakness after release of a slew of weak U.S. economic data and rallied to 1.2532 in NY morning before retreating.

Yesterday's intra-day rally suggests euro would continue to move inside the near '3-week long' broad range of 1.2357-1.2602 and stronger gain toward 1.2565/75 is likely to be seen later today .
Bids are placed at 1.2490-80 and around 1.2470/65 with stops emerging below 1.2450, whilst offers are located at 1.2525/30 and then 1.2545/50 with stops located just above 1.2550.

Investors should pay attention to the release of German unemployment data at 08:55GMT, follow by euro zone economic sentiment reports at 10:00GMT. Street forecast for German unemployment rate to remain the same at 6.7% in November whilst unemployment change this month to be -4K compare to previous reading of -22K.

Last night ECB Governing Council member Bostjan Jazbec said that the European Central Bank's monetary policy alone cannot solved the euro zone's problems on its own and it needed to be complemented by other policies such as investment.

Thursday will see the release of New Zealand's trade balance, Australia's HIA new home sales, Swiss GDP, U.K. Nationwide house prices, German unemployment rate, EU business climate, consumer confidence, economic sentiment, Germn Gfk consumer sentiment, HICP and CPI.

Posted by: acetraderforex Nov 28, 2014, 04:08 AM

smile.gif AceTraderFx Nov 28: Intra-Day News and Views (USD/JPY) & data to be released today


Intra-Day Market Moving News and Views
28 Nov 2014
02:41GMT

USD/JPY - ....... The greenback jumped above 118.00 level to 118.28 against the yen in Tokyo morning on Friday in reaction to rebound in the Nikkei after plunge in oil prices Thur when OPEC kept oil output unchanged (WTI crude oil price was last seen down $5.09 or 6.91% to $68.60, below $70.0 the first time since May 2010) which would benefit the Japanese economy as importer of energy.

As dlr's strong rebound from yesterday's low at 117.24 n the subsequent move back above 118.00 suggest correction from last Thursday's 7-year peak at 118.98 has ended there, buying dlr on dips is favoured as dlr may head towards 118.98 next week.

At present, bids are noted at 118.00-117.90 and around 117.70 with mixture of bids and stops located just below 117.50.
On the upside, offers are placed at 118.30-40 and then 118.50 with stops emerging further out 118.70.

Yesterday despite early brief dropped to an intra-day low of 117.25 in European morning due to the weakness in Nikkei-225 index which closed down by 135 points to 17249, The pair ratcheted higher on active short-covering anf rebounded to 117.79.

Friday will see the release of Japan's unemployment rate, CPI, prelimary industrial output, IP forecast, retails sales, New Zealand's NBNZ business outlook U.S. Gfk consumer confidence, Japan's construction orders, housing starts, Swiss KOF indicator, EU inflation and unemployment rate, Canada's GDP and producer prices.

Posted by: acetraderforex Dec 1, 2014, 03:08 AM

smile.gif AceTraderFx Dec 1: Intra-Day News and Views (AUD/USD) & data to be released today


Intra-Day Market Moving News and Views

01 Dec 2014
01:46GMT

AUD/USD - 0.8430 ... Australian dollar nose-dived against U.S. dollar due to the sharp sell off in crude oil prices. Stops below 0.8480 were triggered in New Zealand morning today and price fall to 0.8444 and then to a fresh 4-year low at 0.8417 in Asian morning.
Crude oil prices fell $1.41 to 64.74 following last Friday's more than 8% sell off.
Offers are now tipped at 0.8450-60, 0.8480 and more at 0.8490/95.
On the downside, some bids are located at 0.8410-00 with stops seen below 0.8400.

This week will see the release of the following economic data:

New Zealand's Terms of Trade, Japan's Business Capex, China's NBS Manufacturing PMI, Japan's Manufacturing PMI, China's HSBC Mfg PMI Final, Swiss Manufacturing PMI, Germany's Markit/BME Mfg PMI, eurozone Markit Mfg Final PMI, UK Markit/CIPS Mfg PMI, Mortgage Approvals, M4 Money Supply and Mortgage Lending, CAnada's RBC Mfg PMI, US Markit Mfg PMI Final and ISM Manufacturing PMI on Monday;

Australia's Building Approvals and Current Account Deficit, RBA rate decision and statement, UK Markit/CIPS Cons PMI, eurosone Producer Prices, US Redbook, ISM-New York Index and Construction Spending on Tuesday;

Australia's GDP, China's NBS Non-Mfg PMI and HSBC Services PMI, Swiss GDP, Germany's Markit Services PMI, eurozone Markit Services Final PMI, UK Markit/CIPS Serv PMI, eurozone Retail Sales, US ADP National Employment, Productivity Revised, Markit Comp Final PMI, ISM N-Mfg PMI, Bank of Canada Rate Decision and Statement, US Fed's Beige Book on Wednesday;

Australia's Retail Sales and Trade Balance, UK Halifax house prices, Swiss Industrial Orders, Bank of England rate decision, ECB rate decision, US Initial jobless claims, Canada's Ivey PMI on Thursday;

Japan's Leading Indicator, Germany's Industrial Orders, UK Consumer inflation expectations, eurozone revised GDP, US Non-Farm Payrolls, Unemployment Rate and Average Earnings, Canada's Unemployment Rate, Employment Change and Trade Balance, US Factory Orders and Durable Goods on Friday.

Posted by: acetraderforex Dec 2, 2014, 03:41 AM

smile.gif AceTraderFx Dec 2: Intra-Day News and Views (USD/JPY) & data to be released today


Intra-Day Market Moving News and Views

02 Dec 2014
01:53GMT
USD/JPY - ...... Although U.S. dollar rose briefly to a fresh 7-year peak of 119.15 yesterday after Moody's cut Japan's sovereign ratings, the pair a dramatic reversal due to a broad-based rebound in commodity prices and dlr weakened to 117.88 in NY before staging another rebound due to upbeat comments from Federal Reserve Vice Chairman Stanley Fischer who gave dollar bulls some confidence.

U.S. dollar ratcheted higher to 118.46 on short-covering, however, renewed selling interest is tipped below 118.50 and more offers are located at 118.70-80 with stops only seen above 119.00.
On the downside, some bids are located at 118.10-00 with stops seen below 117.88.

Japan's Deputy Chief Cabinet Secretary Katsunobu Kato says will continue to monitor JGB market n take appropriate debt management steps as needed; many market participants praise PM's commitment to not delay sales tax hike again; PM will present specific fiscal consolidation plan by summer next year.

Tuesday will see the release of Australia's Building Approvals and Current Account Deficit, RBA rate decision and statement, UK Markit/CIPS Construction PMI, eurozone Producer Prices, US Redbook and Construction Spending.

Posted by: acetraderforex Dec 3, 2014, 03:47 AM

smile.gif AceTraderFx Dec 3: Intra-Day News and Views (USD/JPY) & data to be released today


Intra-Day Market Moving News and Views
03 Dec 2014
02:01GMT

USD/JPY - 119.33 ... The greenback rallied to a fresh 7-year high at 119.44 in Tokyo morning on improved risk appetite due to the rally in global stock markets together with the release of slightly better-than-expected China's HSBC services PMI which came in at 53.0 versus previous reading of 52.9. Nikkei-225 currently rises by 199 points to 17862 following the 102 points rise in Dow Jones index on Tuesday.

Bids are now located at 119.15-10, 119.00 n more at 118.80. On the upside, some offers are tipped at 119.40-50, 119.70-80 n more at 120.00 (sizeable).

Yesterday, the NY morning despite a brief pullback fm a fresh 119.28 to 119.04, dlr had risen again n rose 1-pip higher to a fresh 7-year peak at 119.29. Although dlr maintained a firm bias after intra-day resumption of LT uptrend, as investors showed muted reaction to the release of upbeat U.S. construction spending data, suggesting sharp gain was not likely to be seen n price shud falter well below psychological res at 120.00, yield retreat later. U.S. Oct construction spending came at +1.1%, higher than expectation of 0.6% n also the highest lvl since May.

Wednesday will see the release of Australia's GDP, China's NBS Non-Mfg PMI and HSBC Services PMI, Swiss GDP, Germany's Markit Services PMI, eurozone Markit Services Final PMI, UK Markit/CIPS Serv PMI, eurozone Retail Sales, US ADP National Employment, Productivity Revised, Markit Comp Final PMI, ISM Non-Mfg PMI, Bank of Canada Rate Decision and statement, US Fed's Beige Book.

Posted by: acetraderforex Dec 4, 2014, 03:14 AM

smile.gif AceTraderFx Dec 4: Intra-Day News and Views (USD/JPY) & data to be released today


Intra-Day Market Moving News and Views
04 Dec 2014
01:32GMT

USD/JPY - ...... BoJ board member Takehero Sata who is speaking at a meeting with business leaders in Kochi quoting his speech by Reuters :

-efforts to restore fiscal health important when BoJ seeks o exit QQE;
-success of QQE hinges on govt's commitment to fiscal reform;
-have proposed making BoJ's price target a flexible one with room for some allowance;
-BoJ's tools to respond ltd if concern over govt's commitment heightens, raises risk premium in JGB market;
-prices reflect state of economy n are not a variable that can be controlled by a central bank;
-what's important is not to focus on monthly fluctuations of CPI but to scrutinise wide range of data in forward-looking manner;
-dissented fm Oct 31 easing as virtuous cycle of eco. activity n prices was basically intact;
-marginal effect of expanding QQE won't be large given nominal interest rates already at historically low levels;
-must watch whether BoJ's asset buying creates distortions on eco. activity or accumulation of financial imbalances;
-there is uncertainty on whether global growth will steadily heighten IMF projects;
-must be mindful of risk of Europe experiencing prolonged low inflation or slipping into deflation;
-expect Japan's economy to recover moderately as a trend as exports have stopped falling;
-risk to Japan's economy are exports, effect of weak yen on domestic demand, n outlook of household, business sentiment;
-Japan's CPI growth may stall around middle of next year given commodity price moves;
-commodity price falls positive for Japan's economy, will push up overall prices in long run.

Thursday will see the release of Australia's Retail Sales and Trade Balance, UK Halifax house prices, Swiss Industrial Orders, BOE rate decision, ECB rate decision, ECB press conference, US Initial jobless claims, Canada's Ivey PMI.

Posted by: acetraderforex Dec 5, 2014, 03:32 AM

smile.gif AceTraderFx Dec 5: Intra-Day News and Views (EUR/USD) & data to be released today


Intra-Day Market Moving News and Views

05 Dec 2014
02:18 GMT

EUR/USD ...... Euro staged a ferocious rally after ECB President left the door open on the exact timing of next stimulus move. Reuters reported the ECB will decide early next year whether to take further action to revive the euro zone's economy, its president said on Thur, signalling that he would not allow opposition from Germany or anyone else to stop it.

In his clearest language yet, Mario Draghi underlined the central bank's commitment to supporting the ailing economy of the 18-country bloc, and argued the case for printing fresh money to buy assets such as state bonds. But his remarks, which came within minutes of a meeting where he clashed with German officials over his ambitions, set him on a possible collision course with the euro zone's biggest and single most important country.

Very low inflation is seen as a trigger for ECB action such as printing fresh money to buy gov't bonds, a step known as quantitative easing (QE) which Germany opposes. "QE has been shown to be effective in the U.S. & U.K.," Draghi told journalists at a press conference, saying that he would not 'tolerate' the prospect of price stability, the ECB's central goal, drifting off course. Perhaps most significantly, however, Draghi made clear that he would face down the considerable political opposition to further radical action.

The single currency swung wildly on Thursday. Despite euro's weakness to a fresh 27-month low of 1.2280 at the start of ECB's press conference, the pair rebounded strongly to as high as 1.2457 as ECB refrained from adding stimulus measures and will review the monetary policy in Q1 2015. However, renewed selling knocked price lower to 1.2360 near New York close.

Offers are now reported at 1.2400-10 n more at 1.2430-50.
On the downside, mixture of bids n stops seen at 1.2360 n 1.2340.
Investors are now focusing on the release of Germany's industrial orders at 07:00GMT and euro zone revised GDP data at 10:00GMT.

Friday's will see the release of Japan's Leading Indicator, Germany's Industrial Orders, UK Consumer inflation expectations, euro zone revised GDP, US Non-Farm Payrolls, Unemployment Rate and Average Earnings, Canada's Unemployment Rate, Employment Change and Trade Balance, US Factory Orders and Durable Goods.

Posted by: acetraderforex Dec 8, 2014, 02:41 AM

smile.gif AceTraderFx Dec 8: Intra-Day News and Views (USD/JPY) & data to be released today


Intra-Day Market Moving News and Views

08 Dec 2014
00:48GMT

USD/JPY - ..... Although dlr climbed to a fresh 7-year peak of 121.85 ahead of Tloyo open on Mon, release of downbeat revision in Japan's Q3 GDP triggered buying of yen on risk aversion.

Reuters reported Japan's economic contraction in Jul-Sep was deeper than initially expected on declines in capital expenditure, according to revised data on Mon that backs PM Shinzo Abe's recent decision to delay a 2nd sales tax hike.

The data indicated that the hit fm Apr's sales tax hike turned out to be bigger than expected.

Abe, who has called a snap poll for Sun, hopes voters will agree that his stimulus policies n a decision to delay a 2nd sales tax hike next year will revive a sputtering economy.

The key factor behind the downgrade was a 0.4% decrease in capital expenditure, which was revised from a preliminary 0.2% fall after incorporating last week's upbeat corporate capital spending survey.

On Apr 1, Japan's sales tax increased to 8% fm 5%. After that hit household spending n led to Nov. 17's dismal preliminary GDP data showing the economy was in recession, Abe postponed a 2nd tax hike to 10% by 18 months until Apr 2017.

The revised GDP data could be bad news for the BoJ, which will scrutinise it n other factors at a two-day rate review that ends on Fri. The central bank, which eased policy on Oct. 31, is widely expected to keep monetary settings unchanged and maintain its upbeat view of the economy.

Economists expect Japan to resume moderate growth in the current quarter on signs corporate and household spending are gradually recovering fm the pain caused by the Apr tax hike.

This week will see the release of the following economic data:

Japan's Reuters Tankan DI, GDP, Current account, Tertiary industry index, Economy Watchers Poll, UK's BoE Quarterly Bulletin, China's Trade Balance, Imports and Exports, Germany's Industrial output, Switzerland's CPI, EU's Sentix Investment Confidence, Canada Housing starts, building permits, U.S. employment trends on Monday.

U.K.'s BRC retail sales, Australia NAB Business Confidence, NAB Business conditions, Switzerland's unemployment rate, Germany's Trade Balance, Exports, Imports, France's Budget Balance, Trade Balance, Imports, Exports, U.K.'s Industrial output, Manufacturing Output, NIESR GDP Estimate, U.S.'s NFIB Business Optimism, Redbook, Wholesale inventories, Wholesale sales on Tuesday.

New Zealand's Government Monthly Debt, Government Optg Balance, Japan's Business Survey Index, Corp Goods Price, Australia's Housing Finance, Invest Housing Finance, China's CPI, PPI, Japan's Consumer Confidence, Machine tool orders, France's non-farm payrolls, Industrial Output, U.K.'s Trade Balance, U.S. Federal Budget on Wednesday.

New Zealand's RBNZ rate decision, Japan's Machinery Orders, U.K.'s RICS Housing Survey, Australia's Employment, Unemployment rate, Germany's CPI, HICP, France's CPI, Switzerland's SNB rate decision, Italy's Industrial output, U.S.'s Export prices, Import prices, Retail sales, Initial jobless claims, Business inventories, Canada's New Housing Price Index and Capacity Utilization on Thursday.

New Zealand's Manufacturing PMI, Japan's Capacity Utilization Index Change, Industrial output, Chain's Industrial output, retail sales, France's Current account, Italy's Consumer Prices, U.K.'s Construction O/P, EU's employment, Industrial production, U.S.'s PPI and University of Michigan Sentiment Index on Friday.

Posted by: acetraderforex Dec 9, 2014, 04:09 AM

smile.gif AceTraderFx Dec 9: Intra-Day News and Views (USD/JPY) & data to be released today
Intra-Day Market Moving News and Views

09 Dec 2014
02:25GMT

USD/JPY - ....... The greenback tumbled from yesterday's fresh 7-year high at 121.85 (AUS) to as low as 120.20 (NY) due to active long liquidations as Japan's Nikkei-225 index fell sharply following the decline in global stock markets.
Despite staging a brief recovery to 121.00 at Tokyo opening, selling interest there capped dlr's upside somewhat.
Offers are now tipped at 120.90-00 and more at 121.20-30.
On the downside, some bids are located at 120.50 and 120.30-20.

Earlier statement statement from Japan FinMin, quote:
'don't think Japan in recession;
to stick to aim of achieving primary budget surplus in FY2020/21 although sales tax hike delay makes it harder to meet the target;
won't comment on FX levels;
closely watching market moves.'
'there are signs that wages will continue rising, allowing economy to withstand future tax hike;
decline in oil prices is likely to offset rise in import prices due to weak yen.'

Tuesday will see the release of U.K.'s BRC retail sales, Australia NAB Business Confidence, NAB Business conditions, Switzerland's unemployment rate, Germany's Trade Balance, Exports, Imports, France's Budget Balance, Trade Balance, Imports, Exports, U.K.'s Industrial output, Manufacturing Output, NIESR GDP Estimate, U.S.'s NFIB Business Optimism, Redbook, Wholesale inventories, Wholesale sales. EU finance ministers meet in Brussels.

Posted by: acetraderforex Dec 10, 2014, 03:53 AM

smile.gif AceTraderFx Dec 10: Intra-Day News and Views (USD/JPY AUD/USD)


Intra-Day Market Moving News and Views
10 Dec 2014
02:01GMT

USD/JPY - ....... Despite yesterday's sharp sell off from 121.00 to as low as 117.90 due to renew risk aversion on political instability in Greece together with the sell off in European equities, the greenback rebounded strongly in late NY on the rebound in U.S. stock markets.
The pair rose to 119.92 in Asian morning as Nikkei-225 index pared some of early losses.
Bids are now located at 119.70-65, 119.50 and more at 119.30.
On the upside, some offers are tipped at 120.00 and 120.10-20.
On the data front, Japan will release its consumer confidence index at 05:00GMT.

AUD/USD - ........ Australian dollar fell in Asian morning after the release of lower-than-expected China's CPI and PPI data which came in at -0.2% m/m or 1.4% y/y and -2.7% y/y versus 0.0% m/m or 1.6% y/y and -2.4% y/y respectively.


Posted by: acetraderforex Dec 11, 2014, 04:22 AM

smile.gif AceTraderFx Dec 11: Intra-Day News and Views (USD/JPY) & data to be released today


Intra-Day Market Moving News and Views
11 Dec 2014
02:35GMT

USD/JPY - ....... The greenback tumbled against the Japanese yen due to renewed risk aversion on the sell off in global stock markets. Nikkiei-225 index fell by more than 1% following Wednesday's 268 points drop in Dow Jones index. The pair weakened to as low as 117.45 in Tokyo morning before rebounding strongly to 118.33 on short-covering.

Offers are now tipped at 118.20 and more at 118.30-40.
On the downside, some bids are located at 117.70 and 117.50.

Investors are now focusing on an election sweep for Japanese Prime Minister Shinzo Abe this weekend.
Nikkei news reported this morning that Abe needs big margin of victory to retain influence, the LDP and Komeito held 326 out of 480 seats in the lower house before it was dissolved last month; following a slight trim, 475 seats will be up for grabs on December 14; LDP and Komeito leaders have set a joint goal of winning at least 270; they need 266 seats needed to guarantee majorities on all of the house? standing committees; a senior LDP election strategist reckons the party will win in 20 to 30 fewer districts than in 2012, but will pick up more seats determined by proportional representation; if Komeito manages to maintain its status quo ante of 31 seats, the coalition stands a good chance of taking 270 to 300 seats, give or take a few, says a senior LDP lawmaker.

Thursday will see the release of Japan's Machinery Orders, U.K.'s RICS Housing Survey, Australia's Employment, Unemployment rate, Germany's CPI, HICP, France's CPI, Switzerland's SNB rate decision, Italy's Industrial output, U.S.'s Export prices, Import prices, Retail sales, Initial jobless claims, Business inventories, Canada's New Housing Price Index and Capacity Utilization.

Posted by: acetraderforex Dec 12, 2014, 03:27 AM

smile.gif AceTraderFx Dec 12: Intra-Day News and Views (USD/JPY) & data to be released today


Intra-Day Market Moving News and Views
12 Dec 2014
02:15GMT

USD/JPY - ....... The greenback swung wildly against the Japanese yen on Thursday. Despite hitting a fresh 2-week low of 117.45 in Tokyo morning on Thursday, dollar ratcheted higher and rose to 119.56 on active short-covering due to the rebound in Nikkei-225 index following the rise in U.S. stock markets.
However, the sell off in crude oil prices (broke $60 per barrel) in late NY knocked price lower to 118.61.
Offers are now tipped at 119.10-20 and more at 119.40-50.
On the downside, some bids are located at 118.70-60 with stops seen below 118.50.


Friday will see the release of New Zealand's Manufacturing PMI, Japan's Capacity Utilization Index Change, Industrial output, Chain's Industrial output, retail sales, German Wholesale Price, France's Current account, Italy's Consumer Prices, U.K.'s Construction O/P, EU's employment, Industrial production, U.S.'s PPI and University of Michigan Sentiment Index.

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