AceTraderFx: Intra-Day Market Moving News and Views

[AceTRaderForex]

AceTraderFx Aug 22: Intra-Day Market Moving News and Views USD/JPY

Intra-Day Market Moving News and Views
22 Aug 2016 02:09GMT

USD/JPY - ...... Although the greenback opened significantly higher to 100.92 in New Zealand today on weekend news of comments from BoJ's Kuroda (see previous MMN), profit-taking offers there capped intra-day gains and price retreated sharply to 100.30 ahead of Asian open.
Dlr pared its losses and staged a recovery to 100.75 at Tokyo open before retreating again.

Since there is no major economic data due today, further choppy trading would be seen.
Bids are now seen at 100.20/30 and more below at 100.00/10 with stops building up below there whilst initial offers are noted at 101.20/30.

 

[AceTRaderForex]

AceTraderFx Aug 23: Intra-Day Market Moving News and Views EUR/USD

Intra-Day Market Moving News and Views
23 Aug 2016 01:42GMT

EUR/USD...... The single currency rallied from yesterday's Asian low at 1.1271 to 1.1331 in New York morning on dlr's broad-based retreat. Renewed buying at 1.1311 in New York lifted the pair again n euro gained to 1.1334 at Asian open today and continues to trade with a firm bias.

There is a slew of data from eurozone today, including mfg. and serv. PMIs from France, Germany and EZ.
These figures would give a guage on the economy within the region after the Brexit vote n the impact it has had.

Offers are now raised to 1.1340/50 and more above at 1.1360/70 with stops building up above there whilst initial bids are noted at 1.1270/80, suggesting further choppy trading would be seen.

 

[AceTRaderForex]

AceTraderFx Aug 23: Intra-Day Market Moving News and Views EUR/USD

Intra-Day Market Moving News and Views
23 Aug 2016 09:16GMT

EUR/USD - ..... Reuters just reported euro zone private business activity was stable in August, albeit at a muted level, but factories possibly face a tougher September as new order growth stumbled, a survey showed on Tuesday.
Muddying the outlook for the coming months is the United Kingdom's vote in late June to leave the European Union, although so far the economic repercussions seem to have been confined to Britain, not its main trading partner.
Markit's flash composite Purchasing Managers' Index edged up to a seven-month high of 53.3 from July's 53.2, where any reading above 50 indicates growth. A Reuters poll of economists had predicted a slight dip to 53.1.

Williamson said the PMI pointed to GDP expanding 0.3 percent this quarter, matching a Reuters poll earlier this month that showed the euro zone economic outlook stable but lack lustre, about half the speed at the start of the year.
Pressure remains on the European Central Bank to announce more easing as it has so far been unsuccessful in getting inflation anywhere close to its 2 percent target ceiling.

But there is little confidence amongst economists about just how much firepower the ECB has left.
Of some concern, having only trimmed their prices in July, firms returned to deeper discounting this month. The output price index fell to 49.5 from 49.8.

Discounting helped drive a PMI covering the bloc's dominant service industry up to 53.1 from 52.9, also confounding expectations for a dip to 52.8. The manufacturing PMI was predicted to have held steady at July's 52.0 but fell to 51.8.
The factory output index, which feeds into the composite PMI, nudged up to an eight-month high of 54.0 from 53.9.

However, new order growth was at its weakest since early 2015, falling to 51.5 from 52.2, suggesting the headline manufacturing PMI may decline next month.
Service firms were also less optimistic about the year ahead. The business expectations index fell to 60.2 from 60.9, its lowest reading since late 2014.

 

[AceTRaderForex]

AceTraderFx Aug 24: Intra-Day Market Moving News and Views USD/JPY

Intra-Day Market Moving News and Views
24 Aug 2016 01:09GMT

USD/JPY - ...... The greenback rose from yesterday's European low at 99.94 to 100.29 at New York midday, then price ratcheted higher to 100.52/53 at Tokyo open on broad-based selling of JPY.
However, profit-taking offers there capped intra-day gains and price retreated to 100.26 in Asian morning.

Since there is no major eco. data due today, further choppy trading is likely to be seen with bids noted at 100.00/10 and more below at 99.80/90 with stops building up below there whilst initial offers are noted at 100.80/90.

 

[AceTRaderForex]

AceTraderFx Aug 24: Intra-Day Market Moving News and Views USD/JPY

Intra-Day Market Moving News and Views
24 Aug 2016 10:00GMT

USD/JPY - ..... Reuters reported earlier that Japan's government kept its assessment of the economy unchanged in August but offered a slightly more downbeat view on consumer inflation than last month, as prices slid on weak household spending and the strong yen pushed down import costs.
The government left unchanged its assessment that exports and factory output were flat, as well as its view that household spending was moving sideways on static consumer sentiment.

The report also said consumer prices were "flat," a gloomier view than last month when it said price rises were slowing. The last time the government used the word "flat" to describe consumer inflation was in April 2015, when the economy was still reeling from the hit to consumption from a sales tax hike implemented in April 2014.
But it offered a brighter view on public investment to say it was holding firm, reflecting increased public works spending from government measures to prop up the economy. In July, the report said public investment was falling gradually.

Japan's economic growth ground to a halt in April-June and analysts expect any rebound in the current quarter to be modest as weak global growth and the yen's 20 percent rise against the dollar so far this year hurt exports and capital expenditure.
Renewed yen gains and weak consumption have also weighed on inflation.
Core consumer prices fell 0.5 percent in June from a year earlier, marking the biggest annual decline since 2013, keeping the Bank of Japan under pressure to expand stimulus to achieve its 2 percent inflation target.

Markets are simmering with speculation the BOJ will ease monetary policy at its next rate review in September, when it conducts a comprehensive review of the effects of its existing stimulus programme.
The government also plans a 13.5 trillion yen ($135 billion) fiscal stimulus package to spur growth, though a recent Reuters survey showed companies overwhelmingly believe it will do little to boost the economy.

 

[AceTRaderForex]

AceTraderFx Aug 25: Intra-Day Market Moving News and Views GBP/USD

Intra-Day Market Moving News and Views
25 Aug 2016 04:02GMT

GBP/USD - ...... The British pound rallied from yesterday's European low at 1.3162 to as high as 1.3273 on active cross-buying of sterling especially vs euro.
Later, price retreated to 1.3220 in New York morning on profit-taking before recovering again.
However, renewed selling at 1.3264 at Asian open pressured the pair lower again and price continues to remain under pressure.

Since there is no major eco. data due today further choppy trading would be seen with offers are noted at 1.3250/60 and more above at 1.3270/80 with stops building up above there whilst initial bids are noted at 1.3180/90, suggesting mild downside bias remains.

 

[AceTRaderForex]

AceTraderFx Aug 26: Intra-Day Market Moving News and Views

Intra-Day Market Moving News and Views
26 Aug 2016 06:04GMT

EUR/USD - ...... Euro briefly rose to intra-day 1.1295 high after upbeat German data. Reuters reported the mood among German consumers improved unexpectedly heading into September, hitting one of the highest levels in the past 15 years despite external shocks such as Britain's decision to leave the European Union, a survey showed on Friday.

The surprisingly strong data, published by the Nuremberg-based GfK institute, offered another sign that household spending will keep supporting growth in Europe's largest economy while trade prospects are more clouded.
Record-high employment, rising real wages and ultra-low borrowing costs are boosting the spending power of Germans.
The solid state of the German job market means employees have hardly any concerns about losing their jobs.
In addition, the European Central Bank is sending signals that interest rates will remain low in the coming months.

Berlin expects domestic demand to drive overall growth of 1.7 percent this year, which would be on a par with last year.
Exports are unlikely to contribute much to overall growth as demand from major trading partners wanes and orders from emerging markets slow.

 

[AceTRaderForex]

AceTraderFx Aug 29: Intra-Day Market Moving News and Views

Intra-Day Market Moving News and Views
29 Aug 2016 03:14GMT

GBP/USD - ....... The Daily Telegraph reported on Saturday that Prime Minister Theresa May will not hold a parliamentary vote on Brexit before formally triggering Britain's withdrawal from the European Union.
She will not offer opponents the chance to stall the withdrawal and has consulted lawyers who say she has the power to invoke the exit without a parliamentary vote. A majority of the 650 lawmakers had declared themselves "Remainers".

Opponents maintain that since the EU referendum result is not legally binding, elected lawmakers should review the vote before the process is started.
The UK voted to leave the EU on June 23, but May has said she will not invoke Article 50, the formal two-year process for divorce from the bloc, before the end of the year to allow time to prepare the exit strategy.

No one at the prime minister's office was available to comment.
Senior members of the opposition Labour party have suggested that the issue could be subject to a vote by lawmakers or even a second public vote, and a law firm has initiated a legal challenge.

Two months ago 52 percent of Britons opted to leave the EU, but since then the process and what it could mean has been shrouded in uncertainty because the exit is unprecedented.
Gus O'Donnell, a former head of the civil service - the UK's professional administrative departments - said he hoped that by the time Britain leaves the EU it could be part of a "more loosely aligned" EU bloc because the process will take "years and years and years."
The economic impact of Brexit is also unclear because, beyond a more than 10 percent fall in the value of sterling against other currencies, the signals are so far mixed.

 

[AceTRaderForex]

AceTraderFx Aug 30: Intra-Day Market Moving News and Views GBP/USD

Intra-Day Market Moving News and Views
30 Aug 2016 04:06GMT

GBP/USD - ..... The British pound continued its recent losing streak and tumbled to 1.3060 in European morning yesterday before staging a short-covering rebound to 1.3120 in New York afternoon.
However, renewed selling there pressured the pair lower and price retreated to 1.3076 in Asian morning and continues to remain under pressure.

Since there is no major eco. data due, further choppy trading is envisaged till European open.

Offers are now seen at 1.3110/20 n more above at 1.3140/50 with stops building up above there whilst initial bids are noted at 1.3040/50, suggesting selling on intra-day pullback is favored.

 

[AceTRaderForex]

AceTraderFx Aug 30: Intra-Day Market Moving News and Views EUR/USD

Intra-Day Market Moving News and Views
30 Aug 2016 09:42GMT

EUR/USD - 1.1170.. Euro gains temporary respite after brief drop to a fresh 2-week low of 1.1156 in early European trading, however, lack of follow-through selling following said intra-day break of yesterday's 1.1158 low suggests consolidation is in store as traders are keeping their powder dry ahead of a speech by Fed Vice Chairman Stanley Fischer. The single currency is expected to meet another round of bashing of Fischer reaffirms his hawkish view especially if he reckons new Fed rate hike will occur in September's FOMC meeting (after that, Nov n Dec).

Offers are tipped at 1.1175/80 n more at 1.1295/05 with stops above 1.1210. Some bids are noted at 1.1160-50 and more at 1.1140/30 with stops touted below there.

 

[AceTRaderForex]

AceTraderFx Aug 31: Intra-Day Market Moving News and Views USD/JPY

Intra-Day Market Moving News and Views
31 Aug 2016 01:25GMT

USD/JPY - ...... THe greenback found renewed buying at 102.16 in European morning and rallied to an intra-day high at 102.13 in New York afternoon as the release of upbeat U.S. consumer confidence data increased speculation of a rate hike from the Fed later this year.
Profit-taking offers there pressured the pair lower to 102.86 ahead of Asian open before climbing to 103.23 at Tokyo open.

Pay attention to the release of U.S. ADP employment at 12:15GMT.
Street forecast is for a slight drop to 175K from previous reading of 179K.

Bids are now seen at 102.70/80 and more below at 102.50/60 with stops building up below there whilst initial offers are noted at 103.70/80, suggesting buying on dips for a resumption of recent uptrend is favored.

 

[AceTRaderForex]

AceTraderFx Sept 1: Intra-Day Market Moving News and Views USD/JPY

Intra-Day Market Moving News and Views
01 Sep 2016 02:00GMT

USD/JPY - ...... The greenback resumed its recent ascent and rose to a fresh 4-week peak at 103.53, helped by the release of upbeat U.S. jobs data. However, lack of follow-through buying triggered profit-taking and price retreated to 103.25 in New York, then lower to 103.10 in Tokyo morning.

There is a slew of data to be released today from U.S. but one should pay particular attention to jobless claims (12:30GMT) and manufacturing PMI (13:45GMT).
Street forecasts are 265K and 52.1 vs previous readings of 261K and 52.1 respectively.

Bids are now lowered to 102.90/00 and more below at 102.70/80 with stops building up below there whilst initial offers are noted at 103.70/80, suggesting further choppy trading would be seen.

 

[AceTRaderForex]

AceTraderFx Sept 2: Intra-Day Market Moving News and Views USD/JPY

Intra-Day Market Moving News and Views
02 Sep 2016 02:08GMT

USD/JPY - ...... Although the greenback resumed its recent winning streak n rose to a fresh 1-month peak at 104.00 in New York morning yesterday, price swiftly pared its gains and tumbled to 103.13 after the release of poor U.S. ISM PMI data.
Dlr found some support there n staged a rebound to 103.41 in New York afternoon and continues to trade with a firm bias in Tokyo morning.

Market focus is now solely on the release of U.S. jobs report at 12:30GMT. As this data will provide a key insight in to whether the Fed will hike rates once more this year.
Street forecasts for NFP n unemployment rate are 180K and 4.8% vs previous readings of 255K and 4.9% respectively.

Offers are now seen at 103.40/50 and more above at 103.70/80 with stops building up above there whilst initial bids are noted at 102.80/90, suggesting further choppy trading would be seen.

 

[AceTRaderForex]

AceTraderFx Sept 5: Intra-Day Market Moving News and Views USD/JPY

Intra-Day Market Moving News and Views
05 Sep 2016 01:03GMT

USD/JPY - ..... Reuters just reported activity in Japan's services sector slipped back into contraction in August as demand remained subdued despite a slight pick-up in new business, a private survey showed on Monday, highlighting the fragility of the economy.

The IHS Market Japan Services Purchasing Managers Index (PMI) dipped to 49.6 in August from 50.4 in July on a seasonally adjusted basis, below the 50 mark that separates expansion from contraction on a monthly basis.
While the decline was marginal, the reading was below the historical average and reflected a sector that was struggling for traction. The index has been darting between modest expansion and contraction since March.
The index for new business rose for the first time in three months to 50.7 from 49.7 in July, marking the sharpest increase since February.
But activity remained sluggish, prompting services firms to cut staffing for the third month in a row, albeit at a more modest pace than in July.

The services sector accounted for 70 percent of Japan's gross domestic product in 2014.

Sustained weakness would put more pressure on Prime Minister Shinzo Abe and the Bank of Japan, which have struggled to boost the economy and beat nearly two decades of deflationationary trends despite over three years of aggressive monetary policy and fiscal spending.
The composite Japan index for output in both manufacturing and services dipped into contraction, with a reading of 49.8 compared with 50.1 in July. Manufacturing had a 18.7 percent share of the GDP in 2014.
Japan's government is set to roll out economic stimulus featuring 13.5 trillion yen ($131 billion) in fiscal measures for public works and other spending to spur growth, though the spending will be spread over several years.

A majority of economists also expect the Bank of Japan will ease policy further later this month, a Reuters poll found, despite growing concerns in markets that its massive stimulus programme may be starting to do more harm than good.

 

[AceTRaderForex]

AceTraderFx Sept 6: Intra-Day Market Moving News and Views EUR/USD

Intra-Day Market Moving News and Views
06 Sep 2016 01:18GMT

EUR/USD - ....... Euro traded narrowly in subdued North American session on Monday. Although intra-day selloff in dlr/yen led to a brief moment of broad-based usd's weakness at European open and lifted euro to intra-day high of 1.1182, renewed selling then emerged n price later fell steadily to session low of 1.1140 in N. American morning before moving narrowly.

The fact that euro is trading near Monday's low suggests market is eager to pressure price towards last week's low at 1.1123 and stops are reported below 1.1120 and more below 1.1100.
Offers are noted at 1.1160/70 and more above with stop above 1.1185. So selling euro on recovery is the way to go.

A slew of eco. data will be release during European morning starting off with German industrial orders and then EZ revived GDP.

 

[AceTRaderForex]

AceTraderFx Sept 7: Intra-Day Market Moving News and Views USD/JPY

Intra-Day Market Moving News and Views
07 Sep 2016 01:40GMT

USD/JPY - ...... The pair took centre stage in hectic Wed Asian trading. Price fell ahead of Asian open after tripping large stops below 101.90 n hit intra-day low of 101.25.
Although short-covering lifted price back to 101.68, price inched lower n showed muted reaction to hawkish comments by San Francisco Fed President John Williams.

The fact that price is unable to stage a strong recovery in Asia suggests market is more eager to test dlr's downside. Offers are tipped at 101.65/75 and more above with some stops reported above 102.00.
A mixture of bids and stops is touted at 101.15-/00 area.

Although yesterday's US ISM services PMI was the key driver in knocking the greenback broadly lower in New York, there is little in upcoming U.S. data this week which will have much impact on price move, so fund flows will play a more important factor in the coming days.

 

[AceTRaderForex]

AceTraderFx Sept 7: Intra-Day Market Moving News and Views USD/JPY

Intra-Day Market Moving News and Views
07 Sep 2016 06:31GMT

GBP/USD - ..... Cable pares yesterday's spectacular rally in Asia after hitting a fresh 7-month peak of 1.3445 in New York session following weak U.S. ISM non-mfg PMI.
Intra-day retreat to 1.3404 due to cross-selling of sterling esp. vs yen and euro suggests consolidation below said yesterday's high would continue until European morning.

Pay attention to release of U.K. Halifax house price n more importantly, U.K. industrial and manufacturing production date at 08:30GMT.
Later on, BoE Governer Mark Carney and several MPC members will testify in parliament at 13:15GMT before the Treasury Select Committee and will be questioned by lawmaker on BoE Inflation Report, so Carney's comments may well move cable.

Offers are tipped at 1.3440/50 and more above with stops reported above 1.3480.
Initial bids are noted at 1.3410-00 and more below with stops below 1.3370.

 

[AceTRaderForex]

AceTraderFx Sept 8: Intra-Day Market Moving News and Views USD/JPY

Intra-Day Market Moving News and Views
08 Sep 2016 02:34GMT

USD/JPY - ..... Dlr finally gained respite in Thursday's Asian morning after having fallen for 3 consecutive days this week in Asia.
Although renewed buying at 101.65 lifted the pair ahead of Asian open and pushed price to intra-day high at 101.92 at Tokyo open, renewed selling quickly emerged and knocked price back down to 101.57, suggesting consolidation with downside bias remains.

Looks like the pair will move sideways but with a soft undertone as market's focus is on ECB's monetary policy announcement n Draghi's press conference (12:30GMT), so eur/usd will take centre stage later in the day.
For now, offers are tipped at 101.90/00 and more above with stops reported above 102.30/40, minor bids are noted at 101.50-40 with stops below 101.20.

 

[AceTRaderForex]

AceTraderFx Sept 8:
Dollar fell at Tokyo open as news of a nuclear test by North Korea

Intra-Day Market Moving News and Views
09 Sep 2016 01:45GMT

USD/JPY - ..... Reuters reported Japan's Nikkei share average turned negative in mid-morning trade on Friday, erasing earlier gains after sentiment was soured by news of an artificial earthquake in North Korea seen as a possible nuclear test.
The Nikkei fell 0.3 percent to 16,917.22 as of 0058 GMT, after rising to as high as 17,029.78 earlier.

The U.S. Geological Survey reported a 5.3-magnitude seismic event in North Korea on Friday, near a nuclear test site in the northeastern part of the county.
Dlr fell at Tokyo open as news of a nuclear test by N. Korea stoked geopolitical fear and triggered broad-based yen-buying on risk aversion.

Prime Minister Shinzo Abe has instructed the relevant ministries to collect and analyse information regarding North Korea, Chief Cabinet Secretary Yoshihide Suga told a news conference.
A seismic event in North Korea on Friday morning measured by the U.S. Geological Survey with a magnitude of 5.3 appeared to be a nuclear test, South Korea's meteorological agency said earlier.

 

[AceTRaderForex]

AceTraderFx Sept 12: Intra-Day Market Moving News and Views USD/JPY

Intra-Day Market Moving News and Views
12 Sep 2016 03:09GMT

USD/JPY - ...... Dlr pares initial decline in Australia on Monday following a brief rise to session high of 103.06 as hawkish comments by Fed's Rosengren just ahead of NY open led to broad-based usd buying, however, mildly dovish comments in an interview with CNBC by Fed's Tarullo triggered long liquidation in the greenback, dlr retreated to 102.54 before trading sideways.

The intra-day decline to 102.31 in Australia caused by broad-based yen buying on risk aversion was attributed to expected broad-based weakness in Asian stocks after Friday's 2% plus decline in the Dow and S&P 500, Asian equities are in the red (N225 down 1.5%, Shanghai Comp. down 1.6% n HSI down 2.5%). Although dlr has rebounded in Asia, range trading below said Fri's 103.06 top is expected to continue.

Offers are tipped at 102.70/80 and more above with stops above 103.10.
Some bids are noted at 102.40-30 with stops below 102.20.

Although no U.S. data are due out today, pay attention to speeches by Atlanta Fed President Lockhart (non-voting member) at 12:05GMT, then Minneapolis Fed President Kashkari (alternate voting member) n last by not least, a final-minute scheduled speech by Fed Lael Brainard (actually all eyes n ears are on her) at 17:00GMT in Chicago.
Brainard is perceived as the most dovish member of the FOMC and market reckons her speech may be intended to send final signal to the market of the Fed's thinking of rate hike as after today, no Fed officials are allowed to make any public comments 1 week ahead of the 20-21 Sep FOMC meeting.