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  1. #281

    U.S. Session Forex Recap – Jan. 11, 2017

    U.S. JOLTS job openings at 5.52M vs. 5.59M in Nov
    U.S. JOLTS job openings downgraded from 5.53M to 5.45M in Oct
    U.S. NFIB small business index improved from 98.4 to 105.8
    Canadian housing starts up from 187K to 207K vs. 187K forecast
    Canadian building permits down 0.1% vs. projected 2.4% gain

    The Greenback struggled to get back on its feet as medium-tier U.S. economic reports printed mixed results while the Loonie was bogged down by another drop in crude oil.
    Major Events:

    Mixed medium-tier U.S. data – As in the previous day’s New York trading session, Uncle Sam printed mixed medium-tier data. The JOLTS job openings report showed a 5.52 million reading for November, lower than the estimated 5.59 million increase, while the October reading was downgraded from 5.53 million to 5.45 million. The quits rate was unchanged at 2.1% while the layoffs and discharges rate also held steady at 1.1%.

    On a less downbeat note, the NFIB small business index climbed from 98.4 to 105.8 in December, outpacing the consensus at 99.6. Components of the report revealed that the pickup was mostly spurred by stronger expectations for economic improvement, followed by speculations of rising sales levels.

    Weak Canadian building permits and crude oil dips – Data from Canada also came in mixed, as the economy reported a stronger than expected housing starts figure at 207K instead of holding steady at 187K but printed a 0.1% drop in building permits instead of the estimated 2.4% gain.

    Black Crack price action wasn’t on the Loonie’s favor either, as the commodity chalked up another day in losses while traders seem to be pricing in a buildup in inventories due to the recent rise in U.S. oil rig counts. WTI crude oil fell $1.16 to $50.80 per barrel.
    Major Market Movers:

    USD – The scrilla weakened against most of its counterparts but managed to hold on to its gains against the British pound and the euro.

    EUR/USD slipped from 1.0590 to 1.0555, GBP/USD consolidated around 1.2175, USD/JPY dropped from a high of 116.35 to a low of 115.28, and USD/CAD traded between 1.3205 to 1.3250.

  2. #282

    Asian Session Forex Recap – Jan. 11, 2017

    Japan’s leading indicators up from 100.8% to 102.7% vs. 102.6% expected
    American Petroleum Institute (API) shows first inventory buildup in 8 weeks
    Markets brace for President-elect Trump’s presser

    Forex price action was a mixed bag of nuts, as Asian session players brace for President-elect Trump’s press conference due later today.
    Major Events:

    Mixed risk sentiment –Asian bourses are in the green today as they follow the footsteps of their Asian counterparts amidst thin trading conditions. Gains are capped, however, by uncertainty over Trump’s press conference scheduled today.

    It will be his first presser since getting elected in November, and he’s expected to repeat his plans to “Make America Great Again” and maybe share details on how he can achieve them. Traders are especially on the lookout for any details on his tax and infrastructure spending plans.

    Nikkei is up by 0.38%, Hang Seng is up by 0.81%, the Shanghai index is down by 0.58%, and Australia’s A SX 200 is up by 0.19%.

    Slight recovery in oil prices – Oil bears took a breather today after pushing Black Crack lower for the past two days. Bears remain on the ready though, after the American Petroleum Institute (API) reported an inventory buildup of 1.5 million barrels last week, its first inventory increase in eight weeks.

    Luckily for the bulls, Brent crude oil is up by 0.15% to $53.72 while U.S. crude oil prices is also up by 0.26% to $50.95.
    Major Market Movers:

    USD – The Greenback started the session on a strong note before dollar players took profits near the end of the mid-session break.

    EUR/USD slipped to 1.0536 before recovering to 1.0546, USD/JPY shot up to 116.25 before calling it quits at 116.01, and USD/CAD popped up to 1.3254 before settling down to 1.3243.
    Watch Out For:

    10:30 am GMT: U.K. manufacturing production (0.6% expected, -0.9% previous)
    10:30 am GMT: U.K. goods trade balance (-11.2B GBP expected, -9.7B GBP previous)
    10:30 am GMT: U.K. construction output (0.3% expected, -0.6% previous)
    10:30 am GMT: U.K. industrial production (0.8% expected, -1.3% previous)

  3. #283

    Mexico stocks tack on at close of trade

    Mexico stocks tack on at close of trade

    On Wednesday, Mexico stocks jumped after the close, as revenues in the Materials, Telecoms Services as well as Industrials sectors brought stocks up.

    The IPC surged 0.73%.

    The best performers of the session on the IPC included Industrias Penoles Sab De CV, Grupo Mexico, S.A.B. De C.V. and Ohl Mexico, S.A.B. De C.V. They managed to inch up 4.11%, 3.67% and 3.28% respectively.

    As for the worst performers, they were Banregio Grupo Financiero SAB De CV, Grupo Televisa SA and Grupo LALA SA de CV, tumbling, respectively, 4.11%, 2.65% and 2.59%.

    Surging shares outperformed dipping ones on the Mexico Stock Exchange by 216 to 84, while 9 remained intact.

    Stocks in Grupo LALA SA de CV dived to 52-week minimums, tumbling 2.59%, being worth 27.42.

    The currency pair USD/MXN added 0.04%, hitting 21.8001, EUR/MXN declined 0.06%, trading at 22.9835.

    The US Dollar Index, which assesses the greenback’s value against six main counterparts, rallied 0.09%, reaching 102.01.

    [Only registered and activated users can see links. ]Important Forex News Daily

  4. #284

    Greenback soars vs. yen as Trump press conference awaited

    Greenback soars vs. yen as Trump press conference awaited

    On Wednesday, the evergreen buck surged against the Japanese yen in Asia ahead of a widely-anticipated press conference by Donald Trump.

    The currency pair USD/JPY reached 115.94, ascending 0.15%, AUD/USD hit 0.7366, dipping 0.04%. As for GBP/USD, this currency pair showed 1.2180, leaping 0.03%.

    Overnight, the greenback dipped against a basket of other key currencies, while the British pound pulled back from two-month minimums, as traders kept fretting over Brexit.

    Demand for the major American currency continued to be powered by hopes for higher interest rates in 2017.

    In December, the Fed raised interest rates and indicated that it’s on the verge of lifting rates three more times this year.

    On Monday, Boston Fed President Eric Rosengren called for the major US bank to step up the pace of interest rate hikes, warning that inflation could overshoot its primary objective if it doesn’t.

    [Only registered and activated users can see links. ]Important Forex News Daily

  5. #285

    Gold prices head north in Asia

    Gold prices head north in Asia

    On Wednesday, gold prices soared with the focus on policymaker remarks this week in America, led by the next American president.

    In New York, February delivery gold futures grew 0.11%, trading at $1,186.75 per troy ounce. As for copper futures, they inched up 0.23%, hitting $2.617 pound.

    Overnight, gold prices went up to a six-week peak, amid jitters ahead of Donald Trump’s first news conference since his election win.

    On Wednesday, Donald Trump is expected to hold a press conference, which market participants are going to monitor for any hints regarding the probable direction of economic policy.

    During recent trading sessions, gold has been well-supported after minutes from the major US bank’s gathering unsettled traders’ hopes for the pace of future interest rate lifts.

    A delay in increasing interest rates would be considered to be positive for gold and negative for the greenback.

    The greenback’s weakness normally benefits the number one precious metal because it spurs its appeal as an alternative asset and also makes greenback-priced commodities more affordable for holders of other currencies.

    [Only registered and activated users can see links. ]Important Forex News Daily

  6. #286

    Volkswagen officially confirms $4.3 billion American settlement over diesel emissions

    Volkswagen officially confirms $4.3 billion American settlement over diesel emissions

    On Tuesday, Volkswagen AG officially confirmed it has already negotiated a $4.3 billion draft settlement with American regulators for the purpose of resolving its diesel emissions troubles as well as plans to plead guilty to criminal misconduct.

    The guilty plea happens to be part of the civil as well as criminal deal because the carmaker considers restoring its tarnished global brand. The carmaker stressed that with the addition of the fine, its diesel costs are going to exceed the nearly 18.2 billion euros it has already set aside just to handle the issue. VW also told it’s going to face oversight by an independent monitor for the next three years.

    Earlier Reuters reported that the company's supervisory board is about to meet on Wednesday in order to approve a civil as well as criminal settlement with the US Justice Department as for the automaker's diesel emissions.

    [Only registered and activated users can see links. ]Important Forex News Daily

  7. #287

    Banks are forced to cover tracks of China's FX regulator

    Banks are forced to cover tracks of China's FX regulator

    China's forex regulator is ordering banks to keep its instructions as for curbing capital outflows secret and to ensure that research experts conceal any negative views about the Yuan's prospects.

    Both demands are seen as an attempt by the country’s government to avert alarm, which could potentially trigger further drops in the national currency, as the bankers from local as well as foreign banks told.

    The Yuan lost more than 6% against the greenback the previous year and it’s currently at eight-year minimums, thus prompting a bunch of restrictive measures on capital outflows from the State Administration of Foreign Exchange, including setting limits on banks' currency volumes in some Chinese cities or provinces and requiring official approval for smaller transactions.

    SAFE, which appears to be a part of the People's Bank of China, is actually insisting in oral instructions to dozens of financial institutions that they don't disclose its role in such restrictions. By the way, six Chinese bankers have already told that the measures are spoiling their relationships with clients because they aren’t able to explain why they had to turn away business.
    [Only registered and activated users can see links. ]Important Forex News Daily

  8. #288

    Australian shares inch up at close of trade

    Australian shares inch up at close of trade

    On Wednesday, Australian shares leapt after the close, as profits in the Metals & Mining, Resources as well as Materials sectors brought stocks up.

    The S&P/ASX 200 rose 0.19%.

    On the S&P/ASX 200 the best performance was demonstrated by A2 Milk Company Ltd, Western Areas Ltd and Sandfire Resources NL. They managed to grow respectively 9.25%, 7.75% and 5.90%.

    As for losing benchmarks, they were represented by Bellamys Australia Ltd, Platinum Asset Management Ltd and Breville Group Ltd. They headed south 19.76%, 3.18% and 3.06% respectively.

    On the Australia Stock Exchange growing shares managed to outnumber sinking ones by 553 to 510, while 349 remained intact.

    Additionally, stocks in Bellamys Australia Ltd dropped to 52-week minimums, sagging 19.76% and reaching 5.360. Stocks in Western Areas Ltd leapt to 52-week peaks, ascending 7.75% and being worth 3.405.

    The currency pair AUD/USD jumped 0.05%, trading at 0.7373, AUD/JPY grew 0.30% getting to 85.57.

    [Only registered and activated users can see links. ]Important Forex News Daily

  9. #289

    Oil Prices Continue To Fall

    Market movers
    We have another quiet day today in terms of data releases. The single most important event is President-elect Donald Trump's press conference in New York City, which is expected to be held at 17:00 CET (we have not been able to confirm this). Hopefully, we will get more details on what to expect from the new Trump administration, although we do not know exactly what he is going to talk about. We will listen carefully for any comments on fiscal policy, trade policy, the Homeland Investment Act 2 and border adjustment taxes.
    The main event in the European markets today, given very little economic data, will be the Italian constitutional court's ruling on the labour market reforms implemented by the old PM Matteo Renzi – see also the Fixed Income section on the next page.
    In terms of data releases, focus is on the UK, as industrial production and construction output data for November as well as the NIESR GDP estimate for Q4 are due out. UK PMIs have risen in recent months in line with global PMIs, suggesting that the UK economy continues to be resilient to Brexit uncertainties. It is still our view that growth will slow this year due to Brexit uncertainties and higher inflation.
    Selected market news
    In the US yesterday, the NFIB small business optimism index rose 7.4 index points (the most since 1980) to 105.8, which is the highest level in 12 years. Since October before the election, the optimism index has risen close to 11 index points, so the increase is quite significant. Looking at the subcomponents, small businesses expect higher sales, more investments and higher employment. The reason behind the large increase is the Trump victory, as many small businesses expect Trump to loosen regulation and lower taxes significantly – it did not take long before Trump noted the surge on Twitter. The higher optimism among small businesses comes on the back of a jump in consumer confidence, which is at the highest level since August 2001, so both consumers and companies are excited by the upcoming Trump presidency. We still do not know much about how President-elect Donald Trump will act as President, but we see a risk that corporates and consumers may be disappointed, as his actual policy is likely to be more modest than suggested during the election campaign.
    Intel chiefs have presented President-elect Trump with claims of Russian efforts to compromise him. According to sources, the Russians should be in possession of compromising personal and financial information about Trump, see also the CNN story. Donald Trump has called it ‘fake news' on Twitter.
    Oil prices continue to fall yesterday and went below USD54/bl. Along with the lower-thanexpected Norwegian inflation figures, the decline in the oil price pushed EUR/NOK up to 9.08 – the highest level since the beginning of the year. In our view, Norges Bank will not be too concerned with the decline in inflation and thus it does not change our view that EUR/NOK should head back below the 9.00 level in the short term as NOK remains supported by valuation, economic growth and real rates.

  10. #290

    Markets Turn To Trump For Clarity

    Markets Turn To Trump For Clarity

    The rising uncertainty and growing unease ahead of Wednesday's news conference by Presidentelect Donald Trump has left financial markets on high alert. Global stocks could be pressured further by depressed oil prices while investor jitters should limit upside gains today. Although Asian shares were mostly positive on Wednesday, there is a threat of European markets falling victim to risk aversion amid the anxiety. Wall Street may turn to Trump for further clarity this evening on how his fiscal policies could boost US economic growth. With Donald Trump already labelled as a renowned market shaker, market participants should keep diligent and be prepared to expect the unexpected.
    Sterling remains vulnerable
    There is a risk of the hard Brexit fears becoming the dominant theme that ensures Sterling remains depressed for prolonged periods. Although UK economic data continues to display resilience against the Brexit turmoil, the persistent Brexit induced uncertainty has effectively dented investor attraction towards the Sterling. Investors may direct their attention towards the UK manufacturing production report which may provide additional clarity on how the industry has fared against Brexit. While a positive manufacturing production figure may provide the Pound bulls with a temporary lifeline in the short term, sellers may exploit this opportunity to install renewed rounds of selling. The heightened fears over the UK experiencing a rough exit from the European Union have made bears ruthless this week with sellers eyeing 1.2100 and 1.2000 respectively on the GBPUSD.
    Currency spotlight – EURUSD
    When dealing with the EURUSD it's all about the divergence in monetary policy between the Federal Reserve and European Central Bank. This currency remains fundamentally bearish and technicals on the daily charts also fulfil the prerequisites of a downtrend. Uncertainty and political risks in Europe should subdue the Euro while prospects of higher US rates have made the Dollar king. Technical traders could exploit the breakdown below 1.0500 to attack the EURUSD back towards 1.0350.
    Commodity spotlight – Gold
    Gold edged higher during early trading on Wednesday as uncertainty ahead of Trump's news conference attracted investors to safe-haven investment. A touch of Dollar weakness has also provided some inspiration for bullish investors to send prices higher towards $1188 as of writing. Although the yellow metal has the ability to experience further short term gains depending on the outcome of today's news conference, the bias still points to the downside. Gold remains gripped by rate hike expectations in the medium to longer term with the current technical bounce seen as an opportunity for longer term bears to attack.

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