[B] Intra-Day Market Moving News and Views
15 Jan 2016[/B] [I]02:36GMT[/I]
[B]EUR/USD[/B] - ...... Euro pares yesterday's loss after intra-day selloff from European high of 1.0944 to as low as 1.0835 in New York morning as traders were caught wrong-footed (ourself included) by the release of dovish ECB minutes (see Thursday's 13:55GMT update for details) which showed the ECB sees scope for further cuts to its ultra low deposit rate.
Although euro has staged a minor rebound following intra-day rise in the USD/CNH, Thursday’s decline from 1.0944 suggests further volatile sideways trading below Monday’s 1.0970 peak would continue.
However, euro’s downside is expected to be contained above near term good sup at 1.0803/05.
Offers are noted at 1.0890/00 and more above with stops reported above 1.0950, some bids are seen at 1.0850-30 area and more above 1.0800 with fairly large stops touted below 1.0800.
[B] Intra-Day Market Moving News and Views
18 Jan 2016[/B] [I]02:02GMT[/I]
[B]EUR/USD[/B] - ....... Despite opening slightly higher, the single currency met renewed selling at 1.0938 in New Zealand and retreated to 1.0907 in Australia and continues to remain under pressure as fears surrounding China's growth continue to loom.
As there is no major eco. data due today from the region, price action will most likely be determined by stock market moves and headlines surrounding China.
Some bids are now seen at 1.0890/00 and more below at 1.0870/80 with stops building up below there, suggesting near term upside bias remains and buying on dips is still favored.
[B] Intra-Day Market Moving News and Views
19 Jan 2016[/B] [I]03:07GMT[/I]
[B]EUR/USD [/B]- ..... Euro largely moved sideways in subdued Asian morning following an o/n recovery from yesterday's North American morning low of 1.0869 to 1.0906 and price shown relatively muted reaction to in-line but weak China GDP data.
Looks like range trading above said yesterday’s 1.0869 low would be seen ahead of European open as traders await release of a slew of eco. data with Germany come in with its inflation data at 07:00GMT, then EZ C/A data, next, we have German ZEW economic sentiment index at 10:00GMT followed by important EZ final Dec inflation n construction output.
Offers are tipped at 1.0900/10 with stops above there, however, more selling interest is reported at 1.0930/40.
Initial bids are noted at 1.0880-70 with stops below there, more buying interest is reported at 1.0840-35.
[B] Intra-Day Market Moving News and Views
19 Jan 2016[/B] [I]09:00GMT[/I]
[B]EUR/USD[/B] - ..... Although euro came under renewed selling pressure after a bounce from 1.0881 to 1.0905 in Asia and then fell to a fresh session low of 1.0859 in European morning due to rebound in Asian stocks, price gained support there and recovered to 1.0885.
Reuters news just reported, ‘euro zone non s/a current account balance 29.8 bln euros in November vs balance 27.5 bln euros in October; euro zone s/a current account balance 26.4 bln euros in November vs balance 25.6 bln euros in October.’
At present, bids are reported at 1.0870-60 n then 1.0850-40 with mixture of bids n stops in the region of 1.0820-00.
On the upside, offers are noted at 1.0890-00 and more around 1.0910 with stops above 1.0920.
[B] Intra-Day Market Moving News and Views
20 Jan 2016[/B] [I]02:02GMT[/I]
[B]EUR/USD[/B] - ....... Despite weakening to session low at 1.0859 at European open, the single currency rebounded to 1.0889 in European morning before rallying to intra-day high at 1.0939 in New York afternoon on dlr's broad-based weakness before easing off.
Euro found renewed buying at 1.0905 n rebounded strongly in Asian morning due to active cross-buying in eur/gbp, which rose to a fresh 1-year high.
Since there is no major eco. data due today, price is likely to trade on headlines coming out of China during Asian session.
Bids are now raised to 1.0910/20 and more below at 1.0890/00 with stops building up below there whilst initial offers are seen at 1.0970/80, suggesting buying on dips for near term gain is still favored.
[B] Intra-Day Market Moving News and Views
21 Jan 2016[/B] [I]02:16GMT[/I]
[B]EUR/USD[/B] - ...... Euro trades below yesterday's 1.0878 low in Asian trading as a late recovery in U.S. stocks (Dow closed down 249 points after having fallen over 500 points) triggered broad-based relief rally in Asian equities.
As mentioned recently, euro’s intra-day price action follows inversely to the direction of global equities. In addition. investors are offloading recent long euro positions after yesterday’s failure to re-test last Friday’s 2-week peak of 1.0985 as market is wary of ECB President comments at post-ECB policy meeting at 13:30GMT (see 00:57GMT update for details).
Expect euro to inch lower ahead of ECB rate announcement, so selling on recovery is cautiously favoured.
Offers are tipped at 1.0890/00 and more above with stops reported above 1.0940.
Some bids are noted at 1.0860 and more below with stops building below there, however, more buying interest is reported at 1.0810/00.
[B] Intra-Day Market Moving News and Views
21 Jan 2016 [/B] [I]09:19GMT[/I]
[B]EUR/USD[/B] - 1.0903... The single currency trimmed gains versus the U.S. dollar in European morning but remained supported ahead of the European Central Bank policy announcement later in the day.
During the day, price rebounded after extending losses from previous session to 1.0667 shortly after Asian open and then ratcheted higher to 1.0921 in European morning before briefly fell to 1.0885.
The ECB is widely expected to keep policy on hold on Thursday, but the central bank is likely to flag risks to the growth and inflation outlook, in particular from falling energy prices, during the following press conference (13:30GMT), leaving the way clear for additional easing later this year.
At present, bids are reported at 1.0880-70 and more around 1.0860 with stops below 1.0850.
On the upside, offers are placed at 1.0930-40 and then 1.0960-70 with stops just above 1.0985.
[B] Intra-Day Market Moving News and Views
22 Jan 2016[/B] [I]03:23GMT[/I]
[B]EUR/USD[/B] - ....Trading the euro proved to be tricky yesterday as despite intra-day knee-jerk price movement in Europe, the single ccy tumbled from 1.0921 to as low as 1.0776 on ECB Draghi's dovish remark after expressing his concerns over emerging market economies' growth prospect.
However, short-covering quickly emerged and euro later ratcheted higher back to 1.0901 in New York afternoon.
Euro has come under broad-based selling pressure at Asian open due to strong rebound in Asian equities as euro tends to trade in inverse direction to global stock movements, suggesting we’re in more intra-day roller-coaster move.
Offers are noted at 1.0860/70 and more above with stops reported above 1.0900.
Initial bids at 1.0860-50 have been absorbed and more buying interest is touted at 1.0820/00 area, suggesting choppy sideways swings look set to continue.
[B] Intra-Day Market Moving News and Views
25 Jan 2016[/B] [I]02:30GMT
[/I]
[B]EUR/USD [/B]- … Euro is nursing loss in subdued Asian trading on Mon after Friday’s weakness to 1.0789 as rally in global stocks sent the Dow higher by 1.3%.
As mentioned in previous update, euro has traded inversely to intra-day move in Asian and global stocks, present broad-based gain in Asian equities should weigh on the single currency. Therefore, despite present recovery, selling on further rise is recommended.
Offers are reported at 1.0830/40 and more above with stop above 1.0865/70.
Initial bids are noted at 1.0790-70 are with fairly large stops touted below there.
Pay attention to release of key German IFO business confidence index at 09:00GMT, street forecast for January reading to be 108.4 vs previous figure of 108.7.
If actual reading comes in below expectation, then euro would come under renewed broad-based bashing vs usd and the sterling.
[B] Intra-Day Market Moving News and Views
26 Jan 2016[/B] [I]03:17GMT[/I]
[B]EUR/USD[/B] - ..... Euro trades near intra-day 1.0860 high after rising briefly above yesterday's New York top at 1.0857 as broad-based weakness in Asian equities following overnight decline in the Dow and crude oil prices have triggered safe-haven play of yen & euro buying by traders in Asia.
Looks like movement of the single currency will very much dependent to intra-day swings in equities and as mentioned recently, the pair would move ‘inversely’ to stock direction, so keep an eye out on the Nikkei/Shanghai composite in Asia and then DAX/FTSE/S&P 500 futures during European session.
Bids are noted at 1.0840-20 area with stops below 1.0800, offers are tipped at 1.0860/65 with a stops above there, more selling interest is touted at 1.0900/10 with fairly large stops reported above 1.0920, suggesting buying eur on dips is favoured as long as stocks prices are in the ‘red’.
[B] Intra-Day Market Moving News and Views
27 Jan 2016 [/B] [I]03:03GMT[/I]
[B]EUR/USD[/B] - ...... Trading the euro continues to be tricky as price swung wildly in reaction to intra-day wild moves in global stocks. Despite yesterday's initial gain to session high of 1.0874 at European open as Asian stocks tanked, rebound in crude oil prices lifted European equities and traders giving euro broad-based bashing vs usd and gbp, knocking price to 1.0819 but active buying of eur vs yen and chf (latter cross rallied to a 1-year high on market chatter of SNB's stealth buying) lifted price back up to 1.0871 ahead of New York close before easing in Asia today.
With no major EZ economic data due out today (except French n Italian consumer confidence), traders are expected to take cue from intra-day swings in oil n stock movement.
Offers are tipped at 1.0870/80 with stops above there, however, more offers are reported at 1.0900/20 area with fairly larges stops above there.
Some bids are noted at 1.0850-40 and more below with stops touted below 1.0815.
[B] Intra-Day Market Moving News and Views
28 Jan 2016[/B] [I]03:45GMT[/I]
[B]EUR/USD[/B] - 1.0891.. The single currency has made positive gains in last 3 sessions this week despite intra-day swings and will the pair continues to ratchet higher again today.
Well, although buying euro on dips is still the preferred strategy, do not lose sight of the range of 1.0921-1.0776 set immediately after ECB President’s dovish comments at last Thursday’s post-ECB monetary policy meeting press conference.
Intra-day retreat after o/n jump to 1.0918 in post-FOMC New York high suggests this res may well hold until release of slew of EZ economic data starting with EU confidence index and more importantly, German January CPI, if the m/n inflation is below market consensus at -0.8% and y/y at 0.5%, then euro may come under selling pressure ahead of U.S. durable goods order.
In the meantime, offers are reported at 1.0910/20 with stops above there, however, more selling interest is tipped at 1.0970/80 with fairly large stops above 1.0985 (January high).
Bids have been raised to 1.0870-60 and more below with stops touted below 1.0820.
Pay attention to speeches by 2 ECB Governing Council member with Austrian National Bank Governor Ewald Nowotny speaking in Vienna at 16:30GMT followed later by Bundesbank President Jens Weidmann in Bonn at 18:00GMT
[B] 28 Jan 2016[/B] [I]10:05GMT[/I]
[B]EUR/USD[/B] - ......... Although the single currency jumped from 1.0870 to 1.0927 in European morning on active cross-buying in euro versus yen, profit-taking checked intra-day gain there so far and price edged lower after release of downbeat euro zone economic reports.
European Commission said on Thursday that euro zone consumer confidence fell to an annual rate of -6.0, from -5.7 in the preceding month.
Meanwhile, data showed euro zone business climate, economic sentiment fell to 0.29 and 105.0 in January compared to previous readings of 0.41 and 106.8 respectively.
At present, offers are reported at 1.0910-20 and then 1.0930-40 with stops above 1.0950.
On the downside, bids are noted at 1.0890-80 and more around 1.0870 with stops below 1.0860.
[B] Intra-Day Market Moving News and Views
29 Jan 2016[/B] [I]03:10GMT[/I]
[B]EUR/USD[/B] - ...... Euro pares yesterday's intra-day relatively strong gain in New York session after downbeat U.S. durable goods order (December reading fell by the most since August 2014) and then lower-than-expected pending home sales data sent the single currency to a 2-week high of 1.0968.
However, lack of follow-through buying resulted in euro’s erasing some of Thursday’s gain.
Despite being the last trading day of the month, there is a slew of important EZ data due out in European session with France’s GDP at 06:30GMT, then German retail sales n later important EZ Jan CPI at 10:00GMT.
If the data are supportive of the euro, then expect market to test Jan’s high at 1.0985, however, if the data turn out to be weaker than forecast, then euro be be sold on long liquidation.
In the meantime, offers are tipped at 1.0960/70 and more above with stops above 1.0985, more stops (fairly large) are touted above 1.1000.
Initial bids are noted at 1.0930-20 and more below with stops below 1.0900.
[B]Intra-Day Market Moving News and Views
01 Feb 2016[/B] [I]03:22GMT[/I]
[B]EUR/USD[/B] - ....... Although the single currency remained under pressure in early trade in New Zealand and weakened to 1.0815 ahead of Asian open, renewed buying interest abv Fri's low at 1.0810 lifted the pair n price pared its losses n rebounded to 1.0846 in Asian morning due partly to dlr's broad-based weakness.
Germany and EZ will release their manufacturing PMIs at 08:55 and 09:00 respectively.
Street forecasts are for both the figures to remain unchanged at 52.1 and 52.3 resp.
Offers are now seen at 1.0850/60 and more above at 1.0870/80 with stops building up above there whilst initial bids are noted at 1.0790/00, suggesting selling on pullback still remains the favored strategy.
[B]Intra-Day Market Moving News and Views
02 Feb 2016[/B] [I]03:41GMT[/I]
[B]EUR/USD[/B] - ...... The single currency traded with a firm bias in Asia and Europe yesterday n rose to session high at 1.0913 in New York morning, helped by dlr's weakness due to release of poor U.S. eco. data.
Despite a brief retreat to 1.0875 at New York midday, euro rebounded to 1.0906 in New York afternoon and continues to trade with a firm bias in Asian morning due to cross-buying in eur/gbp.
Pay attention to the release of Germany unemployment change and rate at 08:55GMT. Street forecast for unemployment change is -7K vs previous reading of -14K, whilst unemployment rate is expected to remain unchanged at 6.3%.
Bids are now raised to 1.0870/80 and more below at 1.0840/50 with stops building up below there whilst initial offers are noted at 1.0940/50, suggesting choppy trading with upside bias would be seen.
[B]Intra-Day Market Moving News and Views
02 Feb 2016[/B] [I]09:10GMT[/I]
[B]EUR/USD[/B] - ...... Although euro rose above yesterday's high of 1.0913 (New York) to 1.0919 in Asia, price retreated on renewed cross-selling in euro vs yen and then dipped to 1.0896.
Later, buying interest emerged around 1.0900 level and lifted price 1-tick above following the release of mixed Germany’s unemployment reports.
On Tuesday, Germany’s Federal Statistics Office said the unemployment rate fell to a seasonally adjusted 6.2% in January from 6.3% a month earlier. Market had expected the jobless rate to hold steady at 6.3% last month.
Meanwhile, data showed that the number of unemployed people decreased by a seasonally adjusted 20,000 last month, better than expectations for a drop of 7,000.
Jobless claims fell by 16,000 in December, whose figure was revised from a previously reported decline of 14,000.
At present, bids are noted at 1.0900-1.0890 and more around 1.0870 with stops below 1.0850.
On the upside, offers are reported at 1.0930-40 and then 1.0960-70 with stops above there.
[B]Intra-Day Market Moving News and Views
03 Feb 2016[/B] [I]02:48GMT[/I]
[B]EUR/USD [/B]- .... The single currency traded with a firm bias in Asia yesterday and gained in Europe, hitting session high at 1.0940 in New York morning, later, euro pared its gains and retreated sharply to 1.0892.
However, renewed buying there checked losses and price rebounded to 1.0936 in Asian morning today, helped by cross-buying in eur/gbp.
EU will release a slew of services PMIs but pay particular attention to Germany’s n EZ’s. Street forecasts are for them to remain unchanged at 55.4 and 53.6 respectively.
Bids are now seen at 1.0900/10 and more below at 1.0880/90 with stops building up below there whilst initial offers are noted at 1.0960/70, suggesting choppy trading with mild upside bias would be seen.
[B]Intra-Day Market Moving News and Views
04 Feb 2016[/B] [I]01:23GMT[/I]
[B]EUR/USD[/B] - ....... The single currency was also supported yesterday from an increase in EU retail sales. Euro zone retail trade increased in December mostly thanks to Christmas shopping of food, drinks and tobacco, the European Union statistics office Eurostat estimated on Wednesday.
Sales in the 19 countries sharing the euro grew on average 0.3% in December on a monthly basis, as expected by economists polled by Reuters.
Retail trade increased 1.4% year-on-year, slightly less than the forecast 1.5%.
Eurostat revised upwards both monthly and yearly estimates for the month of November. Month-on-month euro zone sales have been flat in November, contrary to previous estimates of a 0.3% drop. Year-on-year sales recorded in November a 1.6% rise, more than the previously estimated 1.4%.
The greenback tumbled against majority of its peers yesterday as New York Fed President William warned of tightening financial conditions.
Reuters reported, in an interview with MNI, Williams said financial conditions have tightened considerably in the weeks since the U.S. Federal Reserve raised interest rates and monetary policy makers will have to take that into consideration should that phenomenon persist.
[B]Intra-Day Market Moving News and Views
16 Feb 2016 [/B] [I]02:18GMT[/I]
[B]EUR/USD[/B] - ..... Euro tumbled to session lows of 1.1128 after dovish comments by ECB's Draghi. Reuters report on ECB President Mario Draghi backing a plan to revive Europe's weakened market for asset-backed securities (ABS), saying on Monday that it was well designed to strengthen the sector while guaranteeing financial stability.
ABS are securities based on pooled loans such as mortgages. The continent’s ABS market has shrunk to half its size since the global financial crisis in 2008-2009 which was triggered by a collapse of this sector in the United States.
The European Commission proposed in September a plan to relaunch ABS in Europe by lowering capital requirements for a new category of “simple, transparent and standardised” (STS) debt.
The EU executive Draghi proposals represent a very strong package that achieved a balance between the need to revive the European securitisation market and the need to preserve the prudential regulatory framework.
He told the economic and monetary affairs committee of the European Parliament in Brussels that the ECB is preparing a formal opinion on the Commission’s proposals.
The 28 EU states have approved the legislative package a few weeks after its publication, in an unusual example of quick EU legislative process.
The European Parliament needs to vote on the package before it can be turned into law. The ECB has bought 17.8 billion euros of ABS as part of a debt-buying programme started in November 2014 to help banks diversify funding sources and revamp the market for credit in Europe.