OctaFX_Farid Posted February 3, 2015 Author Report Share Posted February 3, 2015 USD/JPY upside limited – FXStreet FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, shares the technical setup for USD/JPY, noting that the pair’s upside might remain limited in the short-term. Key Quotes “The USD/JPY trades around its daily opening, having however reached a lower low daily basis at 116.87.” “The positive sentiment that sent dollar lower against high yielders, is also affecting safe-haven yen that anyway remains subdued.” “The 1 hour chart for the pair shows that indicators aim higher above their midlines, although 100 SMA offers immediate short term resistance around current levels.” “In the 4 hours chart indicators turned higher but remain below their midlines, whilst the price remains below its moving average, all of which should keep the upside limited in the short term.” “Support levels: 117.30 117.00 116.60" “Resistance levels: 118.10 118.40 118.80” OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 03,2015 OctaFX.Com News Updates There is lot of momentum in the US economy – Fed’s Bullard FXStreet (Mumbai) - St. Louis Fed President James Bullard said today that there is a lot of momentum in the US economy, while stating low oil prices and long term rates as tailwinds for the US economy. The policymaker also said that the yield on the US 10-year Treasury yield under 2% is astonishingly low. The yield currently trades at 1.752%. On the European Central Bank’s QE (ECB) he said that the effects are already in financial markets. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 03,2015 OctaFX.Com News Updates There is lot of momentum in the US economy – Fed’s Bullard FXStreet (Mumbai) - St. Louis Fed President James Bullard said today that there is a lot of momentum in the US economy, while stating low oil prices and long term rates as tailwinds for the US economy. The policymaker also said that the yield on the US 10-year Treasury yield under 2% is astonishingly low. The yield currently trades at 1.752%. On the European Central Bank’s QE (ECB) he said that the effects are already in financial markets. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 03,2015 OctaFX.Com News Updates Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted February 6, 2015 Author Report Share Posted February 6, 2015 Rising inventories keep Copper in red FXStreet (Mumbai) - Copper prices on Comex trades slightly lower today, extending losses from the previous session, however was set for its biggest weekly gain in more than two years ahead of US NFP data. LME stocks at 13-year High The red metal trades at 2.588 levels, having previously posted day’s low at 2.582 and day’s high at 2.615 levels. Copper prices remains pressured as the metal’s inventories rose yet another day, adding to signs of a glut in a market that continues to grip the copper markets. Inventories at LME warehouse jumped 34500 metric tons, or 13%, to 284,600 tons yesterday, the highest in almost a year and sits at 13-year high. Copper prices are expected to continue its downtrend as less demand from China, the world's biggest user of copper, is leading to excess supplies as economic activity cools-off across the all the sectors. Moreover, manufacturers and other buyers often slow purchases of the metal this time of year before the Lunar New Year holidays. Copper Technical Levels Copper prices have an immediate resistance located at 2.60, above which gains could be extended to 2.618 levels. Meanwhile, support is seen at 2.52 levels, below which it can extend losses to 2.50 levels. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 06,2015 OctaFX.Com News Updates AUD/USD steady above 0.7800 FXStreet (Córdoba) - AUD/USD rose during the Asian session and peaked at 0.7858, reaching the highest price since January 29 and then pulled back modestly. During the last hours it has remained steady trading around 0.7830, on a quiet session as traders await the US employment report. The aussie is headed toward a weekly gain of around a hundred pips against the US dollar, as it recovers from multi-year lows that reached on Tuesday at 0.7625. RBA and politics During the Asian session the Reserve Bank of Australia downgraded its growth and inflation forecast in its monetary policy statement. Political uncertainty jumped in Australia after Luke Simpkins, announced that he would be moving a motion to have the leadership declared open, that could removed from office the current prime minister Tony Abbott, as early as next week. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 06,2015 OctaFX.Com News Updates NZD/USD clings on to 0.74 handle ahead of US NFP FXStreet (Mumbai) - NZD/USD shaved-off Aussie backed gains and traded flat as traders now eagerly await US labour market report due for release in the US session. Struggles above 0.7400 Currently, the NZD/USD traded flat at 0.7405, wiping out previous gains on the back of solid gains in the Aussie. The kiwi lost ground as the US dollar strengthened versus the major currencies before the release of robust US jobs data. The US dollar index, measuring the relative strength of the greenback versus six major currencies advanced close to fresh daily highs at 93.92 levels, recording a 0.21% gain on the day. NZD/USD Technical Levels To the upside, the next resistance is located at 0.7439 and above which it could extend gains to 0.7454 levels. To the downside, immediate support might be located at 0.7340 levels and below that at 0.7300 levels OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 06,2015 OctaFX.Com News Updates Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted February 9, 2015 Author Report Share Posted February 9, 2015 EUR/AUD falls to fresh lows, fast approaching 200-DMA FXStreet (Mumbai) - The shared currency erased previous gains and edged lower versus the Australian dollar as the Euro trades volatile amid escalating Greece worries, while the Aussie rebounds from China data back slump. Hovers above 1.4480 levels Currently, the EUR/AUD cross trades at 1.4487 levels, losing -0.18% on the day, close to fresh daily highs posted at 1.4480 levels few minutes ago. The cross traded lower largely on Aussie strength which continues its recovery after a slump in Chinese imports dragged the pair lower in the Asian session. The cross remains pressured as market participants await this week's Euro group meeting and the European Union summit that may ease the Greek situation At the moment, the AUD/USD pair trades at 0.7809, up 0.13% on the day. While EUR/USD trades flat at 1.1312 levels. EUR/AUD Technical Levels The pair has an immediate resistance at 1.4550 levels, above which gains could be extended to 1.4610 levels. On the flip side, support is seen at 1.4470 levels, from here it to 1.4420 levels. OctaFX is nominated for the Best Broker and Most Reliable Broker titles in the year 2014. Vote for OctaFX in the 2014 FX Empire Awards! OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 09,2015 OctaFX.Com News Updates More easing expected in China, growth to tick lover – Deutsche Bank FXStreet (Edinburgh) - Economists at the German lender Deutsche Bank expect the Chinese growth to slow its pace in H1 and the PBoC to ease further in the upcoming periods. Key Quotes “The RRR cut is broadly in line with our expectation, though it happened one month earlier than we expected”. “We reiterate our view that the economic growth will surprise on the downside in H1. We cut our GDP forecast for Q1 to 6.8% on January 5 (consensus 7.2%), as the economy faces a "double whammy" due to property slowdown and a fiscal slide”. “We expect more easing measures to come. We continue to expect another RRR cut of 50bp in Q2. We also continue to expect two interest rate cuts, but we revise our call on timing, and expect the two cuts to happen in March and Q2, instead of Q2 and Q3”. “The RRR cut likely releases liquidity of RMB640bn into the bank sector. We think the impact on the real economy is positive but it is not enough to stabilize the economy, as it helps to raise loan supply but loan demand may remain weak”. “We expect the fiscal stance to loosen in coming months, with central government fiscal spending picking up and quasi-fiscal spending through policy banks rising. If such fiscal policy loosening does not materialize, we see downside risks to our GDP forecast of 7% for 2015”. OctaFX is nominated for the Best Broker and Most Reliable Broker titles in the year 2014. Vote for OctaFX in the 2014 FX Empire Awards! OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 09,2015 OctaFX.Com News Updates OPEC cuts non-OPEC oil supply forecast FXStreet (Mumbai) - The Organization of Petroleum Exporting Countries (OPEC) lowered its estimate for non-OPEC supply growth in 2015 as US drillers are expected to pump less oil after the collapse in oil price. The group lowered its estimate for non-OPEC supply growth by about 400,000 barrels a day, led by a reduction of 130,000 a day in the US. Supply estimates for Colombia, Canada and Yemen were also trimmed. “The main factors for the lower growth prediction in 2015 are price expectations, a declining number of active rigs in North America, a decrease in drilling permits in the US and a reduction in the 2015 spending plans of international oil companies,” OPEC’s Vienna-based research department said in its monthly market report. US supply estimates The supply from the US will increase 820,000 barrels a day in 2015 to 13.64 million a day, which is the half of the gain recorded in 2014. The estimate for total non-OPEC supply growth in 2015 was cut by 420,000 to 850,000 a day. The group expects the Global oil demand will increase by 1.17 million barrels a day, or 1.3%, in 2015 to 92.32 million barrels a day OctaFX is nominated for the Best Broker and Most Reliable Broker titles in the year 2014. Vote for OctaFX in the 2014 FX Empire Awards! OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 09,2015 OctaFX.Com News Updates Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted February 9, 2015 Author Report Share Posted February 9, 2015 AUD/USD shrugs off Chinese data FXStreet (Córdoba) - The Australian dollar shrugged off Chinese trade data and managed to recover from lows during the last hours, climbing back above the 0.7800 level against the greenback and filling the weekly opening gap. AUD/USD bounced off a low of 0.7747 and rose more than 70 pips through the 0.78 mark, to hit a daily high of 0.7821 in recent dealings. At time of writing, the pair is trading at 0.7810, 0.64% above its opening price. AUD/USD levels to watch As for technical levels, if AUD/USD breaks above 0.7820, next resistances are seen at 0.7850 (Feb 3 high) and 0.7875 (Feb 6 high). On the flip side, supports could be found at 0.7747 (daily low) and 0.7733 (Feb 5 low). OctaFX is nominated for the Best Broker and Most Reliable Broker titles in the year 2014. Vote for OctaFX in the 2014 FX Empire Awards! OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 09,2015 OctaFX.Com News Updates AUD/USD shrugs off Chinese data FXStreet (Córdoba) - The Australian dollar shrugged off Chinese trade data and managed to recover from lows during the last hours, climbing back above the 0.7800 level against the greenback and filling the weekly opening gap. AUD/USD bounced off a low of 0.7747 and rose more than 70 pips through the 0.78 mark, to hit a daily high of 0.7821 in recent dealings. At time of writing, the pair is trading at 0.7810, 0.64% above its opening price. AUD/USD levels to watch As for technical levels, if AUD/USD breaks above 0.7820, next resistances are seen at 0.7850 (Feb 3 high) and 0.7875 (Feb 6 high). On the flip side, supports could be found at 0.7747 (daily low) and 0.7733 (Feb 5 low). OctaFX is nominated for the Best Broker and Most Reliable Broker titles in the year 2014. Vote for OctaFX in the 2014 FX Empire Awards! OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 09,2015 OctaFX.Com News Updates Technical outlook for treasuries – RBS FXStreet (Barcelona) - Analysts at RBS comment on the bond market and give the technical outlook for 2s, 5s and 10s treasuries. Key Quotes “Treasuries have rebounded along with Bunds overnight as Greek exit fears persist along with worries about China (trade data was weaker than expected) and Ukraine developments.” “Greek 3yrs yield ~21.5% this morning, up 340bp on the day." “Our overnight US rates flows saw better buying on balance with overseas real$ accounts buying 5's through 10's against selling in 30yrs.” “Overnight inter-dealer Treasury volume (4pm to 6am) was 160% of the 10-day average volume for the overnight session.” “2s (0.624%)– Next major support doesn't emerge until ~0.80% where we found buyers back in the spring of 2011. Resistance seen at 0.40% where we'd close a gap left behind in late October. Daily momentum is bearish.” “5s (1.44%)– Next major support comes in at 1.80% and just above. Nearby resistance lines up at ~1.155%. Daily momentum is bearish.” “10s (1.90%)–Next major resistance comes in at ~1.60%, the May 2013 'lows'. Next support comes in ~2.40% with major support at 2.66% after that. Daily momentum is bearish.” OctaFX is nominated for the Best Broker and Most Reliable Broker titles in the year 2014. Vote for OctaFX in the 2014 FX Empire Awards! OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 09,2015 OctaFX.Com News Updates Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted February 10, 2015 Author Report Share Posted February 10, 2015 GBP/USD: faltering at 55 DMA - CB FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank noted the technical conditions surrounding GBP/USD. Key Quotes: "GBP/USD’s break of 7 month downtrend was not sustained and the market appears to be faltering at the 55 day ma at 1.5391." "We note the Elliott wave count on the daily is suggesting that this is already the end of the correction higher." "Loss of the 20 day ma at 1.5144 should trigger a slide back to the 1.4953 recent low and the 1.4813 2013 low." OctaFX is nominated for the Best Broker and Most Reliable Broker titles in the year 2014. Vote for OctaFX in the 2014 FX Empire Awards! OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 10,2015 OctaFX.Com News Updates GBP/USD retreats from highs FXStreet (Edinburgh) - After climbing as high as the vicinity of 1.5270, GBP/USD is now running out of steam and returning to the id-1.5200s. GBP/USD focus on BoE The pair has picked up pace following a softer tone from the greenback, lifting the sentiment around the risk-associated universe. The sterling keeps consolidating above the 1.5200 handle ahead of the critical BoE Quarterly Inflation Report due tomorrow, followed by a speech by Governor M.Carney. Spot managed to leave behind mixed results from the Industrial and Manufacturing Production in the UK economy during December, managing to bounce off the area of 1.5210. GBP/USD significant levels At the moment the pair is up 0.17% at 1.5243 with the next up barrier at 1.5282 (40-d MA) followed by 1.5353 (high Feb.6) and then 1.5355 (high Jan.5). On the other hand, a breach of 1.5170 (low Feb.5) would aim for 1.5162 (200-h MA) and finally 1.5149 (21-d MA). OctaFX is nominated for the Best Broker and Most Reliable Broker titles in the year 2014. Vote for OctaFX in the 2014 FX Empire Awards! OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 10,2015 OctaFX.Com News Updates Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted February 11, 2015 Author Report Share Posted February 11, 2015 US headline retails sales likely to be depressed – BBH FXStreet (Barcelona) - The Brown Brothers Harriman Team previews tomorrows US data release, expecting the headline retails sales to likely to be depressed due to the fall in gasoline prices. Key Quotes “In the US, the focus is on tomorrow’s retail sales. The headline will likely be depressed by the fall in gasoline prices, and we already know there was a slight slowing in auto sales, but the core measure should reverse the 0.4% decline in December.” “At the same time, the recent trade and inventory data is spurring economists to cut Q4 GDP estimates toward 2% or just below.” “However, the strength of the labor market and the recovery in hourly earnings has seen ideas of a mid-year rate hike strengthen, and this has been encouraged by several Fed officials that have spoken this week.” OctaFX is nominated for the Best Broker and Most Reliable Broker titles in the year 2014. Vote for OctaFX in the 2014 FX Empire Awards! OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 11,2015 OctaFX.Com News Updates Japanese inflation might reach BoJ’s 2% target by 2016 – BNPP FXStreet (Barcelona) - Raymond Van der Putten of BNP Paribas, views that Japanese macro wage growth in 2015 and 2016 might aid inflation to reach BoJ’s 2% target by 2016. Key Quotes “In addition to energy prices, wages are an important determinant for price trends. In 2014, they rose by 0.7% higher. All attention is now on the spring wage offensive (shunto).” “As last year, the government is calling on enterprises to do their utmost to implement pay hikes. As the labour market has become very tight, we expect that at the shunto wages will be hiked in FY 2015 by an overall 2.6% (against 2.2% in FY 2014). These talks affect union workers only at relatively large companies and account for just 17.5% of the country’s labour force. It is, however, likely that these increases will also spread to other sectors.” “Macro wage growth could reach 1.6% in 2015 and 2.8% in 2016. In this scenario, inflation could reach the BoJ’s 2% objective in the course of 2016.” OctaFX is nominated for the Best Broker and Most Reliable Broker titles in the year 2014. Vote for OctaFX in the 2014 FX Empire Awards! OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 11,2015 OctaFX.Com News Updates Comex copper erases gains FXStreet (Mumbai) - Comex Copper has erased part of its gains as investors turn cautious ahead of the Greece’s finance minister Yanis Varoufakis meeting with other finance ministers of the euro zone to discuss a solution to Greece's bailout program. Trades below 5-DMA and 10-DMA Copper prices faced rejection at the 5-DMA and the 10-DMA located at USD 2.571 and USD 2.559 respectively. The red metal declined from the session high of USD 2.583 as markets do not expect any long term solution to the Greece’s debt problems from the Eurogroup’s meeting today. However, a short-term fix is likely, which means the Greece-related uncertainty is here to stay for a while. Meanwhile, the metal remains supported on the expectation of fresh stimulus measures from China, especially after the inflation printed at the lowest level since November 2009. Comex Copper Technical Levels The metal currently trades at USD 2.552/pound. The immediate resistance is seen at 2.571 (5-DMA), above which gains could be extended to 2.619 (Feb. 4th high). Meanwhile, support is seen at 2.526 and 2.489 levels. OctaFX is nominated for the Best Broker and Most Reliable Broker titles in the year 2014. Vote for OctaFX in the 2014 FX Empire Awards! OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 11,2015 OctaFX.Com News Updates Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted February 11, 2015 Author Report Share Posted February 11, 2015 Oil the major driver for CAD’s weakness – Scotiabank FXStreet (Barcelona) - Camilla Sutton CFA, CMT, Chief FX Strategist at Scotiabank, notes that CAD is weak with a stronger USD, weaker oil prices & a dovish BoC, the risk is ongoing depreciation but oil remains the core driver. Key Quotes “USDCAD is higher, flirting with a break above its seven-session range of 1.2352 to 1.2644.” “The shift higher has come from falling oil prices, a broadly stronger USD and yesterday’s dovish tone from the BoC’s Wilkins. There are no fundamental releases today.” “the economic outlook from the perspective of the BoC is one that likely justifies further interest rate cuts. The market is pricing in a 50% chance of a cut at the March 4th meeting.” “As oil comes under renewed pressure we would expect both the expectations for interest rate cuts in Canada to increase and CAD to weaken.” OctaFX is nominated for the Best Broker and Most Reliable Broker titles in the year 2014. Vote for OctaFX in the 2014 FX Empire Awards! OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 11,2015 OctaFX.Com News Updates Gold falls below USD 1230/Oz FXStreet (Mumbai) - Gold prices extended the decline to trade well below USD 1230/Oz levels, after hovering around the 50-DMA located at USD 1234 levels in the last couple of hours. Gold prices weighed down by USD strength The latest bout of weakness may have been triggered largely due to an across the board strength seen in the US dollar. The USD index is up 0.31% at 95.16 levels. Meanwhile, the repeated struggle to rise above 50-DMA at USD 1234 could have triggered a technical sell-off as well. Moreover, Gold and other safe haven assets like the Japanese Yen and the US Treasuries have failed to gain despite the Greek led uncertainty in the markets and concerns of escalating tension in Ukraine. The metal may extend losses even further if the US equity markets manage to recover losses later in the day. Gold Technical Levels At the moment, the metal trades 0.59% lower at USD 1224.90/Oz levels. The immediate support is seen at 1223.2, under which a major support is seen at 1207.5 levels. On the flip side, resistance is seen at the 50-DMA located at 1234 and at the 200-DMA located at 1244 levels. OctaFX is nominated for the Best Broker and Most Reliable Broker titles in the year 2014. Vote for OctaFX in the 2014 FX Empire Awards! OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 11,2015 OctaFX.Com News Updates BoE could hike rates by year-end – Investec FXStreet (Edinburgh) - The start of the hiking cycle in the UK could start as soon as Q4 2015, according to D.Theodosiou at Investec. Key Quotes “Although subject to varied interpretation, interest rate markets point to the first interest rate hike in the UK being priced in for Q2 2016, with a second priced in Q4 2016”. “Part of this expectation has likely been skewed by ‘safe haven’ flows, with many countries charging negative yields on deposits and investors looking for safe places to invest, particularly in light of recent Greek events”. “Therefore, if the MPC continue to hold the line that medium term inflation goals remain on target, the market could find itself scrambling to adjust expectations more in-line with the Investec Economics team, that are currently looking for a November 2015 first rate rise”. “This would certainly help Sterling trade stronger across the board with investors factoring in higher future yield for holding Pounds. The only question is, if investors sell Gilts (UK Bonds) to price in an earlier rate rise in the UK, then where do they invest instead?”. OctaFX is nominated for the Best Broker and Most Reliable Broker titles in the year 2014. Vote for OctaFX in the 2014 FX Empire Awards! OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 11,2015 OctaFX.Com News Updates Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted February 12, 2015 Author Report Share Posted February 12, 2015 Pragmatic BOE postures next move in rates is up – ANZ FXStreet (Barcelona) - Brian Martin of ANZ, comments on the inflation and easing expectations for UK whilst reviewing the BOE’s inflation report. Key Quotes “The Bank of England (BoE) expects inflation to fall further, possibly into negative territory in coming months and hover around zero for much of this year, but the central bank is looking through this volatility: “… as unusual as that is, it arguably isn’t the main story. The headlines today mask stronger underlying dynamics which will determine UK output and inflation tomorrow”.” “..whilst the tone of the report was more upbeat than the market had anticipated, it did contain the usual caveats and the BoE is in no rush to raise interest rates.” “The risks to the forecasts remain balanced and the inflation target is symmetric. The BoE cares as much about inflation below target as above target.” ““With inflation below target and unemployment above its long-run sustainable rate, there is no immediate trade-off between returning inflation to target and supporting economic activity. In fact, to return inflation to target it is necessary to eliminate the remaining degree of economic slack,” Carney said before qualifying during the press conference that returning inflation to target would probably require a gentle and gradual rise in interest rates” “Acknowledging the pragmatic nature of monetary policy, Carney did state that the BoE is vigilant to the risks that disappointing global growth and evidence that persistently low inflation could negatively impact on inflation expectations. Were those risks to materialise, it could require additional stimulus.” “The BoE can therefore respond in either direction, but the inflation report states that “under the central case, the MPC judges it more likely than not that Bank Rate will increase over the forecast period”.” OctaFX is nominated for the Best Broker and Most Reliable Broker titles in the year 2014. Vote for OctaFX in the 2014 FX Empire Awards! OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 12,2015 OctaFX.Com News Updates EUR/USD hits 1.1400 amid Greek headlines FXStreet (Córdoba) - EUR/USD jumped to 1.1400 and scored a fresh 6-day high at the beginning of the New York session as the euro benefitted from a report suggesting Greece is getting an extension of the emergency liquidity assistance (ELA), which the ECB authorized as a temporary expedient when it stopped accepting Greek bonds as collateral for funding last week. EUR/USD peaked at 1.1400, also supported by a weaker USD following a retail sales miss, but lacked follow-through to break above the psychological level and pulled back. At time of writing, EUR/USD is trading at 1.1370, still up 0.35% on the day. OctaFX is nominated for the Best Broker and Most Reliable Broker titles in the year 2014. Vote for OctaFX in the 2014 FX Empire Awards! OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 12,2015 OctaFX.Com News Updates Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted February 13, 2015 Author Report Share Posted February 13, 2015 GBP/USD retreats from fresh 6-week highs, back below 1.5400 FXStreet (Mumbai) - GBP/USD erased previous gains and edged below 1.5400 levels during the European session largely on US dollar weaknesses following tepid macro data. GBP/USD declines from 1.5408 levels The GBP/USD pair trades flat at 1.5385 levels, retreating from fresh six-week highs posted at 1.5419 levels earlier in the day. GBP/USD remained little changed as traders moved past Bank of England's (BoE) inflation report induced gains and now turned their attention towards another set of US data due later today for fresh directions on the pair. Moreover, generalized weakness in the US dollar also failed to lift the GBP/USD pair. GBP/USD Levels to consider The pair has an immediate resistance at 1.5420 above which gains could be extended to 1.5500 levels. On the flip side, support is seen at 1.5354 below which it could extend losses to sub 1.5300 levels. OctaFX is nominated for the Best Broker and Most Reliable Broker titles in the year 2014. Vote for OctaFX in the 2014 FX Empire Awards! OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 13,2015 OctaFX.Com News Updates China FX policy survey: No band widening expected in next 3m – Nomura FXStreet (Barcelona) - Research Analysts at Nomura, share the results of their China FX policy survey, and further note their forecast for the USD/CNH trading band, and policy rates. Key Quotes “On the USD/RMB forecasts and positioning, the largest proportion of survey participants expect the USD/CNY fixing to be 0.5% higher (than the 6.1311 on 9 February) in the next three months, while most see the USD/CNH deviation from its fixing at +2.0% over the same period.” “Our view is not much different from this result and we see some value in the forward curves with USD/CNY 3M NDF at 6.2050 and USD/CNH 3M forward at 6.3142 (as of 1930 SGT).” “In addition, survey participants expecting a band widening forecast USD/CNH to be trading at +2.2% (on average) above the fix in three months.” “On positioning (-5 to +5, +ve implies long USDs), the largest proportion of survey participants expect the market to be long USD/CNY NDF (at +2, based on +/- 5 scale, where positive implies long USDs) and long USD/CNH with a high concentration of participants in the +1 and +2 bucket for USD/CNH.” “Lastly, on stimulus, most participants expected a 25bp benchmark rate cut and 50bp RRR cut in the next three months.” “Almost all survey participants believe there will be further liquidity injections and lending facilities in the next three months.” “Nomura Economics forecasts a 25bp rate cut and 50bp RRR cut in Q2 2015.” OctaFX is nominated for the Best Broker and Most Reliable Broker titles in the year 2014. Vote for OctaFX in the 2014 FX Empire Awards! OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 13,2015 OctaFX.Com News Updates EUR/GBP hovers close to fresh highs, Euro zone data eyed FXStreet (Mumbai) - EUR/GBP bounces off seven year lows and inched higher during the European session, as traders digested surprisingly good German GDP and a ceasefire agreement in Ukraine. EUR/GBP rises from 0.7413 levels The EUR/GBP pair trades higher by 0.24% at 0.7430 levels, having posted session highs at 0.7434 levels an hour ago. EUR/GBP rose to fresh session highs, in a delayed reaction to the stellar German growth number confirming that the Euro zone’s economic powerhouse is well away from recessionary phase. On the other side, pound remained flat against the US dollar as BOE Inflation report-backed gains reversed as traders now eyed US macro data. At the moment, EUR/USD held 0.25% higher at 1.1432 levels, while GBP/USD traded flat at 1.5387 levels. EUR/GBP Levels to consider To the upside, the next resistance is located at 0.7460 and above which it could extend gains to at 0.7499 levels. To the downside immediate support might be located at 0.7400 and below that at 0.7383 levels. OctaFX is nominated for the Best Broker and Most Reliable Broker titles in the year 2014. Vote for OctaFX in the 2014 FX Empire Awards! OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 13,2015 OctaFX.Com News Updates Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted February 13, 2015 Author Report Share Posted February 13, 2015 Eurozone GDP slightly stronger than expected in fourth quarter 2014 FXStreet (London) - Seasonally adjusted GDP rose by 0.3 percent in the Eurozone and by 0.4 percent in the EU during the fourth quarter of 2014, compared with the previous quarter, according to flash estimates published by Eurostat, the statistical office of the European Union. The growth was slightly stronger than expected, with consensus expectations of a 0.2 percent growth in the fourth quarter. In the third quarter of 2014, GDP grew by 0.2 percent in the Eurozone and by 0.3 percent in the EU. Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 0.9 percent in the Eurozone and by 1.3 percent in the EU in the fourth quarter of 2014, after +0.8 percent and +1.3 percent respectively in the previous quarter. During the fourth quarter of 2014, GDP in the United States increased by 0.7 percent compared with the previous quarter (after +1.2 percent in the third quarter of 2014). Compared with the same quarter of the previous year, GDP grew by 2.5 percent (after +2.7 percent in the previous quarter). Over the whole year 2014 , GDP rose by 0.9 percent in the Eurozone and by 1.4 percent in the EU. OctaFX is nominated for the Best Broker and Most Reliable Broker titles in the year 2014. Vote for OctaFX in the 2014 FX Empire Awards! OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 13,2015 OctaFX.Com News Updates Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted February 16, 2015 Author Report Share Posted February 16, 2015 ECB minutes this week, an important step in transparency – BBH FXStreet (Barcelona) - The Brown Brothers Harriman Team comments that with a number of central banks scheduled to release its policy meeting minutes, the ECB minutes will likely be the most interesting and also an important step in the transparency, further adding that ECB’s review of ELA authorization to Greece this week will also remain in focus. Key Quotes “The most interesting central bank meeting report will come from the ECB. Until now the ECB has been reluctant to provide some record of its policy making discussions. This is expected to change this week. Neither the content nor format is understood yet, except that individual names will not be cited.” “It was at the January meeting that the ECB decided to expand its asset purchase program from about 10 bln euros a month to 60 bln, which will include sovereign bonds.” “While recognizing this is an important step in the transparency of the ECB, it is also a new channel of communication. Since the record can only be a partial summary of what happened, the ECB, like other central banks, will reveal what it wants.” “The ECB is also expected to review its ELA authorization to Greece. Some claim the ECB's decision to no longer accept Greek government bonds as collateral was aimed not so much at Greece as to force both sides together. However, it took place immediately following Draghi's meeting with Greece's new finance minister and not after Draghi's discussions with Berlin." “Surely the two sides would have been engaged in tough negotiations even if the ECB continued to accept Greek bonds.” OctaFX is nominated for the Best Broker and Most Reliable Broker titles in the year 2014. Vote for OctaFX in the 2014 FX Empire Awards! OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 16,2015 OctaFX.Com News Updates EUR/GBP extends gains FXStreet (Mumbai) - The EUR/GBP pair extended gains to hit a fresh session high of 0.7425 as the British Pound continues to weaken in anticipation of negative inflation data due for release tomorrow. Gains capped by Greek debt issue The shared currency managed to strengthen against the British Pound as market price-in an expected fall of 0.8% in UK CPI in January. The data is due for release tomorrow and may show cost of living fell below zero levels in January. Meanwhile, a sharp rise in the Eurozone trade surplus also helped the shared currency strengthen. However, broader gains have been capped due to uncertainty surrounding the Greek debt issue. The markets expect the Eurogroup to reach a short-term fix, however, caution still persist, which has capped gains in the pair. EUR/GBP Technical Levels The pair currently trades at 0.7415. The immediate resistance is seen at 0.7425 and 0.7446 levels. On the flip side, a break below 0.7411 could push the pair down to 0.7390 levels. OctaFX is nominated for the Best Broker and Most Reliable Broker titles in the year 2014. Vote for OctaFX in the 2014 FX Empire Awards! OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 16,2015 OctaFX.Com News Updates GBP/JPY is threatening to break below 182.00 FXStreet (Mumbai) - The GBP/JPY pair is threatening to fall below 182.00 levels, as it hovers around 182.10 levels after having hit a low of 182.03 few minutes back. Pound hit by weak inflation expectation The British Pound has weakened a day ahead of the data in the UK, which is likely to show inflation in January fell below zero level. The month-on-month CPI in January is seen at -0.8%, down from the previous month’s print of 0.0%. Meanwhile, year-on-year the CPI is seen slowing down to 0.4% from the previous month’s 0.5%. The Bank of England, in its Quarterly Inflation Report, released last week did express a high possibility of inflation falling below zero levels in the short-term. Consequently, the GBP is being sold amid weak inflation expectations and the absence of fresh fundamental triggers today. On the other hand, the Japanese Yen is moderately up on caution ahead of the Eurogroup meeting. GBP/JPY Technical Levels The immediate resistance is seen at 182.31 (5-DMA), above which the pair could re-test 182.50 levels. On the flip side, support is seen at 182.00, under which losses could be extended to 181.78 levels. OctaFX is nominated for the Best Broker and Most Reliable Broker titles in the year 2014. Vote for OctaFX in the 2014 FX Empire Awards! OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 16,2015 OctaFX.Com News Updates Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted February 16, 2015 Author Report Share Posted February 16, 2015 EUR/USD back around 1.1400 FXStreet (Edinburgh) - The European currency is clinging to the positive ground vs. the US dollar on Monday, with EUR/USD now returning to the 1.1400 neighbourhood. EUR/USD near 1.1400, Eurogroup looms Spot remains in a sideline pattern ahead of the key second meeting between the Greek finmin Y.Varoufakis and the Eurogroup officials. Despite opinions remain pretty divided in regard of the probable outcome, market participants do agree that another meeting could be necessary later this month. Ahead in the week, the FOMC minutes on Wednesday and the ECB ‘accounts’ (its version of the minutes) will set the pace in the pair. EUR/USD levels to consider At the moment the pair is up 0.05% at 1.1405 facing the next up barrier at 1.1443 (high Feb.13) ahead of 1.1485 (Kijun Sen) and finally 1.1499 (high Feb.5). On the downside, a drop beyond 1.1380 (low Feb.16) would open the door to 1.1367 (200-h MA) and then 1.1303 (low Feb.12). OctaFX is nominated for the Best Broker and Most Reliable Broker titles in the year 2014. Vote for OctaFX in the 2014 FX Empire Awards! OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 16,2015 OctaFX.Com News Updates Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted February 17, 2015 Author Report Share Posted February 17, 2015 Carry-trade could benefit HUF – Danske Bank FXStreet (Edinburgh) - Chief Analyst at Danske Bank Lars Christensen noted the probable appreciation of the Hungarian currency backed by the country’s good external position. Key Quotes “Growth has been picking up in Hungary and, after years of stagnation, it is becoming one of the fastest growth economies in central and Eastern Europe”. “The HUF has fairly attractive long-term fundamentals and the relatively large current account surplus is particularly helpful”. “We continue to believe that Hungary’s fairly strong external position is likely to be supportive for the HUF in the medium term”. “Furthermore, fairly strong growth and an expected pick-up in inflation are likely to keep the carry on the forint relatively attractive, and we therefore continue to expect near-term appreciation of the forint”. “We lower our 1M, 3M, 6M and 12M EUR/HUF forecasts to 305, 305, 300 and 300, respectively from 320, 325, 325 and 320, previously”. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 17,2015 OctaFX.Com News Updates USD/CAD assaulting 1.2400 FXStreet (Edinburgh) - USD/CAD is extending its bounce off session lows, now looking to retake the 1.2400 key mark. USD/CAD indifferent on data The pair continues to trade in the red territory amidst better risk sentiment and a firmer tone from the crude oil prices. Data wise in North America, the manufacturing gauge tracked by the Empire State index dripped to 7.78 during the last month vs. estimates at 8.50; on the other side, Canadian transactions in foreign securities climbed to $13.89 billion during December. Upcoming results will include the Housing Market index measured by NAHB, TIC Flows and the speech by Philly Fed Plosser. USD/CAD key levels The pair is now retreating 0.53% at 1.2398 and a dip beyond 1.2353 (low Feb.3) would open the door to 1.2302 (Kijun Sen) and then 1.2286 (23.6% of 1.0620-1.2800). On the flip side, the initial up barrier lines up at 1.2477 (21-d MA) ahead of 1.2536 (Tenkan Sen) and finally 1.2646 (high Feb.12). OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 17,2015 OctaFX.Com News Updates Expectations for a March rate cut by BoC increasing – BAML FXStreet (Barcelona) - The Research Team at BofA-Merrill Lynch, forecasts Canada to see a 25bp rate cut in March, with market pricing for the rate cut by BoC increasing significantly to around 60% from previous 20%. Key Quotes “In our view, not only would the further decline in oil prices that we expect maintain pressure on CAD valuations, it would also raise risks for the BoC to engage in significant easing.” “The BoC eased policy in January to “provide insurance” against downside risks emanating from the oil price shock on growth, inflation, and financial stability. According to the Bank’s January Monetary Policy (MPR) report, its forecast assumes WTI prices of $60/bbl.” “Prices still remain over 10% below the Bank’s forecast level, likely meaning the BoC will have to ease further if they stay near current levels or fall further toward our $32/bbl forecasts.” “As Senior Deputy Governor Carolyn Wilkins noted last week, “If oil prices were to average $60 per barrel and monetary policy did not respond, gross domestic income would be about 4 1/2 per cent lower by the end of 2016”1 implying prices below that level would require further easing, consistent with our call for another cut in March.” “Since the January meeting, policy expectations have shifted aggressively. Prior to the meeting, less than a 20% chance of a cut was priced in over the next six months. Now, the market is pricing in roughly a 60% chance of a cut at the March meeting.” “Given our call for a 25bp cut, we would expect CAD to come under pressure as this gets fully priced.” “Additionally, the probability of a further cut (not our base case) is less than 50%.” OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 17,2015 OctaFX.Com News Updates Link to comment Share on other sites More sharing options...
Jordan Sands Posted February 17, 2015 Report Share Posted February 17, 2015 It’s thrilling to be able to participate in a broker like OctaFX, it is a kind of dream for people to work with a good company no matter how much it cost but here it’s completely different as not only they give us great free money to deal with but these superb analysis is just incredible. I have survived a close call with trading few days back thanks to these wonderful analysis, they have saved so much money which I would have lost otherwise. I mostly follow analysis or news about EURO pairs as I prefer to trade on them only, its excellent opportunity to work with this quality service that they have that too for free and for all even ones who are not trading with them. Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted February 18, 2015 Author Report Share Posted February 18, 2015 USD/CAD off highs after data FXStreet (Edinburgh) - The US dollar is giving away part of recent gains vs. the CAD, taking USD/CAD to the area of 1.2430. USD/CAD eyes on Fed Data for the month of January was far from supportive of the greenback, showing producer prices and housing sector releases missing expectations. Next of note will be the Capacity Utilization (79.9% exp.) and Industrial Production (0.3% exp.) followed by the FOMC minutes. On the other side of the border, Canadian Wholesale Sales jumped 2.5% on a monthly basis in December, leaving behind estimates (0.3%) and November’s print (-0.3%). USD/CAD key levels As of writing the pair is advancing 0.51% at 1.2437 and a surpass of 1.2480 (high Feb.17) would open the door to 1.2493 (21-d MA) and then 1.2529 (Tenkan Sen). On the flip side, the immediate support lines up at 1.2360 (low Feb.17) ahead of 1.2353 (low Feb.3) and finally 1.2302 (Kijun Sen). OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 18,2015 OctaFX.Com News Updates Strong labour data good for GBP, bad warns of weak productivity – BBH FXStreet (Barcelona) - The Brown Brothers Harriman team reviews today’s UK labour data release, noting that the sterling positive numbers might lead GBP/USD towards 1.5500-1.5600 levels, and further adds that the increase in aggregate work hours warns that productivity remains weak. Key Quotes “Strong employment and earnings data in the UK lifted sterling to the upper end of its recent range near $1.5450. A break would quickly target the $1.5500-$1.5600 area.” “The claimant count fell by 38.6k, which is about 50% more than the consensus expected, and the December decline was revised to 35.8k from 29.7k.” “The unemployment rate fell to a new cyclical low of 5.7% (ILO measure).” “Earnings growth, reported with an extra month lag, rose 2.1% at a year-over-year pace in Q4 14. The consensus was for a 1.7% increase.” “The jump in earnings comes as the BOE minutes highlighted the expected upward pressure on earnings (toward 4%) and the rise of a jump in inflation when the oil increase drops out.” “There are two cautionary elements. First, the increase in aggregate hours worked warns that productivity remains weak. This speaks to the growth capacity of the UK economy.” “Second, the labor market may be tightening, but the earnings growth was flattered by bonuses. Excluding bonus, earnings growth actually slipped to 1.7% from 1.8%.” “That said, there is probably more room for interest rate expectations to adjust, and that means upward pressure on UK rates, especially at the short end.” “Gilt yields are also backing up, and at 1.81% today, the 10-year yield at its highest level this year. This represents about a 50 bp increase since the Jan 30 low.” OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 18,2015 OctaFX.Com News Updates Gold recovers slightly after weak US housing data FXStreet (Mumbai) - Gold prices erased part of its losses after the weaker-than-expected housing data in the US pushed the Treasury yields lower. Safe havens rise on US housing data Gold prices recovered slightly along with a fall in the US Treasury yields after the data in the US showed housing starts fell 2.0%, beating the estimate of 1.7% fall, while building permits fell 0.7% against expectation of a 0.9% rise. Gold prices recovered from the low of USD 1204.3 to trade at USD 1208 levels. Meanwhile, the 10-year Treasury yield fell from the high of 2.164% to trade at 2.122%. Gold Technical Levels The metal currently trades at USD 1207.6, down 0.08% for the day. The immediate resistance is seen at 1213.82 (100-DMA) and 1219.6 (50% retracement of 1131.9-1307.8) levels. On the flip side, a break below 1198.9 (61.8% retracement of 1131.9-1307.8) could push the pair down to 1186.3 (Dec. 5th low). OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 18,2015 OctaFX.Com News Updates Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted February 20, 2015 Author Report Share Posted February 20, 2015 Higher Eurozone PMIs support the stronger recovery view - Danske FXStreet (Barcelona) - According to Pernille Bomholdt Nielsen, Senior Analyst at Danske Bank, the improving PMIs and the expected increase in Manufacturing PMIs ahead, signals towards a stronger Q1 growth in the Eurozone. Key Quotes “The euro area composite PMI increased to 53.5 in February from 52.6 in January and is now at the highest level since summer last year. The increase was driven by the services PMI, which rose to 53.9 from 52.7 whereas the manufacturing PMI was almost unchanged at 51.1.” “For the manufacturing PMI the details were better than the headline figure. First, new orders increased a bit, driven by higher export orders.” “Added to this, there was a decline in stocks of finished goods implying the order-inventory balance increased. This now points to an increase in manufacturing PMI going forward.” “The stronger services PMI was driven by higher future business expectations and incoming new business, but there was also an increase in backlog of work. The services PMI employment index increased to the highest level since May 2011.” “The increase in services PMI is likely to reflect the boost to private consumption from the decline in the oil price and it suggests private consumption will increase further in Q1.” “The improvement in the PMIs and the signal that manufacturing PMI could increase further is in line with our view that euro GDP growth will be strong in Q1.” “For 2015 we expect GDP growth of 1.5% which is above consensus at 1.2%.” OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 20,2015 OctaFX.Com News Updates EIA fails to match API’s high oil inventory numbers, but overall tone intact - KBC FXStreet (Barcelona) - The KBC Bank Team comments on the Energy Information Agency’s oil inventory data release and its impact on the market. Key Quotes “Although yesterday’s Energy Information Agency (EIA) data did not confirm Wednesday’s report from the American Petroleum Institute as far as the volume of increase in crude oil inventories is concerned (the API report had foreseen more than 14 million barrels build in inventories which, if it had been confirmed, would have marked an all-time high), it left the overall message intact.” “The data showed about twice as large build in stocks than the one that had been anticipated by analysts at the beginning of this week.” “The oil price therefore fell by about 0.5% yesterday while the US benchmark WTI even lost about 1.9% as inventories in Cushing, the delivery location of NYMEX WTI futures contract, rose by about 3.6 million barrels.” “Rising stocks in Cushing suggest that traders have recently been taking advantage of relatively wide contango in the front-end of oil forward curve.” “All in all, recent EIA data reminded us that although the supply elasticity of “shale oil” likely is much higher than that of “conventional oil”, it will take some time before the impact of lower oil prices on the US supply is more pronounced. For example, the data showed that US domestic crude oil production increased by more than 800 thousand barrels per day visà- vis June 2014. Let us recall that in the meantime, the oil price fell by about one half…” OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 20,2015 OctaFX.Com News Updates CAD rallies, but within monthly range – Scotiabank FXStreet (Barcelona) - Camilla Sutton CFA, CMT, Chief FX Strategist at Scotiabank, shares the outlook and key technical levels for USD/CAD, noting that the core risk for CAD lies in Yellen and Poloz’s speech. Key Quotes “Increasingly the focus for CAD traders is over the outlook for monetary policy, making next week’s testimony by Chair Yellen and speech by Governor Poloz core risks. Expectations for a second interest rate cut in Canada have remained relatively constant over the last week, with the market pricing in at least one more cut over the next six months. This combined with oil prices that have stabilized but could still be pressured lower, leave CAD vulnerable.” “USDCAD short‐term technicals: mixed—likely reflecting the range bound environment that USDCAD has been trading within.” “Support lies at 1.2380 with resistance at 1.2504 (the 21‐day MA); however neither of these levels are particularly strong.” OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 20,2015 OctaFX.Com News Updates Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted February 23, 2015 Author Report Share Posted February 23, 2015 AUD/NZD drops to fresh lows on falling commodity prices FXStreet (Mumbai) - AUD/NZD dropped in the European session, hovering near fresh session lows largely on the back of Aussie weakness, dragged down by declining commodity prices. AUD/NZD inches towards multi-year lows Currently, the AUD/NZD cross trades lower by -0.50% at 1.0370 levels, with a day’s high of 1.0431 and day’s lows posted at 1.0364. The cross in AUD/NZD edged lower, mainly pulled down by the Australian dollar on declining prices of bullion and copper, with the safe-haven appeal of bullion easing given the euro zone-Greece deal late on Friday, as investors moved their investments to riskier assets. On the other side of the story, NZD also remains weak against the US dollar. However, the losses in the Aussie are greater than that in the NZD/USD pair. At the moment, AUD/USD trades -0.65% lower at 0.7790 levels, while NZD/USD trades -0.15% at 0.7514 levels. AUD/NZD Technical Levels The pair has an immediate resistance at 1.0431 levels, above which gains could be extended to 1.0445 levels. On the flip side, support is seen at 1.0347 levels, from here it to below 1.0300 levels. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 23,2015 OctaFX.Com News Updates Gold recovers slightly ahead of the US data FXStreet (Mumbai) - Gold prices recovered from the low of USD 1190.70/Oz to trade at USD 1196/Oz levels ahead of the regional manufacturing indices and existing home sales data in the US. Strong USD weighs over Gold prices The yellow metal came under pressure due to the strength in the US dollar ahead of the Fed. Chairman Janet Yellen’s semi-annual testimony to the Congress tomorrow. Furthermore, the fading concern regarding the Greek debt deal is capping the safe haven demand for the metal. The metal could extend losses ahead if the US Chicago and Dallas activity indices print higher than expected, while the Existing home sales rise more than the expected contraction of 0.8% month-on-month. In the meantime, the positive action in the US equity futures and other major European equity markets could keep the metal under pressure. Gold Technical Levels The immediate resistance is seen at 1200, above which gains could be extended to 1206.3 levels. On the flip side, support is seen at 1190 and 1186 levels. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 23,2015 OctaFX.Com News Updates USD firmer ahead of Yellen – TDS FXStreet (Barcelona) - Shaun Osborne, Chief FX Strategist at TD Securities, mentions that Yellen’s testimony is expected to be a little hawkish relative to expectations, with USD trading firmer at the start of the week, already discounting the expected tone of the speech. Key Quotes “We expect the Fed messaging to remain relatively upbeat; market expectations may be coloured by the release of the “low for longer” minutes from the January FOMC last week but it is important to remember that after the January policy meeting took place, the January NFP report delivered some solid-looking data.” “We think Yellen’s comments may appear a little hawkish relative to market expectations and we continue to view the Fed as moving towards rate lift off later this year (Q3).” “The USD is trading firmly at the start of the week and US 10y yields are nudging close to recent highs, perhaps already discounting the expected tone of the comments.” OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 23,2015 OctaFX.Com News Updates Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted February 23, 2015 Author Report Share Posted February 23, 2015 EUR/USD deeply oversold – FXMarketAlerts FXStreet (Barcelona) - The FXMarketAlerts Team gives the technical outlook and key levels for EUR/USD. Key Quotes “Mkt. has been under pressure all morning with sub 1.13 reached.” “Indicators are at extremes now so we doubt 1.1278 will give way without a decent reaction first. Res. is in the 1.1345/60 band.” “Sup. is at the previously mentioned 1.1278 closely followed by 1.1260/69.” “R1: 1.1345/60 intraday level” “R2: 1.1390/95 intraday level” “R3: 1.1412 today high” “S1: 1.1278 Fri low” “S2: 1.1260/9 * 9 Feb low” “S3: 1.1223 * 27 Jan low” OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 23,2015 OctaFX.Com News Updates Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted February 23, 2015 Author Report Share Posted February 23, 2015 Yellen to make it clear that Fed’s ‘patience’ is not limitless – BBH FXStreet (Barcelona) - The Brown Brothers Harriman Team comments on the upcoming testimony of Yellen, further expecting her to explain why Fed’s patience with emergency-level rates may be drawing to a close. Key Quotes “The leadership at the Federal Reserve had led many to expect a mid-year lift off. However, doubts have grown, and this has corresponded with a consolidative phase for the dollar.” “After the FOMC minutes, the December Fed funds futures contract implied an average effective rate of less than 50 bp. Although the market corrected this view a little before the weekend, we expect Yellen make it clear the Fed's patience is not limitless." “A hike, not today or tomorrow, but four months from now is still reasonable.” “The Fed's leadership has been preparing the market gradually for a change in US monetary policy. The emergency settings that were so necessary in the darkest days are no longer needed. To be sure, the economy is not firing on all cylinders, but no one is really talking about a dramatic increase in interest rates.” “Look for Yellen to be patient with US Congress as she explains why the Fed's patience with emergency-level rates may be drawing to a close, and that this is a constructive sign. It is also through this lens that Yellen will likely address questions about the dollar. The exchange value of the dollar is one of the factors taken into account in assessing the monetary conditions." “The dollar's strength is a reflection of the relative performance of the US economy. Of course, part of the dollar's rise has been fueled by expectations of a Fed hike. Such anticipation will not be an important hurdle to the decision to hike rates later.” OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 23,2015 OctaFX.Com News Updates Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted February 24, 2015 Author Report Share Posted February 24, 2015 Greece's proposed reforms - Reuters FXStreet (Barcelona) - Reuters have released the text of the letter outlining Greece’s proposed reforms forwarded by the Minister of Finance of the Hellenic Republic to the Eurogroup President Dijsselbloem. The Letter I. Fiscal structural policies Tax policies - Greece commits to: Reform VAT policy, administration and enforcement. Robust efforts will be made to improve collection and fight evasion making full use of electronic means and other technological innovations. VAT policy will be rationalised in relation to rates that will be streamlined in a manner that maximises actual revenues without a negative impact on social justice, and with a view to limiting exemptions while eliminating unreasonable discounts. Modify the taxation of collective investment and income tax expenditures which will be integrated in the income tax code. Broaden definition of tax fraud and evasion while disbanding tax immunity. Modernising the income tax code and eliminating from it tax code exemptions and replacing them, when necessary, with social justice enhancing measures. Resolutely enforce and improve legislation on transfer pricing. Work toward creating a new culture of tax compliance to ensure that all sections of society, and especially the well-off, contribute fairly to the financing of public policies. In this context, establish with the assistance of European and international partners, a wealth database that assists the tax authorities in gauging the veracity of previous income tax returns. Public Finance Management - Greece will: OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 24,2015 OctaFX.Com News Updates Credit Agricole: Yellen likely to deflect questions on Fed’s forward guidance – eFXnews FXStreet (Barcelona) - The eFXnews Team shares Credit Agricole’s view regarding the expectations from today’s Yellen’s testimony, with CA commenting that the Fed Chair is likely to deflect any questions relation to ‘patience’. Key Quotes “We believe that the assessment of economic activity will be relatively upbeat.” “We look for Chair Yellen’s comments to suggest that the FOMC believes it will soon approach employment conditions that are consistent with its employment mandate.” “In assessing the impact of global factors on the US economy, it will be interesting to see if she focuses on positive international developments, such as increased ECB accommodation and lower oil prices or negative developments such as softer global growth and a stronger dollar.” “On the inflation front, Chair Yellen will likely note that price inflation has moved further away from the Fed’s 2% target, largely reflecting the declines in energy prices.” “We expect her to underscore that inflation expectations remain relatively well anchored and hence the impact of lower energy prices is likely to be transitory but needs to be monitored carefully.” “Ms. Yellen will likely note that the Fed focuses on the medium-term outlook for core inflation as a guide to policy.” “Chair Yellen is expected to stress the data dependency of the monetary policy outlook, while indicating that most FOMC members look to begin normalizing rates this year.” “The Chair will no doubt be asked about “patience” and forward guidance. We suspect that she will deflect the question, by saying that the FOMC will try to indicate as clearly as possible its current thinking conditioned on incoming data.” OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 24,2015 OctaFX.Com News Updates Yellen’s testimony to reflect a rate hike and the data dependence of Fed – Scotiabank FXStreet (Barcelona) - Camilla Sutton CFA, CMT, Chief FX Strategist at Scotiabank, highlights the key focus for today’s Fed Yellen’s testimonty and further views that the broad takeaway from the speech would be that Fed will hike rates and it is data dependent. Key Quotes “Chair Yellen’s semi‐annual testimony is today’s highlight. It is likely to reflect the themes from the Fed minutes, with a focus on the following: 1) Data: the Fed is data dependent and will shift course with the data. 2) Conditions for a hike: include a) further improvement in labour, which we have subsequently seen with the strong nonfarm print; b) stable or rising levels of core PCE inflation. 3) Rate increase: many participants are concerned with premature rate increase; with the balance of risks between too early and too late seeming to favour erring on the side of too late. This discussion could prove the highlight of today’s testimony. 4) Inflation: the Fed noted that the downside risk to inflation forecast have increased due to softening on core. 5) Patience: there appear to be significant concerns around removing the word patience for fear of the message and potential response. 6) International developments: the Fed sees the risk to US growth as lower, but noted China, global disinflation, the Middle East, Ukraine and Greece as important themes. 7) The USD: the strength in the USD is a restraint on exports ‐ but we do not see the FOMC committee as particularly alarmed.” “The market will watch closely for any indication of the timing of rate hikes; however we expect the broad takeaway to be that the Fed will hike rates and it is data dependent, over time this support a stronger USD.” OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Feb 24,2015 OctaFX.Com News Updates Link to comment Share on other sites More sharing options...
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