AcetraderFx May 6: Intra-Day Market Moving News and Views EUR/USD

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AceTraderFx Oct 19: Intra-day Market Moving News and Views (EUR/USD)

Intra-day Market Moving News and Views
19 Oct 2015 01:27GMT

EUR/USD - ...... Reuters reported that European Central Bank executive board member Benoit Coeure told German lawmakers on Friday that the euro zone needs deeper integration to stem possible shocks in the future and should therefore complete its banking union as fast as possible.
The need to go beyond the quick fixes and intermediate solutions that were necessary, but insufficient, & stressed the urgency of completing the banking union; this contribution is to make financing cheaper, with the rest has to be done by the governments.

Despite Friday's rebound from 1.1334 to 1.1391 in New York afternoon, the single currency retreated to 1.1347 near New York closing.
However, euro found renewed support in Australia today and rebounded to 1.1378 in Asian morning, helped by cross-buying of euro vs sterling.

Since there is no major eco. data due today, order book remains relatively thin n the market's main focus is now on ECB's rate decision later this week and whether Draghi will expand the bank's currency QE program.
Offers have now been raised to 1.1380/90 and more above at 1.1400/10 with stops building up above 1.1420/25 whilst initial bids are noted at 1.1320/30, suggesting downside bias would be seen.

 

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AceTraderFx Nov 17: Intra-Day Market Moving News and Views (EUR/USD)

Intra-day Market Moving News and Views
17 Nov 2015 01:38GMT

EUR/USD - ....... The single currency found renewed selling at 1.0758 at European open yesterday and continued to ratchet lower throughout New York session and hit an intra-day low at 1.0674 in late New York afternoon on euro's broad-based weakness before stabilising.
The pair met renewed pressure at Asian open and dropped below yesterday's low to 1.0661 in Asian morning and continues to remain under pressure.

Pay attention to the release of Germany ZEW current conditions n economic sentiment at 10:00GMT. Street forecasts are 55.5 and 6.0 vs previous readings of 55.2 and 1.9 respectively.

Offers are now lowered to 1.0690/00 and more above at 1.0710/20 with stops building up above there whilst initial bids are noted at 1.0610/20, suggesting selling on recovery for a resumption of recent decline is still favored.

 

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AceTraderFx Nov 30: Intra-Day Market Moving News and Views (EUR/USD)

Intra-day Market Moving News and Views
30 Nov 2015 01:56GMT

EUR/USD - ...... Although euro staged a short-covering rebound in Friday's New York session from 1.0569 to 1.0605, price came under renewed selling pressure due to usd's broad-based strength in Asia on Monday.

Bids are noted near last Wednesday's fresh 7-month trough at 1.0565 with stops touted below there.
On the upside, offers are noted at 1.0605/15 and more above with stops reported above 1.0645, suggesting selling euro on intra-day recovery is recommended.

Italy & Germany will release inflation data during European session, pay particular attention to German preliminary CPI at 13:00GMT, street forecast is looking for October M/M reading of 0.1% (prev. at 0.0%) and Y/Y reading of 0.4% (previous at 0.3%)

 

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AceTraderFx Dec 4: Intra-Day Market Moving News and Views (EUR/USD)

Intra-day Market Moving News and Views
04 Dec 2015 03:05GMT

EUR/USD - ...... Euro bears are licking their wounds n even the most die-hard euro bears will be eating humble pies instead of Christmas pudding after yesterday's spectacular surge in the euro from a fresh 7-1/2 month bottom of 1.0523 to as high as 1.0981.

Yesterday's 4.34% gain was the biggest single-day rise seen in 6-1/2 years n technically speaking, euro's rally on Thursday marked a 'key reversal' day, so more gains are expected for the rest of this month as early CFTC report showed large speculators built up large short euro positions the most since May, this explains why the single currency was able to rise so much in New York session.

Euro's intra-day pullback to 1.0899 suggests a minor top has been made at 1.0981 and price may probably trade below there as traders are keeping their powder dry until release of key U.S. jobs data.
Before that, we have German Oct industrial orders at 07:00GMT, unless actual reading is much higher than forecast of 1.2% (versus prev.reading of -1.7%), euro bears may hope for an upbeat U.S. jobs report to knock the euro down and then cover their uncovered shorts (pun intended).

Offers (profit taking) are noted at 1.0980-1.1000 are with stops touted above 1.1000.
Some bids are noted at 1.0900-1.0890 and more below, suggesting buying euro on dips ahead of U.S. payrolls report is still favoured.

Report on Fed Chair Yellen's comments which suggest a rate hike at next FOMC's meeting is a done deal. Reuters reported Federal Reserve Chair Janet Yellen, speaking the day before a key employment report, said on Thursday the U.S. economy needs to add fewer than 100,000 jobs a month to cover new entrants to the workforce, setting an implicit floor for the jobs growth policymakers want to see.
Yellen in her testimony was generally upbeat, spelling out how the economy has largely met the criteria the Fed has set for its first rate hike. Unemployment is low, growth continues at a modest pace, and Yellen said she is confident inflation will return to the Fed's target over time.
Though weak global growth remains a drag, she said the United States is far more dependent on domestic consumption and investment which, at least so far, is strong enough to produce growth that is slightly above trend.

The Fed's first rate hike, expected to be 25 basis points, will start what is expected to be a slow cycle of policy tightening that may see rates remain below normal for years to come.
Yellen noted that one reason not to delay a rate hike too much longer is to avoid the need for faster increases that could be more disruptive to the economy than the gradual rate path policymakers prefer.
The Fed's job is already challenging, given the moves by other major central banks to continue easing financial conditions. Such a divergence could pose a drag on U.S. growth by pressing up the value of the dollar beyond its already high level.
Yellen thought markets have largely priced in the separation between financial conditions among the world's large economies.

 

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AceTraderFx Dec 8: Intra-Day Market Moving News and Views (EUR/USD)

Intra-day Market Moving News and Views
08 Dec 2015 02:00GMT

EUR/USD - ....... Although the single currency remained under pressure in Asia yesterday and dropped to session low at 1.0796 at New York open, price pared its losses and rebounded to 1.0860 in New York morning.
However, euro met renewed selling there and retreated to 1.0831 at New York closing before continuing to trade in sideways fashion in Asian morning today.

Pay attention to the release of EU GDP qq and yy at 10:00GMT. Street forecasts are for them to remain unchanged at 0.3% and 1.6% respectively.

Bids are now seen at 1.0820/30 and more below at 1.0800/10 with stops building up below there whilst initial offers are noted at 1.0880/90, suggesting buying on dips is still the favored strategy.

 

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AceTraderFx Dec 10: Intra-Day Market Moving News and Views (EUR/USD)

Intra-day Market Moving News and Views
10 Dec 2015 02:09GMT

EUR/USD - ...... The single currency traded with a firm bias in Asia yesterday and continued to ratchet higher in European session and rose to 1.0990 in New York morning.
Renewed buying at 1.0950 pushed the pair higher and euro rose to intra-day high at 1.1044 in New York afternoon, helped by comments from ECB's Nowotny.
Later, price pared its gains and retreated to 1.1010 in Asian morning today on profit-taking.

There is no major eco. data due from the eurozone today except French inflation at 07:30GMT.
Bids are now seen at 1.0990/00 and more below at 1.0970/80 with stops building up above there whilst initial offers are noted at 1.1060/70, suggesting buying on dips for a resumption of recent uptrend is favored.

 

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AceTraderFx Dec 15: Intra-day Market Moving News and Views (EUR/USD)

Intra-day Market Moving News and Views
15 Dec 2015 02:00GMT

EUR/USD - ...... The single currency rose from European morning low at 1.0946 to as high as 1.1049 at New York midday on euro-supportive comments by ECB President Mario Draghi (see previous MMN).
However, lack of follow-through buying triggered profit-taking n price retreated to 1.0985 at New York close. Euro found some support there and staged a minor rebound to 1.1006 at Asian open.

Pay attention to the release of Germany ZEW current conditions n economic sentiment at 10:00GMT. Street forecasts are 54.2 and 15.0 vs prevoius readings of 54.4 and 10.4 respectively.

Offers are now seen at 1.1020/30 and more above at 1.1040/50 with stops building up above there whilst initial bids are noted at 1.0950/60, suggesting mild downside bias remains ahead of European open.

 

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AceTraderFx Dec 17: Intra-day Market Moving News and Views (EUR/USD)

Intra-day Market Moving News and Views
17 Dec 2015 02:00GMT

EUR/USD - ...... The single currency briefly spiked down to 1.0888 after the Fed hiked its interest rate by 25 bps before rallying to intra-day high at 1.1013 on comments from Yellen during her press conference.
However, renewed selling there sent the pair lower and euro tumbled to 1.0866 ahead of Asian open, then lower to 1.0854 in Asian morning.
Price continues to remain under pressure and edge lower steadily.

Pay attention to the release of IFO expectations and business climate at 09:00GMT.
Street forecasts are 105.0 and 109.0 vs previous readings of 104.7 and 109.0 respectively.

Offers are now lowered to 1.0880/90 and more above at 1.0910/20 with stops building up above there whilst initial bids are seen at 1.0800/10, suggesting selling on pullback is the way to go.

 

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AceTraderFx Dec 29: Intra-day Market Moving News and Views (EUR/USD)

Intra-day Market Moving News and Views
29 Dec 2015 03:08GMT

EUR/USD - ...... Euro also moves narrowly in subdued Asian morning after yesterday's retreat from European high of 1.0993 to 1.0958 in New York, suggesting range trading would continue until European open.
Traders touted offers at 1.0990/00, so unless more bids emerge, sideways move would continue and buying interest is tipped at 1.0950-40 with some stops below 1.0920.

The only data due out today in Europe is Italy's business confidence which is unlikely to stir up much excitement. Therefore, euro may well react to release of U.S. data indicated in previous update in New York morning.

Reuters earlier reported that speculators raised bearish bets on the euro, as net shorts were increased after falling the previous week to their lowest in about four weeks. The latest week's net short euro contracts were 161,047, compared with 159,961 the week before.

Net short euro contracts had been steadily declining especially in the wake of a smaller-than-expected stimulus move from the European Central Bank early this month.
For the year, the euro was down 9.4 percent against the dollar through December 22.

 

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AceTraderFx Dec 30: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK
Update Time: 30 Dec 2015 02:00 GMT

EUR/USD - 1.0924
Yesterday's selloff from 1.0992 (Europe) to as low as 1.0899 in NY session confirms euro's early erratic rise from 1.0802 has made a top at 1.0993 on Mon and consolidation with downside bias remains for a strong retracement of this move and as long as 1.0958/60 (previous sup, now res) holds, downside bias is seen for weakness towards 1.0870, however, near term loss of momentum should keep price above 1.0848/53 today.

On the upside, a daily close above 1.0958 would signal pullback is over, then outlook would turn bullish for re-test of 1.0993 and later towards daily res at 1.1013.