FirewoodFX - Market News

Daily Forex Market News - FirewoodFx

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Re: FirewoodFX - Market News

#521

Post by B0N3 » Thu Jul 18, 2019 8:16 pm

Asia Roundup:
Aussie rallies on upbeat employment report, greenback eases as U.S. Treasury yields resume decline, Asian shares plunge –
Thursday, July 18th, 2019





Market Roundup

Dollar eases as U.S. yields decline

Australia jobless rate stuck at 5.2 percent

Gold hits 2-week peak on Fed rate cut expectations



Economic Data Ahead

(0430 ET/0830 GMT) United Kingdom Retail Sales MM June

(0430 ET/0830 GMT) United Kingdom Retail Sales YY June

(0430 ET/0830 GMT) United Kingdom Retail Sales ex- fuel MM June

(0430 ET/0830 GMT) United Kingdom Retail Sales ex- fuel YY June

(0430 ET/0830 GMT) Bank of England Credit Conditions Survey Q2 Report



Key Events Ahead

No significant data scheduled



FX Beat

DXY: The dollar index slumped after the International Monetary Fund said that the greenback was overvalued by 6 percent to 12 percent, based on near-term economic fundamentals. The greenback against a basket of currencies traded 0.1 percent down at 97.08, having touched a low of 96.72 on Friday, its lowest since June 5.

EUR/USD: The euro surged, extending gains for the third straight session, as the greenback eased across the board. However, the upside appears limited amid expectations of easing from the European Central Bank as early as next week. The European currency traded 0.1 percent up at 1.1236, having touched a low of 1.1199 earlier, its lowest since July 9. Investors’ attention will remain on the U.S. unemployment benefit claims and Philadelphia Fed manufacturing survey, amid a lack of economic data from the Eurozone docket. Immediate resistance is located at 1.1278 (38.2% retracement of 1.1412 and 1.1193), a break above targets 1.1304 (50.0% retracement). On the downside, support is seen at 1.1193 (July 9 Low), a break below could drag it below 1.1160 (June 3 Low).

USD/JPY: The dollar plunged to a 2-week low as the Treasury yields fell in the wake of weak U.S. housing market data and concerns about the prolonged U.S.-China trade dispute. The pair was trading 0.2 percent down at 107.71, having hit a low of 107.64 earlier, its lowest since July 3. Investors’ will continue to track the broad-based market sentiment, ahead of the U.S. unemployment benefit claims and the Philadelphia Fed manufacturing survey. Immediate resistance is located at 108.53 (July 1 High), a break above targets 108.80 (July 8 High). On the downside, support is seen at 107.53 (July 3 Low), a break below could take it lower at 107.10 (June 26 Low).

GBP/USD: Sterling consolidated near 6-1/2 month lows hit in the previous session as investors refrained from taking big positions amid growing risks of Britain leaving the European Union in a no-deal Brexit. The major traded flat at 1.2436, having hit a low of 1.2382 on Wednesday, it’s lowest since Jan. 3. Investors’ attention will remain on the development surrounding Brexit, UK retail sales, producer price index, and consumer price index ahead of the U.S. fundamental drivers. Immediate resistance is located at 1.2488 (50.0% retracement of 1.2578 and 1.2396), a break above could take it near 1.2542 (78.6% retracement). On the downside, support is seen at 1.2373 (Jan. 3 Low), a break below targets 1.2334. Against the euro, the pound was trading 0.1 percent down at 90.35 pence, having hit a low of 90.51 on Wednesday, it’s lowest since Jan. 11.

AUD/USD: The Australian dollar rallied, halting a 2-day losing streak after data released earlier showed the country’s jobless rate remained stable at 5.2 percent for a third straight month and full-time employment surged in June, reducing the prospect of near-term easing by the Reserve Bank of Australia. The Aussie trades 0.3 percent up at 0.7033, having hit a high of 0.7044 on Tuesday, it’s highest since July 4. Investors will continue to track overall market sentiment, ahead of U.S. economic releases. Immediate support is seen at 0.6985 (July 3 Low), a break below targets 0.6941 (June 25 Low). On the upside, resistance is located at 0.7047 (July 4 High), a break above could take it near 0.7091 (Mar 12 High).

NZD/USD: The New Zealand dollar advanced to a 3-month peak as the greenback eased on weaker-than-expected U.S. housing data that increased expectations for an interest rate cut by the U.S. Federal Reserve. The Kiwi trades 0.2 percent up at 0.6744, having touched a high of 0.6746 earlier, its highest level Apr. 17. Investors’ will continue to track broad-based market sentiment, ahead of U.S. economic data. Immediate resistance is located at 0.6771 (Apr. 11 High), a break above could take it near 0.6799 (Apr. 4 High). On the downside, support is seen at 0.6664 (July 1 Low), a break below could drag it below 0.6602 (July 5 Low).



Equities Recap

Asian shares plunged as Wall Street stocks tumbled on early signs that the U.S.-China trade war could hurt corporate earnings.

MSCI's broadest of Asia-Pacificshares outside Japan eased 0.2 percent.

Tokyo's Nikkei declined 2.2 percent to 21,005.53 points, Australia's S&P/ASX 200 index fell 0.5 percent to 6,642.50 points and South Korea's KOSPI tumbled 0.4 percent to 2,064.12 points.

Hong Kong’s Hang Seng traded 0.6 percent lower at 28,416.95 points. Taiwan shares shed 0.3 percent to 10,799.28 points.

Shanghai Composite Index eased 0.8 percent to 2,908.43 points, while CSI 300 index traded 0.7 percent down at 3,777.43 points.



Commodities Recap

Crude Oil prices steadied after falling for three straight after data showed U.S. stockpiles of products like gasoline rose sharply last week, indicating weak demand during the peak driving season. . International benchmark Brent crude was trading 0.4 percent higher at $63.75 per barrel by 0446 GMT, having hit a low of $63.20 on Wednesday, its lowest since July 5. U.S. West Texas Intermediate was trading 0.3 percent up at $56.74 a barrel, after falling as low as $56.19 on Wednesday, its lowest since the July 3.

Gold prices eased from a two week peak hit earlier in the session, amid growing expectations for an interest rate cut by the U.S. Federal Reserve. Spot gold was trading 0.3 percent down at $1,422.11 per ounce by 0511 GMT, having touched a high of $1,430.02 earlier, its highest since July 3. U.S. gold futures rose 0.3 percent to $1,427.30 an ounce






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#522

Post by B0N3 » Fri Jul 19, 2019 8:05 pm

Asia Roundup:
Antipodeans at multi-week peaks, gold surges above $1,450 as Fed props up rate cut expectations, Asian shares rally –
Friday, July 19th, 2019





Market Roundup

Euro eases on report on ECB inflation goal

Gold surges above $1,450 on Fed rate cut hopes

Oil jumps after U.S. Navy downs Iranian drone



FX Beat

DXY: The dollar index rebounded from a 2-week low as early Friday statements from the New York Fed nullified effects of the President John Williams comments favoring 50 basis points Fed rate cut. The greenback against a basket of currencies traded 0.2 percent up at 96.86, having touched a low of 96.67 on Thursday, its lowest since June 4.

EUR/USD: The euro eased, reversing some of its previous session gains, following a Bloomberg report that the European Central Bank staff is studying a potential change to the bank's inflation target of near 2 percent, which would potentially leave the door open for more ECB stimulus to continue for a longer period. The European currency traded 0.2 percent down at 1.1261, having touched a low of 1.1199 on Wednesday, its lowest since July 9. Investors’ attention will remain on the EZ current account data, ahead of the U.S. Michigan prelim consumer sentiment index and Fed officials' speech. Immediate resistance is located at 1.1304 (50.0% retracement of 1.1412 and 1.1193), a break above targets 1.1329 (61.8% retracement). On the downside, support is seen at 1.1225 (June 20 Low), a break below could drag it below .1193 (July 9 Low).

USD/JPY: The dollar rebounded after falling to a 3-week low in the previous session on New York Federal Reserve President John Williams' comments. On Thursday, Williams argued for pre-emptive measures to avoid having to deal with low inflation and interest rates, cementing the case of a big rate cut at the end of this month. The pair was trading 0.3 percent up at 107.61, having hit a low of 107.21 earlier, its lowest since June 26. Investors’ will continue to track the broad-based market sentiment, ahead of the U.S. Michigan prelim consumer sentiment index and Fed officials' speeches. Immediate resistance is located at 108.11 (July 15 High), a break above targets 108.53 (July 1 High). On the downside, support is seen at 107.10 (June 26 Low), a break below could take it lower at 106.78 (June 25 Low).

GBP/USD: Sterling eased, halting a 2-day rally after Boris Johnson, the favourite to succeed Prime Minister Theresa May, said Britain must leave the European Union by Oct. 31 with or without a deal. On Thursday, the British pound gained as British lawmakers supported proposals to make it harder for the next prime minister to force through a no-deal Brexit by suspending Parliament. The major traded 0.1 percent down at 1.2529, having hit a low of 1.2382 on Wednesday, it’s lowest since Jan. 3. Investors’ attention will remain on the development surrounding Brexit and UK public sector net borrowing, ahead of the U.S. fundamental drivers. Immediate resistance is located at 1.2591 (July 4 High), a break above could take it near 1.2648 (July 2 High). On the downside, support is seen at 1.2494 (5-DMA), a break below targets 1.2439 (July 9 Low). Against the euro, the pound was trading flat at 89.85 pence, having hit a low of 90.51 on Wednesday, it’s lowest since Jan. 11.

AUD/USD: The Australian dollar slightly eased from a near 3-month low as the greenback rebounded after New York Fed’s statements poured cold water on the President Williams dovish comments. The Aussie trades 0.1 percent down at 0.7068, having hit a high of 0.7082 earlier, it’s highest since Apr. 24. Investors will continue to track overall market sentiment, ahead of U.S. economic releases. Immediate support is seen at 0.7030 (5-DMA), a break below targets 0.6985 (July 3 Low). On the upside, resistance is located at 0.7091 (Mar 12 High), a break above could take it near 0.7147 (Mar 26 High).

NZD/USD: The New Zealand dollar rallied to a 3-1/2 month high as the Federal Reserve's anticipated monetary easing supported the kiwi. The major trades 0.1 percent up at 0.6780, having touched a high of 0.6790 earlier, its highest level Apr. 4. Investors’ will continue to track broad-based market sentiment, ahead of U.S. economic data. Immediate resistance is located at 0.6823 (Mar. 29 High), a break above could take it near 0.6858 (Mar. 15 High). On the downside, support is seen at 0.6724 (5-DMA), a break below could drag it below 0.6664 (July 1 Low).




Equities Recap

Asian shares surged after a top Federal Reserve official cemented expectations of a U.S. interest rate cut later this month.

MSCI's broadest of Asia-Pacificshares outside Japan gained 1.0 percent.

Tokyo's Nikkei rallied 2.0 percent to 21,466.99 points, Australia's S&P/ASX 200 index surged 0.8 percent to 6,700.30 points and South Korea's KOSPI advanced 1.3 percent to 2,094.1202 points.

Hong Kong’s Hang Seng traded 1.1 percent higher at 28,758.13 points. Taiwan shares added 0.7 percent to 10,873.19 points.

Shanghai Composite Index rose 0.8 percent to 2,925.04 points, while CSI 300 index traded 1.1 percent up at 3,807.81 points.



Commodities Recap

Crude Oil prices surged by more than 1 percent after the U.S. Navy destroyed an Iranian drone in the Strait of Hormuz, a major chokepoint for global crude flows, raising tensions in the Middle East. International benchmark Brent crude was trading 1.05 percent higher at $63.07 per barrel by 0505 GMT, having hit a low of $61.26 on Thursday, its lowest since June 18. U.S. West Texas Intermediate was trading 0.9 percent up at $56.11 a barrel, after falling as low as $54.71 on Thursday, its lowest since the June 20.

Gold prices rallied above the key $1,450 level for the first time since May 2013, after comments from a Federal Reserve official bolstered expectations of an interest rate cut, while fresh tensions in the Middle East further supported the safe-haven demand. Spot gold eased 0.1 percent to $1,443.71 by 0510 GMT, having touched a high of $1,452.80 earlier, its highest since May 10, 2013, and has gained nearly 2 percent so far this week, on track for a second consecutive weekly gain. U.S. gold futures jumped 1.1 percent to $1,444.10 an ounce.





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#523

Post by B0N3 » Mon Jul 22, 2019 6:55 pm

Asia Roundup:
Dollar steadies as expectations for deep U.S. interest rate cuts ease, gold gains on Middle East tensions, Asian shares plunge –
Monday, July 22nd, 2019





Market Roundup

UK PM front-runner Boris Johnson says trade deal can break Brexit deadlock

Oil gains as Gulf tanker seizure raises tensions

Gold gains on Middle East tensions

South Korea's July 1-20 exports down 13.6% year-on-year



Economic Data Ahead

(0600 ET/1000 GMT) UK CBI Industrial Trends Survey – Orders MM July



Key Events Ahead

(0600 ET/1000 GMT) German Buba Monthly Report



FX Beat

DXY: The dollar index rallied as investors scaled back expectations of an aggressive interest rate cut by the Federal Reserve. On Friday, FOMC’s Bullard suggested a 25 bps rate cut should be appropriate, while Boston Federal Reserve President Eric Rosengren's said he does not see a scenario of lower rates. The greenback against a basket of currencies traded 0.1 percent up at 97.20, having touched a low of 96.67 on Thursday, its lowest since June 4.

EUR/USD: The euro eased, extending previous session losses, as investors expect the European Central Bank to either cut rates or keep settings accommodative at its monetary policy meeting on Thursday. The European currency traded 0.05 percent down at 1.1216, having touched a low of 1.1199 on Wednesday, its lowest since July 9. Investors’ attention will remain on the U.S. Chicago Fed National Activity Index, amid a lack of economic data from the Eurozone docket. Immediate resistance is located at 1.1246 (23.6% retracement of 1.1412 and 1.1193), a break above targets 1.1278 (38.2% retracement). On the downside, support is seen at 1.1193 (July 9 Low), a break below could drag it below 1.1193 (July 9 Low).

USD/JPY: The dollar surged to a 5-day peak against the Japanese yen as investors tempered their expectations for deep U.S. interest rate cuts this month. However, the upside in the pair appears limited as the UK and Iran tension, and concerns over the U.S.-China trade negotiations supported safe-haven assets. The major was trading 0.3 percent up at 107.99, having hit a low of 107.21 on Thursday, its lowest since June 26. Investors’ will continue to track the broad-based market sentiment, ahead of the U.S. Chicago Fed National Activity Index and Bank of Japan Governor Haruhiko Kuroda’s speech for clues on monetary policy. Immediate resistance is located at 108.32 (July 17 High), a break above targets 108.63 (July 5 High). On the downside, support is seen at 107.53 (July 3 Low), a break below could take it lower at 107.10 (June 26 Low).

GBP/USD: Sterling steadied after easing from a near 1-week peak in the previous session, supported by a vote by U.K. lawmakers last week that will make it harder for Britain’s next prime minister to try to force a no-deal Brexit. The major traded 0.1 percent up at 1.2505, having hit a high of 1.2558 on Thursday, it’s highest since July 15. Investors’ attention will remain on the development surrounding Brexit, ahead of the U.S. fundamental drivers. Immediate resistance is located at 1.2574 (21-DMA), a break above could take it near 1.2648 (July 2 High). On the downside, support is seen at 1.2439 (July 9 Low), a break below targets 1.2396 (July 16 Low). Against the euro, the pound was trading 0.05 percent up 89.70 pence, having hit a high of 89.54 earlier, it’s highest since July 15.

AUD/USD: The Australian dollar consolidated within narrow ranges, as investors refrained from taking big positions amid growing concerns over the Reserve Bank of Australia’s next policy move. The Aussie trades flat at 0.7038, having hit a high of 0.7082 on Friday, it’s highest since Apr. 24. Investors will continue to track overall market sentiment, ahead of U.S. economic releases. Immediate support is seen at 0.7015 (July 4 Low), a break below targets 0.6985 (July 3 Low). On the upside, resistance is located at 0.7091 (Mar 12 High), a break above could take it near 0.7147 (Mar 26 High).

NZD/USD: The New Zealand dollar surged, hovering towards a 3-1/2 month high hit in the previous session, as investors' focus remains on China as Beijing and Washington seek to end a protracted trade war. The major trades 0.2 percent up at 0.6773, having touched a high of 0.6790 on Friday, its highest level Apr. 4. Investors’ will continue to track broad-based market sentiment, ahead of U.S. economic data. Immediate resistance is located at 0.6823 (Mar. 29 High), a break above could take it near 0.6858 (Mar. 15 High). On the downside, support is seen at 0.6723 (July 18 Low), a break below could drag it below 0.6664 (July 1 Low).




Equities Recap

Asian shares slumped as expectations for a larger cut were scaled back after the Wall Street Journal reported the Fed was likely to cut rates by 25 bps this month.

MSCI's broadest of Asia-Pacific shares outside Japan tumbled 0.4 percent.

Tokyo's Nikkei fell 0.3 percent to 21,405.61 points, Australia's S&P/ASX 200 index plunged 0.2 percent to 6,688.70 points and South Korea's KOSPI advanced 0.1 percent to 2,096.30 points.

Hong Kong’s Hang Seng traded 0.9 percent lower at 28,518.44 points. Taiwan shares added 0.7 percent to 10,944.53 points.

Shanghai Composite Index eased 0.9 percent to 2,897.86 points, while CSI 300 index traded 0.3 percent declined at 3,795.53 points.



Commodities Recap

Crude Oil prices surged amid high tensions in the Middle East after a British tanker was seized by the Iranian military at the end of last week. International benchmark Brent crude was trading 0.7 percent higher at $63.23 per barrel by 0502 GMT, having hit a low of $61.26 on Thursday, its lowest since June 18. U.S. West Texas Intermediate was trading 0.8 percent up at $56.17 a barrel, after falling as low as $54.71 on Thursday, its lowest since the June 20.

Gold prices rose after easing from a 6-year peak in the previous session as tensions in the Middle East and weaker financial markets supported the metal. Spot gold was trading 0.1 percent up at $1,427.17 per ounce by 0506 GMT, having touched a high of $1,452.80 on Friday, its highest since May, 2013. U.S. gold futures were up 0.1 percent at $1,428.50 an ounce





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#524

Post by B0N3 » Tue Jul 23, 2019 8:02 pm

Asia Roundup:
Dollar at 2-week peak on smaller Fed rate cut expectations, oil rallies amid Middle East tensions, Asian shares nudge higher –
Tuesday, July 23rd, 2019





Market Roundup

Euro steady ahead of ECB meeting

Gold dips as dollar hits near 2-week high

Oil inches up amid Middle East tensions



Economic Data Ahead

(0400 ET/0800 GMT) ECB Bank Lending Survey

(0430 ET/0830 GMT) UK FPC Meeting Minutes

(0600 ET/1000 GMT) UK CBI Industrial Trends Survey – Orders MM July



Key Events Ahead

(0645 ET/1045 GMT) UK Conservative Party is set to announce the results of the vote for its new leadership

(0815 ET/1215 GMT) Bank of England Haldane's speech



FX Beat

DXY: The dollar index rallied to a 2-week peak, as traders wait for decisions from the U.S. Federal Reserve on how much and how fast they may reduce interest rates. The greenback against a basket of currencies traded 0.2 percent up at 97.47, having touched a high of 97.48 earlier, its highest since July 10.

EUR/USD: The euro plunged to a 5-week low, amid rising chances that European Central Bank would take interest rates deeper into negative territory on Thursday. The European currency traded 0.2 percent down at 1.1193, having touched a low of 1.1189 on Tuesday, its lowest since June 19. Investors’ attention will remain on the ECB Bank lending survey, and EZ prelim consumer confidence, ahead of the U.S. housing price index and existing home sales. Immediate resistance is located at 1.1211 (23.6% retracement of 1.1281 and 1.1189), a break above targets 1.1236 (50.0% retracement). On the downside, support is seen at 1.1181 (June 18 Low), a break below could drag it below 1.1148 (May 22 Low).

USD/JPY: The dollar rose, extending gains for the third straight session, as the Federal Reserve is widely expected to lower its target range of 2.25 percent – 2.50 percent by 25 basis points at a meeting ending July 31. Investors also await next week’s U.S.-China trade negations in Beijing for easing in on-going geopolitical tension. The major was trading 0.3 percent up at 108.16, having hit a high of 108.18 earlier, its highest since July 17. Investors’ will continue to track the broad-based market sentiment, ahead of the U.S. housing price index and existing home sales. Immediate resistance is located at 108.32 (July 17 High), a break above targets 108.63 (July 5 High). On the downside, support is seen at 107.53 (July 3 Low), a break below could take it lower at 107.10 (June 26 Low).

GBP/USD: Sterling slumped, extending prior session losses, as investors increased their bets on a no-deal Brexit ahead of the results of the Conservative Party’s leadership election. Markets expect Boris Johnson, the frontrunner to become the UK's next prime minister, who could pave the way for a no-deal exit from the European Union. The major traded 0.2 percent down at 1.2451, having hit a low of 1.2450 earlier, it’s lowest since July 18. Investors’ attention will remain on UK’s Conservative party leadership contest result, ahead of the U.S. fundamental drivers. Immediate resistance is located at 1.2522 (July 9 High), a break above could take it near 1.2578 (July 12 High). On the downside, support is seen at 1.2422 (July 18 Low), a break below targets 1.2382 (July 17 Low). Against the euro, the pound was trading down 89.87 pence, having hit a high of 89.54 on Monday, it’s highest since July 15.

AUD/USD: The Australian dollar declined as its U.S. counterpart surged on expectations for a smaller U.S. Federal Reserve rate cut next week. The Aussie trades 0.2 percent down at 0.7018, having hit a high of 0.7082 on Friday, it’s highest since Apr. 24. Investors will continue to track overall market sentiment, ahead of U.S. economic releases. Immediate support is seen at 0.6996 (July 17 Low), a break below targets 0.6953 (July 11 Low). On the upside, resistance is located at 0.7091 (Mar 12 High), a break above could take it near 0.7147 (Mar 26 High).

NZD/USD: The New Zealand dollar plunged on a Bloomberg News article, stating that the Reserve Bank of New Zealand has begun scoping a project to refresh its unconventional monetary policy strategy and implementation. The Kiwi trades 0.3 percent down at 0.6735, having touched a high of 0.6790 on Friday, its highest level Apr. 4. Investors’ will continue to track broad-based market sentiment, ahead of U.S. economic data. Immediate resistance is located at 0.6823 (Mar. 29 High), a break above could take it near 0.6858 (Mar. 15 High). On the downside, support is seen at 0.6704 (10-DMA), a break below could drag it below 0.6664 (July 1 Low).




Equities Recap

Asian shares nudged higher amid growing expectations of policy easing by the Federal Reserve and the European Central Bank.

MSCI's broadest of Asia-Pacific shares outside Japan nudged up 0.05 percent.

Tokyo's Nikkei rallied 0.9 percent to 21,620.88 points, Australia's S&P/ASX 200 index surged 0.5 percent to 6,724.60 points and South Korea's KOSPI advanced 0.4 percent to 2,102.04 points.

Hong Kong’s Hang Seng traded 0.3 percent higher at 28,455.90 points. Taiwan shares added 0.05 percent to 10,947.26 points.

Shanghai Composite Index rose 0.4 percent to 2,898.08 points, while CSI 300 index traded 0.2 percent up at 3,789.94 points.



Commodities Recap

Crude Oil prices edged higher amid lingering concerns about possible supply disruptions in the Middle East, although an overall weaker demand outlook limited the upside. International benchmark Brent crude was trading 0.05 percent higher at $63.33 per barrel by 0455 GMT, having hit a low of $61.26 on Thursday, its lowest since June 18. U.S. West Texas Intermediate was trading 0.05 percent up at $56.22 a barrel, after falling as low as $54.71 on Thursday, its lowest since the June 20.

Gold prices plunged to a 5-day low as the greenback rose to a near 1-week high on expectation of a smaller interest rate cut by the U.S. Federal Reserve at the end of this month. Spot gold was 0.5 percent down at $1,416.91 per ounce by 0458 GMT, having touched a high of $1,452.80 on Friday, its highest since May, 2013. U.S. gold futures slipped 0.5 percent to $1,419.30 an ounce.





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#525

Post by B0N3 » Wed Jul 24, 2019 7:57 pm

Asia Roundup:
Aussie eases as Westpac predicts early RBA rate cut, greenback at 5-week peak as U.S. Treasury yields resume rise, Asian shares rally –
Wednesday, July 24th, 2019





Market Roundup

Dollar hits 5-week peak on debt, budget deal

Oil edges higher as U.S. inventory decline

Gold gains on Fed rate-cut hopes

Westpac predicts early RBA rate cut as jobs data disappoints



Economic Data Ahead

(0315 ET/0715 GMT) France Markit preliminary manufacturing PMI July

(0315 ET/0715 GMT) France Markit preliminary service PMI July

(0315 ET/0715 GMT) France Markit preliminary composite PMI July

(0330 ET/0730 GMT) Germany Markit preliminary manufacturing PMI July

(0330 ET/0730 GMT) Germany Markit preliminary service PMI July

(0330 ET/0730 GMT) Germany Markit preliminary composite PMI July

(0400 ET/0800 GMT) M3 Money Supply June (3M)

(0400 ET/0800 GMT) M3 Money Supply June (YoY)

(0400 ET/0800 GMT) EU Markit preliminary manufacturing PMI July

(0400 ET/0800 GMT) EU Markit preliminary service PMI July

(0400 ET/0800 GMT) EU Markit preliminary composite PMI July



Key Events Ahead

No Significant Event Scheduled



FX Beat

DXY: The dollar index rallied to a 5-week high as the yields on 2-year U.S. Treasuries edged up to 1.837 percent overnight, while expectations of a smaller interest rate cut by the U.S. Federal Reserve supported investor sentiment. The greenback against a basket of currencies traded flat at 97.69, having touched a high of 97.76 earlier, its highest since June 18.

EUR/USD: The euro plunged to a near 2-month low as investors wagered on a dovish outcome from the European Central Bank’s upcoming policy meeting. Markets also await the preliminary German purchasing managers' index, which is expected to show the manufacturing activity contracted for the seventh straight month in July. The European currency traded 0.1 percent down at 1.1143, having touched a low of 1.1142 earlier, its lowest since May 31. Investors’ attention will remain on a series of data from the Eurozone economies, and EZ prelim Markit PMI's, ahead of the U.S. Markit flash PMI's and new home sales. Immediate resistance is located at 1.1175 (23.6% retracement of 1.1281 and 1.1142), a break above targets 1.1212 (50.0% retracement). On the downside, support is seen at 1.1125 (May 31 Low), a break below could drag it below 1.1100.

USD/JPY: The dollar eased, halting a 3-day winning streak as investors remained cautious ahead of the U.S. Gross Domestic product, due at the end of the week which looks set to have slowed sharply in the second quarter of this year to 1.8 percent from 3.1 percent in Q1 2019. However, news that a U.S. delegation led by U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin would travel to Shanghai next week for meetings with Chinese officials limited the downside. The major was trading 0.1 percent down at 108.13, having hit a high of 108.29 on Tuesday, its highest since July 17. Investors’ will continue to track the broad-based market sentiment, ahead of the U.S. Markit flash PMI's and new home sales. Immediate resistance is located at 108.53 (July 1 High), a break above targets 108.96 (July 9 High). On the downside, support is seen at 107.76 (July 5 Low), a break below could take it lower at 107.21 (July 19 Low).

GBP/USD: Sterling consolidated near a 1-week low on news Boris Johnson, who promised to exit the European Union with or without a deal by the end of October, will replace Theresa May as Prime Minister. The major traded flat at 1.2440, having hit a low of 1.2417 on Tuesday, it’s lowest since July 17. Investors’ attention will remain on the development surrounding Brexit, ahead of the U.S. fundamental drivers. Immediate resistance is located at 1.2477 (5-DMA), a break above could take it near 1.2558 (July 18 High). On the downside, support is seen at 1.2396 (July 16 Low), a break below targets 1.2373 (Jan. 3 Low). Against the euro, the pound was trading 0.1 percent down 89.57 pence, having hit a high of 89.52 on Tuesday, it’s highest since July 2.

AUD/USD: The Australian dollar plunged to a near 2-week low, as Westpac expects the Reserve Bank of Australia to deliver a 25 basis point rate cut as early as October, compared to the previous forecast of a rate cut in November. The latest projection is based on the assessment that the unemployment forecast will challenge the central bank. The Aussie trades 0.3 percent down at 0.6982, having hit a low of 0.6978 earlier, it’s lowest since July 12. Investors will continue to track overall market sentiment, ahead of U.S. economic releases. Immediate support is seen at 0.6957 (July 5 Low), a break below targets 0.6920 (July 9 Low). On the upside, resistance is located at 0.7044 (July 16 High), a break above could take it near 0.7091 (Mar 12 High).

NZD/USD: The New Zealand dollar slumped to a 1-1/2 week trough after domestic data showed imports lagged behind $5.20 billion expectations to $4.65 billion, while exports also fell short of $5.29 billion expected to $5.01 billion. Moreover, Reserve Bank of New Zealand’s hint towards likely future use of the unconventional monetary policy tools continued to undermine the bid tone around the major. The Kiwi trades 0.1 percent down at 0.6696, having touched a low of 0.6692 earlier, its lowest level July 15. Investors’ will continue to track broad-based market sentiment, ahead of U.S. economic data. Immediate resistance is located at 0.6738 (July 16 High), a break above could take it near 0.6823 (Mar. 29 High). On the downside, support is seen at 0.6664 (July 1 Low), a break below could drag it below 0.6619 (July 8 Low).




Equities Recap

Asian shares rose as investors’ risk appetite improved on hints of progress in the U.S.-China trade dispute.

MSCI's broadest of Asia-Pacific shares outside Japan nudged up 0.4 percent.

Tokyo's Nikkei rallied 0.3 percent to 21,689.60 points, Australia's S&P/ASX 200 index surged 0.8 percent to 6,776.70 points and South Korea's KOSPI slumped 0.9 percent to 2,082.19 points.

Hong Kong’s Hang Seng traded 0.6 percent higher at 28,637.92 points. Taiwan shares shed 0.1 percent to 10,935.76 points.

Shanghai Composite Index rose 0.7 percent to 2,919.80 points, while CSI 300 index traded 0.2 percent up at 3,817.04 points.



Commodities Recap

Crude Oil prices edged higher amid lingering concerns about possible supply disruptions in the Middle East, although an overall weaker demand outlook limited the upside. International benchmark Brent crude was trading 0.05 percent higher at $63.33 per barrel by 0455 GMT, having hit a low of $61.26 on Thursday, its lowest since June 18. U.S. West Texas Intermediate was trading 0.05 percent up at $56.22 a barrel, after falling as low as $54.71 on Thursday, its lowest since the June 20.

Gold prices plunged to a 5-day low as the greenback rose to a near 1-week high on expectation of a smaller interest rate cut by the U.S. Federal Reserve at the end of this month. Spot gold was 0.5 percent down at $1,416.91 per ounce by 0458 GMT, having touched a high of $1,452.80 on Friday, its highest since May, 2013. U.S. gold futures slipped 0.5 percent to $1,419.30 an ounce.





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#526

Post by B0N3 » Fri Jul 26, 2019 9:51 pm

Asia Roundup:
Antipodeans at multi-week lows on monetary easing concerns, euro off 2-year low on less dovish ECB, investors’ eye U.S. prelim Q2 GDP –
Friday, July 26th, 2019





Market Roundup

Dollar near 2-week high vs yen as traders trim rate cut views

Euro rallies as ECB holds interest rate steady

Gold off 1-week high on robust U.S. data

Oil rises on Iran tensions and as U.S. inventory decline



Economic Data Ahead

(0245 ET/0645 GMT) France producer prices MoM June

(0245 ET/0645 GMT) France consumer confidence July

(0400 ET/0800 GMT) Italy Trade Balance non-EU June

(0400 ET/0800 GMT) Italy consumer confidence June

(0400 ET/0800 GMT) Italy business confidence June



Key Events Ahead

No Significant Event Scheduled



FX Beat

DXY: The dollar index edged up, hovering towards a near 2-week peak scaled in the previous session, as a surge in U.S. capital goods orders tempered expectations for global monetary easing. Investors now focus on U.S. consumer spending data to gauge the underlying strength of the economy. The greenback against a basket of currencies traded flat at 97.81, having touched a high of 97.92 earlier, its highest since May 31.

EUR/USD: The euro steadied after falling to an over 2-year low in the previous session, after European Central Bank held interest rates steady, but appeared certain to cut interest rate in September. ECB President Mario Draghi sounded slightly optimistic about his outlook on the eurozone economy but noted that a rebound in the second half was less likely due to stubbornly low inflation. The European currency traded flat at 1.1148, having touched a low of 1.1101 on Thursday, its lowest since May 2017. Investors’ attention will remain on data out of Eurozone economies, ahead of the U.S. prelim gross domestic product and personal consumption expenditures prices. Immediate resistance is located at 1.1171 (23.6% retracement of 1.1281 and 1.1101), a break above targets 1.1213 (61.8% retracement). On the downside, support is seen at 1.1126 (July 24 Low), a break below could drag it below 1.1100.

USD/JPY: The dollar held firm near a 2-week peak, as investors slashed expectations for aggressive Federal Reserve interest rate cuts ahead of key U.S. economic data due later in the day. On Thursday, the pair rallied after data showed that new orders for key U.S.-made capital goods surged 1.9 percent in June, while weekly U.S. jobless claims number declined to a three-month low last week, indicating strength in the labor market. The major was trading flat at 108.62, having hit a high of 108.75 on Thursday, its highest since July 10. Investors’ will continue to track the broad-based market sentiment, ahead of the U.S. prelim gross domestic product and personal consumption expenditures prices. Immediate resistance is located at 108.96 (July 9 High), a break above targets 109.54 (Jan. 29 High). On the downside, support is seen at 108.46 (78.6% retracement of 107.21 and 108.75), a break below could take it lower at 108.11 (21-DMA).

GBP/USD: Sterling consolidated within narrow ranges, as Boris Johnson became Britain's new prime minister, but uncertainty about Britain's negotiations to leave the European Union still persisted. The major traded flat at 1.2445, having hit a low of 1.2417 on Tuesday, it’s lowest since July 17. Investors’ attention will remain on the development surrounding Brexit, ahead of the U.S. fundamental drivers. Immediate resistance is located at 1.2520 (July 16 High), a break above could take it near 1.2578 (July 12 High). On the downside, support is seen at 1.2417 (July 23 Low), a break below targets 1.2396 (July 16 Low). Against the euro, the pound was trading 0.1 percent 89.56 pence, having hit a high of 88.91 on Thursday, it’s highest since June 21.

AUD/USD: The Australian dollar plunged to an over 2-week low after Reserve Bank of Australia Governor Philip Lowe on Thursday underlined the bank’s easing bias. Earlier in the week, Westpac brought forward the timing of its forecast for the next rate cut by the RBA to October, from November previously. The Aussie trades 0.2 percent down at 0.6941, having hit a low of 0.6939 earlier, it’s lowest since July 10. Investors will continue to track overall market sentiment, ahead of U.S. economic releases. Immediate support is seen at 0.6920 (July 9 Low), a break below targets 0.6903 (June 21 Low). On the upside, resistance is located at 0.7000 (21-DMA), a break above could take it near 0.7047 (July 4 High).

NZD/USD: The New Zealand dollar slumped to a 2-week trough, as the Reserve Bank of New Zealand is expected to cut rates to 1.25 percent in August, and to 1 percent by February next year. Data released earlier in the week showing domestic business confidence declined to its lowest level in nine years in the second quarter supported Westpac Bank's forecast of two rate cuts by RBNZ by end of this year. The Kiwi trades 0.2 percent down at 0.6653, having touched a low of 0.6651 earlier, its lowest level July 11. Investors’ will continue to track broad-based market sentiment, ahead of U.S. economic data. Immediate resistance is located at 0.6691 (21-DMA), a break above could take it near 0.6738 (July 16 High). On the downside, support is seen at 0.6640 (July 11 Low), a break below could drag it below 0.6602 (July 5 Low).



Equities Recap

Asian shares tumbled on mixed U.S. earnings reports, while the euro rebounded from a 2-year low after the European Central Bank held interest rates steady.

MSCI's broadest of Asia-Pacific shares outside Japan plunged 0.2 percent.

Tokyo's Nikkei declined 0.6 percent to 21,635.80 points, Australia's S&P/ASX 200 index fell 0.3 percent to 6,795.80 points and South Korea's KOSPI slumped 0.5 percent to 2,063.76 points.

Hong Kong’s Hang Seng traded 0.5 percent lower at 28,458.40 points. Taiwan shares shed 0.5 percent to 10,891.98 points.

Shanghai Composite Index rose 0.1 percent to 2,939.71 points, while CSI 300 index traded 0.1 percent up at 3,854.50 points.



Commodities Recap

Crude Oil prices surged, supported by rising tensions between the West and Iran and a huge decline in U.S. crude stockpiles, although lingering worries about slowing economic growth that could reduce fuel demand limited upside. International benchmark Brent crude was trading 0.6 percent higher at $63.44 per barrel by 0418 GMT, having hit a high of $64.64 on Wednesday, its highest since July 17. U.S. West Texas Intermediate was trading 0.5 percent up at $56.18 a barrel, after rising as high as $57.62 on Wednesday, its highest since the July 17.

Gold prices rebounded following a sharp decline in the previous session, while investors awaited U.S. economic growth data due later in the day that could provide clues about the Federal Reserve’s monetary policy meeting. Spot gold was trading 0.2 percent up at $1,416.35 per ounce by 0422 GMT, having touched a low of $1,410.77 on Thursday, its lowest since July 17 and was on track for its first weekly decline in three. U.S. gold futures edged 0.2 percent higher to $1,417.10 an ounce.









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#527

Post by B0N3 » Mon Jul 29, 2019 8:17 pm

Asia Roundup:
Aussie eases on downbeat Chinese data, dollar gains as better-than-expected U.S. GDP cements smaller rate cut expectations, Asian shares plunge – Monday, July 29th, 2019





Market Roundup

U.S.-China trade talks in focus

Oil falls after 'constructive' talks on Iran's nuclear deal

Gold gains as markets eye Fed meeting

Profits earned by China’s industrial firms contracted in June



Economic Data Ahead

(0400 ET/0800 GMT) Italy Producer Price Index MoM June

(0400 ET/0800 GMT) Italy Producer Price Index YoY June

(0430 ET/0830 GMT) UK Net Lending to individuals MoM June

(0430 ET/0830 GMT) UK Consumer Credit June

(0430 ET/0830 GMT) UK Mortgage Approvals June



Key Events Ahead

No Significant Event Scheduled



FX Beat

DXY: The dollar index rallied as better-than-expected U.S. GDP data last week cemented expectations that the Fed will go for a smaller interest rate cut of 25 basis points, rather than 50 basis points. The greenback against a basket of currencies traded 0.1 percent up at 98.02, having touched a high of 98.09 on Friday, its highest since May 31.

EUR/USD: The euro consolidated within narrow ranges near recent lows, after the European Central Bank signaled last week that it is likely to cut interest rates deeper into negative and adopt more easing measures in September to support the struggling euro zone economy. The European currency traded flat at 1.1127, having touched a low of 1.1101 on Thursday, its lowest since May 2017. Investors’ attention will remain on data out of Euro zone economies, ahead of the U.S. Dallas Fed Manufacturing Business Index. Immediate resistance is located at 1.1171 (23.6% retracement of 1.1281 and 1.1101), a break above targets 1.1213 (61.8% retracement). On the downside, support is seen at 1.1101 (July 25 Low), a break below could drag it below 1.1070.

USD/JPY: The dollar plunged after rising to an over 3-week peak in the previous session on data that showed U.S. gross domestic product increased at a 2.1 percent annualized rate in the second quarter, above forecast of 1.8 percent, cementing expectations that the Fed will go for a smaller interest rate cut of 25 basis points, rather than 50 basis points. The major was trading 0.05 percent down at 108.57, having hit a high of 108.82 on Friday, its highest since July 10. Investors’ will continue to track the broad-based market sentiment, ahead of the U.S. Dallas Fed Manufacturing Business Index. Immediate resistance is located at 108.96 (July 9 High), a break above targets 109.54 (Jan. 29 High). On the downside, support is seen at 108.20 (61.8% retracement of 107.21 and 108.82), a break below could take it lower at 108.01 (50% retracement).

GBP/USD: Sterling slumped, extending losses for the third straight session, after Britain's senior ministers stated the government is working on the assumption that the European Union will not renegotiate its Brexit deal and is ramping up preparations to leave the bloc on October 31 without an agreement. The major traded 0.1 percent down at 1.2365, having hit a low of 1.2361 earlier, it’s lowest since March 2017. Investors’ attention will remain on the development surrounding Brexit, ahead of the U.S. fundamental drivers. Immediate resistance is located at 1.2412 (23.6% retracement of 1.2578 and 1.2361 ), a break above could take it near 1.2471 (50% retracement). On the downside, support is seen at 1.2340 (March 21, 2017, Low), a break below targets 1.2280 (March 1, 2017, Low). Against the euro, the pound was trading 0.2 percent down 89.98 pence, having hit a high of 88.91 on Thursday, it’s highest since June 21.

AUD/USD: The Australian dollar tumbled to an over 1-month low after data released on Saturday showed profits earned by China's industrial firms contracted in June after a brief gain the previous month. The Aussie trades down at 0.6907, having hit a low of 0.6902 earlier, it’s lowest since June 20. Investors will continue to track overall market sentiment, ahead of U.S. economic releases. Immediate support is seen at 0.6878 (June 20 Low), a break below targets 0.6831 (June 18 Low). On the upside, resistance is located at 0.6975 (5-DMA), a break above could take it near 0.7047 (July 4 High).

NZD/USD: The New Zealand dollar declined to a near 3-week low, as the Reserve Bank of New Zealand is likely to cut its rates to 1.25 percent in August, and to 1 percent by February next year. The Kiwi trades 0.05 percent down at 0.6629, having touched a low of 0.6626 earlier, its lowest level July 10. Investors’ will continue to track broad-based market sentiment, ahead of U.S. economic data. Immediate resistance is located at 0.6664 (23.6% retracement of 0.6790 and 0.6626), a break above could take it near 0.6708 (50% retracement). On the downside, support is seen at 0.6602 (July 5 Low), a break below could drag it below 0.6565 (July 10 Low).



Equities Recap

Asian shares declined as investors turned cautious ahead of the U.S. and China trade negotiations in Shanghai this week, their first in-person talks since a G20 truce last month.

MSCI's broadest of Asia-Pacific shares outside Japan plunged 0.4 percent.

Tokyo's Nikkei declined 0.2 percent to 21,616.80 points, Australia's S&P/ASX 200 index rose 0.5 percent to 6,825.80 points and South Korea's KOSPI slumped 1.8 percent to 2,030.67 points.

Hong Kong’s Hang Seng traded 1.4 percent lower at 27,983.76 points. Taiwan shares shed 0.1 percent to 10,885.73 points.

Shanghai Composite Index eased 0.1 percent to 2,941.44 points, while CSI 300 index traded 0.1 percent down at 3,855.84 points.



Commodities Recap

Crude Oil prices declined after Iran described emergency talks on a multi-party nuclear agreement with a group of signatories as constructive, indicating an easing of tensions in the Middle East. International benchmark Brent crude was trading 0.1 percent lower at $63.23 per barrel by 0456 GMT, having hit a high of $64.64 on Wednesday, its highest since July 17. U.S. West Texas Intermediate was trading 0.1 percent down at $56.10 a barrel, after rising as high as $57.62 on Wednesday, its highest since the July 17.

Gold prices rose, extending previous session gains ahead of this week’s U.S. Federal Reserve monetary policy meeting, which is expected to lead to a cut in U.S. interest rates. Spot gold was trading 0.1 percent up at $1,420.04 per ounce by 0459 GMT, having touched a low of $1,410.77 on Thursday, its lowest since July 17. U.S. gold futures gained 0.3 percent to $1,423.20 an ounce.









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#528

Post by B0N3 » Tue Jul 30, 2019 9:16 pm

Asia Roundup:
Yen gains against dollar as BoJ stands pat, greenback at 2-month peak ahead of Fed policy outcome, Asian shares surge –
Tuesday, July 30th, 2019





Market Roundup

BOJ hints at more easing if inflation sputters

Pound pressured by fresh Brexit fears

Dollar hits 2-month high ahead of Fed policy meeting



Economic Data Ahead

(0300 ET/0700 GMT) Switzerland KOF leading indicator July

(0500 ET/0900 GMT) Eurozone Economic Sentiment Indicator July

(0800 ET/1200 GMT) German prelim consumer price index July



Key Events Ahead

No Significant Event Scheduled



FX Beat

DXY: The dollar rallied to a 2-month peak, as the Fed is expected to cut rates by 25 basis points to 2.00 percent – 2.25 percent on Wednesday after recent upbeat U.S. economic data pared expectations for aggressive rate cuts. The greenback against a basket of currencies traded 0.1 percent up at 98.16, having touched a high of 98.21 earlier, its highest since May 30.

EUR/USD: The euro declined, reversing some of its previous session gains, amid growing concern that not all European Central Bank policymakers will agree on the timing of new stimulus. Moreover, uncertainty about a possible Italian snap general election continued to weigh on sentiment. The European currency traded 0.05 percent down at 1.1138, having touched a low of 1.1101 on Thursday, its lowest since May 2017. Investors’ attention will remain on Eurozone economic sentiment indicator and German consumer price index, ahead of the U.S. personal consumption expenditure- price index, consumer confidence and pending home sales. Immediate resistance is located at 1.1171 (23.6% retracement of 1.1281 and 1.1101), a break above targets 1.1213 (61.8% retracement). On the downside, support is seen at 1.1101 (July 25 Low), a break below could drag it below 1.1070.

USD/JPY: The dollar plunged from a 20-day peak, as investors turned cautious ahead of an expected 25 basis point cut by the Federal Reserve, its first time in more than a decade this week amid growing global uncertainties and trade pressures. The Bank of Japan maintained its short-term interest rate target at -0.1 percent and pledged to guide 10-year government bond yields around 0 percent but signalled its readiness to expand stimulus without hesitation if a global slowdown dented the country’s economic recovery. The major was trading 0.2 percent down at 108.62, having hit a high of 108.94 on Monday, its highest since July 10. Investors’ will continue to track the broad-based market sentiment, ahead of the U.S. personal consumption expenditure- price index, consumer confidence and pending home sales. Immediate resistance is located at 109.08 (Jan. 8 High), a break above targets 109.54 (Jan. 29 High). On the downside, support is seen at 108.28 (61.8% retracement of 107.21 and 108.94), a break below could take it lower at 108.08 (50% retracement).

GBP/USD: Sterling tumbled to a 28-month low below the 1.2200 handle as investors turned cautious amid growing risk of a no-deal Brexit and the chance that new British Prime Minister Boris Johnson will call an early election. The major traded 0.7 percent down at 1.2130, having hit a low of 1.2118 earlier, it’s lowest since March 2017. Investors’ attention will remain on the development surrounding Brexit, ahead of the U.S. fundamental drivers. Immediate resistance is located at 1.2273 (38.2% retracement of 1.2522 and 1.2118), a break above could take it near 1.2321 (50% retracement). On the downside, support is seen at 1.2108 (March 14, 2017, Low), a break below targets 1.2037 (Jan 11, 2017, Low). Against the euro, the pound was trading 0.7 percent down at 91.80 pence, having hit a low of 91.90 earlier, it’s lowest since Sept 2017.

AUD/USD: The Australian dollar slumped, extending losses for the eighth straight session after U.S. President Donald Trump offered a pessimistic view of reaching a trade deal with China, saying Beijing may not sign one before the November 2020 U.S. presidential election. However, Beijing hopes Washington would stick to its commitment to create positive conditions for the trade talks this week. The Aussie trades 0.05 percent down at 0.6898, having hit a low of 0.6894 earlier, it’s lowest since June 20. Investors will continue to track overall market sentiment, ahead of U.S. economic releases. Immediate support is seen at 0.6878 (June 20 Low), a break below targets 0.6831 (June 18 Low). On the upside, resistance is located at 0.6937 (23.6% retracement of 0.7082 and 0.6894), a break above could take it near 0.6988 (50% retracement).

NZD/USD: The New Zealand dollar consolidated near a 20-day low, as U.S. and Chinese trade negotiators meet in Shanghai this week for their first in-person talks since a G20 truce last month, but expectations are low for a breakthrough. The Kiwi trades 0.05 percent down at 0.6624, having touched a low of 0.6616 on Monday, its lowest level July 10. Investors’ will continue to track broad-based market sentiment, ahead of U.S. economic data. Immediate resistance is located at 0.6657 (23.6% retracement of 0.6790 and 0.6616), a break above could take it near 0.6703 (50% retracement). On the downside, support is seen at 0.6602 (July 5 Low), a break below could drag it below 0.6565 (July



Equities Recap

Asian shares gained, as investors awaited an expected U.S. interest rate cut this week, while the pound plunged to a 28-month low amid heightened concerns about a no-deal Brexit.

MSCI's broadest of Asia-Pacific shares outside Japan advanced 0.4 percent.

Tokyo's Nikkei rallied 0.4 percent to 21,709.31 points, Australia's S&P/ASX 200 index rose 0.3 percent to 6,845.10 points and South Korea's KOSPI gained 0.5 percent to 2,039.81 points.

Hong Kong’s Hang Seng traded 0.3 percent higher at 28,186.07 points. Taiwan shares shed 0.5 percent to 10,830.90 points.

Shanghai Composite Index rose 0.4 percent to 2,952.19 points, while CSI 300 index traded 0.5 percent up at 3,871.12 points.



Commodities Recap

Crude Oil prices surged, extending overnight gains amid widespread expectations the U.S. Federal Reserve will cut interest rates for the first time in more than a decade this week. International benchmark Brent crude was trading 0.3 percent higher at $64.02 per barrel by 0447 GMT, having hit a high of $64.64 last week, its highest since July 17. U.S. West Texas Intermediate was trading 0.2 percent up at $57.15 a barrel, after rising as high as $57.62 last week, its highest since the July 17.

Gold prices declined as the dollar held firm near multi-month highs, while investors awaited the outcome of a two-day U.S. Federal Reserve policy meeting, where the central bank is widely expected to cut interest rates. Spot gold was trading 0.1 percent down to $1,425.14 per ounce by 0501 GMT, having touched a low of $1,410.77 on Thursday, its lowest since July 17. U.S. gold futures gained 0.2 percent to $1,422.50 an ounce.









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#529

Post by B0N3 » Wed Jul 31, 2019 8:14 pm

Asia Roundup:
Aussie off 6-week low on better-than-expected inflation data, greenback consolidates near 2-month peak as investors await Fed decision, Asian shares at 6-week through – Wednesday, July 31st, 2019





Market Roundup

Gold subdued as investors focus on Fed decision

Oil gains after U.S. stockpile decline

Euro steadies around last week’s 26-month low vs dollar

Yen gains vs dollar after BoJ meeting

Australia dollar snaps losing streak on inflation data



Economic Data Ahead

(0355 ET/0755 GMT) German Unemployment rate s.a July

(0355 ET/0755 GMT) German Unemployment change July

(0400 ET/0800 GMT) Italy's prelim consumer price index YoY July

(0400 ET/0800 GMT) Italy's prelim consumer price index MoM July

(0500 ET/0900 GMT) EZ prelim Gross Domestic Product s.a.. YoY Q2

(0500 ET/0900 GMT) EZ prelim Gross Domestic Product s.a.. MoM Q2

(0500 ET/0900 GMT) EZ unemployment rate June

(0500 ET/0900 GMT) EZ prelim consumer price index YoY July

(0500 ET/0900 GMT) EZ prelim consumer price index- Core YoY July



Key Events Ahead

No Significant Event Scheduled



FX Beat

DXY: The dollar index slightly eased after rising to a 2-month peak in the previous session as investors awaited to see whether the Federal Reserve would signal the start of an interest rate-cutting cycle. The greenback against a basket of currencies traded 0.05 percent down at 98.02, having touched a high of 98.21 on Tuesday, its highest since May 30.

EUR/USD: The euro consolidated near a 5-day peak, as investors remained cautious amid expectations that the European Central Bank may turn out to be more aggressive than the Fed in easing monetary policy. The European currency traded 0.05 percent down at 1.1156, having touched a low of 1.1101 on Thursday, its lowest since May 2017. Investors’ attention will remain on Eurozone economic sentiment indicator and German unemployment rate, and Eurozone prelim gross domestic product and unemployment, ahead of the U.S. ADP employment change and Fed interest rate decision. Immediate resistance is located at 1.1171 (23.6% retracement of 1.1281 and 1.1101), a break above targets 1.1213 (61.8% retracement). On the downside, support is seen at 1.1101 (July 25 Low), a break below could drag it below 1.1070.

USD/JPY: The dollar plunged, extending previous session losses, as investors are convinced the Federal Reserve will cut the key benchmark rate by 25 basis points to between 2 percent and 2.25 percent later in the day. The major was trading 0.05 percent down at 108.54, having hit a high of 108.94 on Tuesday, its highest since July 10. Investors’ will continue to track the broad-based market sentiment, ahead of the U.S. ADP employment change and Fed interest rate decision. Immediate resistance is located at 109.08 (Jan. 8 High), a break above targets 109.54 (Jan. 29 High). On the downside, support is seen at 108.28 (61.8% retracement of 107.21 and 108.94), a break below could take it lower at 108.08 (50% retracement).

GBP/USD: Sterling steadied, halting a 3-day losing streak ahead of Prime Minister Boris Johnson's Northern Ireland visit. On Tuesday, PM Boris promised to lead Britain out of the European Union on October 31 no matter what, as Ireland warned that the EU bloc would not be renegotiating the thrice defeated deal. The major traded 0.1 percent up at 1.2161, having hit a low of 1.2118 on Tuesday, it’s lowest since March 2017. Investors’ attention will remain on the development surrounding Brexit, ahead of the U.S. fundamental drivers. Immediate resistance is located at 1.2274 (38.2% retracement of 1.2522 and 1.2118), a break above could take it near 1.2322 (50% retracement). On the downside, support is seen at 1.2108 (March 14, 2017, Low), a break below targets 1.2037 (Jan 11, 2017, Low). Against the euro, the pound was trading 0.1 percent up at 91.72 pence, having hit a low of 91.90 on Tuesday, it’s lowest since Sept 2017.

AUD/USD: The Australian dollar rebounded after falling to a 6- week low after domestic data showed consumer prices rose 1.6 percent in the year to June, a fraction above forecasts. Earlier in the day, the major plunged as underlying inflation remained low at 1.5 percent and well short of the Reserve Bank of Australia's target range of 2-3 percent, cementing the case for recent cuts in interest rates. The Aussie trades 0.3 percent up at 0.6893, having hit a low of 0.6862 earlier, it’s lowest since June 19. Investors will continue to track overall market sentiment, ahead of U.S. economic releases. Immediate support is seen at 0.6855 (June 19 Low), a break below targets 0.6831 (June 18 Low). On the upside, resistance is located at 0.6914 (23.6% retracement of 0.7082 and 0.6862), a break above could take it near 0.6972 (50% retracement).

NZD/USD: The New Zealand dollar plunged to a 21-day low, amid reinforced expectations the Reserve Bank of New Zealand would cut rates by a quarter-point to 1.25 percent at its policy meeting on Aug. 7, and likely move again by December. The Kiwi trades 0.2 percent down at 0.6599, having touched a low of 0.6586 earlier, its lowest level July 10. Investors’ will continue to track broad-based market sentiment, ahead of U.S. economic data. Immediate resistance is located at 0.6636 (23.6% retracement of 0.6790 and 0.6586), a break above could take it near 0.6713 (61.8% retracement). On the downside, support is seen at 0.6565 (July 10 Low), a break below could drag it below 0.6513 (July 19 Low).




Equities Recap

Asian shares tumbled to a 6-week trough, weighed down by fresh trade war concerns following threats from President Donald Trump to Beijing.

MSCI's broadest of Asia-Pacific shares outside Japan slumped 0.4 percent.

Tokyo's Nikkei declined 0.9 percent to 21,521.53 points, Australia's S&P/ASX 200 index fell 0.5 percent to 6,812.60 points and South Korea's KOSPI plunged 0.4 percent to 2,030.67 points.

Hong Kong’s Hang Seng traded 1.3 percent lower at 27,777.75 points. Taiwan shares shed 0.1 percent to 10,823.81 points.

Shanghai Composite Index eased 0.7 percent to 2,931.55 points, while CSI 300 index traded 0.9 percent down at 3,833.81 points.



Commodities Recap

Crude Oil prices surged for a fourth straight session, boosted by a bigger-than-expected drop in U.S. inventories and as investors awaited a widely expected cut in interest rates by the Federal Reserve. International benchmark Brent crude was trading 0.4 percent higher at $65.19 per barrel by 0500 GMT, having hit a high of $65.25 earlier, its highest since July 17. U.S. West Texas Intermediate was trading 0.2 percent up at $58.43 a barrel, after rising as high as $58.50 earlier, its highest since the July 16.

Gold prices declined as the dollar held firm ahead of the outcome of the Federal Reserve’s meeting later in the day when policymakers are expected to cut interest rates. Spot gold was 0.1 percent down at $1,429.60 per ounce by 0510 GMT, having touched a low of $1,410.77 on Thursday, its lowest since July 17. U.S. gold futures edged 0.1 percent lower to $1,440.50 an ounce.









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#530

Post by B0N3 » Thu Aug 01, 2019 9:17 pm

Asia Roundup:
Antipodeans halts 9-day losing streak on upbeat home prices, greenback at 2-year peak as Fed dampens bets on more rate cuts, Asian shares plunge –Thursday, August 1st, 2019





Market Roundup

Fed signals rate cuts may be limited

Fonterra's June milk output in New Zealand jumps 14%

Australian home prices find a floor in July, outlook improves

Dollar hits two-year high vs euro

Oil drops as Fed dampens bets on more rate cuts

Gold slides to a two-week low as Fed cuts interest rates



Economic Data Ahead

(0315 ET/0715 GMT) Spain Markit manufacturing PMI July

(0330 ET/0730 GMT) Switzerland SVME purchasing managers index July

(0345 ET/0745 GMT) Italy Markit manufacturing PMI July

(0350 ET/0750 GMT) France Markit manufacturing PMI July

(0355 ET/0755 GMT) Germany Markit manufacturing PMI July

(0400 ET/0800 GMT) EZ Markit manufacturing PMI July

(0430 ET/0830 GMT) UK Markit manufacturing PMI July



Key Events Ahead

(0700 ET/1100 GMT) BoE interest rate decision

(0700 ET/1100 GMT) BoE meeting minutes

(0700 ET/1100 GMT) BoE Governor Carney's speech



FX Beat

DXY: The dollar index surged to a 2-year peak after the Federal Reserve cut interest rates, but Chairman Jerome Powell stated that the move might not be the start of a lengthy campaign to support the economy against global risks. The greenback against a basket of currencies traded 0.3 percent up at 98.81, having touched a high of 98.93 earlier, its highest since May 15, 2017.

EUR/USD: The euro slumped to a 2-year low as the greenback rallied across the board after U.S. central bank lowered its benchmark overnight lending rate to a target range of 2.00 percent to 2.25 percent but ruled out a lengthy easing cycle. Moreover, data showing Eurozone economic growth halved in the second quarter and inflation slowed sharply in July, reinforced market expectations that the European Central Bank will further ease monetary policy in September. The European currency traded 0.2 percent down at 1.1049, having touched a low of 1.1033 earlier, its lowest since May 16 2017. Investors’ attention will remain on Markit manufacturing PMI's from the Eurozone economies, ahead of the U.S. unemployment benefit claims, construction spending and manufacturing PMI from both Markit and ISM. Immediate resistance is located at 1.1084 (38.2% retracement of 1.1162 and 1.1033), a break above targets 1.1114 (61.8% retracement). On the downside, support is seen at 1.0973 (May 16, 2017, Low), a break below could drag it below 1.0820 (Apr. 24 2017 Low).

USD/JPY: The dollar rallied to a 2-month peak as the U.S. Federal Reserve cut rates by 25 basis points, as widely expected, to support the economy against risks including trade friction. Investors still see one more rate cut this year, however, Chairman Jerome Powell's comments during the press conference slashed expectations the Fed is prepared to lower rates well into next year. The major was trading 0.4 percent up at 109.18, having hit a high of 109.31 earlier, its highest since May 31. Investors’ will continue to track the broad-based market sentiment, ahead of the U.S. unemployment benefit claims, construction spending and manufacturing PMI from both Markit and ISM. Immediate resistance is located at 109.54 (Jan. 29 High), a break above targets 109.92 (May 30 High). On the downside, support is seen at 108.50 (61.8% retracement of 107.21 and 109.31), a break below could take it lower at 108.26 (50% retracement).

GBP/USD: Sterling plunged to a 2-1/2 year low, weighed down by broad-based greenback strength and growing speculation Britain will go through with a no-deal Brexit. Investors now await the Bank of England policy meeting later in the day, where it is almost certain that the Monetary Policy Committee will vote 9-0 to keep rates on hold at 0.75 percent. The major traded 0.2 percent down at 1.2132, having hit a low of 1.2100 earlier, it’s lowest since Jan. 17 2017. Investors’ attention will remain on the development surrounding Brexit and BoE policy decision, ahead of the U.S. fundamental drivers. Immediate resistance is located at 1.2200 (23.2% retracement of 1.2522 and 1.2100), a break above could take it near 1.2263 (38.2% retracement). On the downside, support is seen at 1.2082 (Oct. 25, 2016, Low), a break below targets 1.2017 (Jan 17, 2017, Low). Against the euro, the pound was trading 0.1 percent down at 91.10 pence, having hit a low of 91.90 on Tuesday, it’s lowest since Sept 2017.

AUD/USD: The Australian dollar rose, halting a 9-day losing streak after domestic data showed home prices stabilised in July, providing some relief to the Reserve Bank of Australia. Earlier in the day, the major tumbled to a 7-month low amid growing expectations RBA will be forced into cutting official interest rates to a new low of 0.75 per cent by December after the inflation just rose by 0.6 percent in the June quarter. The Aussie trades 0.05 percent up at 0.6847, having hit a low of 0.6828 earlier, it’s lowest since Jan. 3. Investors will continue to track overall market sentiment, ahead of U.S. economic releases. Immediate support is seen at 0.6800, a break below targets 0.6744 (Jan 3 Low). On the upside, resistance is located at 0.6888 (23.6% retracement of 0.7082 and 0.6828), a break above could take it near 0.6955 (50% retracement).

NZD/USD: The New Zealand dollar declined to a fresh 6-week trough, as the greenback rallied on Federal Reserve's policy stance. The major attempted a minor recovery after Dairy group Fonterra said milk production in June rose 13.9 percent year-on-year, as weather conditions improved collection in the current season. The Kiwi trades flat at 0.6555, having touched a low of 0.6534 earlier, its lowest level June 20. Investors’ will continue to track broad-based market sentiment, ahead of U.S. economic data. Immediate resistance is located at 0.6594 (23.6% retracement of 0.6790 and 0.6534), a break above could take it near 0.6662 (50.0% retracement). On the downside, support is seen at 0.6513 (July 19 Low), a break below could drag it below 0.6487 (June 14 Low).



Equities Recap

Asian shares plunged to a 6-week low, while the greenback rallied to 2-year highs as the U.S. Federal Reserve slashed market expectations of a lengthy easing cycle following a 25 basis-point rate cut.

MSCI's broadest of Asia-Pacific shares outside Japan slumped 0.4 percent.

Tokyo's Nikkei rose 0.1 percent to 21,540.99 points, Australia's S&P/ASX 200 index fell 0.4 percent to 6,788.90 points and South Korea's KOSPI plunged 0.3 percent to 2,018.91 points.

Hong Kong’s Hang Sengtraded 0.9 percent lower at 27,536.74 points. Taiwan shares shed 0.9 percent to 10,731.75 points.

Shanghai Composite Index eased 0.7 percent to 2,912.29 points, while CSI 300 index traded 0.7 percent down at 3,808.09 points.



Commodities Recap

Crude Oil prices steadied after declining from a 2-week peak in the previous session after the U.S. Federal Reserve dampened hopes for a string of rate cuts and U.S.-China trade talks ended without progress. International benchmark Brent crude was trading 0.2 percent higher at $64.35 per barrel by 0441 GMT, having hit a high of $65.41 on Wednesday, its highest since July 16. U.S. West Texas Intermediate was trading 0.05 percent up at $57.87 a barrel, after rising as high as $58.79 on Wednesday, its highest since the July 16.

Gold prices plunged to a 2-week low after the U.S. Federal Reserve cut rates by 25 basis points as expected but tampered market expectations of a lengthy easing cycle. Spot gold was 0.2 percent down at $1,409.35 per ounce by 0444 GMT, having touched a low of $1,404.16 earlier, its lowest since July 17. U.S. gold futures slipped 1.2 percent to $1,421 an ounce.









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