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FxNet Market News

Discussion in 'Forex Daily News & Outlook' started by fxnetltd, Sep 16, 2015.

  1. fxnetltd

    fxnetltd New Member

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    The U.S. dollar which was weaker than most currencies for the past week saw some small gains as all eyes turn to the Fed meeting which begins today and ends tomorrow, and will announce interest rates decisions.

    EUR/USD fell on Tuesday afternoon tumbling below the 1.13 level for the first time in four sessions.

    The pair traded between 1.1259 and 1.1321 during Tuesday's session, it settled at 1.1269, 0.48 percent lower. EUR/USD was expected to find support at 1.1017 and resistance at 1.1562. Previously the Euro had been gaining for eight straight days before breaking the cycle on Tuesday as markets anticipated the Fed Meeting which convenes today and will go on till tomorrow.

    Data released on Tuesday showed a 0.2 percent increase in retail sales for August which fell short from the 0.3 percent increase expectations. Core retail sales excluding automobiles added 0.1 percent in August lower than the expected 0.2 percent. US industrial production fell by 0.4 percent for August more than the expected 0.2 percent decline.

    Last night AUD/USD lost 0.10 percent trading at 0.7134, while USD/JPY lost 0.05 percent to 120.36.

    The U.S. dollar index which measures the greenback against the basket of six major currencies added 0.06 percent to 95.70 on Tuesday evening.

    US West Texas Intermediate (WTI) crude added 32 cents on Wednesday on the New York Mercantile Exchange trading at 44.91 dollars per barrel, while Brent futures on the ICE futures exchange added 9 cents trading at 47.84 dollars a barrel.

    US crude was supported by the American Petroleum Institute's (API) announcement that there has been a 3.1 million barrel decline in crude inventories instead of expectations for a rise. Official data will be released later in the day.

    Gold futures for December delivery on the Comex of the New York Mercantile Exchange added 0.14 percent trading at 1,104.10 dollars a troy ounce.

    Silver futures on the Comex added 0.10 percent trading at 14.340 dollars a troy ounce, while copper for December delivery lost 0.10 percent to 2.425 dollars a pound.
     
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    fxnetltd New Member

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    The US dollar was steady to lower on Tuesday after recovering losses on Monday. Market volatility surrounding the Fed’s interest rate hike decision was the leading reason behind most currency movements, and now the Fed is coming under attack for prompting uncertainty.

    EUR/USD lost 0.17 percent trading at 1.1172, its lowest level since September 9th.

    Australia's second quarter house price index rose by 4.7 percent, higher than the 2.5 percent quarter on quarter rise. AUD/USD added 0.13 percent trading at 0.7140. The US dollar held strong despite yesterday's disappointing housing data report. USD/JPY lost 0.16 percent to 120.37.

    The National Association of Realtors said on Monday that existing home sales lost 4.8 percent to an annual rate of 5.31 million units. Expectations were on a 5.51 million unit pace of home sales for August. From a year ago sales were up 6.2 percent. Nationwide the median home price fell slightly in August to 228,700 dollars, 4.7 percent higher than a year earlier but left the year over year rate at its lowest since August 2014. In the West, prices were up by 7.1.

    The US dollar index which measures the greenbacks’ strength against a basket of six major currencies lost 0.07 percent overnight to 95.97 then rose to 96.15.

    Overnight West Texas Intermediate (WTI) crude futures lost 48 cents trading at 46.20 dollars per barrel, while Brent futures were 45 cents lower at 48.47 dollars a barrel. Prices fell after surging on Monday following a decline in US rigs drilling for oil. Prices are expected to rise according to Reuters analyst Wang Tao, who says Brent will rise to 49.70 dollars per barrel and WTI could reach 47.78 based on Fibonacci retracement indicators.

    Gold futures for December delivery on the Comex of the New York Mercantile Exchnage traded at 1,133 dollars a troy ounce. Silver for December delivery lost 0.24 percent to 15.185 dollars a troy ounce, while Copper for December lost 0.27 percent to 2.383 dollars a pound.
     
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    EUR/USD fell late on Tuesday trading between 1.1114 and 1.1207 before settling at 1.1132, 0.51 percent lower for the session. This comes after the pair had gained for eight straight sessions. The pair was expected to find support at 1.1086 and resistance at 1.1713.

    China's Caixin Manufacturing index for September fell to 47 from August's 47.3, falling to a 78 month low. In response the Aussie fell weaker as Australia is China's biggest importing partner, AUD/USD lost 21 percent trading at 0.7075 late on Tuesday, while USD/JPY added 0.05 percent to 120.22.

    The US dollar index was 0.15 percent higher at 96.64.

    The Asia Development Bank (ADB) lowered its 2015 economic growth projections for China from 7.2 percent to 6.8 percent. The bank also revised its economic growth expectations for India from 7.8 percent to 7.4 percent. Economic growth for the entire Asian region was reduced from 6.3 percent to 5.8 percent, as for the Southeast Asian Region forecast was lowered to 4.4 from 4.9.

    Gold futures for December delivery on the Comex of the New York Mercantile Exchange lost 0.12 percent trading at 1.123.50 dollars a troy ounce following the drop in China's Manufacturing Index (considering china is one of the world's largest gold importers). Silver for December lost 0.24 percent to 14.720 dollars a troy ounce, while copper for December delivery lost 0.39 percent to 2.295 dollars a pound understandable as China accounts for approximately 40 percent of all copper consumption in the world.

    The American Petroleum Institute (API) said that crude stocks were lower by 3.7 million barrels for last week better than the expected 700,000 barrel drop. West Texas Intermediate (WTI) crude for November lost 0.33 percent trading at 46.20 dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery on the Intercontinental Exchange (ICE) traded between 47.70 and 49.17 dollars a barrel before settling at 49.03 dollars, 0.22 percent higher for the day. Later in the day the US Department of Energy will release numbers on crude and refined product stockpiles.
     
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    Markets were mainly affected by European Central Bank (ECB) President Mario Draghi’s speech. Draghi spoke in Brussels before the European Parliament's Committee on Economic and Monetary Affairs on Wednesday saying that the future of the quantitative easing program is difficult to forecast.

    "more time is needed to determine whether the loss of growth momentum in emerging markets is of a temporary or permanent nature and to assess the driving forces behind recent episodes of severe financial turbulence" he said.

    Following Draghi's speech EUR/USD added 0.44 percent to 1.1105 and was expected to find support at 1.1086 and resistance at 1.1209. EUR/NZD lost 0.17 percent to 1.7785. EUR/GBP lost 0.2 percent to 73.29 pence.

    Elsewhere total British car production rose almost 41 percent to 99.919 cars for August according to the Society of Motor Manufacturers and Traders (SMMT).

    The greenback was 0.2 percent lower than the Japanese yen in early Asian trading on Thursday at 120.03 yen.

    AUD/USD remained close to its two and a half week lows at 0.6992 consolidating at 0.6997. The pair was expected to find support at 0.6942 and resistance at 0.7095.

    NZD/USD added 0.26% to 0.6294. The pair was expected to find support at 0.6233 and resistance at 0.6405.

    New Zealand's trade balance for August widened to a deficit of 1.035 billion NZ dollars month on month, higher than the 850 million NZ dollars deficit seen. Late on Wednesday NZD/USD added 0.17 percent to 0.6287.

    The US dollar index which measures the greenback against a basket of six major currencies was up 0.1 percent during Thursday’s early Asian trade at 96.173; still below Wednesday’s two and a half week high of 96.548.

    The Energy Information Administration (EIA) released data on Wednesday showing that U.S. crude oil stocks were 1.9 million barrels lower for the week ending September 18th more than expectations of a 533,000 barrels decrease.

    Oil prices gained momentum following the bullish news with Brent climbing 29 cents to 48.04 dollars a barrel. US Crude added 33 cents to 44.81 dollars a barrel.

    Gold futures for December delivery on the Comex of the New York Mercantile Exchange lost 0.04 percent trading at 1,131.00 dollars a troy ounce. Elsewhere on the Comex Silver for December delivery added 0.04 percent to 14.795 dollars a troy ounce while Copper for December added 0.21 percent to 2.299 dollars a pound.
     
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