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FirewoodFX - Daily Market News
Asia Roundup:
Japanese yen trades marginally higher after manufacturing PMI data, Asian markets slightly down, gold hovers around $1,500 mark-
Thursday, August 22, 2019






Market Roundup

Australia’s manufacturing PMI at 51.3 vs 51.6 previous release.

Australia’s services PMI at 49.2 vs 52.3 previous release.

Japan flash manufacturing PMI m/m at 49.5 pct vs 49.4 pct previous release.

Japan all industries activities m/m at -0.8 pct vs 0.5 pct previous release.



Economic Data Ahead

(0315 ET/0715 GMT) French manufacturing PMI, previous 49.7, expected 49.5.

(0315 ET/0715 GMT) French markit composite PMI, previous 51.9, expected 51.8.

(0315 ET/0715 GMT) French services PMI, previous 52.6, expected 52.5.

(0330 ET/0730 GMT) German composite PMI, previous 50.9, expected 50.5.

(0330 ET/0730 GMT) German manufacturing PMI, previous 43.2, expected 43.0.

(0330 ET/0730 GMT) German services PMI, previous 54.5, expected 54.1.

(0400 ET/0800 GMT) Taiwan unemployment rate, previous 3.74 pct.

(0400 ET/0800 GMT) Euro zone manufacturing PMI, previous 46.5, expected 46.3.

(0400 ET/0800 GMT) Euro zone markit composite PMI, previous 51.5, expected 51.2.

(0400 ET/0800 GMT) Euro zone services PMI, previous 53.2, expected 53.0.

(0600 ET/1000 GMT) UK CBI distributive traddes survey, previous -16, expected -13.

(0700 ET/1100 GMT) Brazil FGV consumer confidence, previous 88.1.

(0800 ET/1200 GMT) Brazil mid month CPI m/m, y/y.



Key Events Ahead

(0730 ET/1130 GMT) ECB publishes account of monetary policy meeting.



FX Beat

USD: The U.S. dollar index that tracks the greenback against a basket of other currencies inched up 0.02% to 98.32.

EUR/USD: The euro trades flat against U.S. dollar and remains well supported below 1.11 mark. It made intraday high at $1.1092 and low at $1.1081mark. A consistent close below $1.1074 will drag the parity down towards key supports around $1.1026 and $1.0852 levels respectively. Alternatively, reversal from key support will drag the parity higher towards key resistances around $1.1158, $1.1220, $1.1390, $1.1472, $1.1550, $1.1620 and $1.1820 marks respectively.

USD/JPY: The Japanese yen trades marginally higher against U.S. dollar after robust manufacturing PMI data and trading around 106.44 mark. It made intraday high at 106.65 and low at 106.40 levels. A sustained close above 106.73 is required to take the parity higher towards key resistances around  107.56, 108.52, 109.62, 112.60 and 113.98 marks respectively. Alternatively, a daily close below 105.29 will drag the parity down towards key support around 104.20 mark.

GBP/USD: The pound trades flat against U.S. dollar and stabilizes above $1.2100 mark. A sustained close below $1.2022 requires for dragging the parity down towards key support around $1.1920 and $1.1754 mark respectively. On the other side, key resistances are seen at $1.2177, $1.2226, $1.2383, $1.2576 and $1.2772 levels respectively.

AUD/USD: The Aussie depreciates against U.S. dollar as Australia’s manufacturing PMI as well as services PMI data miss expectations. The pair made intraday high at $0.6787 and low at $0.6758 levels. A consistent close below $0.6747 requires for downside rally. On the other side, a sustained close above $0.6802 will take the parity higher towards $0.6977 and $0.7076 levels respectively.

NZD/USD: The New Zealand dollar falls noticeably against U.S. dollar and hits lowest level since Jan 2016. Pair made intraday high at $0.6407 and low at $0.6371. A sustained close above $0.6480 requires for the upside rally. Alternatively, current downside rally will take the parity down towards key supports around $0.6347, $0.6236 and $0.6196.



Equities Recap

Tokyo's Nikkei was trading 0.02 pct lower at 20,615.50 points.

Hong Kong’s Hang Seng was trading 0.98 percent lower at 26,013.48 points.


Commodities Recap

Crude Oil  prices were trading slightly lower on Thursday. U.S. Crude Oil WTI Futures were trading 0.23% lower to $55.45. International Brent Oil Futures fell 0.48% to $60.01.

Gold trades flat at $1,500 on Thursday after disappointed FOMC meeting minutes. Pair made intraday high at $1,504 and low at $1,498 mark. Sustained close above $1,522 requires for the upside rally. Alternatively, reversal from key resistance will drag the parity down towards $1,472 and $1,445 marks respectively.









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Asia Roundup:
Kiwi rebounds on RBNZ comments, greenback gains ahead of Fed chair Jerome Powell’s speech at Jackson Hole, oil prices nudge higher –    
Friday, August 23rd, 2019






Market Roundup

RBNZ Governor Adrian Orr: He can afford to wait on monetary policy

Gold set for worst week in about five months

Powell's speech in focus



Economic Data Ahead

No major economic data releases



Key Events Ahead

No significant event scheduled



FX Beat

DXY:
The dollar index rose after Philadelphia Federal Reserve Bank President Patrick Harker and Kansas City Federal Reserve Bank President Esther George both said they saw no immediate need to cut rates. Investors now await a closely watched Fed Chairman Powell’s speech at the Jackson Hole seminar due later in the day for clarity on monetary policy after minutes of the U.S. central bank’s July meeting tempered hopes of aggressive rate cuts. The greenback against a basket of currencies traded 0.2 percent up at 98.37, having touched a high of 98.45 on Tuesday, its highest since August 1.

EUR/USD: The euro plunged to a fresh 3-week low as the weakness in the Eurozone manufacturing sector and future expectations the European Central Bank was on track to ease policy in September dented investor sentiment. The European currency traded 0.1 percent down at 1.1067, having touched a low of 1.1060 earlier, its lowest since August 1. Investors’ attention will remain on the U.S. new home sales and series of speeches by Fed officials, amid a lack of economic data from the Eurozone docket. Immediate resistance is located at 1.1102 (23.6% retracement of 1.1230 and 1.1060, a break above targets 1.1146 (50.0% retracement). On the downside, support is seen at 1.1045, a break below could drag it below 1.1026 (August 1 Low).

USD/JPY: The dollar edged up, reversing most of its previous session losses on expectations a crucial speech by Federal Reserve Chairman Jerome Powell will reinforce that the U.S. central bank has not entered a prolonged monetary easing cycle. The major was trading 0.2 percent up at 106.63, having hit a low of 105.05 last week, its lowest since Jan 3. Investors’ will continue to track the broad-based market sentiment, ahead of the U.S. new home sales and series of speeches by Fed officials. Immediate resistance is located at 106.85 (21-DMA), a break above targets 107.56 (August 2 High). On the downside, support is seen at 105.89 (August 8 Low), a break below could take it lower at 105.29 (Aug. 9 Low).

GBP/USD: Sterling plunged after rising to a 3-1/2 week peak hit in the previous session and was on course for a second weekly gain, despite the uncertainty over how Britain will complete its transition from the European Union. The major traded 0.2 percent down at 1.2219, having hit a high of 1.2273 on Thursday, it’s highest since July 29. Investors’ attention will remain on the development surrounding Brexit, ahead of the U.S. fundamental drivers. Immediate resistance is located at 1.2331 (61.8% retracement of 1.2522 and 1.2079), a break above could take it near 1.2417 (78.6% retracement). On the downside, support is seen at 1.2156 (21-DMA), a break below targets 1.2108 (10-DMA). Against the euro, the pound was trading 0.2 percent down at 90.58 pence, having hit a high of 90.28 on Thursday, it’s highest since July 29.

AUD/USD: The Australian dollar declined to a 1-week low, ahead of the Fed Chair Jerome Powell's scheduled speech at Jackson Hole Symposium later during the North-American session. The Aussie trades 0.05 percent down at 0.6752, having hit a low of 0.6745 earlier, it’s lowest since August 14. Investors will continue to track overall market sentiment, ahead of U.S. economic releases. Immediate support is seen at 0.6735 (August 13 Low), a break below targets 0.6700. On the upside, resistance is located at 0.6831 (38.2% retracement of 0.7082 and 0.6677), a break above could take it near 0.6879 (50% retracement).

NZD/USD: The New Zealand dollar steadied after falling to multi-year lows in the previous session after Reserve Bank of New Zealand Governor Adrian Orr told Bloomberg TV he can afford to wait on monetary policy after surprising investors earlier this month with a sharp 50-basis-point rate cut. The Kiwi trades 0.4 percent up at 0.6387, having touched a low of 0.6361 on Thursday, its lowest level January 2016. Investors’ will continue to track broad-based market sentiment, ahead of U.S. economic data. Immediate resistance is located at 0.6425 (10-DMA), a break above could take it near 0.6462 (23.6% retracement of 0.6790 and 0.6376). On the downside, support is seen at 0.6345, a break below could drag it below 0.6300.



Equities Recap

Asian shares
nudged higher despite uncertainty over how much further the U.S. Federal Reserve would cut interest rates.

MSCI's broadest of Asia-Pacific shares outside Japan edged 0.1 percent higher and was up 0.8 percent for the week.

Tokyo's Nikkei rallied 0.4 percent to 20,710.91 points, Australia's S&P/ASX 200 index surged 0.3 percent to 6,523.10 points and South Korea's KOSPI fell 0.1 percent to 1,948.30 points.

Hong Kong’s Hang Seng traded 0.6 percent higher at 26,200.21 points. Taiwan shares added 0.1 percent to 10,538.11 points.

[b]Shanghai Composite Index [/b]rose 0.5 percent to 2,897.43 points, while CSI 300 index traded 0.7 percent up at 3,820.86 points.



Commodities Recap

Crude Oil  prices edged up, reversing some of its previous day’s losses, as tighter supplies from key producers offset slowing demand growth, while investors await clues on the U.S. Federal Reserve’s monetary policy. International benchmark Brent crude was trading 0.2 percent higher at $60.09 per barrel by 0555 GMT, having hit a high of $60.37 on Wednesday, its highest since August 14. U.S. West Texas Intermediate was trading 0.2 percent up at $55.47 a barrel, after rising as high as $57.11 on Wednesday, its highest since August 13.

Gold prices eased, extending losses for the third straight session and was set for its worst week in nearly five months, as lack of clarity from U.S. Federal Reserve on the outlook for interest rate cuts triggered investors to cash in some gains ahead of Jerome Powell’s speech at Jackson Hole. Spot gold was trading 0.2 percent down at $1,494.68 per ounce by 0557 GMT and has lost nearly 1.3 percent so far this week, putting it on track for its biggest weekly percentage decline since March 29. U.S. gold futures slipped 0.3 percent at $1,504.20 an ounce.








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Asia Roundup:
Antipodeans tumble as trade tensions escalate; yen rallies, gold scales over 6-year peak on risk-off appetite –
Monday, August 26th, 2019






Market Roundup

Yen surges as trade war intensifies

Gold touches over 6-year peak on risk-off appetite

Oil eases as trade war raises recession fears



Economic Data Ahead

(0400 ET/0800 GMT) German IFO- Expectations August

(0400 ET/0800 GMT) German IFO- Business Climate August

(0400 ET/0800 GMT) German IFO- Current Assessment August



Key Events Ahead

No Significant Event Scheduled



FX Beat

DXY:
The dollar index steadied after falling tumbling to a 2-week low in the previous session as yields on benchmark 10-year Treasury debt dropped to their lowest since mid-2016. The greenback against a basket of currencies traded 0.4 percent up at 97.68, having touched a low of 97.17 on Friday, its lowest since August 9.

EUR/USD: The euro surged to a 1-1/2 week peak, as the greenback plunged across the board following the announcement of new tariffs in the escalating U.S.-China trade war. However, the upside in the major was limited amid speculation the European Central Bank will have to ease aggressively next month. The European currency traded 0.4 percent up at 1.1144, having touched a high of 1.1163 earlier, its highest since August 14. Investors’ attention will remain on German IFO survey, ahead of the U.S. durable goods orders. Immediate resistance is located at 1.1192 (78.6% retracement of 1.1230 and 1.1060, a break above targets 1.1230 (August 12 High). On the downside, support is seen at 1.1119 (10-DMA), a break below could drag it below 1.1095 (5-DMA).

USD/JPY: The dollar plunged to a near 3-year low after U.S. President Donald Trump, on Friday, announced a 5 percent additional duty on $550 billion in targeted Chinese goods, hours after China unveiled retaliatory tariffs on $75 billion worth of U.S. products. Additionally, Trump urged some of the U.S. companies to leave China. The major was trading flat at 105.31, having hit a low of 104.44 earlier, its lowest since November 2016. Investors’ will continue to track the broad-based market sentiment, ahead of the U.S. durable goods orders. Immediate resistance is located at 106.16 (10-DMA), a break above targets 106.70 (21-DMA). On the downside, support is seen at 104.30 , a break below could take it lower at 104.00.

GBP/USD: Sterling edged lower from a near 4-week peak on news that the UK Prime Minister Boris Johnson’s office has sought legal advice from the attorney-general Geoffrey Cox about the possibility of shutting down parliament from September. The major traded 0.1 percent down at 1.2269, having hit a high of 1.2293 on Friday, it’s highest since July 29. Investors’ attention will remain on the development surrounding Brexit, ahead of the U.S. fundamental drivers. Immediate resistance is located at 1.2331 (61.8% retracement of 1.2522 and 1.2079), a break above could take it near 1.2417 (78.6% retracement). On the downside, support is seen at 1.2188 (5-DMA), a break below targets 1.2134 (10-DMA). Against the euro, the pound was trading 0.2 percent down at 90.81 pence, having hit a high of 90.28 on Thursday, it’s highest since July 29.

AUD/USD: The Australian dollar slumped to a 2-1/2 week low after China announced tariffs on $75 billion of US goods while Trump responded by promising another 5 percent on all $550 billion Chinese imports. The Aussie trades 0.3 percent down at 0.6730, having hit a low of 0.6689 earlier, it’s lowest since August 7. Investors will continue to track overall market sentiment, ahead of U.S. economic releases. Immediate support is seen at 0.6677 (August 7 Low), a break below targets 0.6630. On the upside, resistance is located at 0.6766 (10-DMA), a break above could take it near 0.6792 (21-DMA).

NZD/USD: The New Zealand dollar tumbled to multi-year lows, after the US President Trump mentioned that 10 percent levy on $300 billion of Chinese goods would be raised to 15 percent from September 01 (and December 15 in some cases) and the existing 25 percent levy on $250 billion of Chinese goods would lift to 30 percent from October 01. The Kiwi trades 0.3 percent down at 0.6377, having touched a low of 0.6340 earlier, its lowest level September 2015. Investors’ will continue to track broad-based market sentiment, ahead of U.S. economic data. Immediate resistance is located at 0.6436 (38.2% retracement of 0.6590 and 0.6340), a break above could take it near 0.6465 (50.0% retracement). On the downside, support is seen at 0.6333, a break below could drag it below 0.6300.



Equities Recap

Asian shares
plunged as the latest salvo in the U.S.-China trade war weakened investor sentiment and sent them steaming to the safe harbors of sovereign bonds and gold.

MSCI's broadest of Asia-Pacific shares outside Japan tumbled 2.0 percent

Tokyo's Nikkei Nikkei slumped 2.2 percent to 20,264.60 points, Australia's S&P/ASX 200 index declined 1.3 percent to 6,440.10 points and South Korea's KOSPI eased 1.5 percent to 1,917.88 points.

Hong Kong’s Hang Seng traded 2.9 percent lower at 25,388.08 points. Taiwan shares shed 1.8 percent to 10,354.57 points.

[b]Shanghai Composite Index [/b]fell 1.4 percent to 2,857.90 points, while CSI 300 index traded 1.7 percent down at 3,757.23 points.



Commodities Recap

Crude Oil  prices declined, extending losses for the third straight session, as an intensifying U.S.-China trade war weakened confidence in the global economy. International benchmark Brent crude was trading 0.6 percent lower at $58.72 per barrel by 0422 GMT, having hit a low of $58.29 on Friday, its lowest since August 16. U.S. West Texas Intermediate was trading 0.6 percent down at $53.32 a barrel, after falling as low as $52.95 earlier, its lowest since August 9.

Gold prices rallied to a fresh 6-year high as the announcement of new tariffs in the escalating U.S.-China trade war sent investors rushing for safe-haven assets. Spot gold rose 1.1 percent to $1,541.65 per ounce by 0428 GMT, having touched a high of $1,555.10 earlier, its highest since August 2013. U.S. gold futures were up 1.1 percent at $1,554.90 an ounce.








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Asia Roundup:
Aussie eases on RBA Debelle's comments; gold consolidates as trade war fears ebb, Asian shares surge –
Tuesday, August 27th, 2019






Market Roundup

RBA's Debelle: Floor for Australian interest rates at 0-0.5%

Gold steady as markets seek clarity on trade war

Yen gains as traders temper optimism over U.S.-China trade deal



Economic Data Ahead

No major economic data releases



Key Events Ahead

No Significant Event Scheduled



FX Beat

DXY: The dollar index slightly eased after U.S. President Donald Trump flagged the possibility of a trade deal with China and said he believed Beijing was sincere in its desire to reach an agreement. The greenback against a basket of currencies traded 0.05 percent down at 97.97, having touched a low of 97.17 on Friday, its lowest since August 9.

EUR/USD: The euro consolidated within narrow ranges, amid concerns escalating trade disputes were pushing the German economy toward a recession. The European currency traded flat at 1.1099, having touched a high of 1.1163 on Monday, its highest since August 14.  Investors’ attention will remain on ECB De Guindos' speech, ahead of the U.S. housing price index and consumer confidence. Immediate resistance is located at 1.1119 (38.2% retracement of 1.1230 and 1.1051), a break above targets 1.1162 (61.8% retracement). On the downside, support is seen at 1.1079 (August 21 Low), a break below could drag it below 1.1051 (August 23 Low).

USD/JPY: The dollar declined as benchmark 10-year U.S. Treasury yields fell to 1.5232 percent, while the yield curve was inverted as 2-year yields traded at 1.5267 percent, which is commonly considered a sign of an impending economic recession. The major was trading 0.4 percent down at 105.64, having hit a low of 104.44 on Monday, its lowest since November 2016. Investors’ will continue to track the broad-based market sentiment, ahead of the U.S. housing price index and consumer confidence. Immediate resistance is located at 106.58 (21-DMA), a break above targets 107.09 (August 6 High). On the downside, support is seen at 105.26 (August 9 Low), a break below could take it lower at 105.05 (August 12 Low).

GBP/USD: Sterling steadied after falling from a near 4-week peak as investors reassessed whether British Prime Minister Boris Johnson had made any progress in convincing the European Union to renegotiate the Brexit agreement. The major traded flat at 1.2215, having hit a high of 1.2293 on Friday, it’s highest since July 29. Investors’ attention will remain on the development surrounding Brexit, ahead of the U.S. fundamental drivers. Immediate resistance is located at 1.2331 (61.8% retracement of 1.2522 and 1.2079), a break above could take it near 1.2417 (78.6% retracement). On the downside, support is seen at 1.2149 (10-DMA), a break below targets 1.2108 (August 22 Low). Against the euro, the pound was trading flat at 90.84 pence, having hit a high of 90.28 on Thursday, it’s highest since July 29.

AUD/USD: The Australian dollar plunged after Reserve Bank of Australia Deputy Governor Guy Debelle said that the floor for the country's benchmark cash rate was likely around 0-0.5 percent, though he hoped policymakers never have to get down to those levels. The Aussie trades 0.3 percent down at 0.6757, having hit a low of 0.6689 on Monday, it’s lowest since August 7. Investors will continue to track overall market sentiment, ahead of U.S. economic releases. Immediate support is seen at 0.6677 (August 7 Low), a break below targets 0.6630. On the upside, resistance is located at 0.6799 (August 2 1 High), a break above could take it near 0.6822 (August 8 High).

NZD/USD: The New Zealand dollar eased as some investors tempered their optimism about the chances for a quick resolution to the U.S.-China trade war. The Kiwi trades 0.3 percent down at 0.6368, having touched a low of 0.6340 on Monday, its lowest level September 2015. Investors’ will continue to track broad-based market sentiment, ahead of U.S. economic data. Immediate resistance is located at 0.6436 (38.2% retracement of 0.6590 and 0.6340), a break above could take it near 0.6465 (50.0% retracement). On the downside, support is seen at 0.6333, a break below could drag it below 0.6300.



Equities Recap

Asian shares
surged after U.S. President Donald Trump flagged the possibility of a trade deal with China, days after both sides announced new tariffs.

MSCI's broadest of Asia-Pacific shares outside Japan rose 0.3 percent

Tokyo's Nikkei surged 0.9 percent to 20,456.08 points, Australia's S&P/ASX 200 index rallied 0.5 percent to 6,471.20 points and South Korea's KOSPI gained 0.2 percent to 1,920.95 points.

Hong Kong’s Hang Seng traded 0.3 percent lower at 25,613.69 points. Taiwan shares added 0.3 percent to 10,387.23 points.

[b]Shanghai Composite Index [/b]rose 1.4 percent to 2,904.05 points, while CSI 300 index traded 1.5 percent up at 3,822.02 points.



Commodities Recap

Crude Oil  prices surged after U.S. President Donald Trump predicted a trade deal with China after positive comments by Beijing. International benchmark Brent crude was trading 0.3 percent higher at $58.99 per barrel by 0501 GMT, having hit a low of $58.29 on Friday, its lowest since August 16. U.S. West Texas Intermediate was trading 0.4 percent up at $53.98 a barrel, after falling as low as $52.95 on Monday, its lowest since August 9.

Gold prices steadied after easing from an over 6-year peak hit in the previous session, as U.S. President Donald Trump predicted a trade deal with China and calmed global markets that have been rattled by new tariffs. Spot gold was trading 0.1 percent up at $1,528.12 per ounce by 0504 GMT, having touched a high of $1,555.10 on Monday, its highest since August 2013. U.S. gold futures were flat at $1,537.50 an ounce.








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Asia Roundup:
Kiwi at multi-year lows on recession worries, yen steadies as yield curve inversion deepens, Asian shares tumble –
Wednesday, August 28th, 2019






Market Roundup

Yen steadies as yield curve inversion deepens

Gold holds near six-year high on economic gloom

Oil rises following a drop in U.S. inventories



Economic Data Ahead

(0400 ET/0800 GMT) EZ Private Loans YoY July

(0400 ET/0800 GMT) EZ Money Supply 3m July

(0400 ET/0800 GMT) EZ Money Supply YoY July



Key Events Ahead

No Significant Event Scheduled



FX Beat

DXY:
The dollar index edged higher, as 10-year Treasury yields fell faster than 2-year yields deepening the inversion between the two. The greenback against a basket of currencies traded 0.05 percent up at 98.06, having touched a low of 97.17 on Friday, its lowest since August 9.

EUR/USD: The euro declined, extending losses for the third straight session, as Germany’s economy contracted on weaker exports in the second quarter, due to escalating trade disputes and waning foreign demand. The European currency traded 0.05 percent down at 1.1084, having touched a high of 1.1163 on Monday, its highest since August 14.  Investors’ attention will remain on EZM3 money supply, ahead of the speeches by Fed's Barkin and Daly. Immediate resistance is located at 1.1119 (38.2% retracement of 1.1230 and 1.1051), a break above targets 1.1162 (61.8% retracement). On the downside, support is seen at 1.1065 (August 20 Low), a break below could drag it below 1.1030.

USD/JPY: The dollar slightly nudged up, reversing some of its previous session losses, as markets continue to fear a global slowdown and the ramifications of a protracted trade dispute between the U.S. and China. The major was trading 0.1 percent up at 105.85, having hit a low of 104.44 on Monday, its lowest since November 2016. Investors’ will continue to track the broad-based market sentiment, ahead of the U.S. housing price index and consumer confidence. Immediate resistance is located at 106.43 (21-DMA), a break above targets 107.09 (August 6 High). On the downside, support is seen at 105.26 (August 9 Low), a break below could take it lower at 105.05 (August 12 Low).

GBP/USD: Sterling eased after rising to a 4-week peak in the previous session on news that Britain's opposition Labour Party leader, Jeremy Corbyn, said he would do everything necessary to prevent Britain leaving the European Union without a transition deal on October 31. The major traded 0.1 percent down at 1.2278, having hit a high of 1.2309 on Tuesday, it’s highest since July 29. Investors’ attention will remain on the development surrounding Brexit, ahead of the U.S. fundamental drivers. Immediate resistance is located at 1.2331 (61.8% retracement of 1.2522 and 1.2079), a break above could take it near 1.2417 (78.6% retracement). On the downside, support is seen at 1.2231 (5-DMA), a break below targets 1.2172 (10-DMA). Against the euro, the pound was trading 0.1 percent down at 90.27 pence, having hit a high of 90.16 on Tuesday, it’s highest since July 29.

AUD/USD: The Australian dollar eased, extending previous session losses, as fears of global economic slowdown and trade war weighed on market sentiment. The Aussie trades 0.2 percent down at 0.6737, having hit a low of 0.6689 on Monday, it’s lowest since August 7. Investors will continue to track overall market sentiment, ahead of U.S. economic releases. Immediate support is seen at 0.6677 (August 7 Low), a break below targets 0.6630. On the upside, resistance is located at 0.6799 (August 2 1 High), a break above could take it near 0.6822 (August 8 High).

NZD/USD: The Zealand dollar plunged to multi-year lows, as renewed caution about resolving the U.S.-China trade war drove investors to safe-haven assets. The Kiwi trades 0.5 percent down at 0.6329, having touched a low of 0.6326 earlier, its lowest level September 2015. Investors’ will continue to track broad-based market sentiment, ahead of U.S. economic data. Immediate resistance is located at 0.6403 (10-DMA), a break above could take it near 0.6458 (21-DMA). On the downside, support is seen at 0.6315, a break below could drag it below 0.6275.



Equities Recap

Asian shares
tumbled as deeper worries about the global economy and trade dented investor sentiment.

MSCI's broadest of Asia-Pacific shares outside Japan eased 0.06 percent

Tokyo's Nikkei declined 0.2 percent to 20,491.41 points, Australia's S&P/ASX 200 index rallied 0.4 percent to 6,497.80 points and South Korea's KOSPI gained 0.7 percent to 1,938.74 points.

Hong Kong’s Hang Seng traded 0.1 percent higher at 25,687.38 points. Taiwan shares added 0.5 percent to 10,434.29 points.

[b]Shanghai Composite Index [/b]fell 0.2 percent to 2,897.97 points, while CSI 300 index traded 0.2 percent down at 3,810.68 points.



Commodities Recap

Crude Oil  prices eased, weighed down by concerns about global growth amid the raging trade war between the United States and China. International benchmark Brent crude was trading 0.4 percent lower at $59.90 per barrel by 0428 GMT, having hit a low of $58.29 on Friday, its lowest since August 16. U.S. West Texas Intermediate was trading 0.4 percent down at $55.43 a barrel, after falling as low as $52.95 on Monday, its lowest since August 9.

Gold declined, hovering away from a more than 6-year high hit earlier in the week on fears of an economic slowdown amid a protracted Sino-U.S. trade conflict. Spot gold was trading 0.4 percent down at $1,535.85 per ounce by 0431 GMT, having touched a high of $1,555.10 on Monday, its highest since August 2013. U.S. gold futures inched up 0.1 percent to $1,553.30 an ounce.



Treasuries Recap

The Australian government bonds jumped during Asian session Wednesday amid turmoil of ongoing risks of trade war while the U.S. Treasury yield curve continued inversion, indicating red signals of plausible recession. The yield on Australia’s benchmark 10-year note, which moves inversely to its price, slumped nearly 3-1/2 basis points to 0.884 percent, the yield on the long-term 30-year bond plunged 6 basis points to 1.489 percent and the yield on short-term 2-year slipped 1-1/2 basis points to 0.724 percent.







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Asia Roundup:
Kiwi at multi-year low as business confidence deteriorates, yen gains against dollar on recession fears, Asian shares plunge –
Thursday, August 29th, 2019






Market Roundup

ECB should be ready to disappoint markets sometimes: Nowotny

Oil prices ease amid mounting concern over U.S. economy

Gold prices gains on recession fears, trade uncertainty

New Zealand's ANZ Activity Outlook and ANZ Business Confidence slump



Economic Data Ahead

(0355 ET/0755 GMT) German unemployment change August

(0355 ET/0755 GMT) German unemployment rate s.a. August

(0400 ET/0800 GMT) Italy industrial sales s.a. MoM June

(0400 ET/0800 GMT) Italy industrial sales n.s.a. YoY June

(0400 ET/0800 GMT) Italy industrial orders s.a. MoM June

(0400 ET/0800 GMT) Italy industrial orders n.s.a. YoY June

(0400 ET/0800 GMT) Italy producer price index MoM July

(0400 ET/0800 GMT) Italy producer price index YoY July

(0400 ET/0800 GMT) Eurozone service sentiment August

(0400 ET/0800 GMT) Eurozone consumer confidence August

(0400 ET/0800 GMT) Eurozone industrial confidence August

(0400 ET/0800 GMT) Eurozone business climate August

(0400 ET/0800 GMT) Eurozone economic sentiment indicator August



Key Events Ahead

No Significant Event Scheduled



FX Beat

DXY: The dollar index rose, extending previous session gains after U.S. Treasury Secretary Steven Mnuchin said he has no intention of intervening in the dollar right now, according to Bloomberg.  The greenback against a basket of currencies traded 0.05 percent up at 98.23, having touched a low of 97.17 on Friday, its lowest since August 9.

EUR/USD: The euro rose, hating a 3-day losing streak, as the ECB has all but promised a stimulus package for its September 12 policy meeting. Investors now price in several rate cuts for the coming year and a fresh round of bond purchases. The European currency traded 0.05 percent up at 1.1082, having touched a high of 1.1163 on Monday, its highest since August 14.  Investors’ attention will remain on Eurozone economic sentiment indicator and German prelim consumer price index, ahead of the U.S. unemployment benefit claims, preliminary gross domestic product, flash wholesale inventories, goods trade balance, prelim personal consumption expenditure and pending home sales. Immediate resistance is located at 1.1119 (38.2% retracement of 1.1230 and 1.1051), a break above targets 1.1162 (61.8% retracement). On the downside, support is seen at 1.1065 (August 20 Low), a break below could drag it below 1.1030.

USD/JPY: The dollar declined against the safe-haven Japanese yen as the U.S. Treasury yield curve remains inverted, which is considered a sign of an impending recession. The yields on 30-year Treasuries have hit a record low as investors rushed for the safety of government debt. The major was trading 0.2 percent down at 105.90, having hit a low of 104.44 on Monday, its lowest since November 2016. Investors’ will continue to track the broad-based market sentiment, ahead of the U.S. unemployment benefit claims, preliminary gross domestic product, flash wholesale inventories, goods trade balance, prelim personal consumption expenditure and pending home sales. Immediate resistance is located at 106.22 (21-DMA), a break above targets 107.09 (August 6 High). On the downside, support is seen at 105.26 (August 9 Low), a break below could take it lower at 105.05 (August 12 Low).

GBP/USD: Sterling consolidated within narrow ranges after tumbling to a near 1-week low in the previous session, as the suspension of UK parliament limited the time opponents have to derail a disorderly Brexit, but also increases the chance that Johnson could face a vote of no-confidence in his government. The major traded flat at 1.2209, having hit a high of 1.2309 on Tuesday, it’s highest since July 29. Investors’ attention will remain on the development surrounding Brexit, ahead of the U.S. fundamental drivers. Immediate resistance is located at 1.2273 (August 22 High), a break above could take it near 1.2309 (August 27 High)). On the downside, support is seen at 1.2147 (21-DMA), a break below targets 1.2108 (August 22 Low)). Against the euro, the pound was trading 0.1 percent down at 90.81 pence, having hit a high of 90.16 on Tuesday, it’s highest since July 29.

AUD/USD: The Australian dollar fell, extending losses for the third straight session, weighed down by a surprise negative release of Construction Work Done during the second quarter. The Aussie trades 0.2 percent down at 0.6717, having hit a low of 0.6689 on Monday, it’s lowest since August 7. Investors will continue to track overall market sentiment, ahead of U.S. economic releases. Immediate support is seen at 0.6677 (August 7 Low), a break below targets 0.6630. On the upside, resistance is located at 0.6799 (August 2 1 High), a break above could take it near 0.6822 (August 8 High).

NZD/USD: The New Zealand dollar plunged to a fresh multi-year low after the country's ANZ Activity Outlook and ANZ Business Confidence slumped. The Kiwi trades 0.3 percent down at 0.6319, having touched a low of 0.6306 earlier, its lowest level September 2015. Investors’ will continue to track broad-based market sentiment, ahead of U.S. economic data. Immediate resistance is located at 0.6368 (5-DMA), a break above could take it near 0.6409 (August 23 Low). On the downside, support is seen at 0.6275, a break below could drag it below 0.6240.



Equities Recap

Asian shares
slumped as global recession worries from intensifying U.S.-China trade dispute and the spectre of a no-deal Brexit drove investors to safe-haven assets.

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

Tokyo's Nikkei declined 0.9 percent to 20,460.93 points, Australia's S&P/ASX 200 index rallied 0.1 percent to 6,507.40 points and South Korea's KOSPI eased 0.4 percent to 1,933.41 points.

Hong Kong’s Hang Seng traded 0.4 percent lower at 25,516.76 points. Taiwan shares added 0.3 percent to 10,462.43 points.

[b]Shanghai Composite Index [/b]0.1 percent to 2,890.92 points, while CSI 300 index traded 0.3 percent down at 3,790.19 points.



Commodities Recap

Crude Oil  prices declined for the first time in two days after San Francisco Federal Reserve President Mary Daly sounded a note of concern about the strength of U.S. economy. International benchmark Brent crude was trading 0.5 percent lower at $60.13 per barrel by 0630 GMT, having hit a low of $58.29 on Friday, its lowest since August 16. U.S. West Texas Intermediate was trading 0.6 percent down at $55.58 a barrel, after falling as low as $52.95 on Monday, its lowest since August 9.

Gold prices edged higher against the backdrop of recession fears, with traders tracking signs of progress on the U.S.-China trade talks and global central banks for direction on interest rates. Spot gold rose 0.3 percent to $1,546.16 per ounce by 0632 GMT, having touched a high of $1,555.10 on Monday, its highest since August 2013. U.S. gold futures were up 0.2 percent at $1,552.40 an ounce.


Treasuries Recap

The Japanese government bond yields slipped to fresh three-year lows amid persisting global recession concerns.  The 30-year yield was down 1 basis point at 0.150 percent, its lowest since July 2016. The 10-year JGB yield was down 1 basis point at minus 0.280 percent after falling to minus 0.285 percent the previous day, its lowest since July 2016.

The Australian government bonds rallied during the Asian session after the U.S. Treasury yield closed near-record-low following bulk hedging by investors against riskier assets such as oil and equities. The yield on Australia’s benchmark 10-year note, which moves inversely to its price, edged nearly 1 basis point higher to 0.882 percent, the yield on the long-term 30-year bond surged 1-1/2 basis points to 1.485 percent and the yield on short-term 2-year remained flat at 0.726 percent.







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Asia Roundup:
Antipodeans near multi-year lows as U.S. tariffs on Chinese goods takes effect this weekend, greenback gains as trade tensions ease, Asian shares at 1-week peak –
Friday, August 30th, 2019






Market Roundup

Greenback near 4-week high

Oil set for biggest weekly gain since July

Gold prices inch down on positive signs for trade talks

Euro eases on ECB stimulus hope



Economic Data Ahead

(0400 ET/0800 GMT) Italy Unemployment July

(0430 ET/0830 GMT) UK net lending to individuals MoM July

(0430 ET/0830 GMT) UK consumer credit July

(0430 ET/0830 GMT) UK mortgage approvals July

(0430 ET/0830 GMT) UK M4 money supply MoM July

(0430 ET/0830 GMT) UK M4 money supply YoY July

(0500 ET/0900 GMT) Italy prelim consumer price index MoM August

(0500 ET/0900 GMT) Italy prelim consumer price index YoY August

(0500 ET/0900 GMT) EZ unemployment rate July

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

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

(0600 ET/1000 GMT) Italy gross domestic product YoY Q2

(0600 ET/1000 GMT) Italy gross domestic product QoQ Q2



Key Events Ahead

No Significant Event Scheduled



FX Beat

DXY:
The dollar index rallied to a 1-month peak as news Washington and Beijing were discussing negotiations in September eased anxieties about the ongoing trade war. The greenback against a basket of currencies traded 0.1 percent up at 98.56, having touched a high of 98.57 earlier, its highest since August 1..

EUR/USD: The euro plunged to a 1-month low, weighed down by a sluggish eurozone economy and likely monetary easing from the European Central Bank next month. Data released yesterday showed, German inflation slowed in August and unemployment rose, adding to signs that the German economy is running out of steam and cementing expectations of a new ECB stimulus package next month. The European currency traded 0.1 percent down at 1.1045, having touched a low of 1.1142 earlier, its lowest since August 1. Investors’ attention will remain on Eurozone preliminary consumer price index, ahead of the U.S. personal consumption expenditure – price index. Immediate resistance is located at 1.1071 (23.6% retracement of 1.1163 and 1.1042), a break above targets 1.1102 (50% retracement). On the downside, support is seen at 1.1030, a break below could drag it below 1.1000.

USD/JPY: The dollar declined, halting a 2-day rally, on reports that the U.S. economy slowed slightly more than expected in the second quarter, despite the strongest growth in consumer spending in 4-1/2 years. The major was trading 0.2 percent down at 106.34, having hit a low of 104.44 on Monday, its lowest since November 2016. Investors’ will continue to track the broad-based market sentiment, ahead of the U.S. personal consumption expenditure – price index. Immediate resistance is located at 106.73 (August 23 High), a break above targets 107.09 (August 6 High). On the downside, support is seen at 105.65 (August 28 Low), a break below could take it lower at 105.26 (August 9 Low).

GBP/USD: Sterling steadied after falling for two straight sessions, as British Prime Minister Boris Johnson suspended parliament for more than a month to avoid a possible no-confidence vote and take Britain out of the European Union on the Oct. 31 deadline. The major traded flat at 1.2184, having hit a high of 1.2309 on Tuesday, it’s highest since July 29. Investors’ attention will remain on the development surrounding Brexit, ahead of the U.S. fundamental drivers. Immediate resistance is located at 1.2234 (5-DMA), a break above could take it near 1.2273 (August 22 High). On the downside, support is seen at 1.2148 (21-DMA), a break below targets 1.2108 (August 22 Low). Against the euro, the pound was trading 0.2 percent down at 90.62 pence, having hit a high of 90.16 on Tuesday, it’s highest since July 29.

AUD/USD: The Australian dollar slumped, extending losses for the fourth consecutive session, as Washington is due to start imposing 15 percent tariffs on $125billion worth of goods from China on Sunday, affecting a number of consumer items. The Aussie trades 0.2 percent down at 0.6713, having hit a low of 0.6689 on Monday, it’s lowest since August 7. Investors will continue to track overall market sentiment, ahead of U.S. economic releases. Immediate support is seen at 0.6677 (August 7 Low), a break below targets 0.6630. On the upside, resistance is located at 0.6799 (August 2 1 High), a break above could take it near 0.6822 (August 8 High).

NZD/USD: The New Zealand dollar tumbled to fresh 4-year low as investors fear the intensifying trade dispute could lead the U.S. economy into a recession. The Kiwi trades 0.2 percent down at 0.6296, having touched a low of 0.6289 earlier, its lowest level September 2015. Investors’ will continue to track broad-based market sentiment, ahead of U.S. economic data. Immediate resistance is located at 0.6357 (5-DMA), a break above could take it near 0.6409 (August 23 Low). On the downside, support is seen at 0.6270, a break below could drag it below 0.6240.



Equities Recap

Asian shares
rallied to a 1-week high as the United States and China returned to the negotiating table to resolve their tariff dispute.

MSCI's broadest of Asia-Pacific shares outside Japan gained 0.1 percent

Tokyo's Nikkei Nikkei surged 1.2 percent to 20,704.37 points, Australia's S&P/ASX 200 index rallied 1.5 percent to 6,604.20 points and South Korea's KOSPI rose 1.8 percent to 1,967.59 points.

Hong Kong’s Hang Seng traded 0.3 percent lower at 25,620.39 points. Taiwan shares added 1.5 percent to 10,618.05 points.

[B]Shanghai Composite Index [/B] fell 0.2 percent to 2,885.96 points, while CSI 300 index traded 0.2 percent up at 3,797.91 points.



Commodities Recap

Crude Oil declined but were set for their biggest weekly gains since early July, boosted by a fall in U.S inventories and a looming hurricane in Florida. International benchmark Brent crude was trading 0.7 percent lower at $60.49 per barrel by 0559 GMT, having hit a low of $58.29 last week, its lowest since August 16. U.S. West Texas Intermediate was trading 0.3 percent down at $56.43 a barrel, after falling as low as $52.95 on Monday, its lowest since August 9.

Gold prices eased and were on track for a small weekly loss as United States and China indicated they may resume talks to resolve their protracted trade conflict. Spot gold fell 0.2 percent to $1,525.06 per ounce by 0602 GMT, having touched a high of $1,555.10 on Monday, its highest since August 2013 but is heading for a mild loss of 0.1 percent, following four weeks of gains. U.S. gold futures were also down 0.2 percent at $1,534.50 an ounce.



Treasuries Recap

The Japanese government bond yields pulled back from three-year lows as investor appetite for risk assets returned. The five-year JGB yield nudged up half a basis point to minus 0.355 percent, moving away from a three-year trough of minus 0.365 percent hit midweek. The benchmark 10-year JGB yield was 1 basis point higher at minus 0.280 percent, after stooping to minus 0.290 percent the previous day, its lowest since July 2016.

The Australian government bonds suffered during Asian session tracking a similar movement in the U.S. Treasuries after a 7-year auction failed to draw sufficient investor demand amid signs of easing trade tensions between the U.S. and China. The yield on Australia’s benchmark 10-year note, which moves inversely to its price, edged 1-1/2 basis points higher to 0.889 percent, the yield on the long-term 30-year bond rose 1 basis point to 1.479 percent while the yield on short-term 2-year remained flat at 0.724 percent.








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