VIDEO: UK’s Osborne Says GDP Data Show Recovery Is Broadly-based

Britain’s finance minister George Osborne said on Tuesday that new economic growth figures show the recovery is broadly based, and that abandoning the government’s economic plan would be the biggest risk to it continuing. Britain’s economy grew 0.7 percent in the fourth quarter of 2013 and recorded its fastest annual growth since the financial crisis, despite a slight slowdown in the last three months of the year, official data showed on Tuesday.

Euro on defensive to US Dollar in Forex Trading, EURUSD dips under 1.3650

2014.01.28 13:30 6:30AM ET | EURUSD Currency Pair

SC EURUSD 2014.01.28

Here are the Pivot Points Levels with Support (S) and Resistance (R) for the EURUSD currency pair today. Price action is currently trading at the 1.36475 price level and under the daily pivot point, according to data at 6:30 AM ET. The EURUSD high for the day has been 1.36881 while the low of day has reached to 1.36282. The pair earlier today opened the Asian trading session slightly below the daily pivot and has trended lower to touch below the S1 support level today.

Daily Pivot Point: 1.36800
— S1 – 1.36440
— S2 – 1.36162
— S3 – 1.35802
— R1 – 1.37078
— R2 – 1.37438
— R3 – 1.37716


Weekly Pivot Points: EURUSD

SC EURUSD 2014.01.28

Prices are currently trading just over the weekly pivot point at time of writing. The EURUSD has been on an overall bearish trend this week after opening the trading week higher than the main weekly pivot at 1.3639.

Weekly Pivot Point: 1.36399
— S1 – 1.35410
— S2 – 1.34082
— S3 – 1.33093
— R1 – 1.37727
— R2 – 1.38716
— R3 – 1.40044


By CountingPips.comForex Trading Apps & Currency Trade Tools

Disclaimer: Foreign Currency trading and trading on margin carries a high level of risk and volatility and can result in loss of part or all of your investment. All information and opinions contained do not constitute investment advice and accuracy of prices, charts, calculations cannot be guaranteed.

 

 

USDJPY looks to gain for second day in Forex Trading, pushes above 103

2014.01.28 13:30 6:30AM ET | USDJPY Currency Pair

SC USDJPY 2014.01.28

Here are the Pivot Points Levels with Support (S) and Resistance (R) for the USDJPY currency pair today. Price action is currently trading at the 103.078 price level and over the daily pivot point, according to data at 6:30 AM ET. The USDJPY high for the day has been 103.243 while the low of day has reached down to 102.475. The pair earlier today opened the Asian trading session above the daily pivot and has trended higher to above the R1 resistance level.

Daily Pivot Point: 102.406
— S1 – 101.892
— S2 – 101.243
— S3 – 100.729
— R1 – 103.055
— R2 – 103.569
— R3 – 104.218


Weekly Pivot Points: USDJPY

SC USDJPY 2014.01.28

Prices are currently trading over the weekly pivot point at time of writing. The USDJPY has been on an overall bullish trend this week after opening the trading week below the weekly pivot.

Weekly Pivot Point: 103.023
— S1 – 101.213
— S2 – 100.180
— S3 – 98.370
— R1 – 104.056
— R2 – 105.866
— R3 – 106.899


By CountingPips.com – Forex Trading Apps & Currency Trade Tools

Disclaimer: Foreign Currency trading and trading on margin carries a high level of risk and volatility and can result in loss of part or all of your investment. All information and opinions contained do not constitute investment advice and accuracy of prices, charts, calculations cannot be guaranteed.

 

 

USDCHF gets boost today from support at the pivot point in Forex Trading

2014.01.28 13:30 6:30AM ET | USDCHF Currency Pair

SC USDCHF 2014.01.28

Here are the Pivot Points Levels with Support (S) and Resistance (R) for the USDCHF currency pair today. Price action is currently trading at the 0.89889 price level and over the daily pivot point, according to data at 6:30 AM ET. The USDCHF high for the day has been 0.90091 while the low of day has reached to 0.89535. The pair earlier today opened the Asian trading session just above the daily pivot and has trended higher to over the R1 resistance level at time of writing.

Daily Pivot Point: 0.89582
— S1 – 0.89329
— S2 – 0.89056
— S3 – 0.88803
— R1 – 0.89855
— R2 – 0.90108
— R3 – 0.90381


Weekly Pivot Points: USDCHF

SC USDCHF 2014.01.28

Prices are currently trading just under the weekly pivot point as the USDCHF has been on an overall bullish trend this week after opening the trading week below the weekly pivot.

Weekly Pivot Point: 0.90000
— S1 – 0.88445
— S2 – 0.87468
— S3 – 0.85913
— R1 – 0.90977
— R2 – 0.92532
— R3 – 0.93509


By CountingPips.comForex Trading Apps & Currency Trade Tools

Disclaimer: Foreign Currency trading and trading on margin carries a high level of risk and volatility and can result in loss of part or all of your investment. All information and opinions contained do not constitute investment advice and accuracy of prices, charts, calculations cannot be guaranteed.

 

 

GBPUSD finds resistance today at 1.6625, up for week in Forex Trading

2014.01.28 13:30 6:30AM ET | GBPUSD Currency Pair

SC GBPUSD 2014.01.28

Here are the Pivot Points Levels with Support (S) and Resistance (R) for the GBPUSD currency pair today. Price action is currently trading at the 1.65702 price level and over the daily pivot point, according to data at 6:30 AM ET. The GBPUSD high for the day has been 1.66244 while the low of day reached to 1.65347. The pair earlier today opened the Asian trading session above the daily pivot and trended higher to the R1 resistance level before coming back to the main pivot where support was found.

Daily Pivot Point: 1.65479
— S1 – 1.65082
— S2 – 1.64332
— S3 – 1.63935
— R1 – 1.66229
— R2 – 1.66626
— R3 – 1.67376


Weekly Pivot Points: GBPUSD

SC GBPUSD 2014.01.28

Prices are currently trading over the weekly pivot point at time of writing. The GBPUSD has been on an overall bullish trend this week after opening the trading week below the weekly pivot. The pair has found selling resistance near the R1 resistance area so far this week.

Weekly Pivot Point: 1.65125
— S1 – 1.63579
— S2 – 1.62398
— S3 – 1.60852
— R1 – 1.66306
— R2 – 1.67852
— R3 – 1.69033


By CountingPips.comForex Trading Apps & Currency Trade Tools

Disclaimer: Foreign Currency trading and trading on margin carries a high level of risk and volatility and can result in loss of part or all of your investment. All information and opinions contained do not constitute investment advice and accuracy of prices, charts, calculations cannot be guaranteed.

 

 

VIDEO: Europe’s Economy is Almost Out of the Woods

Jeroen Dijsselbloem Dutch finance minister and Eurogroup president tells WSJ’s Matina Stevis at The World Economic Forum that the worst of the euro crisis is behind us, but the bloc’s banks are gearing up for a tough review and governments mustn’t relent on budget reforms.

Forex Outlook – Emerging Market Currencies Drop in Focus, Fed Tapering to highlight the week

By CountingPips.com

Last week was a turbulent week in the markets with some cracks appearing in the rosy outlook for the global economy. Emerging-market currencies led by Argentina were hit hard by an economic crisis in Argentina, a political crisis in Turkey as well as concerns about growth and credit in China. (FT.com Story / Bloomberg)

It will be crucial to watch how the emerging-market shocks last week carry over into this week. We saw risk aversion where stock markets fell and investors favored  safe havens like 10-Year US Treasuries, the Japanese yen, the Swiss franc and out of emerging-market currencies of India, Mexico, Argentina, Turkey, Russia.

Fundamental Outlook – Fed Tapering to highlight the week

This week’s economic calendar for the Forex market has a good number of major economic releases that will greatly affect the financial markets. The top economic release of the week will be the monthly US Federal Reserve interest rate meeting on Wednesday where the fed will announce whether they continue their tapering program for the month and provide their economic commentary. Also on Wednesday, will have the New Zealand interest rate meeting with market expectations that the NZ reserve bank will continue to hold its interest rate at 2.50%.

In addition to the interest rate meetings this week, we will see GDP reports out of the UK, the US and Canada while we will also see German employment data for January as well as the consumer price index out of Germany.

Here’s a quick rundown of this week’s major economic highlights:

Tuesday, January 28
United Kingdom — GDP report
United States — durable goods orders
United States — consumer confidence

Wednesday, January 29
United States — FOMC interest rate meeting
United States — fed QE3 decision
New Zealand — interest rate decision

Thursday, January 30
Eurozone — Germany unemployment change
Eurozone — Germany consumer price index
United States — GDP report
United States — personal consumption expenditure
Japan — national consumer price index

Friday, January 31
euro zone — consumer price index
Canada — GDP report

Please see our full calendar for a complete listing of economic events.

 

 

VIDEO: Madagascar’s New President Takes Over Power From Ex-coup Leader

Madagascar’s new president Hery Rajaonarimampianina took office on Saturday, pledging to create an investment-friendly climate in the Indian Ocean island. The World Bank said on Friday the next step of forming a government was crucial and resumption of normal lending hinged on the appointment of a new prime minister. The former finance minister won the presidential election on December 20, the first in the country since the 2009 coup that plunged Madagascar into a political crisis that has sharply slowed economic growth and deepened poverty.

Foreign Currency Speculators added to US Dollar bullish bets for 3rd straight week

By CountingPips.com

Cot aggregate positions


Large Speculator bullish bets advanced to $25.89 billion on January 21st

The latest data for the weekly Commitments of Traders (COT) report, released by the Commodity Futures Trading Commission (CFTC) on Friday, showed that large traders and futures speculators added to their overall bullish position of the US dollar for a third week and to a new highest level since July.

Non-commercial large futures traders, including hedge funds and large International Monetary Market speculators, had an overall US dollar long position totaling $25.89 billion as of Tuesday January 21st, according to data from Reuters. This was a weekly change of +$3.23 billion from the $22.66 billion total bullish position that was registered on January 14th, according to the calculations by Reuters that totals the US dollar contracts against the combined contracts of the euro, British pound, Japanese yen, Australian dollar, Canadian dollar and the Swiss franc.

The US dollar aggregate positions on January 21st mark the highest level since July 23rd when net US dollar bullish bets equaled $28.69 billion.

 

Net Contract Standings for the week:




Cot-Levels-Weekly




Individual Currencies – Large Speculator Weekly changes:

The non-commercial net positions for each of the individual currencies directly against the US dollar showed weekly gains for the Japanese yen and the Swiss franc while there were weekly shortfalls for the euro, British pound sterling, Canadian dollar, Australian dollar, New Zealand dollar and the Mexican peso. See charts & data below.




Individual Currency Charts: Large & Small Speculator Positions vs Spot Price

EuroFX:

euro

Last Six Weeks data for EuroFX futures

Date Open Interest Large Specs Net Lg Specs Weekly Change Small Specs Net
12/17/2013 230955 27923 11993 -13470
12/24/2013 240206 32172 4249 -12463
12/31/2013 242071 30589 -1583 -10160
01/07/2014 238570 14498 -16091 -20777
01/14/2014 243434 9246 -5252 -18238
01/21/2014 255300 -3772 -13018 -31289



British Pound Sterling:

gbp

Last Six Weeks data for Pound Sterling futures

Date Open Interest Large Specs Net Positions Lg Specs Weekly Change Small Specs Net
12/17/2013 191648 17825 -604 15723
12/24/2013 198063 14420 -3405 19912
12/31/2013 206886 22781 8361 22800
01/07/2014 194668 18178 -4603 18591
01/14/2014 201372 11160 -7018 16988
01/21/2014 208112 8720 -2440 15099



Japanese Yen:

jpy

Last Six Weeks data for Yen Futures

Date Open Interest Large Specs Net Positions Lg Specs Weekly Change Small Specs Net
12/17/2013 232743 -130223 -512 -39860
12/24/2013 239160 -143822 -13599 -41364
12/31/2013 232225 -135228 8594 -40970
01/07/2014 230156 -128868 6360 -40260
01/14/2014 218324 -118066 10802 -34238
01/21/2014 217548 -114961 3105 -32811



Swiss Franc:

chf

Last Six Weeks data for Franc futures

Date Open Interest Large Specs Net Positions Lg Specs Weekly Change Small Specs Net
12/17/2013 47367 11955 -43 8316
12/24/2013 51131 11920 -35 7118
12/31/2013 51139 10889 -1031 6818
01/07/2014 42087 4727 -6162 4102
01/14/2014 42791 -2941 -7668 2549
01/21/2014 42110 -1921 1020 -2263



Canadian Dollar:

cad

Last Six Weeks data for Canadian dollar futures

Date Open Interest Large Specs Net Positions Lg Specs Weekly Change Small Specs Net
12/17/2013 187136 -65500 -7986 -16020
12/24/2013 149359 -58432 7068 -15677
12/31/2013 149037 -57956 476 -15983
01/07/2014 156950 -60542 -2586 -17128
01/14/2014 171370 -67345 -6803 -16966
01/21/2014 169456 -70327 -2982 -19477



Australian Dollar:

aud

Last Six Weeks data for Australian dollar futures

Date Open Interest Large Specs Net Positions Lg Specs Weekly Change Small Specs Net
12/17/2013 113118 -51653 -5803 -15114
12/24/2013 117884 -54239 -2586 -17882
12/31/2013 120071 -57414 -3175 -16660
01/07/2014 122121 -56852 562 -16350
01/14/2014 112341 -51988 4864 -14003
01/21/2014 137503 -64654 -12666 -23115



New Zealand Dollar:

nzd

Last Six Weeks data for New Zealand dollar futures

Date Open Interest Large Specs Net Positions Lg Specs Weekly Change Small Specs Net
12/17/2013 17939 5673 -2880 1673
12/24/2013 18668 6456 783 1724
12/31/2013 18748 6707 251 1770
01/07/2014 20039 7866 1159 1966
01/14/2014 22870 9614 1748 1898
01/21/2014 22817 8556 -1058 1532



Mexican Peso:

mxn

Last Six Weeks data for Mexican Peso futures

Date Open Interest Large Specs Net Positions Lg Specs Weekly Change Small Specs Net
12/17/2013 114614 15650 -6880 5374
12/24/2013 123733 20178 4528 5022
12/31/2013 116803 15605 -4573 5162
01/07/2014 117008 17607 2002 4577
01/14/2014 112998 13717 -3890 4766
01/21/2014 121142 -3628 -17345 626



*COT Report: The weekly commitment of traders report summarizes the total trader positions for open contracts in the futures trading markets. The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators).

The Commitment of Traders report is published every Friday by the Commodity Futures Trading Commission (CFTC) and shows futures positions data that was reported as of the previous Tuesday (3 days behind).

Each currency contract is a quote for that currency directly against the U.S. dollar, a net short amount of contracts means that more speculators are betting that currency to fall against the dollar and a net long position expect that currency to rise versus the dollar.

(The graphs overlay the forex spot closing price of each Tuesday when COT trader positions are reported for each corresponding spot currency pair.)

See more information and explanation on the weekly COT report from the CFTC website.




Article by CountingPips.comForex Apps & News