User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Wednesday December 12, 2007 - 17:48:20 GMT
GCI Financial -

Share This Story:
| | Email

Forex Market Commentary and Analysis (12 December 2007)

The euro strengthened vis-à-vis the U.S. dollar today as the single currency tested offers around the US$1.4745 level and was supported around the $1.4650 level.  Technically, today’s intraday high was right around the 23.6% retracement of the move from $1.4015 to $1.4965.  Market volatility has been significant following yesterday’s interest rate announcement from the Federal Open Market Committee wherein policymakers reduced the fed funds target rate by 25bps to 4.25%, disappointing a large segment of the market that wanted a 50bps easing.  The Fed cited an “intensification of the housing correction” and “some softening in business and consumer spending.”  Notably, the Fed also cited difficult financial market conditions twice in its policy statement, an indication the Fed may be inclined to ease rates further at the FOMC meeting in late January.  Boston Fed President Rosengren dissented with the majority and voted for a 50bps easing, one clue that debate may have been fierce yesterday.  The greenback gave back some of yesterday’s intraday gains today vis-à-vis the euro and British pound following a rare concerted move from top global central banks to supply the money markets with a tremendous amount of year-end liquidity.  The Fed, European Central Bank, Bank of England, Bank of Canada, and Swiss National Bank announced a series of measures to reduce interbank funding pressures.  The Fed will hold four term auctions for tens of billions of dollars and has initiated swap agreements with central banks to reduce U.S. dollar interbank lending strains.  Data released in the U.S. today saw October import prices ris 2.7% m/m, the largest monthly gain since October 1990, while the October trade deficit widened to –US$ 57.8 billion.  In eurozone news, European Central Bank member Ordonez said it is “crucial there are no second-round (inflation) effects.”  Data released in the eurozone today saw October EMU-13 industrial output up 0.4% m/m and 3.8% y/y.  Also, Q3 employment was up 0.3% q/q and 1.9% y/y.  Euro bids are cited around the US$ 1.4565 level.


¥/ CNY

The yen depreciated sharply vis-à-vis the U.S. dollar today as the greenback tested offers around the ¥112.45 level and was supported around the ¥110.60 level.  Technically, today’s intraday high was just below the 61.8% retracement of the move from ¥115.90 to ¥107.20.  Risk appetite returned to the market following a concerted effort by global central banks to provide a significant amount of year-end liquidity to the markets.  Traders added to short yen exposure across the board under the premise Bank of Japan is unlikely to raise interest rates anytime soon; BoJ’s Policy Board next meets on 19-20 December to deliberate monetary policy.  Data released in Japan overnight saw the November domestic corporate goods price index up +0.2% m/m and 2.3% y/y.  Also, the October current account surplus increased 45.7% y/yto ¥2.229 trillion in October, the tenth consecutive monthly increase.  Moreover, November portfolio flows saw a net ¥4 trillion inflow into Japan’s financial markets.  Traders await Friday’s release of the quarterly tankan survey of business sentiment with expectations for a decline in business optimism and capital spending plans.  Other data released today saw November revised machine tool orders up 13.0% y/y and November corporate failures down 16.3% m/m.  The Nikkei 225 stock index lost 0.70% to close at ¥15,932.26.  Dollar bids are cited around the ¥110.70 level.  The euro moved higher vis-à-vis the yen as the single currency tested offers around the ¥165.05 level and was supported around the ¥162.15 level.  The British pound and Swiss franc appreciated vis-à-vis the yen as the crosses tested offers around the ¥230.35 and ¥98.95 levels, respectively.  The Chinese yuan appreciated vis-à-vis the U.S. dollar as the greenback closed at CNY 7.3721 in the over-the-counter market, down from CNY 7.3805 – a record post-July 2005 yuan revaluation closing low. PBoC Governor Zhou reported China favours a stronger U.S. dollar.  Data released in China today saw November retail sales up 18.8% y/y while November wholesale prices were up 7.4% y/y.

The British pound strengthened vis-à-vis the U.S. dollar today as cable tested offers around the US$ 2.0575 level and was supported around the $2.0340 level.  Technically, today’s intraday high was right around the 61.8% retracement of the move from $2.0830 to $2.0180.  Traders increased long sterling exposure after Bank of England announced measures in conjunction with other leading central banks to avail a significant amount of year-end liquidity to the markets.  Interbank lending rates in the U.K. remain quite elevated and this announcement is intended to ease some of those pressures.  Data released in the U.K. today saw the November claimant count fall 11,100 to its lowest level since 1975 with unemployment at 2.5%.  Likewise, average earnings including bonuses rose 4.0% in the three months to October, down from 4.1% in September. Cable bids are cited around the US$ 2.0365 level.  The euro came off vis-à-vis the British pound as the single currency tested bids around the ₤0.7160 level and was capped around the ₤0.7205 level.



The Swiss franc depreciated vis-à-vis the U.S. dollar today as the greenback tested offers around the CHF 1.1400 figure and was supported around the CHF 1.1275 level.  Technically, today’s intraday low was right around the 23.6% retracement of the move from CHF 1.2475 to CHF 1.0885.  Swiss National Bank took part of the global effort by central banks to provide the markets with liquidity, a move it has not undertaken since the 1970s.  Traders await SNB’s quarterly interest rate decision tomorrow with most expecting no change in borrowing costs and a minority expecting another monetary tightening.  Data released in Switzerland today saw the ZEW economic expectations indicator fall 0.8 points to 29.7.  Dollar offers are cited around the CHF 1.1495 level.  The euro and British pound appreciated vis-à-vis the Swiss franc as the crosses tested offers around the CHF 1.6725 and CHF 2.3345 levels, respectively.


Forex Trading News

Forex Research

Daily Forex Market News
Forex news reports can be found on the forex research headlines page below. Here you will find real-time forex market news reports provided by respected contributors of currency trading information. Daily forex market news, weekly forex research and monthly forex news features can be found here.

Forex News
Real-time forex market news reports and features providing other currency trading information can be accessed by clicking on any of the headlines below. At the top of the forex blog page you will find the latest forex trading information. Scroll down the page if you are looking for less recent currency trading information. Scroll to the bottom of fx blog headlines and click on the link for past reports on forex. Currency world news reports from previous years can be found on the left sidebar under "FX Archives."

Actionable trading levels delivered to YOUR charts in real-time.

Register To Test Your Amazing Trader

GVI Trading. Potential Price Risk Scale
AA: Major, A: High, B: Medium

Tue 17 July 2018
AA 08:30 GB- Employment
A 13:15 US- Industrial Production
AA 14:00 US-Powell Testimony
Wed 18 July 2018
AA 08:30 GB- CPI
A 12:30 US- Housing Starts/Permits
AA 14:00 US-Powell Testimony
Thu 19 July 2018
AA 1:30 AU- Employment
AA 08:30 GB- Retail Sales
A 14:30 US- EIA Crude
A 12:30 US- Weekly Jobless
Fri 20 Jun 2018
A 12:30 CA- CPI/Retail Sales

John M. Bland, MBA
co-founding Partner,

Global-View Affiliate Program

We are starting an affiliate program to market some of our products.

Send me an email if you would be interested or if you know someone who would like to be an affiliate. Generous commissions payout for those accepted.

Put the word "affiliate" in the email subject line.

Contact us

Start trading with forex broker Markets Cube

Max McKegg's Daily Forex Trading Forecasts

Veteran FX Trader, Max McKegg, forecasts all the Major currencies and the Australasians; providing Daily and Medium Term Trading forecasts to subscribers, who include large Banks the world over, as well as individual traders in more than 30 different countries.

Request a TRIAL of Max's Forex Service.


Retail Forex Brokerage Changing!

Are you looking for your first broker or do you need of a new one? There are more critical things to consider than you might have thought.

We were trading long before there were online brokers. Global-View has been directly involved with the industry since its infancy. We've seen everything and are up-to-data with recent regulatory changes.

Our Best Brokers listing section includes:Forex Broker Reviews, Forex Broker Directory, Forex Broker Comparisons and advice on How to Choose a Forex Broker

If would like guidance, advice, or have any concerns at all ASK US. We are here to help you.

SEE Our Best Brokers List

Currency Trading Tools

  • Live rates, currency news, fx charts. 

  • Research reports and currency forecasts.

  • Foreign Exchange database and history.

  • Weekly economic calendar.

Directory of  Forex trading tools

Terms of Use    Disclaimer    Privacy Policy    Contact    Site Map

Forex Forum
Forex Trading Forum
Forex Forum + forex rates
Forex Forum Archives
Forex Forum RSS
Free Registration

Trading Forums
Currency Forum Guide
Forum Directory
Open Forum
Futures Forum
Political Forum
Forex Brokers
Compare Forex Brokers
Forex Broker News
Forex Broker Hotline

Online Forex Trading
Forex Trading Tools
Currency Trading Tools
Forex Database
FX Chart Points
Risk/Carry Trade Chart Points
Economic Calendar
Quicklinks to Economic Data
Currency Futures Swaps
Fibonacci Calculator
Currency Futures Calculator

Forex Education
Forex Learning Center
FX Trading Basics Course
Forex Trading Course
Forex Trading Handbook

Forex Analysis
Forex Forecasts
Interest Rate Forecasts
Central Bank Forecasts

FX Charts and Quotes
Live FX Rates
Live Global Market Quotes
Live Forex Charts
US Dollar Index Chart
Global Chart Gallery
Daily Market Tracker
Forex News
Forex Blog
Forex News
Forex Blog Archives
Forex News RSS
Forex Services
Forex Products
GVI Forex
Free Trials
FX Bookstore
FX Jobs and Careers
Jobs USA
Jobs UK
Jobs Canada

Forex Forum

The Global-View Forex Forum is the hub for currency trading on the web. Founded in 1996, it was the original forex forum and is still the place where forex traders around the globe come 24/7 looking for currency trading ideas, breaking forex news, fx trading rumors, fx flows and more. This is where you can find a full suite of forex trading tools, including a complete fx database, forex chart points, live currency rates, and live fx charts. In addition, there is a forex brokers directory where you can compare forex brokers. There is also a forex brokers hotline where you can ask for help choosing a forex broker that meets your individual fx trading needs. Interact on the same venue to discuss forex trading.

Forex News

The forex forum is where traders come to discuss the forex market. It is one of the few places where forex traders of all levels of experience, from novice to professionals, interact on the same venue to discuss forex trading. There is also the GVI Forex, which is a private subscription service where professional and experienced currency traders meet in a private forex forum. it is like a virtual forex trading room. This is open to forex traders of all levels of experience to view but only experienced currency tradingprofessionals can post.

Currency Trading

Currency trading charts are updated daily using the forex trading ranges posted in the Global-View forex database. You will also find technical indicators on the fx trading charts, e.g. moving averages for currencies such as the EURUSD. This is another forex trading tool provided by

Forex Brokers

The forex database can be used to access high, low, close daily forex ranges for key currency pairs, such as the EURUSD, USDJPY, USDCHF, GBPUSD, USDCAD, AUD, NZD and major crosses, including EURJPY, EURGBP, EURCHF, GBPJPY, GBPCHF and CHFJPY. Data for these currency trading pairs dating back to January 1, 1999 can be downloaded to an Excel spreadsheet.

Forex Trading

Forex chart points are in a currency trading table that includes; latest fx tradinghigh-low-close range, Bollinger Bands, Fibonacci retracement levels, daily forex pivot points support and resistance levels, average daily forex range, MACD for the different currency trading pairs. You can look on the forex forum for updates when one of the fx trading tools is updated.

FX Trading

Global-View also offers a full fx trading chart gallery that includes fx pairs, such as the EURUSD, commodities, stocks and bonds. In a fx trading world where markets are integrated, the chart gallery is a valuable trading tool. Look for updates on the Forex Forum when the chart gallery is updated.

Forex Blog also offers a forex blog, where articles of interest for currency trading are posted throughout the day. The forex blog articles come from outside sources, including forex brokers research as well as from the professionals at This forex blog includes the Daily Forex View, Market Chatter and technical forex blog updates. In additional to its real time forex forum, there are also Member Forums available for more in depth forex trading discussions.



By using this website, you are agreeing to our Privacy Policy and Terms of Use, and Cookie Policy

Copyright ©1996-2014 Global-View. All Rights Reserved.
Hosting and Development by Blue 105