User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Tuesday January 8, 2008 - 21:38:32 GMT
Westpac Institutional Bank -

Share This Story:
| | Email

FX Research - Westpac Institutional Bank - Morning Report

Morning Report  Wednesday 9 January 2008

News and views
New Zealand dollar made steady gains overnight, though it was capped by selling against a resurgent Australian dollar. The NZD initially caught a bid yesterday afternoon on the back of the AUD, after Australian building approvals for November surprised with an 8.9% jump. NZD rose towards 0.7730 before being knocked back to 0.7690 on cross selling, but had returned to its highs by this morning. The Westpac-McDermott Miller employment confidence index released overnight fell to 133.5 in the December quarter, but was still the second-highest reading on record. The survey was consistent with a soft patch for consumer spending in late 2007 / early 2008, but the labour market remains very tight and there is little scope for the RBNZ to ease interest rates any time soon.

The Australian dollar made strong gains, aided by yesterday’s improved data and a 2% jump in gold prices to new record highs. Investment funds were noted as buyers of gold, and the news that the Shanghai exchange will start trading gold futures from tomorrow was seen as a positive in terms of widening the  investor base. AUD rose by more than a cent over the day, and is approaching recent highs around 0.8840 this morning.

The high-yield currencies once again managed to weather a stream of negative news and rumours from the US financial sector. Rumours that mortgage lender Countrywide was facing bankruptcy sent US equities into negative territory; they promptly bounced after the rumour was denied. A Merrill Lynch analyst said that Citigroup may report a further $16bn of credit writedowns. Treasury Secretary Paulson said that the US housing turmoil was worse than expectedand acknowledged for the first time that it is not just limited to subprime loans.

US pending home sales fell 2.6% in November, but the previous month was revised up. The fall through November supports the view that “disruption effects” from the credit crunch drove the accelerated declines in housing data through August and September. Today’s figures point to a modest bounce in existing homes sales in December, which would leave sales moving broadly sideway since September. It also suggests that the 9% fall in new home sales in November may be overstating the weakness. Nevertheless, the fall in pending home sales suggests overall sales will remain soft through the turn of the year. US interest rates rose by around 5 basis points after the data, but this was reversed by the end of the day.

Market pricing remains skewed towards a 50bp rate cut by the Fed at its 31 Jan meeting. Philadelphia Fed president Plosser said that further cuts may be needed if the economy turns out substantially weaker than expected, though inflation remains a concern. Plosser is considered one of the most hawkish members of the FOMC, so his comments were read as relatively dovish. Boston Fed president Rosengren suggested that the US may be in the longest housing decline in 50 years and warned that home prices could fall more quickly into 2008. Rosengren dissented in favour of a 50bp rate cut at the December FOMC meeting, but he is a non-voter this year.

A surprise 1.3% gain in the HBOS UK house price index briefly pushed the pound above 1.98 and provided food for thought ahead of the Bank of England’s rate review on Thursday night. The BoE has been under intense pressure to cut rate again, with recent weak data suggesting that the UK economy is among the most vulnerable to contagion from the US slowdown.

The New Zealand dollar has been remarkably stable in the last few months, given the turmoil in markets overseas. Record highs in relative interest rates will continue to provide underlying support for the NZD, but the uncertain global picture suggests that substantial further gains will be a struggle, and it remains vulnerable to sharp but temporary dips lower. Locally, economic data is thin on the ground until mid-month, with the CPI the next key release. Headline inflation is likely to breach 3% this time, and will remain well above this level through 2008. Australia faces a similar inflation outlook, though the RBA is more likely to be the first to act to hike rates.

Upcoming Events
Date Country Release Last Forecast

9 Jan Aust Nov Retail Sales 0.2% 0.4%
Q4 Job Vacancies (ABS Series) 2.9% n/f
US Fedspeak:
Eur Q3 GDP (F) 0.7%a 0.7%
Ger Nov Industrial Production –0.3% 0.5%
Can Dec Housing Starts 227.9k 223.5k
10 Jan Aust Nov Trade Balance AUDbn –2.98 –2.6
US Nov Wholesale Inventories flat 0.4%
Fed Chairman Bernanke speaks in
Fedspeak: Hoenig

Latest Research Papers/Publications
• NZ Q4 Employment Confidence Index (9 January)
• NZ Q3 GDP Review (21 December)
• NZ Q3 Current Account Review (20 December)
• NZ Q4 Consumer Confidence (20 December)
NZ 2007/08 HYEFU Review (18 December)
• NZ Weekly Forex Outlook (17 December)
• NZ Q3 GDP Preview (14 December)

These papers/publications are available on Online Research on
Westpac Institutional Bank’s website (

rrenciesAustralian Dollarew Zealand Dollar

Westpac Banking Corporation ABN 33 007 457 141 incorporated in Australia (NZ division). Information current as at 14 November 2007. All customers please note that this information has been prepared without taking account of your objectives, financial situation or needs. Because of this you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation or needs. Australian customers can obtain Westpac's financial services guide by calling +612 9284 8372, visiting or visiting any Westpac Branch. The information may contain material provided directly by third parties, and while such material is published with permission, Westpac accepts no responsibility for the accuracy or completeness of any such material. Except where contrary to law, Westpac intends by this notice to exclude liability for the information. The information is subject to change without notice and Westpac is under no obligation to update the information or correct any inaccuracy which may become apparent at a later date. Westpac Banking Corporation is regulated for the conduct of investment business in the United Kingdom by the Financial Services Authority. © 2004 Westpac Banking Corporation. Past performance is not a reliable indicator of future performance. The forecasts given in this document are predictive in character. Whilst every effort has been taken to ensure that the assumptions on which the forecasts are based are reasonable, the forecasts may be affected by incorrect assumptions or by known or unknown risks and uncertainties. The ultimate outcomes may differ substantially from these forecasts.



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

Mon 10 Sep 2018
AA 08:30 GB- GDP, Trade, Output
Tue 11 Sep 2018
AA 08:30 GB- Employment Decision
A 09:00 DE- ZEW Survey
Wed 12 Sep 2018
A 12:30 US- PPI
A 14:30 US- EIA Crude
A 18:00 US- Beige Book
Thu 13 Sep 2018
A 1:30 AU- Employment
AA 11:00 GB- Bank of England Decision
AA 11:45 EZ- European Central Bank Decision
A 12:30 US- Weekly Jobless
AA 12:30 US- CPI
Fri 14 Sep 2018
A 08:30 GB- GDP
AA 12:30 US- Retail Sales
A 13:15 US- Industrial Production
AA 14:00 US- prelim University of Michigan

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