User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Wednesday January 16, 2008 - 17:01:24 GMT
GCI Financial - www.gcitrading.com

Share This Story:
| | Email

Forex Market Commentary and Analysis (16 January 2008)

The euro fell sharply vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.4595 level and was capped around the $1.4860 level.  Technically, today’s intraday high was just above the 23.6% retracement of the 2008 range and today’s intraday low was below the 76.4% retracement of the same range.  One reason for the intraday weakness in the common currency was a comment from European Central Bank member Weber who said markets should not “overdramatize” the final EMU-13 December harmonized CPI print of 3.1%.  Inflation remains well above the ECB’s ceiling target of 2.0% and his comment today was the first time in recent memory an ECB official has not been very hawkish in remarks. ECB’s Mersch followed suit with a comment that downside economic risks are increasing.  Two of Germany’s Five Wise Men today warned the financial market crisis has not yet peaked.  In U.S. news, many economic data were released. First, December headline CPI was up 0.3% m/m and 4.1% y/y, an acceleration from 2006’s 2.5% annualized increase. These data suggest price pressures remain elevated and the next core personal consumption expenditures print will be closely monitored to see if price pressures are still above the Fed’s perceived 2.0% comfort ceiling zone.  On a core basis, December PPI was up +0.2% m/m and 2.4% y/y.  Second, December industrial production was unchanged m/m and up 1.5% y/y while capacity utilization fell to 81.4%.  Third, Treasury International Capital flows for November saw net capital inflations rise to US$ 149.9 billion in November from US$ 92.2 billion in October.  Net foreign acquisitions of long-term U.S. securities were US$ 90.9 billion.  Talk remains focused on whether or not the U.S. is in a recession or may soon enter one, and how aggressive the Fed will be at the 30 January FOMC meeting.  There is still widespread speculation the Fed will announce an intermeeting cut before then but the most likely scenario involves a 50bps easing at the end of the month.  Today’s Beige Book will be closely scrutinized by the markets.  Euro bids are cited around the US$ 1.4540 level.

 

 

¥/ CNY

The yen appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the ¥105.90 level and was capped around the ¥106.95 level.  The pair fell to its lowest level since May 2005 as risk aversion continued to grow, reducing demand for short yen carry trades in which proceeds are invested in higher-yielding currencies. Many data were released in Japan overnight. First, November core private sector machinery orders fell 2.8% m/m to ¥1.05 trillion, the first decline in two months. The government today left its assessment of machinery orders unchanged.  Second, the November current account surplus expanded 2.1% to ¥1.78 trillion while the trade surplus fell 9.7% to ¥932.7 billion. Third, the December domestic corporate goods price index rose 2.6% y/y, up from November’s 2.3% level.  Most traders expect Bank of Japan’s Policy Board to keep its overnight rate unchanged at +0.50% for the next several months.  Banking minister Watanabe today said many industries in Japan are “suffering due to high costs” associated with the U.S. sub-prime mortgage crisis in the U.S.  The Nikkei 225 stock index lost 3.35% to close at ¥13,504.51.  Dollar bids are cited around the ¥106.30 level.  The euro moved lower vis-à-vis the yen as the single currency tested bids around the ¥156.50 level and was capped around the ¥158.45 level.  The British pound moved higher vis-à-vis the yen as sterling tested offers around the ¥210.70 level while the Swiss franc moved lower vis-à-vis the yen and tested bids around the ¥97.05 level.  The Chinese yuan appreciated vis-à-vis the U.S. dollar as the greenback closed at CNY 7.2324 in the over-the-counter market, down from CNY 7.2411, the pair’s lowest close since the yuan revaluation of July 2005.  People’s Bank of China tightened monetary policy today by hiking the reserve requirement by 50bps to 15.0%, effective 25 January.



The British pound strengthened sharply vis-à-vis the U.S. dollar today cable tested offers around the US$ 1.9720 level and was supported around the $1.9525 level.  Technically, today’s intraday high was right around the 38.2% retracement of the move from $2.0100 to $1.9480.  Data released in the U.K. today reconfirmed the labour market remains very tight.  The December claimant count of unemployment fell 6,400 while the jobless rate was unchanged at 2.5%, its lowest level since 1975.  The ILO measure of unemployment was unchanged at 5.3% in the three months to November. Also, average earnings growth remained benign with a flat print of 4.0% in November.  Other data released in the U.K. today saw the RICS November house price balance at -49.1, the worst print in more than fifteen years.  Cable bids are cited around the US$ 1.9260 level.  The euro came off vis-à-vis the British pound as the single currency tested bids around the ₤0.7440 level and was capped around the ₤0.7575 level.

 
 

CHF

The Swiss franc depreciated vis-à-vis the U.S. dollar today as the greenback tested offers around the CHF 1.1025 level and was supported around the CHF 1.0835 level.  The pair gained ground after establishing a new multi-decade low.  UBS released a 2008 corporate outlook survey today and Swiss companies remain confident about 2008 despite some signs of slowing growth.  U.S. dollar offers are cited around the CHF 1.1155 level.  The euro slumped vis-à-vis the Swiss franc as the single currency tested bids around the CHF 1.6080 level while the British pound moved higher vis-à-vis the Swiss franc and tested offers around the CHF 2.1620 level.

 

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."



Elevate Your Trading With The Amazing Trader!

The Amazing Trader includes:
  • Actionable trading levels delivered to YOUR charts in real-time.
  • Live trading strategy sessions.
  • Market Updates with Trading Tools.

Register To Test Your Amazing Trader


Trading Ideas for 23 October 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:

Tue 24 Oct
All Day flash PMIs
Wed 25 Oct
01:30 AU- CPI
08:00 DE- IFO Survey
08:30 GB- GDP
14:00 CA- BOC Decision
14:30 US- EIA Crude
Thu 26 Oct
11:45 EZ- ECB Decision
12:30 US- Weekly Jobless
14:00 US- Pending Homes Sales
Fri 27 Oct
12:30 US- GDP
14:00 US- final Univ of Michigan

Forex Trading Outlook


Potential Trading Opportunities


  • POTENTIAL PRICE RISK: Medium Tue-- All Day Global flash PMIs. First good look at October economic performances.



  • POTENTIAL PRICE RISK: HIGH Wed-- 01:30 GMT AU- CPI. Top Inflation indicator.

  • POTENTIAL PRICE RISK: HIGH Wed-- 08:00 GMT DE- IFO Survey. Top German indicator.


  • POTENTIAL PRICE RISK: HIGH Wed-- 14:00 GMT CA- BOC Decision. No Policy Change Expected.


  • POTENTIAL PRICE RISK: Medium Wed-- 14:30 GMT US- EIA Crude. Top Weekly WTI Statistic.



John M. Bland, MBA
co-founding Partner, Global-View.com

EXCLUSIVE: Global-View Daily Trading Chart Points Updated

EXCLUSIVE: Global-View Free Forex Database updated




TRADER ADVOCACY ARTICLES

Trader's Advocate Articles..

pic

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 Global-View.com.

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

Global-View.com 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 Global-View.com. 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.

 

WARNING: FOREIGN EXCHANGE TRADING AND INVESTMENT IN DERIVATIVES CAN BE VERY SPECULATIVE AND MAY RESULT IN LOSSES AS WELL AS PROFITS. FOREIGN EXCHANGE AND DERIVATIVES TRADING IS NOT SUITABLE FOR MANY MEMBERS OF THE PUBLIC AND ONLY RISK CAPITAL SHOULD BE APPLIED. THE WEBSITE DOES NOT TAKE INTO ACCOUNT SPECIAL INVESTMENT GOALS, THE FINANCIAL SITUATION OR SPECIFIC REQUIREMENTS OF INDIVIDUAL USERS. YOU SHOULD CAREFULLY CONSIDER YOUR FINANCIAL SITUATION AND CONSULT YOUR FINANCIAL ADVISORS AS TO THE SUITABILITY TO YOUR SITUATION PRIOR TO MAKING ANY INVESTMENT OR ENTERING INTO ANY TRANSACTIONS.

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