User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Saturday February 2, 2008 - 01:48:22 GMT
Reuters - www.reuters.com

Share This Story:
| | Email

FOREX NEWS-Mixed data leaves dollar up vs euro, sterling

Fri Feb 1, 2008 4:06pm EST

(Updates prices, adds Australian, Canadian, New Zealand dollar rates)

By Steven C. Johnson

NEW YORK, Feb 1 (Reuters) - The dollar rose against the euro and sterling on Friday after stronger-than-expected manufacturing data offset news showing the U.S. economy shed jobs last month for the first time in 4-1/2 years.

The U.S. labor market contracted in January for the first time since August 2003, according to government data on Friday. That initially sparked widespread dollar selling.

But some analysts said a weakening employment trend was not new and therefore prompted dealers to take profits on their bets against the dollar shortly afterward.

This accelerated after the Institute for Supply Management said its January manufacturing index reflected expansion, obscuring the outlook for the economy in general and injecting some doubt into the argument that a recession is looming.

The euro fell to $1.4796 <EUR=>, down half a percent from late Thursday, reversing course after touching a two-month high of $1.4952 earlier in the session, according to Reuters data.

"This data really is making for some very choppy trading," said Shaun Osborne, senior currency strategist at TD Securities in Toronto. "The ISM index in particular muddies the outlook."

Sterling steadily fell throughout the New York session and was last down 1.1 percent at $1.9660 <GBP=>.

The dollar rose 0.2 percent on the day to 106.55 yen <JPY=>, continuing to move in lock-step with equity markets.

Some analysts said Friday's price action was short term in nature and merely a reaction to headlines. Their medium-term view was for continued weakness in the dollar because of U.S. economic deterioration.

"There's a lot of short-term profit-taking going on," said Dustin Reid, a currency strategist at ABN AMRO in Chicago. "More dollar weakness (is expected) in the days ahead, though. This is only a short-term bounce."

However, after a week chock-full of mixed U.S. economic data, a steady stream of negative news from the housing and banking industries, and even a Federal Reserve reduction in its benchmark interest rate, the dollar was only marginally lower.

With the U.S. federal funds rate now the third-lowest among major economies, the appeal of holding dollar-denominated debt should be driving investors away from the greenback.

For example, the yield spread of the 2-year euro-zone bond over the 2-year Treasury note widened to 135 basis points on Friday, blowing out by 40 basis points in January alone.

The European Central Bank, meanwhile, continues to dwell on inflation and has not hinted at plans to slash benchmark interest rates, which at 4 percent stand a full percentage point above U.S. rates.

But the euro has repeatedly tried and failed to capitalize on dollar weakness and has yet to test an all-time high of $1.4966 hit late last year, according to Reuters data.

"The more the dollar deflects everything thrown at it, the more convinced I become that the currency is putting in a major bottom," said David Gilmore, partner at Foreign Exchange Analytics in Essex, Connecticut.

He added that it's "only a matter of time before the currency market punishes other currencies. For the euro, this punishment will come in the form of betting the ECB got it very wrong by chasing inflation dragons."

High-yield and commodity currencies were big gainers on the day, with the U.S. dollar falling 1 percent against its Canadian counterpart to C$0.9935 <CAD=>.

The Australian dollar <AUD=> rose 0.9 percent to US$0.9042 and was up 2.8 percent this week. The New Zealand dollar <NZD=>, the highest yielder among G10 currencies, was on track for a 3.3 percent gain this week, its biggest weekly gain since late September. (Additional reporting by Kevin Plumberg; Editing by James Dalgleish)

© Reuters 2007. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.

 

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 20 October 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:

Fri 20 Oct
12:30 CA- Retail Sales & CPI
14:00 US- Existing Homes Sales


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: High Fri-- 12:30 GMT CA- Retail Sales and CPI. Top economic indicators.


  • POTENTIAL PRICE RISK: HIGH Fri-- 14:00 GMT US- Existing Homes Sales. Top Housing 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