User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Thursday February 28, 2008 - 16:29:54 GMT
GCI Financial - www.gcitrading.com

Share This Story:
| | Email

Forex Market Commentary and Analysis (28 February 2008)

The euro appreciated vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.5150 level and was supported around the $1.5075 level.  The pair established a new lifetime low after the release of generally weak U.S. economic data.  First, it was reported that weekly initial jobless claims rose 19,000 to 373,000 with the four-week moving average at 360,500 and continuing jobless claims up 21,000 to 2.807 million, the highest level since October 2005.  Second, Q4 GDP expanded an unrevised 0.6% on an annualized basis, significantly lower than Q3’s 4.9% print.  The weak GDP print was coincident with higher inflation activity.  The headline PCE index was upwardly revised to 4.1% from 3.9% while the core PCE index printed at 2.7%, significantly above the Fed’s perceived comfort ceiling around 2.0%. Federal Reserve Chairman Bernanke is testifying before the Senate today and is likely to repeat much of his comments from yesterday in which he suggested interest rates may need to fall further.  Today’s data evidence the difficult economic environment in the U.S. where economic activity is slowing and inflation pressures are accelerating.  In eurozone news, Eurogroup chairman Juncker verbally intervened in the markets saying the eurozone “doesn’t like excessive volatility in exchange rates. We think that the financial markets are reacting too hastily to very short-term projections.”  Data released in the eurozone today saw German February jobless rate fall to 8.0% from January’s 8.1% level, the lowest level since 1992.  Also, French January producer price inflation was up 0.5% m/m and 4.9% y/y.  European Central Bank member Weber said the market’s current expectations regarding interest rates “underestimate” inflation risks.  Continued comments such as Weber’s evidence the ongoing hawkishness of ECB policymakers.  It was also reported that German January wholesale sales were up 3.8% m/m and 4.8% y/y.  Also, EMU-15 retail PMI rose to 52.4 in February from 48.1 in January.  Euro bids are cited around the US$ 1.4940 level.

 

¥/ CNY

The yen appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the ¥105.80 level and was capped around the ¥106.65 level.  The pair is now less than 100 pips away from its lowest level since May 2005.  Data released in Japan overnight saw January retail sales rise 1.5% y/y, the sixth consecutive month of higher retail sales.  In contrast, January industrial output fell 2.0% m/m, the first decline in two months.  Data to be released tonight include consumer inflation, unemployment, and housing.  The government released a fiscal assessment overnight that concludes the overall fiscal situation “remains severe.”  Bank of Japan Policy Board member Mizuno reported “The Japanese economy, beset with troubles both at home and abroad, is now in a soft patch-like situation, and I also see the risk that this situation may be prolonged. While problems in Japan are expected to fade in the year to March 2009, downside risks stemming from factors outside Japan, such as the volatile financial markets, may grow.  Given the increased downside risks, we can not rule out the possibility of the Japanese economy posting lower growth than its potential growth rate.” There is growing speculation the Japanese economy has become more susceptible to downside economic risks in the U.S. economy.  The Nikkei 225 stock index lost 0.75% to close at ¥13,925.51.  Dollar bids are cited around the ¥104.20 level.  The euro weakened vis-à-vis the yen as the single currency tested bids around the ¥160.10 level and was capped around the ¥161.05 level.  The British pound and Swiss franc depreciated vis-à-vis the yen as the crosses tested bids around the ¥210.15 and ¥99.90 levels, respectively. The Chinese yuan appreciated sharply vis-à-vis the U.S. dollar as the greenback closed at CNY 7.1133 in the over-the-counter market, down from CNY 7.1420 – the pair’s lowest close since the yuan revaluation of July 2005.  A government think-tank reported Q1 GDP will be up about 10.5% with consumer price inflation up 6.9%.



The British pound appreciated vis-à-vis the U.S. dollar today
as cable tested offers around the US$ 1.9905 level and was supported around the $1.9760 level.  Cable reclaimed much of yesterday’s losses following some fairly hawkish comments from Bank of England Monetary Policy Committee member Besley.  He said “What is key is that we are going to see a run-up due to food and electricity prices. The Bank is committed, and will remain committed, to bringing inflation back to target over the medium term. There is quite a long chain of links before import prices hit you and me. Some we buy as raw materials, such as petrol, hit us more immediately. But for a lot of goods there is a chain through which it will eventually come. The speed with which it comes through and by how much is something about which there is much uncertainty.”  Data released in the U.K. today saw Land Registry January house prices in England and Wales rose 0.9% m/m and 6.4% y/y.   Cable bids are cited around the US$ 1.9730/ 1.9660 levels.  The euro gained marginal ground vis-à-vis the British pound as the single currency tested offers around the ₤0.7635 level and was supported around the ₤0.7610 level.

CHF

The Swiss franc appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the CHF 1.0515 level and was capped around the CHF 1.0645 level.  The pair established a new multi-decade low.  Data released in Switzerland today saw the number of employed persons in Switzerland rise 2.7% y/y in Q4 2007.  U.S. dollar offers are cited around the CHF 1.0635 level.  The euro and British pound depreciated vis-à-vis the Swiss franc as the crosses tested bids around the CHF 1.5975 and CHF 2.0925 levels, respectively.

A$/ NZ$

The Australian dollar appreciated vis-à-vis the U.S. dollar today as the Aussie tested offers around the US$ 0.9480 level and was supported around the $0.9365 level.  The pair established a fresh 24-year high after data were released that saw private sector investment up a quarterly 5.1% in Q4, above expectations.  Many traders believe Reserve Bank of Australia will tighten monetary policy twice this year.  Australian dollar bids are cited around the US$ 0.9340 level.  The New Zealand dollar weakened vis-à-vis the U.S. dollar as the greenback tested bids around the US$ 0.8105 level and was capped around the $0.8180 level.  New Zealand dollar bids are cited around the US$ 0.7970 level.

C$

The Canadian dollar appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the C$ 0.9725 level and was capped around the C$ 0.9820 level.  Technically, today’s intraday low was right around the 23.6% retracement of the move from C$ 1.1875 to C$ 0.9055.  U.S. dollar offers are cited around the C$ 0.9960 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 18 October 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:

Wed 18 Oct
12:30 US- Housing Starts & Permits
14:30 US- EIA Crude
Thu 19 Oct
01:30 AU- Employment
08:30 GB- Retail Sales
12:30 US- Weekly Jobless
Fri 20 Oct
12:30 CA- Retail Sales & CPI
14:00 US- Existing Homes Sales

Forex Trading Outlook


Trading Opportunities


  • POTENTIAL PRICE RISK: HIGH Tue-- 08:30 GMT GB- CPI top tier confirmation of Inflation.

  • POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT DE- ZEW Survey second most important German monthly Survey.

  • POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT EZ- final HICP revision to flash report. Revisions are usually minor.

  • POTENTIAL PRICE RISK: Medium Tue-- 13:15 GMT US- Industrial Production. Top output indicator.



  • POTENTIAL PRICE RISK: Medium Wed-- 12:30 GMT US- Housing Starts and Permits revision to flash report. Useful housing leading indicator.

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



  • POTENTIAL PRICE RISK: Medium Thu-- 01:30 GMT AU- Employment. Top economic indicator.


  • POTENTIAL PRICE RISK: Medium Thu-- 02:00 GMT CN- GDP. Top economic indicator.


  • POTENTIAL PRICE RISK: HIGH Thu-- 08:30 GMT GB- Retail Sales. Top consumption indicator.


  • POTENTIAL PRICE RISK: Medium Thu-- 12:30 GMT US- Weekly Jobless. Employment Indicator.



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