User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Friday March 14, 2008 - 23:49:17 GMT
Reuters -

Share This Story:
| | Email

FOREX NEWS-Dollar falls below 99 yen as Bear Stearns weighs

Fri Mar 14, 2008 4:39pm EDT

(Updates prices, adds comment)

By Steven C. Johnson

NEW YORK, March 14 (Reuters) - The dollar fell below 99 yen and hit a record low against the euro after Bear Stearns said a worsening cash position forced the Wall Street firm to secure emergency financing.

News that the New York Federal Reserve and J.P. Morgan Chase were to provide funds for the fifth-largest U.S. investment bank signaled more credit turmoil to come and added to investor fears that the economy is in for a long recession.

"People are starting to talk about whether this is a signal of a systematic problem in the U.S. banking sector, and that's why we're seeing selling of dollar across the board," said Greg Salvaggio, currency trader at Tempus Consulting in Washington.

The question on traders' minds now, said Omer Esiner, a market strategist at Ruesch International in Washington, is "which of the other big firms out there need similar funding."

The dollar plunged to 98.91 yen <JPY=>, its lowest level in 12-1/2 years, before edging back to 99.310 yen, down 1.1 percent. It was down nearly 11 percent against the yen so far in 2008.

The euro hit $1.5688 <EUR=>, an all-time high, before easing to $1.5669, up 0.2 percent. The dollar fell below parity with the Swiss franc for the first time ever, trading at 0.9976 francs, according to EBS, before easing to 0.9984 francs <CHF=>.

Analysts said the dollar is likely to remain on the ropes because the Fed may have to do much more to ease market nerves, either by cutting interest rates even more aggressively or by taking additional measures to inject liquidity

"It wouldn't surprise me if the Fed signals some more aggressive action or if something happens over the weekend," Salvaggio said. "And the dollar is going to bear the brunt of that. I think we very possibly could see the euro at $1.60."

In addition to providing funds to Bear Stearns, the Fed this week announced plans to lend $200 billion to primary dealers and accept various mortgage debt as collateral.

Futures markets are now pricing in a 50 percent chance that it cuts benchmark interest rates next week by a full percentage point to 2 percent. Coming into the session, expectations were for a smaller cut to 2.25 percent.

Divyang Shah, a currency strategist at Commonwealth Bank in London, said the Fed may cut again after its March 19 meeting but added that "other scenarios should not be ruled out in the current environment."

U.S. economic data on Friday did no favors for the dollar, either. The Reuters/University of Michigan consumer sentiment index fell to a fresh multi-year low. A separate report showed underlying inflation unchanged in February.

"The Fed has turned a blind eye to inflation in hopes that slower growth would bring prices back in line, and this report allows it to maintain that policy," said Michael Woolfolk, currency strategist at the Bank of New York Mellon.

Coming into the session, talk that central banks could stage a coordinated effort to prop up the dollar for the first time in more than a decade had lent modest support to the U.S. currency.

But Japanese officials, who are worried a strong yen will hurt exports and undercut corporate profits, have so far stuck to verbal protests rather than intervene to weaken the yen.

Next week, markets will focus on the subprime crisis and Tuesday's Fed meeting.

"The only real question is how aggressively the Fed cuts on Tuesday. While the data might warrant a larger move, we are calling for a 75-bp cut, in line with the futures strip," said CIBC World Markets in Toronto.

It added that a restraining factor is still inflation. "The market breathed a sigh of relief at Friday's CPI, but strong oil prices and the dollar's weakness point to less cheery numbers ahead."

(Additional reporting by Gertrude Chavez-Dreyfuss; Editing by Richard Satran)

© 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."

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