User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Monday March 17, 2008 - 15:46:55 GMT
GCI Financial -

Share This Story:
| | Email

Forex Market Commentary and Analysis (17 March 2008)

The euro appreciated vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.5905 level and was supported around the $1.5675 level.  The common currency rocketed to a new lifetime high following another bout of unprecedented activity from the Federal Reserve.  The Fed reduced its discount rate to 3.25% from 3.5% and availed the discount window to firms other than depository institutions.  The March federal funds futures contract is now implying about a 115% chance the Fed will reduce its federal funds target rate to 2% from 3% after tomorrow’s Federal Open Market Committee meeting, and about a 92% chance they’ll take it lower to 1.75%.  The Fed also provided immediate approval to JPMorgan Chase’s purchase of Bear Stearns in an all-stock deal that values the troubled investment bank at 1% of what it was trading at just sixteen days ago.  The Fed also announced it was availing US$ 30 billion to cover Bear Stearns’s less liquid assets.  The Fed’s creation this weekend of a Primary Dealer Credit Facility will allow the Fed’s primary dealers to engage in overnight lending with a range of collateral including mortgage-backed securities.  Some market-watchers are suggesting the U.S. economy is one or two bank failures away from the type of widespread contagion that enveloped the country in the late 1920s and early 1930s during the U.S. Depression.  Traders are also paying very close attention to the heightened risk of a concerted global monetary intervention to slow the depreciation of the beleaguered U.S. dollar.  Conspiracy theorists were wagging their tongues today when it was reported that European Central Bank officials Noyer and Weber cancelled speeches today, citing personal reasons.  Data released in the U.S. today saw February industrial production fall 0.5% with capacity utilization printing at 80.9% - the lowest level since November 2005.  Also, February’s Treasury International Capital flows data revealed that foreign investors significantly trimmed their holdings of U.S. securities in January, revealing a net outflow of long-term securities.  Monthly net purchases by overseas investors were only US$ 37.4 billion, down from December’s print of US$ 72.7 billion, while net foreign purchases of long-term securities were –US$ 19.2 billion. Additionally, the March Empire State manufacturing index fell to -22.23, much worse than expected, while the Q4 current account deficit narrowed to US$ 172.9 billion from a revised $177.4 billion in Q3, the lowest quarterly account deficit since Q3 2005.  Traders are also paying close attention to media reports that Goldman Sachs will announce up to US$ 3 billion in write-downs this week.  In eurozone news, European Central Bank member Liebscher said “Everything must be done to avoid exaggerated exchange rate fluctuations.” In contrast, ECB’s Liikanen hawkishly said the ECB will work to preserve price stability.  Data released in the eurozone today saw Q4 employment up 0.2% q/q and 1.7% y/y. Euro bids are cited around the US$ 1.5610 level.

¥/ CNY

The yen extended recent gains vis-à-vis the U.S. dollar today as the greenback tested bids around the ¥95.70 level and was capped around the ¥99.10 level.  The pair fell in a stunning show of force in the Australasian session as traders continued to unwind short yen carry trades amidst escalating risk aversion and heightened volatility.  Traders are on high alert for yen-selling intervention from Japanese monetary authorities, cognizant of the fact that the last overt intervention in Japan took place five years ago today.  Some dealers believe actual yen-selling intervention may not stop the flight to the yen because many of the issues that are causing the yen appreciation are borne from U.S. financial market problems.  Vice finance minister Tsuda said he is “concerned about excessive foreign exchange movements” while finance minister Nukaga said “we are watching with great interest.”  Prime Minister Fukuda said the yen’s ascent was “not desirable” but would not comment on intervention prospects.  Data released in Japan overnight saw the January leading index upwardly revised to 36.4 from a revised 30.0.  Also, the January tertiary index rose 0.7% m/m and Japan confirmed that its demand-supply gap stood a +0.7% in the October – December quarter, the latest indication that deflationary pressures are continuing to ease.  Monday marked exactly five years since Japan's monetary authorities last intervened on the currency markets. They have since allowed the yen to find its own level against the dollar. The Nikkei 225 stock index lost 3.71% to close at ¥11,787.51.  Dollar offers are cited around the ¥100.65 level.  The euro moved lower vis-à-vis the yen as the single currency tested bids around the ¥151.80 level and was capped around the ¥155.45 level.  The British pound and Swiss franc came off vis-à-vis the yen as the crosses tested bids around the ¥192.60 and ¥98.00 figures, respectively.  The Chinese yuan appreciated vis-à-vis the U.S. dollar as the greenback closed at CNY 7.0830 in the over-the-counter market, down from CNY 7.0894, the pair’s weakest close since the yuan revaluation of July 2005.  Data released in China overnight saw February wholesale prices up 9.2% y/y from January’s 8.4% y/y increase.  People’s Bank of China Governor Zhou said the central bank still has room to tighten monetary policy, noting “Not only interest rates but also the reserve requirement have room to increase.”


The British pound depreciated sharply vis-à-vis the U.S. dollar today as cable tested bids around the US$ 1.9990 level and was capped around the $2.0230 level.  Bank of England announced an fine-tine open market operation design to reduce short-term money market rates.  BoE executed a ₤5 billion three-day repo that was oversubscribed five times and there is a growing belief among traders that the central bank may be forced to enact additional extraordinary measures.  This action evidences the U.K.’s vulnerability to dislocations in the credit markets and many traders believe the BoE will continue to lower rates in the next two months. Data released in the U.K. today saw London like-for-like retail sales up 10.5% y/y in February.  Cable bids are cited around the US$ 1.9910 level.  The euro gained ground vis-à-vis the British pound as the single currency tested offers around the ₤0.7910 level and was supported around the ₤0.7765 level.


The Swiss franc appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the CHF 0.9645 level and was capped around the CHF 0.9970 level.  The pair fell precipitously overnight as short franc carry traders were unwound further and risk aversion grew, leading to a flight to safety.  Data released in Switzerland overnight saw January retail sales up 1.3% y/y.  KOF kept its 2008 GDP forecast for the Swiss economy unchanged at 2.1% and lifted its 2009 forecast to 2.0%.  U.S. dollar offers are cited around the CHF 1.0105 level.  The euro and British pound came off vis-à-vis the Swiss franc as the crosses tested bids around the CHF 1.5325 and CHF 1.9420 levels, respectively.


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