User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Tuesday April 8, 2008 - 13:32:33 GMT
Reuters -

Share This Story:
| | Email

FOREX NEWS-Dollar edges higher as euro rally runs out of steam

Tue Apr 8, 2008 9:27am EDT

(Recasts, changes byline, dateline, previous LONDON)

By Lucia Mutikani

NEW YORK, April 8 (Reuters) - The dollar rose against a basket of currencies on Tuesday amid growing views that a sharp economic downturn in the United States could spread to other countries and prompt their central banks to cut interest rates.

These concerns appeared to be supported by data showing a sharp drop in UK home prices which pushed sterling to a record low against the euro and made it the biggest loser among major currencies.

Analysts said the dollar, which had seen some selling pressure overnight, was being supported investors' reluctance to aggressively buy the euro ahead of Thursday's European Central Bank meeting and a G7 gathering later in the week.

"We are getting a bit of dollar strength as we go forward," said Boris Schlossberg, senior currency strategist at in new York.

"The focus is now shifting from weakness in the U.S. to the possibility of the rest of the world having to begin to lower interest rates to combat a global slowdown."

The Federal Reserve has slashed its benchmark overnight lending rate by 3 percentage points to 2.25 percent since mid-September, in a bid to prop up a faltering economy. That wiped out the dollar's yield advantage against currencies such as the euro.

The New York Board of Trade's dollar index, which tracks the greenback's performance against a six major currencies, climbed to a session high of 72.376 .DXY. It was last trading around 72.324, up 0.1 percent on the day.

The euro gave up earlier gains, which had pushed to it up to $1.5798 in overnight trade. It was last trading down 0.1 percent at $1.5689 <EUR=>.


"The euro has found a lot of resistance at the $1.5750. It seems to have run out of steam right now," said Schlossberg.

"Everybody is focused on the central bank meetings and people think that perhaps (ECB President Jean-Claude) Trichet is going to be a little more dovish and at least acknowledge that the euro-zone economy is starting to slow down."

Perceptions that the ECB will most likely maintain its hawkish inflation rhetoric on Thursday due to signs of building price pressures had lifted the euro to a three-month high against the yen and a record peak versus sterling.

The euro rose as high as 161.74 yen <EURJPY=> according to Reuters data, before slipping to 160.62 yen, down 0.1 percent on the day.

"I don't think expectations have changed a great deal. The ECB will stay on hold and likely maintain their hawkish rhetoric," said David Pais, currency strategist at Citigroup.

Adding some gloss to the euro's performance were some corporate-related buying in a thin market -- "lumpy flows you get from time to time" -- as well as euro/sterling's jump after the Halifax British house price data.

Sterling was the biggest loser of the major currencies, falling 1.0 percent to $1.9679 <GBP=>. It dived a record low of 78.97 pence per euro <EURGBP=>.

Halifax, Britain's biggest mortgage lender, said UK house prices fell 2.5 percent in March, the biggest drop since September 1992, and much steeper than the market's forecast of a 0.4 percent decline.

The data confirmed expectations for a growth-boosting BoE rate cut from the current 5.25 percent this Thursday.

Later on Tuesday the Fed will release minutes of its March 18 policy meeting that could offer clues on how far policymakers are prepared to cut the benchmark rate.

Any weakness in economic data -- such as the U.S. pending home sales for February due at 10 a.m. (1400 GMT) -- could tip the balance of expectations in favor of a bigger rate cut this month.

Traders were also awaiting Friday's meeting of Group of Seven finance ministers and central bankers, where a broad range of proposals aimed at restoring confidence in the battered banking system will likely be discussed. (Additional reporting by Jamie McGeever in London; Editing by Tom Hals)

© 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