User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Wednesday April 9, 2008 - 21:53:54 GMT
Westpac Institutional Bank - www.westpac.co.nz

Share This Story:
| | Email

FX Research - Morning Report

Morning Report  Thursday 10 April 2008

News and views
In a reversal of the previous night,
the NZD and AUD were generally rangebound against the US dollar, while the action was in the other major currencies. The NZD was weighed down by corporate selling yesterday, but once this was cleared the currency managed to catch a bid back to 0.7980. The AUD fell after a 1.3% drop in the Westpac consumer confidence survey (which is now at its lowest in nearly 15 years) and struggled to hold any moves above 0.93.

The US dollar lost ground against the relative ‘safe havens’ of the Swiss franc and the yen, after the IMF released its latest semi-annual World Economic Outlook (though some of the details had already filtered out). The IMF sees a 25% chance of a global recession, and called for policy-makers in the US to respond further to the housing slump, and for the ECB to cut interest rates. The euro itself wasn’t troubled by this call though, punching up from the low 1.57s to as high as 1.5860, and trading above 0.80 against the pound for the first time. The ECB is expected to remain hawkish at tonight’s press conference, while the Bank of England may deliver a 25bp rate cut.

US equities finished down slightly for a second day, and US Treasury yields fell about 10bp, as credit market developments ensured that investor risk appetite remained subdued. Several US investment banks reported an increase in their hard-to-value ‘Level 3’ assets, which is seen by some as a precursor to further significant writedowns as they report earnings over the next few weeks. On top of this, crude oil traded above $112 for the first time after a fall in US inventories.

US wholesale inventories rose more than expected. Inventories rose 1.1% in February and were revised up by 0.5% in January. The latest monthly gain was broad-based, reflecting more than just rising gasoline prices, although we suspect that some of the gain will have been involuntary (i.e. wholesalers failing to on sell product to retailers, who in turn are experiencing weak sales to households). Still, if tomorrow’s trade data do not show a matching jump in imports in February, then we will need to revise up our 0.6% annualised forecast for Q1 GDP. That said, the fact that negative GDP growth might be avoided simply because stuff is being made, but no-one is buying it, is hardly cause for celebration.

UK manufacturing surprised to the upside in Feb, rising 0.4%, and January was revised a little higher too. This keeps intact Q1’s more positive factory story in the official data, in contrast to mostly depressed business surveys. Softness in mining output meant total IP grew a little less quickly than manufacturing. This result, along with up-beat retail reports for the first two months of this year mean that a rate cut from the Bank of England tonight, while looking increasingly likely, is not yet a done deal.

Fed Governor Kroszner, addressing the House Financial Services Committee, did not comment on the outlook for monetary policy, although he did say that banks might consider cutting their mortgage rates and reducing loan principals for stressed mortgage-holders, in preference to foreclosures.

Outlook
There’s a fair amount of news to keep the market occupied over the next week. Today we have the REINZ house sales report for March – while this is widely expected to be weak, the NZD has been remarkably resistant to weak data recently. We also have Australian employment, where another rise in jobs may be offset by a rise in the unemployment rate. The anticipated decision on the Canadian bid for Auckland Airport, and an update on Fonterra’s payout forecast tomorrow, provide a couple of wild cards for the currency to round out the week.

Michael Gordon, Market Strategist, Wellington, Ph: (04) 470 8266
With contributions from Westpac Economics and Westpac Strategy

Events Today
Country Release Last Forecast

Aus Apr MI Consumer Inflation Expect’s 4.6% –
Apr WBC-MI Unemployment Expect’s 3.6% –
Mar Employ/Unemployment 36.7k/4.0% 25k/4.0%
US Fed Trade Balance USDbn –58.2 –57.5
Initial Jobless Claims, w/e
Apr 5 407k 410k
Mar Mthly Budget Statement USDbn –96.3 –70.8
Jpn Feb Machinery Orders 19.6% –13.0%
Mar Bank Lending %yr 0.8% 0.8%
Feb Current Account ¥bn 2075 1800
Eur ECB Meeting 4.00% 4.00%
UK Feb Visible Trade Balance, £bn –7.5 –7.5
BoE Rate Announcement 5.25% 5.25%
Can Feb Trade Balance, CADbn 3.3 3.3

 

Latest Research Papers/Publications
• NZ Q1 CPI Preview (8 April)
• NZ Q1 QSBO Review (8 April)
• NZ Interest Rate Focus (8 April)
• NZ Weekly Forex Outlook (7 April)
• NZ Q1 Employment Confidence Index (1 April)

These papers/publications are available on Online Research on Westpac
Institutional Bank’s website (www.wib.westpac.co.nz)

 

Westpac Banking Corporation ABN 33 007 457 141 incorporated in Australia (NZ division). Information current as at 14 November 2007. All customers please note that this information has been prepared without taking account of your objectives, financial situation or needs. Because of this you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation or needs. Australian customers can obtain Westpac's financial services guide by calling +612 9284 8372, visiting www.westpac.com.au or visiting any Westpac Branch. The information may contain material provided directly by third parties, and while such material is published with permission, Westpac accepts no responsibility for the accuracy or completeness of any such material. Except where contrary to law, Westpac intends by this notice to exclude liability for the information. The information is subject to change without notice and Westpac is under no obligation to update the information or correct any inaccuracy which may become apparent at a later date. Westpac Banking Corporation is regulated for the conduct of investment business in the United Kingdom by the Financial Services Authority. © 2004 Westpac Banking Corporation. Past performance is not a reliable indicator of future performance. The forecasts given in this document are predictive in character. Whilst every effort has been taken to ensure that the assumptions on which the forecasts are based are reasonable, the forecasts may be affected by incorrect assumptions or by known or unknown risks and uncertainties. The ultimate outcomes may differ substantially from these forecasts.

 

 

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 23 October 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:

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: Medium Tue-- All Day Global flash PMIs. First good look at October economic performances.



  • POTENTIAL PRICE RISK: HIGH Wed-- 01:30 GMT AU- CPI. Top Inflation indicator.

  • POTENTIAL PRICE RISK: HIGH Wed-- 08:00 GMT DE- IFO Survey. Top German indicator.


  • POTENTIAL PRICE RISK: HIGH Wed-- 14:00 GMT CA- BOC Decision. No Policy Change Expected.


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