User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Thursday October 28, 2004 - 15:09:29 GMT
GCI Financial -

Share This Story:
| | Email

Forex Market Commentary and Analysis (28 October 2004)

The euro extended recovered from an early sell-off vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.2630 level and was capped around the $1.2760 level. The move to intraday lows was a technical one as it represented a 50% retracement of the move from US$ 1.2450 to $1.2840. Technically, the upturn in the euro remains intact as long as key support levels are not violated. Chartists cite $1.2540 and $1.2310 as key levels. All attention is focused on the price of crude oil as the December front-month NYMEX crude futures contract fell to $51.29. Data released yesterday saw an increase in crude inventories and this pushed the common currency back to a $1.26 handle. Traders are also closely watching the U.S. presidential race with many polls showing President Bush and Senator Kerry in a virtual dead heat. One school of though suggests the election will be legally-contested for weeks – a near-repeat of 2000 – even if one candidate is the overwhelming victor. This would likely result in dollar weakness as the markets would not be able to focus on important themes such as oil policy, the war on terror, and tax cuts. Dealers continue to suggest that the European Central Bank will remain tolerant of the euro’s rise as long as it is orderly and offsets the inflationary impact of higher oil prices.


The yen gained ground vis-à-vis the U.S. dollar today as the greenback tested bids around the ¥ 105.95 level before a round of short-covering briefly took the pair back to the ¥106.95 level. This was the pair’s lowest level since 13 April and has traders talking about the possibility of intervention again. MoF’s Watanabe verbally intervened overnight saying “We are monitoring currency markets with great interest, and we will take firm action if necessary” and said exchange rate movements have been “a little too fast, rough.” Japanese monetary authorities have reportedly not conducted yen-selling intervention since March or April and the pair’s brief flirtation with a ¥105 handle has attention focused back on Bank of Japan. Many analysts believe BoJ will not intervene before the U.S. election and this is what spurred some yen bulls to hunt for stops and push the pair below the ¥106.00 figure. Some technicians believe the BoJ may not be seen until around the ¥103.40 level. BoJ policymakers will convene on Friday to discuss monetary policy and no change in rates is expected. BoJ Governor Fukui was on the wires today reiterating the central bank would eventually need to end its quantitative easing policy and return to a “normal policy framework.” He added, however, that the quantitative easing stance will continue for now until there are several months of positive retail inflation. Data released in Japan overnight saw September industrial production come in -0.7% m/m, defying expectations of a positive gain. Also, large retail sales came on -3.4%, extending a multi-month trend of lower annualized sales activity. The Nikkei 225 stock index climbed 1.51% today to close at ¥10,853.12. The euro was little changed vis-à-vis the yen today as the single currency tested bids around the ¥134.80 level and was capped around the ¥135.80 level. In Chinese news, People’s Bank of China raised its one-year rate on bank deposits by 0.27% to 2.25%, the first time it has raised its benchmark interest rate in nine years. The move is designed to dampen economic growth but most China-watchers do not believe it imminently precedes a change in China’s FX policy.


The British pound appreciated modestly vis-à-vis the U.S. dollar today as cable tested offers around the US$ 1.8350 level before falling back below the $1.8300 figure during North American dealing. Sterling moved below some technical support that had been cited around the $1.8240 level but bids supported the pair around the $1.8195 level. Technically, cable will need to move below the $1.8175 and $1.8085 levels before the dollar is able to gain more traction. Data released in the U.K. today saw the GfK consumer confidence report fail to gain any major improvement from last month’s poor reading of -7. Some Bank of England watchers are now speculating the central bank’s next policy change will be expansionary, rather than contractionary, with most dealers anticipating no change in policy until 2005. Cable bids are seen around the $1.8200 figure. The euro gained marginal ground vis-à-vis the British pound today as the single currency tested offers around the £0.6965 level and was supported around the £0.6930 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."

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

Tue 17 July 2018
AA 08:30 GB- Employment
A 13:15 US- Industrial Production
AA 14:00 US-Powell Testimony
Wed 18 July 2018
AA 08:30 GB- CPI
A 12:30 US- Housing Starts/Permits
AA 14:00 US-Powell Testimony
Thu 19 July 2018
AA 1:30 AU- Employment
AA 08:30 GB- Retail Sales
A 14:30 US- EIA Crude
A 12:30 US- Weekly Jobless
Fri 20 Jun 2018
A 12:30 CA- CPI/Retail Sales

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