User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Monday November 8, 2004 - 16:20:30 GMT
GCI Financial -

Share This Story:
| | Email

Forex Market Commentary and Analysis (8 November 2004)

The euro weakened vis-à-vis the U.S. dollar today as traders booked profits following last week’s appreciation in the euro to record levels. The single currency traded at an intraday high around the $1.2990 level before slumping to the $1.2905 level. The pair was within fifteen or so pips of testing the psychologically-important $1.3000 figure. Several factors have contributed to the pair’s gains lately including President Bush’s re-election and renewed concerns about the U.S.’s trade and current account deficits. The U.S. budget deficit currently stands at US$ 427 billion, or 3.7% of GDP, while the current account deficit reached a breathtaking $166.18 billion deficit in Q2. European Central Bank President Trichet took some wind out of the euro’s sails today when he said the euro’s rise is “not welcome” and “brutal.” Trichet succeeded in talking down the euro this year when it was trading around these levels but there is such a bearish U.S. dollar mentality in the markets now that he may not be able to succeed this time. The FOMC will announce its interest rate decision on Wednesday and most dealers expect a 25bps monetary tightening. There is less certainty about the December FOMC meeting. ECB Chief Economist Issing didn’t comment on the euro when given the chance today while Germany’s DIHK Chambers of Trade and Industry suggested Germany GDP forecasts for 2005 could withstand the recent appreciation as long as the euro doesn’t remain above $1.3000 for a “lasting” period. French finance minister Sarkozy verbally intervened today saying the G7 Boca Raton statement from February about foreign exchange “remains valid and our American friends have to remember it.” He implored the U.S. to find “measures to reduce the public deficits.” Euro bids are seen around the $1.2890 level.


The yen weakened modestly vis-à-vis the U.S. dollar today as the greenback tested offers around the ¥105.80 level before receding to the ¥105.50 level during North American dealing. The pair, however, traded around the ¥105.30 level today, a fresh multi-month low. Dealers continue to speculate where Bank of Japan will conduct yen-selling intervention and as traders probe lower levels in the ¥105 handle, the likelihood of intervention increases. Some chartists cite the ¥103.50/ 40 level as technically supportive. Japan expended a record ¥14.83 trillion intervening during the January – March quarter after a staggering ¥20.06 trillion amount of intervention in 2003. Data released in Japan saw its official foreign exchange reserves rise US$ 6.89 billion in October to $837.88 billion, the thirteenth increase in fourteen months. Last month represented the third consecutive month that the figure posted a record high. The Nikkei 225 stock index fell 0.70% to close at ¥10,983.83 with the TOPIX off 0.85%. Dollar bids are cited around the ¥105.30 level with dollar offers around the ¥106.30 level. The euro came off vis-à-vis the yen today as the single currency tested bids around the ¥136.35 level after failing to get above the ¥137.00 figure. Euro bids are seen around the ¥136.05 level. In Chinese news, the government reported “The government will selectively and gradually ease control over cross-border capital transactions and make the yuan fully convertible under the capital account.”


The British pound moved higher vis-à-vis the U.S. dollar today as cable tested offers around the US$ 1.8620 level after finding demand around the $1.8525 level. Sterling improved on stronger-than-expected U.K. producer prices data for October that saw a +0.7% m/m and +3.5% y/y increase, the highest annual rate since December 1995. The increase was attributable to surging oil prices and this will put added emphasis on Wednesday’s Bank of England Quarterly Inflation Report. Traders also expect the central bank to highlight sterling’s weakness vis-à-vis the euro given the fact that more than 60% of U.K. trade is conducted with the eurozone. The strong cross increases the likelihood of imported inflation in the U.K. The BoE is expected to maintain a balanced view on U.K. interest rate prospects. Other data released today saw ODPM annual house price inflation rise to 13.8% in September from 13.6% in August. Cable bids are seen around the $1.8520 level. The euro came off vis-à-vis the British pound today as the single currency tested bids around the £0.6960 level but not before the cross tested the psychologically-important £0.7000 figure.


The Swiss franc lost marginal ground vis-à-vis the U.S. dollar today as the greenback tested offers around the CHF 1.1840 level. The pair, however, reached a fresh multi-month low around the CHF 1.1755 level before a round of short-covering saw the pair reclaim the $1.18 handle. Chartists have to go back to August 1996 to see the pair trading this low. Traders await comments from Swiss National Bank’s Hildebrand tomorrow. Dollar offers are cited around the CHF 1.1845 level. The euro was little changed vis-à-vis the British pound today as the single currency tested offers around the CHF 1.5295 level and was supported around the CHF 1.5260 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