User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Tuesday June 10, 2008 - 23:56:53 GMT
Westpac Institutional Bank -

Share This Story:
| | Email

Foreign Exchange Research - Morning Report

Morning Report Wednesday 11 June 2008

Newsand views
The New Zealand dollar came under heavy selling pressure overnight hitting 4 ½ month lows just above 0.7500. Offshore markets needed little encouragement in taking the USD higher following Chairman Bernanke’s earlier hawkish comments that he will “strongly resist” inflation pressures and that the “risk of a substantial downturn appears to have diminished”. US interest rate futures are now aggressively priced, giving a 60% chance of a Fed hike as soon as their 5 August meeting. The USD also benefited overnight from US Treasury Secretary Paulson’s reiteration of his “never say never” comments on FX intervention. Amid broad USD gains the NZD slipped from offshore opening levels near 0.7560 to lows just above 0.7500. A couple of US investments were reportedly substantial buyers ahead of 0.7500 protecting a large barrier. The NZD starts the local session at 0.7527.

The Australian dollar proved to be a little more resilient than the NZD thanks to large Asian account demand but still slid around 60pts in offshore trading to session lows near 0.9442.

EUR/USD downside continues to gather steam with the pair falling 150pts in overnight trade to session lows near 1.5441. So far this week EUR has now shed almost 3 1/2 cents thanks to hawkish Fed speak and strong defence of the USD from Treasury Secretary Paulson.

USD/JPY broke up to fresh 3mth+ highs overnight at 107.45. US equities slipped around 80pts from their highs in afternoon US trading but USD/JPY was non-responsive, instead taking its cue from broad USD gains.

US trade deficit $60.9bn in April. The trade deficit widened by $4.9bn, due entirely to higher oil prices, which added $5bn to the import bill. That meant imports jumped 4.5%, overwhelming a decent 3.3% jump in exports.

US IBD/TIPP economic optimism falls from 40.3 to 37.4 in June. This further slide in confidence was led by concern about respondents’ personal financial outlook, though government policies and the economic outlook also impacted to the downside.

More hawkish comments from Fed’s Fisher. The Dallas Fed chief said that the credit markets are now in “much better shape” and described the past year’s turmoil as a “spring shower” not a “storm”! However he said he was not advocating a rate rise.

European industrial production looking stronger in April. In Italy IP rose 0.7% and in France it was up 1.4%, both upside surprises that might see expectations of a Q2 European GDP growth slowdown moderated somewhat.

UK industrial production up 0.2% in April. This beat expectations of a flat outcome although the lacklustre manufacturing
sub-component rise of 0.1% was about as expected. In other news the British Retail Consortium reported an unexpected jump in retail activity in May, although the Royal Institute of Chartered Surveyors remained very pessimistic about house prices (net balance of 93% reporting declines, just slightly improved from 95% in April).

Bank of Canada on hold at 3.0%. A big surprise given that GDP contracted in Q1. The statement revealed less pessimism re the US economy, and concern about the inflation impact of higher commodity prices. Policy is now “appropriately accommodative” suggesting that rates are now on hold for the near-term. Markets are now extrapolating this surprise into other jurisdictions by pushing yields higher. In other news, the Canadian trade surplus narrowed from $C5.7bn to C$5.1bn in April.

A clear break of 0.7500 is likely to pave the way for a test of this year’s lows of 0.7385. But, NZ’s Q1 terms of trade due later this morning probably won’t be the catalyst. NZ’s terms of trade is likely to show a strong increase given it is yet to fully reflect the surge in dairy prices over the last 18 months. Beyond that we expect the NZD to continue to trade with a heavy tone. Yield support for the NZD continues to wane as heightened RBNZ easing prospects clash with heightened FOMC tightening prospects. The 10 yr NZD-USD swap differential narrowed to 257bp overnight, its least NZD supportive levels since October last year.

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

Events Today
Country Release Last Forecast
NZ Q1 Terms of Trade 2.9% 2.5%
Aus Jun Westpac-MI Consumer Sentiment 89.8 – US
May Federal Budget $bn 159.2 –165
Fed Beige Book
Fedspeak: Kohn, Kroszner, Bullard
Jpn Q1 GDP 2nd Estimate saar 3.3% 3.8%
May Corp. Goods Prices %yr 3.7% 4.0%
Apr Current Account ¥bn 2097 1826

UK May Unemployment chg 7.2k 10.0k
Apr Trade Balance £bn –7.4 –7.3
Can Q1 Capacity Utilisation 81.8 81.0
Apr New House Prices 0.2% 0.2%

Latest Research Papers/Publications
NZ Agribiz June 2008 (9 June)
•NZ Weekly Forex Outlook (9 June)
•RBNZ MPS Review (5 June)
•NZ Weekly Forex Outlook (3 June)
•RBNZ MPS Preview (29 May)

These papers/publications are available on Online Research on Westpac Institutional Bank’s website (

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 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."

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