User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Monday June 16, 2008 - 15:37:35 GMT
GCI Financial -

Share This Story:
| | Email

Forex Market Commentary and Analysis (16 June 2008)

The euro appreciated vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.5520 level and was supported around the $1.5345 level.  The common currency retraced some of last week’s losses after the Group of Eight finance ministers who met in Osaka this weekend failed to address concern over ongoing U.S. dollar weakness.  Policymakers instead focused on the rise in commodity prices and the lack of attention on the dollar in their communiqué renders it less likely there will be a concerted global intervention to support the U.S. dollar.  Data released in the U.S. today saw the June Empire State manufacturing index print at -8.68, worse than expected.  Also, April net foreign purchases of long-maturity U.S. securities reached US$ 102.8 billion, up from US$ 53.3 billion in March.  Net buying excluding non-market flows reached US$ 115.1 billion, up from US$ 79.6 billion in March.  The “monthly net TIC flows” that measures net foreign capital inflows reached US$ 60.6 billion in April compared with an outflow of US$ 48.7 billion in March.  These data suggest the U.S. was able to more easily finance its current account deficit at the beginning of Q2 compared with Q1.  In eurozone news, the EMU-15 May harmonized consumer price index printed above expectations at 3.7% and this increases the chances the European Central Bank will lift its main refinancing rate by 25bps to 4.25% next month.  The euro may still have some overhang from the political uncertainty that has resulted following Ireland’s rejection of the Lisbon Treaty late last week. One dollar-supportive factor may be Saudi Arabia’s decision to lift crude oil production from July.  ECB member Tumpel-Gugerell was quoted as saying eurozone monetary policy “remains on the accommodative side” and reiterated borrowing costs may rise next month.  Germany’s IW institute lifted its 2008 GDP forecast to 2.5% from 1.7%. The European Commission warned Europe needs to remain “extremely careful” to avoid a wage and inflation spiral.  Euro bids are cited around the $1.5230 level.



¥/ CNY

The yen appreciated marginally vis-à-vis the U.S. dollar today as the greenback tested bids around the ¥107.90 level and was capped around the ¥108.55 level.  The pair reached its highest level since 14 February as traders continued to speculate that Japanese interest rates will not be climbing anytime soon.  Finance minister Nukaga reported that exchange rate issues were not discussed at the ASEM meeting in South Korea or at the Group of Eight finance ministers’ meeting in Osaka this weekend. Former finance minister official Watanabe verbally intervened overnight saying “If the dollar falls sharply against the yen, the U.S. may intervene in (the foreign exchange) markets and Japan may help the move.”  The Japanese government reduced its assessment of the economy for the second time in three months, downgraded its view on exports, corporate profits, and industrial output. The government reported “attention should be given to downside risks due to the risk of a recession in the United States, the fluctuations in the stock and foreign exchange markets mainly caused by the sub-prime mortgage problem, and the effects of developments in oil prices.”  Data released in Japan overnight saw May Tokyo-area condominium sales off for the ninth consecutive month.  The Nikkei 225 stock index climbed 2.72% to close at ¥14,354.37.  Dollar bids are cited around the ¥103.00/ 101.35 levels.  The euro moved higher vis-à-vis the yen as the single currency tested offers around the ¥167.65 level and was supported around the ¥166.40 level.  The British pound and Swiss franc gained ground vis-à-vis the yen as the crosses tested offers around the ¥212.80 and ¥104.00 levels, respectively.  The Chinese yuan appreciated vis-à-vis the U.S. dollar as the greenback closed at CNY 6.9004 in the over-the-counter market, down from CNY 6.9018 and the pair’s lowest close since the yuan revaluation of July 2005.  Data released in China overnight saw industrial valued-added output up 16.3% between January and May.  Also, People’s Bank of China reported May wholesale prices were up 9.6% y/y.

The British pound rocketed higher vis-à-vis the U.S. dollar today as cable tested offers around the US$ 1.9685 level and was supported around the $1.9455 level.  Technically, today’s intraday high was right around the 50% retracement of the move from US$ 2.0025 to $1.9360.  Sterling shook off CBI’s gloomy 2009 U.K. economy growth forecast that predicts the economy will slow to its lowest level since 1992.  The Financial Times reported U.K. Chancellor of the Exchequer Darling will institute a major regulatory shake-up in this week’s Mansion House speech.  Bank of England released research today that suggests the recent spike in U.K. inflation is having a negative impact on the public’s inflation expectations, raising the risk that inflation will remain “materially” elevated in the medium-term.  Some traders believe BoE’s Monetary Policy Committee will become more vocal this week about the prospect of raising rates in the near term.  Cable bids are cited around the US$ 1.9360/ 1.9100 levels.  The euro came off vis-à-vis the British pound as the single currency tested bids around the ₤0.7860 level and was capped around the ₤0.7915 level.


The Swiss franc appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the CHF 1.0380 level and was capped around the CHF 1.0520 level.  Technically, today’s intraday low was right around the 23.6% retracement of the move from CHF 0.9645 to CHF 1.0260.  Data released in Switzerland overnight saw April retail sales climb 2.4% y/y.  U.S. dollar bids are cited around the CHF 1.0250 level. The euro and British pound gained ground vis-à-vis the Swiss franc as the crosses tested offers around the CHF 1.6150 and CHF 2.0535 levels, respectively.


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