User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Wednesday June 25, 2008 - 23:20:34 GMT
Westpac Institutional Bank -

Share This Story:
| | Email

Forex Blog - Morning Report

Morning Report  Thursday 26 June 2008

News and views
The USD was hit across the board overnight after the FOMC delivered a less hawkish than feared stance than many were gunning for. To be sure the FOMC statement said that downside risks to growth have diminished while upside risks to inflation have increased. And, Fisher dissented (yet again) voting in favour for an immediate lift in rates. The dollar and bond yields both initially firmed but quickly reversed course on deeper reflection – the statement did not signal a near term shift in the Fed Funds rate nor made any mention of official concerns about the weak USD as some feared. Players took heart sending US 2 year bond yields back down 20bp from their highs while EUR/USD jumped 140pts to highs near 1.5685.

Offshore trading in the New Zealand dollar however remained tentative. The NZD opened its offshore account on the heavy side, extending earlier losses driven by the 15% fall in Q2 NZ consumer confidence to 17 year lows. From offshore opening levels around 0.7575 the NZD slipped to lows near 0.7545. The NZD ranged through the remainder of offshore trade until the less hawkish than feared FOMC statement saw the unit trade up to 0.7590- 0.7600 into the close.

EUR/USD drifted in early offshore trade ahead of the FOMC – rallying 50pts initially to highs just above 1.5600 before slipping back to 1.5560/70 thanks to a sharp $5/bbl fall in oil prices. US durable goods orders and new home sales both met expectations and left no imprint on markets. Players initially read a hawkish FOMC statement sending EUR down from 1.5570 to 1.5540 before a relief rally set in. Multiple stops were cleared as EUR stacked on 140pts to highs near 1.5685. US bonds were initially wrong footed by the FOMC statement too, rising7bp before falling 20bp to finish the day near 2.81%

The Australian dollar continues to trade with a solid tone. In the wake of the FOMC statement the AUD rose 60pts hitting fresh 12 highs just above 0.9600. Equities traded in the green for much of the offshore keeping USD/JPY well supported above 108. But, the less hawkish than feared FOMC statement saw USD/JPY fall 50pts to back below 108.00 into the close.

The Fed left its funds target unchanged at 2.00% after this week’s FOMC meeting, confirming the end of the sequence of seven rate cuts that ran from Sep last year to April this year, totalling 325bp.

US durable goods orders were flat in May, their third month running without growth. An 11% rise in defence orders and an 11% rise in civilian aircraft orders flattered the figures. The core capital goods orders measure was revised down from a 4.0% gain to 3.1% in Apr and in May they fell 0.8%, enough to turn the 3 month annualised growth pace for capital goods back to a small fall of –0.4% from a 4.7% rise in the 3 months to Mar (i.e. Q1 this year). Auto orders fell 3.3% in May, their sixth consecutive decline, so the end in late May of the strike that had been impacting GM was not apparent in the data. Overall, a subdued report.

US new home sales fell 2.5% in May but not to a new cyclical low. That we saw back in March. It may be that sales are bottoming out, although with the inventory of unsold homes equivalent to close to a year’s worth of sales at the current monthly pace, prices will need to fall substantially further than the 6% or so decline shown over the past year.

Euroland industrial orders posted a decent 2.5% in Apr, suggesting the factory sector still has some momentum, although the more recent business surveys paint a weaker picture.

European Central Bank chief Trichet reiterated his Jun 5 comments, emphasising that he had “nothing to add or withdraw”. He explained that a small rate rise was possible on Jul 3; that he hadn’t signalled a series of rate rises, and that “we never pre-commit”. Despite that last comment a rate rise is more likely than not.

UK retail sales remained subdued in June, according to the CBI survey. Hence May this year’s 3.1% bounce in retail sales (as reported by the ONS) still looks way out of place and is likely to be mostly or fully reversed in the official June report.

The main focus today will Q2 Current account data due later this morning. In the wake of the very weak Q2 consumer confidence data yesterday – down 14.8% to its lowest levels since 1991, markets are flirting with the idea of RBNZ cuts as soon as their next meeting on 24 July. However, on its own we don’t believe the collapse in confidence will be enough to see a July cut eventuate. The NZD will nevertheless continue to trade with a heavy bias into the keenly awaited Q1 GDP report on Friday. Eager sellers are likely to cap any NZD strength into 0.7640/50.

Events Today
Country Release Last Forecast

NZ Q1 Current Account NZDmn s.a. –3,076 –3,000
Aus Q2 Job Vacancies –2.5% –

US Q1 GDP (F) 0.9% a 1.0%
Initial Jobless Claims w/e 21/6 381k 385k
May Help Wanted Index 19 19
May Existing Home Sales –1.0% 2.5%
Fedspeak: Gov Kohn &
St Louis’ Bullard at ECB conference
on monetary policy
Eur May Money Supply M3 %yr 10.6% 10.3%

UK Q1 Business Investment (F) –1.4% a –1.4%

Latest Research Papers/Publications
• NZ Q2 Consumer Confidence (25 June)
• NZ Weekly Forex Outlook (23 June)
• NZ Q1 GDP Preview (19 June)
• NZ Q1 Current Account Preview (19 June)
• NZ Weekly Forex Outlook (16 June)
• Always look on the bright side (12 June)
• NZ Q1 Terms of Trade (11 June)

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

Tue 31 July 2018
AA JP- Bank of Japan
A 06:00 DE- Retail Sales
A 09:00 EZ- flash HICP/GDP
AA 12:30 US- Core PCE Deflator
A 14:00 US- CB Consumer Confidence
Wed 1 Aug 2018
A Final Mfg PMIs
AA 12:15 US- ADP Private Payrolls
A 15:00 US- EIA Crude
AA 18:00 US- Federal Reserve Decision
Thu 2 Aug 2018
AA 11:00 GB- Bank of England Decision
A 13:30 US- Weekly Jobless
Fri 3 Aug 2018
A Final Services PMIs
AA 12:30 US- Employment
A 12:30 US/CA- Trade

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