User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Thursday July 10, 2008 - 22:35:09 GMT
Westpac Institutional Bank -

Share This Story:
| | Email

FX Research - Morning Report

Morning Report  Friday 11 July 2008

News and views
The US dollar came under broad pressure in overnight trade, with worries over the US financial sector to the forefront once again. Former Fed official Poole’s description of the govt-sponsored mortgage agencies as technically insolvent reverberated, along with fresh (unfounded) rumours about one of the investment banks. The USD jitters helped the New Zealand dollar recover from 0.7550 in the London morning to pop above 0.7600 before steadying back to 0.7580 by late New York.

AUD/USD was a little quieter, drifting up from 0.9585 to 0.9620, extending its gains made on Australia’s strong June employment report. A resumption of oil price gains (jumping more than $3/bbl in the NY afternoon on reports of further Iranian missile tests) also lent support to the euro, with EUR/ USD gaining about 70 pips overall to 1.5780.

USD/JPY fell about 40 pips on the Iran/oil news to around 106.80 but overall the yen was little changed, as US equities bounced late and headed for a positive close.

US initial jobless claims fell 58k to 346k last week but the figures cannot be trusted because we have entered the period when US automakers temporarily shut down their plants for new model retooling. Because the particular weeks in July-August when factories are shut down vary from year to year, the seasonal adjustment factors cannot cope and the data swing wildly. The July 4 holiday will have been another potential distortion. In contrast, in the prior week, continuing claims soared to a new cyclical high, above 3.2mn for the first time since the end of 2003. That points to ongoing deterioration in the labour market heading into July.

Fed chair Ben Bernanke (and Treasury Secretary Paulson) testified in the House today on financial market regulation. Bernanke steered clear of current economic and monetary policy issues in his prepared text and the Q&A no doubt saving himself for next week’s semi-annual report on monetary policy and his associated testimony.

French and Italian industrial production down 2.6%/1.4% in May. German industrial production has already been reported down 2.4% in May; with Italian and French IP also slumping in May, next week’s Euroland IP report should also be weak (due 14/7). With survey evidence for June also very weak, the case against a further rate rise from the ECB is building.

The Bank of England left rates on hold at 5.0% following this week’s policy meeting. As usual, no move so there was no accompanying statement. The minutes to the meeting will be published in two weeks and it will be interesting to see whether anyone joined David Blanchflower in voting for a cut, given the recent flood of very weak activity data. Still, with inflation set to rise above 4% yr in coming months, one or more of the hawks may have voted for an ECB style “shot across the bow” rate rise as well. We’ll know on 23/7. On the data front, house prices keep falling away in the UK according to HBoS (and almost every one else!).

We have been brazenly bearish on the NZD for some time now and have remained short via the TWI since April 24. But for the week ahead, we have to temper our negativity. If we are correct on our CPI forecast, it will make the July OCR outcome that much more difficult to price. With the OIS market allocating a 64% chance of a 25bps cut at the July meeting, we have to see some short term upside risks for the NZD and potentially the TWI.

Upcoming Events
Date Country Release Last Forecast

11 Jul US May Trade Balance $bn –60.9 –62.5
Jun Import Prices 2.3% 2.0%
Jul UoM Consumer Sent (Prelim) 56.4 55.0
Jun Federal Budget $bn 27.5 30.0
Jpn Jun Consumer Confidence 34.1 33.0
Can Jun Employment chg 8.4 flat
May Trade Balance C$bn 5.1 5.2
May New House Prices flat 0.1%
14 Jul NZ May Retail Sales 1.0% –0.5%
Eur May Industrial Production 0.9% –

Latest Research Papers/Publications
• NZ Q2 CPI Preview (10 July)
• NZ Interest Rate Focus (9 July)
• NZ Q2 QSBO Review (8 July)
• NZ Weekly Forex Outlook (7 July)
• More for less (2 July)
• NZ Q2 Employment Confidence Index (1 July)
• NZ Weekly Forex Outlook (30 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

Mon 23 July 2018
A 14:00 US- Existing Homes Sales
Tue 24 July 2018
AFlash PMIs
Wed 25 July 2018
A 08:00 DE- IFO Survey
A 14:00 US- New Homes Sales
A 14:30 US- EIA Crude
Thu 26 July 2018
AA 11:45 EZ- European Central Bank Decision
A 12:30 US- Weekly Jobless
A 12:30 US- Durable Goods
Fri 27 July 2018
AA 12:30 US- GDP
A 14:00 US- Final 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