User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Thursday July 17, 2008 - 21:05:08 GMT
Reuters - www.reuters.com

Share This Story:
| | Email

FOREX NEWS - Dollar rises with stocks as oil price plunges

Thu Jul 17, 2008 4:30pm EDT

* Dollar rises as oil prices plunge

* Euro wobbles, though ECB official warns on inflation

* Financial market turmoil leaves dollar on shaky ground

(Recasts, updates prices, adds comment, changes byline)

By Steven C. Johnson

NEW YORK, July 17 (Reuters) - The dollar surged against the yen on Thursday and erased earlier losses versus the euro as oil prices plunged and investors worried that high energy costs and financial market turmoil were slowing global growth.

U.S. stocks also rallied as oil fell for a third straight day. That helped the dollar post its biggest daily gain against the yen in more than three months.

The euro, which set a record above $1.60 on Tuesday, at one point fell below $1.58 for the first time this week as investors began focusing on the headwinds facing the euro zone economy.

"The dollar has already gone through a massive correction, but we haven't had that in other currencies," said David Watt, senior currency strategist at RBC Capital Markets in Toronto.

"So, if we start growing concerned about global growth, it's not necessarily positive for the dollar but it is negative for other major currencies."

Oil has gained 35 percent this year alone, at one point hitting a record high above $147. It fell more than $5 on Thursday to $129.29 CLc1, its lowest level in six weeks.

The dollar last traded at 106.45 yen <JPY=>, up 1.3 percent, its best daily performance since early April. It touched a session high of 107.09 earlier in the session.

The euro exited New York trade up about 0.1 percent at $1.5840 <EUR=> after falling to a session low of $1.5784. It edged higher after Merrill Lynch (MER.N: Quote, Profile, Research, Stock Buzz) announced earnings and said it was selling assets to raise capital.

Earlier, better-than-expected second-quarter results from JPMorgan Chase & Co (JPM.N: Quote, Profile, Research, Stock Buzz) helped eased concern about the stability of the U.S. financial sector that has weighed on the dollar.

DOLLAR STILL ON SHAKY GROUND

The euro hit a record of $1.6037 earlier this week as the U.S. Treasury was forced into launching a rescue plan for troubled U.S. mortgage finance giants Fannie Mae (FNM.N: Quote, Profile, Research, Stock Buzz) and Freddie Mac (FRE.N: Quote, Profile, Research, Stock Buzz) shortly after the collapse of IndyMac, one of the country's biggest mortgage banks.

"The dollar has rallied a lot today, and I think people got themselves positioned one way earlier this week, sort of betting on the end of the financial system, and we are now seeing the last of that bet unwound," said David Gilmore, principal at Foreign Exchange Analytics in Essex, Connecticut.

But the dollar's gains remained tentative, analysts said, particularly given the state of uncertainty surrounding U.S. financial markets and the slumping housing market.

The U.S. currency wobbled earlier on Thursday when Kuwait's finance minster said it had no plans to buy more Fannie or Freddie debt and was looking to invest in Japan, China and India instead.

Other signs foreign investors are souring on U.S. assets could renew pressure on the U.S. currency, with the euro, sterling and yen the most likely beneficiaries, analysts said.

European Central Bank governing council member Nout Wellink also provided a euro boost earlier when he said slower euro zone growth would not necessarily reduce high inflation.

Record high euro zone consumer price inflation prompted the ECB to hike rates to 4.25 percent this month.

The case is more complicated for the Fed, which is facing mounting inflation pressures on one hand and ever slower growth and market turmoil on the other.

A report on Thursday showing factory activity in the U.S. Mid-Atlantic region contracted in July was the latest bit of subpar economic news.

"The last thing the Fed is going to do right now is raise interest rates," said Nouriel Roubini, business professor at New York University's Stern School of Business and head of Roubini Global Economics. "If anything, it will have to cut rates in the fall because the financial crisis and recession will become more severe," he said, keeping the dollar in a $1.50-$1.60 range per euro.

(Additional reporting by Nick Olivari and Lucia Mutikani; Editing by Chizu Nomiyama)

© Thomson Reuters 2008. All rights reserved. Users may download and print extracts of content from this website for their own personal and non-commercial use only. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters and its logo are registered trademarks or trademarks of the Thomson Reuters group of companies around the world.

 

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.com


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.


pic

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 Global-View.com.

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

Global-View.com 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 Global-View.com. 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.

 

WARNING: FOREIGN EXCHANGE TRADING AND INVESTMENT IN DERIVATIVES CAN BE VERY SPECULATIVE AND MAY RESULT IN LOSSES AS WELL AS PROFITS. FOREIGN EXCHANGE AND DERIVATIVES TRADING IS NOT SUITABLE FOR MANY MEMBERS OF THE PUBLIC AND ONLY RISK CAPITAL SHOULD BE APPLIED. THE WEBSITE DOES NOT TAKE INTO ACCOUNT SPECIAL INVESTMENT GOALS, THE FINANCIAL SITUATION OR SPECIFIC REQUIREMENTS OF INDIVIDUAL USERS. YOU SHOULD CAREFULLY CONSIDER YOUR FINANCIAL SITUATION AND CONSULT YOUR FINANCIAL ADVISORS AS TO THE SUITABILITY TO YOUR SITUATION PRIOR TO MAKING ANY INVESTMENT OR ENTERING INTO ANY TRANSACTIONS.

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