User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Thursday August 21, 2008 - 09:12:57 GMT
Reuters -

Share This Story:
| | Email

FOREX NEWS-Dollar hauled off peaks as US financial worry resurfaces

Thu Aug 21, 2008 4:54am EDT

* Dlr index down 0.4 percent at 76.591 .DXY

* Fannie/Freddie concerns, rising oil hurt

* Euro zone business activity stabilises

(Changes dateline, byline, adds quotes, updates prices)

By Veronica Brown

LONDON, Aug 21 (Reuters) - The dollar fell on Thursday, pulling back sharply from this week's eight-month highs versus a basket of currencies as inflamed concerns about the U.S. financial sector and rising oil put a chink in its rally.

Persistent worries about the viability of U.S. mortgage finance giants Fannie Mae (FNM.N: Quote, Profile, Research, Stock Buzz) and Freddie Mac (FRE.N: Quote, Profile, Research, Stock Buzz) and the risk that could pose to an already battered financial system has injected caution into any notion that the dollar's recent climb was a one-way affair.

To add to the mix, the Financial Times reported that Lehman Brothers (LEH.N: Quote, Profile, Research, Stock Buzz) had held talks to sell up to half its shares to China's CITIC Securities as well as state-owned Korea Development Bank, but both investors walked away saying the price was too high.

A Lehman spokeswoman declined to comment on the report.

"There are renewed concerns regarding the financial sector and some other investment banks are also grabbing the headlines so the dollar is seeing a corrective pullback," said Ian Stannard, senior currency strategist at BNP Paribas.

"One of the characteristics of this dollar move so far is that there hasn't been a correction," he said.

Crude oil rose more than $1 to 116.82 a barrel CLc1 for a third straight day of gains, pulling gold prices <XAU=> up over the $800 an ounce mark.

Data on Wednesday showed euro zone business activity unexpectedly stabilised at weak levels in August, while oil's sharp pullback from record highs took the pressure off input costs [nLK260561].

But Stannard said the respite given by the figures would not last, given that the euro zone is perceived to be in the early stages of its downturn.

The dollar index, which measures the dollar's value against a basket of six currencies, slipped 0.4 percent to 76.591 .DXY moving well away from an eight-month peak reached on Tuesday at 77.413.

The euro rose 0.4 percent to $1.4798 <EUR=>, staying above a six-month low of $1.4631 hit on Tuesday, according to Reuters data. But the European single currency was 8 percent below a record peak of $1.6038 hit a little over a month ago.

The dollar fell one percent to 108.69 yen <JPY=>, retreating from a seven-month high of 110.67 yen hit last week. The euro was down 0.5 percent at 160.93 yen <EURJPY=>.


The dollar has soared this month as investors unwound massive positions favouring the euro, higher-yielding currencies and commodities -- taken on bets that the global economy would withstand the U.S. downturn and credit crisis.

But the pace of the U.S. currency's rise is seen slowing as background worries on the U.S. economy continue to bite, while chart patterns are also suggesting a brief reversal.

Background factors supporting further dollar rises remain intact as slowing global growth is expected to lead to interest rate cuts by central banks outside the United States, such as the European Central Bank, the Bank of England and the Reserve Bank of Australia.

The Federal Reserve is seen as more likely to raise interest rates next year to fight inflation. Data showed on Tuesday that U.S. producer prices jumped in July at the fastest annual rate in 27 years, almost reaching a double-digit pace.

"Going forward, we view recent gains in the US dollar as sustainable. Against the backdrop of housing market-related concerns, worsening growth expectations outside the US, the outlook for yields, soft commodity prices and strong capital flows are all dollar-supportive," UBS strategists said. (Reporting by Veronica Brown; Editing by Mike Peacock)

© 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 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