User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Saturday August 30, 2008 - 01:26:06 GMT
Reuters -

Share This Story:
| | Email

FOREX NEWS - US dollar rises, eyes best monthly gain in 16 years

Fri Aug 29, 2008 3:04pm EDT

* Dollar index has best month since October 1992

* Dlr has best month vs euro since single currency launch

* Jump in U.S. Midwest business adds to dollar's allure (Updates prices, adds comment, byline)

By Gertrude Chavez-Dreyfuss

NEW YORK, Aug 29 (Reuters) - The U.S. dollar rallied against a currency basket on Friday, on track for its best monthly gain in nearly 16 years, boosted by a batch of data showing a far more stable growth path for the United States than the rest of the world.

U.S. consumer spending slowed in July, but this was more than offset by a report showing business activity in the U.S. Midwest expanded at a more robust rate than expected, fueling a round of dollar buying.

"The U.S. data contrasts with weaker reports from abroad as the global economy deepens its slowdown," said Joe Manimbo, a currency trader at Ruesch International in Washington. "This is a continuation of the more upbeat sentiment on the U.S. currency."

Separate data showing U.S. consumer confidence rose to a five-month high in August, posting a sharp recovery from depressed levels with the help of easing energy prices, added to dollar optimism even, if it offered little new trading impetus.

In late New York trading, the dollar index .DXY on the ICE Futures Exchange was up 0.3 percent on the day at 77.327. Friday's gains have put the index on pace for its best monthly performance since October 1992, according to Reuters data.

The euro was down 0.2 percent at $1.4670, off more than 8 percent from its all time peak set in mid-July <EUR=> and on pace for its worst monthly loss since its launch in 1999.

Friday's reports follow data earlier in the week showing greater-than-expected U.S. economic growth in the second quarter and strong durable goods orders for July.

The dollar <JPY=> was down 0.6 percent against the yen at 108.62 yen, but was up nearly 1 percent this month.

The U.S. dollar rose 1.2 percent versus the Canadian dollar to C$1.0631 <CAD=>, its biggest one-day gain in three weeks, after data showed the Canadian economy narrowly skirted a recession in the second quarter, growing 0.3 percent. Economists were expecting a 0.7 percent expansion.


Still, some analysts say a weak gross domestic product number is not sufficient to warrant an interest rate cut from the Bank of Canada.

"Though Canadian growth may prove slightly weaker than expected in H1 2008, the accumulated impact of rate cuts to date should help cushion any downside risks," said analysts at Morgan Stanley in a research note.

"On the other hand, inflation remains elevated, even if the recent decline in commodity prices suggests scope for softening price pressures."

Sterling was also one of the major casualties in the currency market this month, down 8.1 percent versus the dollar, its biggest drop since it crashed out of the Exchange Rate Mechanism in 1992.

The pound last traded down 0.4 percent at $1.8207 on the day <GBP=>.

The Australian dollar fell nearly 9 percent in August, its worst month since February 1989, according to Reuters data, on expectations of narrowing interest rate differentials between the United States and Australia. It last traded at US$0.8579 <AUD=>, down 0.6 percent.

Investors expect sentiment on the U.S. dollar to remain bullish in the coming week. But some market participants could to try to square positions by selling into any dollar strength ahead of next Friday's August U.S. employment report and central bank policy decisions in the euro zone and the UK.

Analysts expect next week's U.S. non-farm payrolls report to show a 73,000 contraction, according to a Reuters poll.

"U.S. payrolls will likely show a decline, but markets will only be moved if losses exceed 100,000, having gotten used to the slow drip of job shedding this year," said Avery Shenfeld, a senior economist at CIBC World Markets in Toronto. (Additional reporting by Nick Olivari; Editing by Leslie Adler)

© 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

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