User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Wednesday September 10, 2008 - 22:02:08 GMT
Reuters - www.reuters.com

Share This Story:
| | Email

FOREX NEWS-US dollar index climbs to 12 month high

Wed Sep 10, 2008 5:03pm EDT

* U.S. dollar index touches fresh one-year high

* Euro drops to nearly 12-month low versus dollar

* Dollar recovery theme continues to dominate

* Forex market ignores Lehman results (Updates prices, adds comment, changes byline)

By Gertrude Chavez-Dreyfuss

NEW YORK, Sept 10 (Reuters) - The U.S. dollar climbed to a fresh one-year high against major currencies on Wednesday and surged to nearly 12-month highs versus the euro, as falling oil prices and a bounce in U.S. stocks overcame worries about the health of financial firms.

The dollar largely shrugged off news that Lehman Brothers (LEH.N: Quote, Profile, Research, Stock Buzz), the fourth-largest U.S. investment bank, incurred a third-quarter loss and failed to announce firm deals to raise needed capital.

With several banks saying in the last two days that they are still doing business with Lehman, analysts said problems at the troubled institution should not exacerbate the global credit crisis.

The dollar is also benefitting from the belief that the U.S. economy may be more resilient than most economies at a time of heightened financial stress.

"I think with all that has been happening in the U.S. financial sector, the dollar has been getting safe-haven bids," said Nick Bennenbroek, head of FX strategy, at Wells Fargo in New York. "The story on the dollar hasn't changed. It has been on a tear for the last several weeks now."

The dollar saw its largest one month rise in more than a decade in August.

In late trading, the dollar index on the ICE Futures Exchange, which measures the greenback's value against a basket of six currencies, climbed to 80.017 .DXY, the highest since September 2007. It was last at 79.815, up half a percent.

Those gains came as the euro tumbled to a nearly 12-month trough of $1.3995 on the view that economic growth in the euro area could slow more sharply than previously anticipated.

The euro last traded at $1.4000 <EUR=>, down nearly 1.0 percent on the day, while U.S. crude futures were down 0.3 percent at $103.00 per barrel CLc1.

REPATRIATION FLOWS BOOST DOLLAR

U.S. investors were liquidating their positions in overseas equity and bond markets, repatriating the money back home and lending support to the dollar, analysts said.

U.S. mutual fund flows data has shown persistent selling of foreign equity over the last two months, according to Goldman Sachs. Since July, the investment bank said this data has indicated selling of foreign equity totalling $18 billion.

While this number is not significant by itself, Goldman said in a research note that this number is a reflection of broader trends within the U.S. investment community.

Morgan Stanley in a note echoed Goldman's sentiment.

"The dollar has been a major beneficiary of the de-risking process, as U.S. investors, perhaps the most active cross-border investors, bring capital home," said Sophia Drossos, a currency strategist at Morgan Stanley.

Further pressuring the euro was a move by the European Commission on Wednesday to lower its 2008 euro zone growth forecast to 1.3 percent from 1.7 percent. It reduced its growth estimates for Britain to 1.1 percent from 1.7 percent.

Analysts though said that despite the poor growth outlook, it was unlikely that the European Central Bank would cut interest rates anytime soon even as the Federal Reserve's aggressive easing put the U.S. economy on a recovery path.

The dollar also rose against the yen, ignoring the Lehman news. Analysts cited market talk of possible downgrading of Japan's sovereign debt. The dollar was last up 0.9 percent at 107.80 yen <JPY=>. It climbed 0.7 percent to 1.1340 Swiss francs <CHF=>.

"Other that what it did to the Dow, I don't think Lehman had that much of an impact," said CIBC World Markets' Fazio.

"The implication that it could follow through to a multiple other financial institutions is more of a concern, but one firm of Lehman's size does not impact on the FX market in a material way. Lehman is not that big, it's not Citibank."

(Additional reporting by Lucia Mutikani)

© 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."



Elevate Your Trading With The Amazing Trader!

The Amazing Trader includes:
  • Actionable trading levels delivered to YOUR charts in real-time.
  • Live trading strategy sessions.
  • Market Updates with Trading Tools.

Register To Test Your Amazing Trader


Trading Ideas for 20 October 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:

Fri 20 Oct
12:30 CA- Retail Sales & CPI
14:00 US- Existing Homes Sales


Tue 24 Oct
All Day flash PMIs
Wed 25 Oct
01:30 AU- CPI
08:00 DE- IFO Survey
08:30 GB- GDP
14:00 CA- BOC Decision
14:30 US- EIA Crude
Thu 26 Oct
11:45 EZ- ECB Decision
12:30 US- Weekly Jobless
14:00 US- Pending Homes Sales
Fri 27 Oct
12:30 US- GDP
14:00 US- final Univ of Michigan

Forex Trading Outlook


Potential Trading Opportunities


  • POTENTIAL PRICE RISK: High Fri-- 12:30 GMT CA- Retail Sales and CPI. Top economic indicators.


  • POTENTIAL PRICE RISK: HIGH Fri-- 14:00 GMT US- Existing Homes Sales. Top Housing statistic.



John M. Bland, MBA
co-founding Partner, Global-View.com

EXCLUSIVE: Global-View Daily Trading Chart Points Updated

EXCLUSIVE: Global-View Free Forex Database updated




TRADER ADVOCACY ARTICLES

Trader's Advocate Articles..

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.

Copyright ©1996-2014 Global-View. All Rights Reserved.
Hosting and Development by Blue 105