User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Thursday October 2, 2008 - 10:09:04 GMT
Global Forex Trading -

Share This Story:
| | Email

Forex Blog - Dollar Gains on Euro but Lower Against Yen After Senate Passes Rescue Package

Dollar Gains on Euro but Lower Against Yen After Senate Passes Rescue Package Last Updated 10/2/2008 5:50:02 AM EST (GMT +5)

Top Stories

• Senate approves the bailout bill 74-25. Action moves back to the House

• Asian markets move lower but European equities rebound slightly in wake of bailout passage

• Europeans see little agreement on $300 Billion rescue package proposal by France’s Sarkozy

• ECB decision on tap but few expect a surprise rate cut

• China Manufacturing PMI at 44 – lowest reading ever

• Oil back below $100/bbl at $97/bbl as global slowdown fears grow

• Gold off $16 at $871 on possible relief of stress in credit markets

Overnight Eco

• AUD 1364M vs. -717M month prior

• NZD Commodity Prices -4.9% vs.-3,3% month earlier

• GBP Nationwide House Prices -1.7% vs. -1.5% called

• GBP Construction PMI 38.8 vs. 39.0 forecast

• EUR PPI -0.5% as forecast

Event Risk on Tap

• EUR ECB rate decision small chance of 25bp cut

• USD jobless claims could approach 500K

• USD Factory Orders market looks at -1.8 contraction

• USD Auto Sales expected to print at lowest level in 15 years at 13.6M

Price Action

• USD/JPY sold hard into 105.30 as carry dumped and fiscal implications of $700B package start to weigh

• AUD/USD sold into 7800 on carry flows but bounces back a bit

• GBP/USD scraping bottom near new lows of 7600 as financial concerns weigh

• EUR/USD: drops through 3900 on thin liquidity as traders fear a lack of coordinated European response

Dollar Gains on Euro but Lower Against Yen After Senate Passes Rescue Package

Last night the US Senate passed the $700 Billion rescue package by 74-25 vote adding more than $100 Billion of additional tax cuts to businesses and individuals and temporarily increasing FDIC insurance from 100K to 250K. The bill will now go back to the House where it appears to have a strong chance of passing in its present form. The market reaction in the meantime was relatively muted as Asian equity bourses declined but UK and European stock markets were mildly higher by midday morning session.

In the currency market the euro continued its slide against the greenback dropping all the way through the 1.3900 figure in what many described as thin nervous trading. The fear amongst many FX traders is that EZ lack the institutional structure to deal with the wide spread credit crisis that has gripped its banking system and may therefore provide no effective policy response to the deteriorating credit conditions on the continent. There was even some speculation that the ECB may be forced to enact an emergency rate cut at today’s monthly meeting, although given the still very hawkish outlook of ECB policy officials we doubt that Mr. Trichet would surprise the markets. Should he do so however, the already negative sentiment towards the euro could turn for the worse the pair could easily break it long term support at 1.3860 and possibly head for a test of 1.3500 level especially if the “mini G-8” meeting called for by French President Nicolas Sarkozy to deal with the crisis produces no agreement over the weekend highlighting the disarray in EZ fiscal policy.

Meanwhile the only currency that performed well against the buck was the yen, as traders considered the balance sheet implications of the $700 Billion rescue plan. Yesterday US Government debt officially breached the $10 Trillion barrier and today’s legislative action will only add fuel to the fire exacerbating the financing demands of an already fragile system. Given the rapid deceleration in US economic activity, we expect US government and current account deficits to skyrocket next year. Historically during times of global economic slowdowns currencies of nations with massive current account surpluses tend to perform better against currencies of nations with large CA deficits. Therefore we believe that the long term consequences of today’s legislative action by the Senate will continue to favor our 100 USDJPY scenario despite any relief rallies in equities and carry along the way.

FX Upcoming

Currency GMT EST Release Expected Prior

USD 8:30 12:30 USD Initial Jobless Claims (SEP 27) - 493K

USD 10:00 14:00 USD Factory Orders (AUG) -1.8% 1.3%

About The Author

Schlossberg has more than 20 years experience financial trading on Wall Street. His daily currency research appears in numerous newspapers worldwide and Schlossberg serves as a regular contributor to CNBC's Squawk Box and Bloomberg radio and television. Read more >>

DISCLAIMER: This forum and the information provided here should not be relied upon as a substitute for extensive independent research before making your investment decisions. Global Forex Trading is merely providing this column for your general information. This forum and its information does not take into account any particular individual’s investment objectives, financial situation, or needs. All investors should obtain advice based on their unique situation before making any investment decision based upon this forum or any information contained within. In addition, any projections or views of the market provided by the author may not prove to be accurate. Global Forex Trading and Boris will not be responsible for any losses incurred on investments made by readers and clients as a result of any information contained in this column. Global Forex Trading and Boris do not render investment, legal, accounting, tax or other professional advice. If such advice is sought, or other expert assistance is required, the services of a competent professional should be sought.


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