User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Tuesday October 7, 2008 - 16:12:56 GMT
GCI Financial - www.gcitrading.com

Share This Story:
| | Email

Forex Market Commentary and Analysis (7 October 2008)

The euro appreciated sharply vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.3740 level and was supported around the $1.3480 level.  The common currency bounced back from yesterday’s sizable losses as the markets remain highly volatile and susceptible to credit-driven dislocations.  Traders are eyeing several factors. First, there is some indication that European officials may be inching closer to providing a significant financial bailout of the European banking sector. France today said it will intervene to protect French financial institutions. Second, there is still a lot of talk on trading desks about a coordinated move by global central banks to lower interest rates.  Third, the Federal Reserve announced new liquidity provisions today to combat the problems in the asset-backed commercial paper market.  The Fed announced the creation of a Commercial Paper Funding Facility (CPFF) to complement the Fed’s existing credit facilities.  Fourth, interbank lending rates remain significantly elevated.  Libor rates for U.S. dollars, euro, and sterling rose across the yield spectrum from overnight funds to one year.  Three-month euro Libor was fixed at an all-time high of 5.37125% and overnight U.S. dollar rates were fixed at nearly double the Fed’s 2.0% federal funds target rate.  Fifth, European financial institutions are experiencing significant problems. The share price of Royal Bank of Scotland was off 40% in the morning and Iceland sought an emergency loan from Russia to support its deepening financial crisis.  Eurozone finance ministers met in Luxembourg to consider a response to the spreading crisis.  Sixth, traders await comments from Fed Chairman Bernanke.  In eurozone news, European Central Bank member Ordonez said policymakers must remain aware of inflation risks and called on central banks to “coordinate in absolutely everything.”  The ECB said it is increasing the size of its 28-day and 84-day U.S. dollar auctions in Q4.  ECB member Bini-Smaghi said inflation pressures “are less important than in the past.”  Data released in Germany today saw August manufacturing orders up 3.6% m/m.  Euro bids are cited around the US$ 1.3320 level.

 

¥/ CNY

The yen depreciated vis-à-vis the U.S. dollar today as the greenback tested offers around the ¥103.30 level and was supported around the ¥101.25 level.  The pair reclaimed some of the major ground it lost yesterday as traders reacted to enhanced coordination between global central banks. As expected, Bank of Japan’s Policy Board kept its benchmark overnight call rate unchanged at 0.50% and maintained its economic assessment, noting the Japanese economy is “sluggish.” BoJ added it “will continue to strive to maintain market stability.”  BoJ Governor Shirakawa reported “downside risks for the Japanese economy are growing.”  The central bank announced it will conduct three additional U.S. dollar liquidity auctions in December, availing US$ 70 billion as part of the global coordinated effort to expand U.S. dollar liquidity.  Finance minister Nakagawa said Japan will share its economic experiences from the 1990s with the G7 and will “contribute my making sure the Japanese economy doesn’t worsen further.”  Prime Minister Aso called on G7 leaders who will meet later this week to “send a clear message” about stabilizing the financial markets.  Data released in Japan overnight saw the August coincident indicator fall 2.8 points to 100.7.  The Nikkei 225 stock index lost 3.03% to close at ¥10,155.90.  U.S. dollar offers are cited around the ¥104.15 level.  The euro moved higher vis-à-vis the yen as the single currency tested offers around the ¥141.05 level and was supported around the ¥136.60 level. The British pound and Swiss franc appreciated vis-à-vis the yen as the crosses tested offers around the ¥181.95 and ¥90.40 levels, respectively. The Chinese yuan appreciated vis-à-vis the U.S. dollar as the greenback closed at CNY 6.8169 in the over-the-counter market, down from CNY 6.8430.  Many traders believe People’s Bank of China will begin to ease monetary policy soon.

The British pound moved higher vis-à-vis the U.S. dollar today as cable tested offers around the US$ 1.7655 level and was supported around the $1.7320 level.  Bank of England reported it will hold two forward auctions in U.S. dollars with the Federal Reserve to provide extra liquidity during the year-end period.  BoE will advise on timing and amounts in short order. Currently, the central bank is conducting US$ 70 billion in dollar liquidity auctions through its swap facility with the Fed.  The U.K. government is said to be discussing an injection of capital with U.K. banks.  Many traders expect Bank of England will cut its headline repo rate by 50bps on Thursday.  Data released in the U.K. today saw August manufacturing production fall 0.4% m/m and 1.9% y/y.  Cable bids are cited around the $1.7045 level.  The euro moved higher vis-à-vis the British pound as the single currency tested offers around the ₤0.7810 level and was supported around the ₤0.7710 level.

 

 

CHF

The Swiss franc appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the CHF 1.1360 level and was capped around the CHF 1.1485 level.  Swiss National Bank today announced it is expanding its provision of U.S. dollar liquidity in forward auctions in coordination with other central banks.  U.S. dollar offers are cited around the CHF 1.1800 figure.  The euro and British pound gained ground vis-à-vis the Swiss franc as the crosses tested offers around the CHF 1.5615 and CHF 2.0145 levels, respectively.

 

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 23 October 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:

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: Medium Tue-- All Day Global flash PMIs. First good look at October economic performances.



  • POTENTIAL PRICE RISK: HIGH Wed-- 01:30 GMT AU- CPI. Top Inflation indicator.

  • POTENTIAL PRICE RISK: HIGH Wed-- 08:00 GMT DE- IFO Survey. Top German indicator.


  • POTENTIAL PRICE RISK: HIGH Wed-- 14:00 GMT CA- BOC Decision. No Policy Change Expected.


  • POTENTIAL PRICE RISK: Medium Wed-- 14:30 GMT US- EIA Crude. Top Weekly WTI 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