User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Wednesday October 8, 2008 - 20:57:51 GMT
Westpac Institutional Bank -

Share This Story:
| | Email

FX Research - Morning Report

Morning Report Thursday 9 October 2008



News and views

Global central banks coordinate policy and ease by 50bp. The world’s major central banks took a historic step today, easing benchmark rates by 50bp in a coordinated announcement at the start of US trading. The US Fed, the European Central Bank, the Bank of England, the Bank of Canada, Sweden’s Riksbank and the Swiss National Bank issued a joint statement citing the recent “intensification of the financial crisis” and a “reduction in inflationary pressures” as the reasons for the move. The People’s Bank of China joined in with a 27bps cut to its 1 year lending rate too. The BoJ did not cut rates but “supported the action”. Prior to the announcement markets were once again paralysed by extreme risk aversion. Dow futures at one stage were down almost 400pts while the European indices were down around 8%. Early offshore trade saw the AUD drilled from around USD0.7100 to lows near USD0.6450 while the NZD fell from around USD0.6250 to lows near 0.5790.


 In the wake of the coordinated easings risk appetite recovered immediately. European equities still finished down around 5-6% across the board but one suspects some catch up is in order with the DJIA trading up around 80pts in mid afternoon NY trading. EUR/USD was surprisingly calm either side of the coordinated CB easings, grinding higher throughout offshore trading from lows near 1.3550 to highs near 1.3750 in afternoon US trading. AUD/USD and NZD/USD both looked better bid as the day wore on. Into late US trading the AUD recouped around US3 1/2 cents to be trading just shy of USD0.6800 while the NZD rose US3c to USD0.6125. Sentiment is running high that the RBNZ will ease policy as soon as today in sympathy with the world’s major central banks. The unprecedented actions among the world’s major central banks today provided a circuit breaker but such action had been expected and the overall reaction still looks somewhat muted. AUD/USD for example will still finish down a good US3 cents from its Sydney close yesterday while the 80pt bounce in the Dow only retraces a fraction of the previous day’s near 550pt slide.


UK government announces banking sector plan. The Prime Minister and Chancellor announced their version of a plan to get the banking system working again. They will invest between £25-50bn in preferential shares in the main High St banks who request it (partially nationalising them); provide £250bn in loan guarantees (for a fee) to allow the banks to refinance their debt; and via the Bank of England, provide a further £200bn in liquidity. This plan differs from the Paulson plan to take toxic assets off the US banks’ balance sheets by actually bolstering the capital base of the banks.


US pending existing home sales up 7.4% in Aug. The West is leading the charge, up 8.4% in August, boosted by the sale of foreclosed properties which, according to some measures, are being sold for prices, on average, about 30% lower than a year ago


German industrial production up 3.4% in Aug, its strongest gain since 1993! Totally in contrast to the business surveys which suggest the industrial sector is entering recession. Rightly, it didn’t stop the ECB from cutting rates 50bp today, so clearly they understand that a rogue healthy number doesn’t alter the bigger picture.


UK inflation peaking? A private sector report showed high street price inflation slowing from 3.8% yr to 3.6% yr.


Canadian housing starts up 0.1% in Sep, but down 21.5% yr, so the housing sector downtrend remains in place.



The extraordinary ongoing developments in world financial markets make it impossible to forecast the NZD with any confidence (though more volatility is a near certainty). However, it is important to recognise that the exchange rate serves as an important safety valve for the economy – the NZD will fall as far as it needs to in order to buffer the New Zealand economy from the worst of the financial crisis.


With contributions from Westpac Economics

Westpac Strategy, 0800 922 239


Latest Research Papers/Publications

• NZ Q3 QSBO Review (7 October)

• NZ PREFU Review (6 October)

• NZ Weekly Forex Outlook (6 October)

• NZ Q3 Employment Confidence Index (1 October)

• NZ PREFU Preview (29 September)

• NZ Weekly Forex Outlook (29 September)

These papers/publications are available on Online Research on Westpac

Institutional Bank’s website (


Events Today

Country Release Last Forecast

Aus Sep Employ chg/Unemploy Rate 14.6k/4.1% flat/4.2%

Oct MI Consumer Inflation Expectations 4.4% –

Oct WBC-MI Unemployt Expectations 0.7% –

US Initial Jobless Claims w/e 4/10 497k 475k

Aug Wholesales Inventories 1.4% 0.4%

Sep Chain Store Sales %yr 1.7% 1.4%

Fedspeak: Stern – –

Jpn Aug Machinery Orders –3.9% 1.1%

Ger Aug Current Account €bn 11.8 9.0

UK Aug Trade Balance £bn –7.7 –7.6

BoE Repo Rate Decision 5.00% 4.75%




Westpac Banking Corporation ABN 33 007 457 141 incorporated in Australia (NZ division). Information current as at 14 November 2007. All customers please note that this information has been prepared without taking account of your objectives, financial situation or needs. Because of this you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation or needs. Australian customers can obtain Westpac's financial services guide by calling +612 9284 8372, visiting or visiting any Westpac Branch. The information may contain material provided directly by third parties, and while such material is published with permission, Westpac accepts no responsibility for the accuracy or completeness of any such material. Except where contrary to law, Westpac intends by this notice to exclude liability for the information. The information is subject to change without notice and Westpac is under no obligation to update the information or correct any inaccuracy which may become apparent at a later date. Westpac Banking Corporation is regulated for the conduct of investment business in the United Kingdom by the Financial Services Authority. © 2004 Westpac Banking Corporation. Past performance is not a reliable indicator of future performance. The forecasts given in this document are predictive in character. Whilst every effort has been taken to ensure that the assumptions on which the forecasts are based are reasonable, the forecasts may be affected by incorrect assumptions or by known or unknown risks and uncertainties. The ultimate outcomes may differ substantially from these forecasts.



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