User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Friday October 10, 2008 - 20:35:26 GMT
Reuters - www.reuters.com

Share This Story:
| | Email

Forex Blog - Canada dollar has biggest one-day drop since 1971

Fri Oct 10, 2008 4:26pm EDT
 * Canadian dollar plunges 3 percent versus greenback
 * Canada creates 107,000 jobs in September
 * Bonds fall with U.S. market on oversupply concerns
 By John McCrank
 TORONTO, Oct 10 (Reuters) - The Canadian dollar closed at
its lowest level since March 2007 against the U.S. dollar on
Friday, taking its biggest one-day slide in nearly 38 years, as
fears of a global recession and slumping commodity prices
trumped some better than expected economic data.
 The currency hit a weak point of 82.40 U.S. cents, its
lowest level since August 2005, before a slight recovery.
 Bond prices were lower along with the larger U.S. market,
on supply concerns due to massive new issues of government debt
to pay for U.S. bailout measures.
 The Canadian dollar closed down 3 percent against the U.S.
dollar at C$1.1808, or 84.69 U.S. cents. That compares with
C$1.1458 to the U.S. dollar, or 87.28 U.S. cents, at Thursday's
close.
 For the week, the currency shed 8.4 percent, nearly
doubling its previous biggest weekly loss since at least 1970.
That happened just last week when it took a 4.5 percent
nosedive. Thomson Reuters data for weekly percentage changes in
the Canadian currency begin in 1970.
 "Clearly the Canadian dollar has been completely dragged
into the global financial market mayhem," said Doug Porter,
deputy chief economist at BMO Capital Markets.
 Fears of a global recession and dropping demand have been
hammering commodity prices. U.S. crude oilCLc1 ended the
session under $78 a barrel, down over $147 a barrel in July.
 "Just based on the drop in commodity prices and in oil
alone, I think that would justify a big chunk of today's move,"
Porter said.
 Canada is the biggest supplier of oil to the United States,
and commodities make up around half of Canadian exports.
 More than three-quarters of all Canadian exports are
absorbed by the U.S. economy, which has been stunted by a
recession in its housing sector and the credit crunch.
 "Canada is obviously one of the most vulnerable countries
to a U.S. slowdown," said Jacqui Douglas, currency strategist
at TD Securities.
 In economic news, a report showed Canada had its largest
monthly employment gain since Statistics Canada started
collecting similar data in 1976. The country added 107,000 jobs
in September, although most of the increase was in part-time
employment. See [ID:N10365080]
 Canada's trade surplus also defied expectations, jumping to
C$5.8 billion in August from C$4.2 billion in July, but the
increase was due to a fall in imports, not an increase in
economic activity.
 Canada's currency only registered a slight bump up on the
data, before resuming its downward trend.
 "I guess what I find most notable... is how today's
economic data have been completely brushed aside," said BMO's
Porter. "I would have thought they would have provided at least
a modicum of support."
 BOND PRICES FALL
 Bonds were lower along with the larger U.S. market due to
the massive new U.S. debt supply issued to fund a bevy of U.S.
programs intended to free up lending.
 "What the Fed is doing right now is basically just printing
money, and at this pace, it eventually will be very
inflationary, so that's why I think the long end is getting
hit," said Sheldon Dong, fixed income strategist at TD
Waterhouse Private Investment.
 He said the short end of the curve was better bid because
it is most closely aligned with interest rate expectations and
bond traders are betting central banks will be forced to cut
rates again to spur growth.
 The two-year bond fell 22 Canadian cents to C$101.10 to
yield 2.218 percent. The 10-year bond slid C$1.37 to C$103.68
to yield 3.789 percent.
 The yield spread between the two-year and the 10-year bond
fell to 128 basis points from 137 basis points at the previous
close.
The 30-year bond dropped C$1.90 Canadian cents to C$112.15
to yield 4.261 percent. In the United States, the 30-year
treasury yielded 4.077 percent.
(Reporting by John McCrank; Editing by Peter Galloway)


© 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 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