The US Fed cut its funds target by 50bp to 1.0% following this weekâ€™s FOMC meeting. The
statement noted that the economy had slowed markedly, in particular due to
weaker consumer spending, while inflation was likely to moderate. The Fed noted
that its raft of recent measures â€śshouldâ€ť promote â€śmoderateâ€ť growth, but
downside risks remain. The move was largely as expected (a number of economists
saw -25bp, money markets leant towards any surprise being a bigger move). The
Dow was briefly knocked into negative territory, but has since surged back to
reach new highs for the day.
Prior to the Fed statement, the broad USD
index had lost about 1.5%, as improved European risk appetite saw the greenback
lose safe haven/repatriation demand. NZD/USD pushed up from the low
0.57s in the London morning to highs around 0.59, briefly dipping
towards 0.58 after the Fed. AUD/USD chopped around in the 0.64s in London and early NY before ratcheting from 0.6500 to
just over 0.6700 as US equities ground out early gains.
EUR/USD whipped around a bit but overall gained about a
cent from late Asia to post-FOMC, at 1.2840. The DJ Euro Stoxx 50
rose 5.6%. USD/JPY traded relatively sedately in offshore trade, within
96.33â€“97.89, with the Fed statement trimming about 40-50 pips from the pair to
Also cutting rates overnight... The Peopleâ€™s Bank of China cut its benchmark
one year lending rate by 27bp to 6.66% and the Norwegian Central Bank cut its
key rate by 50bp to 4.75%.
US durable orders posted a 0.8% gain in Sep thanks to a bounce in civilian aircraft orders,
a partial recovery in autos and a near 20% jump in defence. But the ex
transport and ex defence numbers show that over the latest two months the
orders picture has actually been very weak, consistent with the sliding orders
picture painted by the business surveys. Notably, core capital goods orders
deteriorated significantly in August and September, adding weight to the view
that either business investment spending or exports (or both) will be weaker in
Q3 and Q4. Inventory accumulation seems to have lost some momentum late in Q3
German inflation fell from 2.9% yr
to 2.4% yr in Oct, pulled lower
by heating oil and transport prices. Barring an unexpected renewed spike in
energy prices and substantial further weakness in the euro, German inflation
should be back below 2% by the end of this year, as base effects in November
and December are very favourable.
UK credit data remain soft. The UK mortgage market appeared to stabilise at very
weak levels in Sep. The number of new loans issued has levelled off at around
72% below the early 2007 peak for three months now, and after an historic but
modest reduction in mortgages outstanding in August (when repayments were
greater than the value of new loans issued - something we have never seen in
the modern era), lending once again rose modestly in September. Still very weak
numbers - but not getting weaker. Consumer credit growth, on the other hand,
collapsed to a fifteen year low last month, yet another reason to be very
suspicious of official retail sales figures which held up better than expected
in the third quarter.
The world economy is
slowing rapidly and New Zealand is exposed on three fronts - tighter credit,
weaker demand and lower commodity prices. A softer currency will be needed for
an extended period to soften the blow. The USD remains in favour through this
crisis, more by default than by merit.
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
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.
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.
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.
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 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.
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 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.
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.
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.