User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Thursday November 13, 2008 - 10:11:39 GMT
Reuters -

Share This Story:
| | Email

FOREX NEWS-Yen retreats but keeps firm tone; Germany in recession

Thu Nov 13, 2008 4:47am EST

* Yen falls vs dollar, euro as stock markets recover poise

* Structural risk aversion intact; Germany enters recession

* Sterling hits 6-1/2-year low vs dollar at $1.4807

* RBA intervenes to prop up sliding Aussie

(Recasts, changed dateline, byline, adds quotes, updates prices PVS TOKYO)

By Veronica Brown

LONDON, Nov 13 (Reuters) - The yen fell against the dollar and euro on Thursday with wary investors finding respite from deleveraging as European shares steadied, but global economic worries remained, keeping overall risk aversion intact.

Recession fears became a reality in Germany as gross domestic product in the single currency zone's biggest economy contracted by 0.5 percent, putting it in recession for the first time in five years [nLC517415].

The dollar kept a firm tone, pushing the euro towards recent lows and sterling to a 6-1/2 year trough further below $1.50.

Meanwhile, wariness toward risk battered the Australian dollar <AUD=D4>, which fell to a two-week low of $0.6348 in late New York trade the previous day, forcing the Australian central bank to intervene and prop up the currency early on Thursday.

Analysts said that the dollar and yen's overall upward trajectory should stay on track as the U.S. Treasury backed away from using its $700 billion financial bailout to buy bad mortgages [ID:nN12267400].

Uncertainty about how the U.S. government plans will revive bank lending and dismal news from corporations shook tentative hopes for some semblance of financial market stability.

"In a structural sense, people remain quite risk averse. The market is very concerned about the real economy fall out," said Geoff Kendrick, senior currency strategist at UBS in London.

"We've had already this morning confirmation that Germany is in recession and we get the euro zone figures tomorrow, so things are not looking very rosy," he added.

By 0915 GMT, the euro was up 1.5 percent on the day at 120.18 yen <EURJPY=>. Earlier in the global session it briefly fell as low as 117.65 yen, the lowest since Oct. 28.

The dollar recovered from the day's low of 94.53 yen to 95.84 yen <JPY=>, up 1 percent on the day. Asia-based traders said short-term speculators who bought the yen from around 97 yen sold the Japanese currency back to book profits.


Sterling was down 0.1 percent at $1.4912, having earlier fallen to a 6-1/2 year low at $1.4807 <GBP=>.

The floundering pound gave way to intense pressure after the Bank of England said on Wednesday that the British economy will shrink sharply next year, bolstering expectations for further aggressive rate cuts. [ID:nLC305847]

The BoE's indication of more interest rate cuts added to expectations for further monetary easing by the European Central Bank, sending the euro to a two-week low against the dollar earlier in the global session at $1.2389 -- closing in on recent 2-1/2-year lows.

Calyon senior currency strategist Daragh Maher said in a note to clients there is likely to be further weakness for the euro in the coming days.

"Already we have seen German GDP this morning which was much weaker than expected at -0.5 percent Q/Q and showed the second consecutive quarter of negative growth, confirming a technical recession," he said.

"Other euro zone economies are set to follow suit in the coming days."

Later in the day, markets will look for hints on whether the European Central Bank might step up its monetary policy easing as several ECB policymakers including President Jean-Claude Trichet are expected to speak at a banking conference in Frankfurt.

(Reporting by Veronica Brown; Editing by Toby Chopra)

© 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."

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