losses in equity markets and persistently weak economic data have boosted the
dollar and the yen. However, considering that US equities hit new lows â€“ the
Dow Jones fell to almost 7500, and the S&P500 to about 750 â€“ exchange rates
were not affected all that much: this week, EUR-USD fell to a low of 1.2425,
but recovered to around 1.26 again towards the end of the week. The European
currency is thus still in its trading range of the last few weeks. USDJPY dropped
below 94 temporarily, but then rose to over 95 again. Most other major
currencies and emerging market currencies lost slightly more ground.
recent weakness in equity markets was partly due to automobile shares, and in
car makers. The â€śBig Threeâ€ť pleaded for a rescue package, but Congress was not
very forthcoming: first it wants details of how the car industry is intending
to use the public funds requested to achieve long-term stability in the sector.
The matter will therefore be discussed further on 8 December, after
data are gloomy, however. Industrial production rose unexpectedly sharply by 1.3%
in October, but the increase is mainly due to production being resumed after
the hurricane. As the September figures were revised downwards, the October
level shows a decline of 1.7% for
the fourth quarter. Furthermore, the New
York and the Philadelphia Fed
survey data indicate a
sustained downward trend in the manufacturing industry. The signs of weakness
are continuing in
the labour market. The number of initial jobless claims rose again during the
course of the
month, hitting 542,000 â€“ its highest level since 1992. Inflation is continuing
to recede; the core
rate excluding energy and food registered a month-on-month decline for the
first time since1982.
minutes of the FOMC meeting at the end of October show that, despite the
decision to cut interest rates by 50bp to 1.0%, at least some members of the
committee are already considering more aggressive steps to fight deflationary tendencies.
The growth projection for 2009 was revised down to â€“0.2 to 1.1% (Q4 2009
year-on-year). This suggests that the Fed is expecting real GDP to decline up
until the middle of next year. Against this backdrop, further monetary policy loosening
is likely at the two-day December meeting, if not earlier.
are increasing signs that the ECB is set to make significant interest rate cuts
soon too. The central bank will definitely revise its growth and inflation
forecasts down markedly. Several ECB representatives, including Axel Weber,
Lorenzo Bini-Smaghi and Ewald Nowotny, have explicitly pointed out that there
is scope for further interest rate cuts. Expectations of a really big step of
more than 50bp (which we share) have been fuelled by the Swiss National Bankâ€™s
decision. It unexpectedly cut its three-month Libor target range by 100bp to 1%
only. These are almost Japanese conditions; on Friday, the weekly tender was a
are a lot of important economic data on next weekâ€™s agenda. In Europe,
the main focus is likely
to be on the sentiment indicators, particularly the ifo business climate and
the EU Commissionâ€™s confidence indicators. The weak purchasing managersâ€™
indices for the manufacturing sector and also for the service sector give
little grounds for optimism. It will also be interesting to see whether the
labour market situation in Germany
â€“ where unemployment has been declining up to now â€“ has reached a turning
point. A sharp fall in consumer prices is expected, partly because the high
energy and food price increases of November 2007 have dropped out of the
calculations of the year-on-year rate, and partly because of the significant
decline in energy prices at present. In Germany,
the inflation rate could have fallen to 1.4%, and in the eurozone to 2.3%.
data released in the US
will also be weak for the most part: financing constraints and the bleaker
economic outlook are likely to have dampened spending and willingness to spend significantly.
In this environment, personal spending is likely to have fallen in October too,
both in nominal and real terms. This effect will probably be noticeable in
durable goods orders too.
economic data are hardly likely to brighten up the mood in the markets. Amidst
all the doom and gloom, however, there is little chance of further
disappointment. The long Thanksgiving weekend could perhaps give a little
respite. We are therefore expecting EUR-USD to continue its volatile sideways
movement in the coming week.
Rieke +49 69 718-4114
Grabbe / Klaus NĂ¤fken
report has been prepared by BHF-BANK Aktiengesellschaft on behalf of itself and
its affiliated companies (together "BHF-BANK Group") solely for the
information of its clients. The information and opinions in this document are
based on sources believed to be reliable and acting in good faith, but no
representation or warranty, express or implied, is made by any member of the
BHF-BANK Group as to their accuracy, completeness or correctness. Opinions and
recommendations are given in good faith but without legal responsibility and
are subject to change without notice. The information does not constitute
advice or personal recommendation, for which the duty of suitability would be
owed, but may facilitate your own investment decision. Moreover, you should
seek your own advice as to the suitability of an investment matter mentioned
herein. Investors are reminded that the price of securities and the income from
them can go down as well as up and that the past performance of an investment
or a market is not necessarily indicative for future results. This document is
for information purposes only. Descriptions of any company or companies or
their securities mentioned herein are not intended to be complete, and this
document is not, and should not be construed as, an offer to sell or solicitation
of any offer to buy the securities mentioned in it. BHF-BANK Group and its
officers and employees may have a long or short position or engage in
transactions in any of the securities mentioned in this document, or in any
related securities. This publication must not be distributed in the United
rights reserved. Please mention source when quoting from it.
Forex Trading News
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.