User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Thursday December 16, 2004 - 22:01:00 GMT
DailyFX.com - www.dailyfx.com

Share This Story:
| | Email

Forex: Dollar Soars On Improved Jobless Claims and Stronger Philly Fed

DailyFX Fundamentals 12-16-04

By Kathy Lien, Chief Strategist of www.dailyfx.com

· Dollar Soars On Improved Jobless Claims and Stronger Philly Fed
· US Current Account Deficit Widens To New Record
· Strong UK Retail Sales Fails to Keep Pound Afloat

EURUSD

There were surprises all around today with much stronger than expected US economic data preventing the dollar from sliding back towards its all time low against the euro. In contrast to earlier reports of insufficient funding for the widening US deficit, at first glance, the latest third quarter current account balance report suggests otherwise. According to data released this morning, the current account deficit widened only marginally from a downwardly revised $164.4 billion to a record $164.7 billion. The market was actually expecting the deficit to widen to $170.6 billion. However, abnormally large payments by foreign insurance companies for hurricane related damages decreased the net outflows of unilateral transfer payments. This means that if it weren’t for the natural disasters, we would surely have seen a larger deterioration in the current account. As a result, another record high will probably be seen in the fourth quarter. Therefore the US economy is not off the hook despite a somewhat more encouraging current account report. With the EURUSD trapped between 1.32 and 1.34, range players were just looking for reasons to sell the euro near its highs. These same players may be looking for opportunities to bid the pair higher at the bottom of the range. Meanwhile in euro news, a dip in oil prices brought inflation lower by –0.1%, but the annualized rate remained unchanged at 2.2%. The French current account balance on the other hand widened by a much worse than expected -EUR1204 million from –EUR158 million in the previous month.

USDCHF

The dollar not only benefited from the better than expected current account deficit, but also from an improved jobless claims report and a stronger Philly Fed survey. Jobless claims dropped by the most since July while the Philly Fed Survey recorded the highest reading in five months. However the employment indicators from both reports are somewhat contradicting. The jobless claims report suggests that employers seem to be retaining more employees to meet solid demand. The employment component of the Philly Fed survey on the hand fell to 14.7 from 17.4, with an equally disappointing deterioration in the six-month outlook. This indicates that growth in the labor market remains moderate. The surge in activity in the Philadelphia region came primarily from increased orders and shipments. The latest housing market data suggests that the sector may be on its way to experiencing slower growth. Housing starts experienced its biggest drop since 1994. With the Federal Reserve sending interest rates on a one-way path upwards, it is inevitable that we would see the sector begin to cool.

GBPUSD

Furthering gains on yesterday’s optimistic average earnings report, investors bid the British pound higher on better than expected retail sales numbers. Retailers saw an increase in sales of 0.6 percent as deep discounts were issued to attract shoppers during the month of November. As a result, the U.K. currency soared to as high as $1.9550, a level the currency pair has not traded above in 12 years. Ultimately, the release added to yesterday’s speculation that the Bank of England may consider the idea of increasing interest rates further as potential inflationary pressures looms on stronger U.K. fundamental growth. However, this remains questionable, as policy makers have already raised rates five times since November 2003 and there is further evidence of a cooling housing market. In November, according to the latest housing price index report, prices dipped slightly by 0.4 percent.

USDJPY

With economic data nonexistent during the session, dollar fundamentals dominated once again as investors eyed the better than expected U.S. economic data and pared back yen long positions. Additionally, rising oil prices failed to alleviate subsequent downside pressure as crude oil contracts traded higher at $44.29 a barrel for January delivery. Coupled with yesterday’s disappointing business sentiment survey and leading economic index, rising oil prices may create an increasingly difficult situation for the world’s second largest economy as manufacturers suffer from higher raw material costs. Ultimately, market participants will be anticipating the results of the Bank of Japan policy meeting with further attention on next week’s economic calendar for additional confirmation of a momentary economic slowdown.

 

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