User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Tuesday December 2, 2008 - 17:46:47 GMT
GCI Financial -

Share This Story:
| | Email

Forex Market Commentary and Analysis (2 December 2008)

The euro moved higher vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.2765 level and was supported around the $1.2560 level.  Traders continue to speculate how large Thursday’s interest rate cut by the European Central Bank will be.  Most dealers anticipate at least a 50bps cut with more eyeing a larger cut.  European Union finance ministers convened yesterday to discuss a proposal that would permit member governments to spend an extra 1.2% of gross domestic product from their budgets to improve investment and consumer demand.  Some countries, including Germany and France, are displeased with a proposed requirement that the European Commission will vet state aid to banks.  Data released in the eurozone today saw October producer price inflation decline 0.8% m/m and rise 6.3% y/y.  These data were weaker-than-expected and increase the chances of a sizable rate cut by the ECB this week.  In U.S. news, Federal Reserve Chairman Bernanke yesterday said more rate cuts in the federal funds target rate below 1.0% are “feasible.”  The Fed is likely to reduce rates around 50bps on 16 December.  Philadelphia Federal Reserve Bank President Plosser speaks today along with Treasury Secretary Paulson.  Euro bids are cited around the US$ 1.2135 level.

¥/ CNY

The yen depreciated vis-à-vis the U.S. dollar today as the greenback tested offers around the ¥93.80 level and was supported around the ¥92.65 level.  As expected, Bank of Japan’s Policy Board kept the overnight call rate unchanged at 0.30% but agreed on ¥3 trillion in new measures to provide additional liquidity to the financial system and improve corporate funding.  The central bank will accept a wider range of corporate debt as collateral and will launch a new program to render it easier for banks to make loans to companies.  BoJ Governor Shirakawa reported “These measures alone cannot determine the shape of the economy but they will have an effect in improving corporate finance, which has been worsening. The severity of financing conditions for small to mid-sized firms is higher than that of big companies. But financing at big companies is becoming more severe as conditions for funding via markets with corporate bonds and commercial paper are deteriorating. Since September, the BOJ has been implementing a series of measures, starting with the provision of dollar liquidity. Those measures are still in effect and I expect the impact of the new steps that were decided today to begin to show in addition to those earlier measures. We will, of course, continue to carefully examine economic conditions, but we think we have taken the best possible action at this point. All the recent indicators including industrial output, employment and personal consumption turned out bleak, and we have the December tankan coming out on Dec 15. Based on these economic indicators, what we hear from companies and financial market moves, we will thoroughly examine the economy's underlying conditions and outlook at a policy meeting on Dec 18-19.”  Data released in Japan overnight saw the November monetary base up 1.9% y/y.  Also, the Reuters Tankan was released overnight and reported that confidence among Japanese manufacturers fell at its sharpest pace on record, suggesting the official BoJ Tankan on 15 December will be drastic. The Nikkei 225 stock lost 6.35% to close at ¥7,863.69. U.S. dollar offers are cited around the ¥104.15 level.  The euro moved higher vis-à-vis the yen as the single currency tested offers around the ¥119.45 level and was supported around the ¥116.55 level.  The British pound and Swiss franc moved higher vis-à-vis the yen as the crosses tested offers around the ¥140.90 and ¥78.00 levels, respectively.  The Chinese yuan depreciated vis-à-vis the U.S. dollar today as the greenback closed at CNY 6.8870 in the over-the-counter market, up from CNY 6.8848.  A government think tank said it is “normal and natural” that the yuan is depreciating because “the yuan has risen about 20 per cent against the dollar. It's quite normal to see some adjustment. Adjustment is inevitable, but how to adjust is unclear.”  Top Chinese economic officials will convene next week to determine what policies are needed to derive 8% economic growth in 2009.

The British pound appreciated vis-à-vis the U.S. dollar today as cable tested offers around the US$ 1.5065 level and was supported around the $1.4775 level.  Data released in the U.K. today saw the November CIPS construction index decline to 31.8 from 35.1 in October.  Most traders expect Bank of England Monetary Policy Committee will reduce rates by at least 100bps on Thursday.  Cable bids are cited around the US$ 1.4315 level. The euro moved higher vis-à-vis the British pound as the single currency tested offers around the ₤0.8550 level and was supported around the ₤0.8435 level.


The Swiss franc depreciated vis-à-vis the U.S. dollar today
as the greenback tested offers around the CHF 1.2095 level and was supported around the CHF 1.1995 level.  Data released in Switzerland today saw November consumer price inflation fall 0.7% m/m with the annual rate falling sharply to 1.5% from 2.6%. U.S. dollar offers are cited around the CHF 1.2350 level.  The euro moved higher vis-à-vis the Swiss franc as the single currency tested offers around the CHF 1.5360 level while the British pound weakened vis-à-vis the Swiss franc and tested offers around the CHF 1.8145 level.


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

Tue 31 July 2018
AA JP- Bank of Japan
A 06:00 DE- Retail Sales
A 09:00 EZ- flash HICP/GDP
AA 12:30 US- Core PCE Deflator
A 14:00 US- CB Consumer Confidence
Wed 1 Aug 2018
A Final Mfg PMIs
AA 12:15 US- ADP Private Payrolls
A 15:00 US- EIA Crude
AA 18:00 US- Federal Reserve Decision
Thu 2 Aug 2018
AA 11:00 GB- Bank of England Decision
A 13:30 US- Weekly Jobless
Fri 3 Aug 2018
A Final Services PMIs
AA 12:30 US- Employment
A 12:30 US/CA- Trade

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