User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Thursday December 4, 2008 - 23:31:14 GMT
Reuters -

Share This Story:
| | Email

FOREX NEWS-Dollar falls vs euro after ECB cut, jobs data loom

REFILE-FOREX-Dollar falls vs euro after ECB cut, jobs data loom
Thu Dec 4, 2008 5:02pm EST
(Adds dropped words in first paragraph to clarify ECB's action was an interest rate cut)

* ECB cuts rates 75 bps, BoE by 100 bps

* Euro rises versus dollar, hits record high versus pound

* Investors await U.S. nonfarm payrolls report Friday

* For up-to-the-minute market news, click on FXNEWS (Recasts, updates prices, adds quotes, changes byline)

By Wanfeng Zhou

NEW YORK, Dec 4 (Reuters) - The U.S. dollar fell against the euro on Thursday as some investors lauded the European Central Bank's bolder-than-expected interest rate cut as a proactive step to stave off a deep recession in the 15-nation region.

The ECB, seen by market participants as being behind the curve in lowering borrowing costs to boost growth, made its biggest ever cut, lowering benchmark interest rate by 75 basis points to 2.5 percent. Most economists had expected a smaller, 50 basis point step this month. For more, see [ID:nL4623589].

The British pound also bounced off session lows against the dollar. Earlier, the Bank of England cut its key rate by 100 basis points to 2 percent, the lowest level since 1951, and said further steps would be required to prevent a credit squeeze tipping the economy into deep recession. See [ID:nL4304319].

"The markets are beginning to reward those currencies whose central banks are taking the appropriate policy steps, which means cutting rates," said Ken Landon, global currency strategist at JPMorgan Chase in New York.

"People are focused on future growth and anything that would help boost growth in the future would be probably good for a currency right now."

In late trading in New York, the euro was up 0.5 percent against the dollar <EUR=> at $1.2771, more than two cents from the session low of 1.2550.

The pound was down 0.8 percent at $1.4651 <GBP=>, having earlier touched a more than 6 year low of $1.4471. The pound hit a record low against the euro at 87.25 pence. <EURGBP=>.

"The market has given the euro the benefit of the doubt, as the ECB cut about as aggressively as they could have reasonably been expected to," said Michael Woolfolk, senior currency strategist at The Bank of New York Mellon in New York.

"Whereas rate cuts normally undermine a currency, right now we're seeing something of an alleviation of uncertainty about the European economy."

The yen rose sharply, as falling stock prices and persistent worries about a deepening global economic downturn prompted investors to keep unwinding riskier positions.

The dollar <JPY=> last down 1.2 percent at 92.26 yen and the euro fell 0.6 percent to 117.95 yen <EURJPY=>.


Traders were reluctant to take big bets ahead of a key U.S. employment report on Friday. The U.S. economy probably lost 340,000 jobs in November, according to economists polled by Reuters.

U.S. initial claims data released earlier pointed to further deterioration in the labor market while new orders received by U.S. factories plummeted for a third straight month during October. [ID:nN04389503].

But analysts said while the deterioration in the labor market is accelerating, many market participants have already priced in an ugly jobs number, and so it may take a shockingly large decline to trigger a major market move.

Aggressive central bank rate easing around the world was the main theme in the currency market on Thursday. Earlier, Sweden chopped rates by surprisingly big 175 basis point, while the Reserve Bank of New Zealand delivered a large 1.5 percentage point easing. [ID:nWEL81490].

Falling interest rates across the globe take away the yield attraction of currencies whose countries previously had high interest rates, giving further support to the yen and the dollar and weighing on higher-yielding units.

"The key takeaway from today's (central bank) meetings is that global yield differentials are collapsing as fast as the global economy is slipping into a recession," currency strategists at Wells Fargo wrote in a research note.

"With worldwide economic and equity market weakness seeing further scope on the downside we expect the U.S. dollar and the Japanese yen to remain supported over the next few months."

(Additional reporting by Nick Olivari and Steven C. Johnson; Editing by Chizu Nomiyama)



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


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,

EXCLUSIVE: Global-View Daily Trading Chart Points Updated

EXCLUSIVE: Global-View Free Forex Database updated


Trader's Advocate Articles..


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.



Copyright ©1996-2014 Global-View. All Rights Reserved.
Hosting and Development by Blue 105