User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Wednesday December 17, 2008 - 10:34:54 GMT
Global Forex Trading - www.gftforex.com

Share This Story:
| | Email

Foirex Research - Pound Stalls As Unemployment Hits Highest Level This Decade

Pound Stalls As Unemployment Hits Highest Level This Decade Last Updated 12/17/2008 5:27:55 AM EST (GMT +5)

Top Stories

  • FOMC rate cut spurs further weakness in the dollar
  • Japanese officials under pressure to react to FOMC move as yen strengthens
  • OPEC looking to cut 2M/day by Jan 1st
  • Equity markets muted in wake of Fed move
  • OIl runs higher to $47/bbl on OPEC news
  • Gold above $850/oz

Overnight Eco

  • EUR German Final CPI -0.5% as expected
  • EUR Italian Trade Balance -0.7B
  • GBP Claimant Count Change skyrockets to 75.7K from 45.0K eyed
  • GBP MPC Meeting Minutes 0-9 but bit hawkish on pace of cuts
  • GBP Average Earnings Index 3.3% vs. 3.2% forecast
  • GBP Unemployment Rate 6.0% as expeceted
  • EUR CPI 2.1%

Event Risk on Tap

  • NZD Westpac Consumer Sentiment
  • CAD Wholesale Sales
  • USD Current Account expected at -180.0B

Price Action

  • USD/JPY plumbs the lower depth of 8800 level as Fed cut impacts
  • AUD/USD runs to 7000 as yield continues to dominate trade
  • GBP/USD weakens to 1.5500 as unemployment skyrockets
  • EUR/USD higher to 1.4100 hitting 2 month highs after FOMC
The anti-dollar rally continued in Asian and early European trade today in the  aftermath of yesterdays surprising -75bp cut by the Federal Reserve, but the pace of gains was decidedly more muted as currency traders booked profits in the wake of lackluster equity market performance and downcast economic data from UK.  

The pound was especially weak on a relative basis, as UK jobless claimant count spiked to an eye popping 75K from 45K projected and the unemployment rate hit 6.0% - its highest level since July of 2000. The rise in UK  unemployment rate is stunning in its scope if you consider the  fact  that last year unemployment was barely above  4%.  The contraction in the UK labor market puts additional pressure on BoE to act swiftly to ease monetary policy in the upcoming months. However, the minutes from the last MPC meeting suggested a mildly hawkish bias from the members.   

The BoE acknowledged that the economic outlook has worsened but also noted that a rate cut of more than 100bp would undermine confidence in the economy. The UK monetary authorities cautious stance suggests that they may opt for a more gradual approach to easing in 2009, lowering rates by -50bp in January and another -50bp in February, rather than slicing  the UK short term rates to 1% right away at the start of the year.

Cable initially weakened on the news with EUR/GBP cross racing to 9100, but  then stabilized  after traders had to reconsider the implications of BoE’s message. The EUR/GBP  cross has been effectively trading as a carry trade with most market players expecting the rate differential between the two currencies to widen out rapidly. However, should the BoE slow down the pace of its rate cuts, the pair may finally pause for a breath around these levels, especially if Eurozone data continues to deteriorate calling into question ECB’s reticence to cut rates aggressively.   

The North American session ahead carries little meaningful event risk with only the Current Account data on tap. After yesterday’s knee jerk rally, equity traders may have second thoughts about any immediate payoff from Fed’s ultra aggressive policy actions and profit could kick in which in turn may slow down euro’s parabolic ascent. Nevertheless with Fed’s action now taken the balance of power has clearly shifted to the euro and the pair is likely to test the 1.4500 level before the year end, as the quest for yield continues unabated.

FX Upcoming

Currency GMT EST Release Expected Prior
NZD 12:00 7:00 NZD Westpac Consumer Sentiment 104.8
CAD 13:30 8:30 CAD Wholesale Sales 1.5%
USD 13:30 8:30 USD Current Account -180B -183B

About The Author

Schlossberg has more than 20 years experience financial trading on Wall Street. His daily currency research appears in numerous newspapers worldwide and Schlossberg serves as a regular contributor to CNBC's Squawk Box and Bloomberg radio and television. Read more >>

DISCLAIMER: This forum and the information provided here should not be relied upon as a substitute for extensive independent research before making your investment decisions. Global Forex Trading is merely providing this column for your general information. This forum and its information does not take into account any particular individual’s investment objectives, financial situation, or needs. All investors should obtain advice based on their unique situation before making any investment decision based upon this forum or any information contained within. In addition, any projections or views of the market provided by the author may not prove to be accurate. Global Forex Trading and Boris Schlossberg will not be responsible for any losses incurred on investments made by readers and clients as a result of any information contained in this column. Global Forex Trading and Boris Schlossberg do not render investment, legal, accounting, tax or other professional advice. If such advice is sought, or other expert assistance is required, the services of a competent professional should be sought.

 

 

 

Open an Account Get a Free Practice Account Download DealBook® 360
RESOURCES TO HELP YOU TRADE
NEW! COMMENTARY & ANALYSIS
KATHY LIEN
BORIS SCHLOSSBERG
GLOSSARY OF FOREX TERMS
INTRODUCTORY GUIDE TO FOREX
GUIDE TO WORLD CURRENCIES
DEVELOPED COUNTRIES
EMERGING COUNTRIES
LATEST HEADLINES
FOREX ECONOMIC CALENDAR
GFT RSS NEWS FEEDS
MARKET PULSE NEWSLETTER
FOREX FORUM
CHART STUDIO® FORUM
GFT FOREX BLOG >>
SEARCH GFTFOREX.COM
REQUEST MORE INFORMATION
TERMS AND CONDITIONS
PRIVACY POLICY
IMPORTANT RISK DISCLOSURE

 

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 11 December 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:

Tue 12 Dec
09:30 GB- CPI
10:00 GB- ZEW Survey
13:30 US- PPI
Wed 13 Dec
00:30 AU- Employment
09:30 GB- Unemployment
13:30 US- CPI
15:30 US- EIA Crude
19:00 US- Fed Decision
Thu 14 Dec
07:30 CH- SNB Decision
All Day- Global- flash PMIs
12:00 GB- Bank of England Decision
12:45 EZ- ECB Decision
13:30 US- Retail Sales
13:30 US- Weekly Jobless
14:45 US- Industrial Production

Forex Trading Outlook


Potential Trading Opportunities

  • POTENTIAL PRICE RISK: Mediun Tue--10:00 GMT-- DE- ZEW. Second Tier Sentiment Survey
  • POTENTIAL PRICE RISK: HIGH-Medium Tue--13:30 GMT-- US- PPI

  • POTENTIAL PRICE RISK: HIGH-Medium Wed--09:30 GMT-- GB- Employment
  • POTENTIAL PRICE RISK: HIGH Wed--13:30 GMT-- US- CPI
  • POTENTIAL PRICE RISK: Medium Wed--15:30 GMT-- US- EIA Crude
  • POTENTIAL PRICE RISK: High Wed--19:00 GMT-- US- Fed Decision


  • POTENTIAL PRICE RISK: HIGH- Thu --00:30 GMT-- AU- Employment
  • POTENTIAL PRICE RISK: Medium- Thu --All day-- global- flash PMIs
  • POTENTIAL PRICE RISK: HIGH-Medium- Thu --07:30-- CH- Swiss National Bank Decision
  • POTENTIAL PRICE RISK: HIGH-Medium- Thu --09:30-- GB- Retail Sales
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