FOREX NEWS-Dollar dips vs most major currencies in thin trade
Wed Dec 24, 2008 1:34pm EST
* U.S. data reinforces grim economic outlook
* Euro steady, Trichet offers little hint on ECB policy
* Sterling on defensive, parity with euro in sight (Updates with closing prices)
By Steven C. Johnson
NEW YORK, Dec 24 (Reuters) - The dollar fell against most major currencies on Wednesday as data on unemployment, spending and durable goods orders reinforced the bleak outlook for the U.S. economy in the year ahead.
Trading desks were lightly staffed ahead of the Christmas holiday, confining currencies to narrow ranges. Market reaction to the economic data was subdued.
Both the U.S. stock and bond markets closed at 1 p.m. (1800 GMT) and will remain shuttered for Christmas on Thursday.
Investors and traders who were still on hand saw little in Wednesday's clutch of economic data to cheer about.
The drumbeat of grim government data included a 26-year high for the number of people filing for jobless benefits in the United States. Another report showed consumers cut spending for a fifth straight month in November.
Orders for big-ticket durable goods such as appliances and computers fell 1 percent in November after a downwardly revised 8.4 percent plunge the prior month, the official data showed. For more see [ID:nN24257322].
I don't think we are going to have a major reassessment of the U.S. economic situation based on today's data," said Daniel Katzive, director of global foreign exchange at Credit Suisse in New York. "All in all, the scenario remains pretty weak."
In New York, the dollar was down 0.3 percent at 90.65 yen <JPY=> while the euro rose 0.2 percent to $1.3983 <EUR=>. The euro fell 0.2 percent to 126.72 yen <EURJPY=>.
On Tuesday, European Central Bank President Jean-Claude Trichet said authorities would do what's needed to maintain price stability, but did not comment on the policy outlook.
ECB Governing Council member Ewald Nowotny told Austrian television on Wednesday that further interest rate cuts cannot be ruled out, but the central bank did not want to be seen as committing on possible rate cuts. [ID:nWLA4245]
Sterling was down 0.3 percent at $1.4727 <GBP=> after a survey showed house prices in the United Kingdom would fall by 10 percent next year. [ID:nLN634241].
The euro rose 0.6 percent against sterling to 95.03 pence <EURGBP=>, near a record-high above 95.56 pence. Analysts said the outlook for the UK economy means the trend will continue.
"The pound will keep weakening and we are within striking distance of parity with the euro. I wouldn't be surprised if we touch parity before the year end," said Katzive.
The dollar fell 0.9 percent to 1.0770 Swiss francs <CHF=>, while the New Zealand <NZD=> and Australian <AUD=> dollars both rose against the U.S. currency.
In Russia, authorities staged the seventh mini rouble devaluation of the month on Wednesday, as the price of oil plunged to four-year lows.
The rouble weakened as much as 1.3 percent on Wednesday, to 33.90 versus a euro-dollar basket <RUS=MCX>. A central bank source confirmed the trading band had been widened.. [nLO184082]. (Additional reporting by Vivianne Rodrigues in New York and Tamawa Desai in London; editing by Walker Simon)
Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
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."
Actionable trading levels delivered to YOUR charts in real-time.
Mon 19 Mar 2018 Tue 20 Mar 2018 AA 9:30 GB- CPI A 10:00 DE- ZEW Survey Wed 21 Mar 2018 AA 03:00 AU- Employment AA 9:30 GB- Employment A 12:30 US- Current Account AA 14:00 US- Existing Homes Sales A 14:30 US- EIA Crude A A18:00 US- Fed Rate Decision A 21:00 NZ- RBNZ Rate Decision Thu 22 Mar 2018 AA All Day flash PMIs AA 9:30 GB- Retail Sales AA 12:00 GB- Bank Of England Decision A 13:30 US- Weekly Jobless Fri 23 Mar 2018 AA 12:30 CA- CPI/Retail Sales A 12:30 US- Durable Goods A 14:00 US- New Homes Sales
John M. Bland, MBA co-founding Partner, Global-View.com
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.
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.