User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Tuesday February 10, 2009 - 21:48:36 GMT
Reuters -

Share This Story:
| | Email

FOREX NEWS-Dollar, yen gain; US bank plan fails to inspire

Tue Feb 10, 2009 4:06pm EST

* US dollar, yen gain after US bank plan, Bernanke

* U.S. Treasury unveils revamped financial rescue package

(Recasts, updates prices)

By Nick Olivari

NEW YORK, Feb 10 (Reuters) - The U.S. dollar and yen gained on Tuesday as investors took shelter in both currencies amid concerns Washington's bank rescue plan may not be enough to revive the ailing financial sector.

Markets had pinned their hopes on the package, aimed at helping banks offload "toxic assets" and boost capital, but the intial reaction was lower stock prices, higher bond prices and a stronger dollar and yen, as investors looked for a safe haven.

The dollar extended gains against the euro after Federal Reserve Chairman Ben Bernanke's prepared testimony to the House of Representatives Financial Services Committee failed to mention buying of U.S. Treasuries by the U.S. central bank.

"Bernanke hasn't said anything yet that is new," said Meg Browne, currency strategist at Brown Brothers Harriman. "The options to buy Treasuries remain open, but he didn't mention it. The forex market is jumping a bit on this."

Late afternoon in New York, the euro was 1.0 percent lower against the dollar at $1.2877 <EUR=>, and 2.3 percent against the yen to 116.28 yen <EURJPY=>.

The dollar fell 1.3 percent against the yen to 90.30 <JPY=> though off a session low of 90.14.

Instead, Bernanke said the Fed believes an array of extraordinary programs aimed at stabilizing credit and banking have improved market conditions and eased strains despite a drumbeat of negative economic news, but that there was no quick fix. For details, see [nWEQ000659].

"Although the provision of ample liquidity by the central bank to financial institutions is a time-tested approach to reducing financial strains, it is no panacea," Bernanke said.

Bernanke's "comment that the ample liquidity from the Fed is no panacea shows that obviously despite the Fed dumping billions of dollars of liquidity into the system, it's not going to be a quick fix," said Matt Esteve, foreign exchange trader at Tempus Consulting in Washington. "That's really what has turned sentiment south a little bit here"

The low-yielding dollar and yen are typically viewed as safe-haven currencies with low volatility. When stocks drop and the risk barometer climbs, investors repatriate funds and close out risky trades funded by these two currencies.


Earlier the U.S. Treasury Department unveiled a revamped financial rescue plan to cleanse up to $500 billion in spoiled assets from banks' books and support $1 trillion in new lending through an expanded Federal Reserve program. For more see [ID:nN102559].

U.S. Treasury Secretary Timothy Geithner on Tuesday said in prepared remarks to the Senate Banking Committee, the Treasury was exploring a range of structures for a public/private investment fund that could eventually soak up $1 trillion of distressed assets from American financial institutions. [nWEQ000660].

"We do not see convincing evidence that the government is moving away from its Band-aid approach to helping banks," said Axel Merk, president and chief investment officer at Merk Investments in Palo Alto, California.

"By now, the only viable solution left may be to nationalize the financial institutions that are deemed too big to fail; it's then a political decision whether depositors should carry part of the cost."

Merk took issue with the $1 trillion in consumer and business lending, saying that getting involved in specific credit allocation is best left to planned economies.

"When governments start picking industries and companies to subsidize, inefficiencies are created, leading to higher costs, lower competitiveness and ultimately a loss of jobs," he said.

U.S. Treasury Secretary Timothy Geithner on Tuesday said in prepared remarks to the Senate Banking Committee, the Treasury was exploring a range of structures for a public/private investment fund that could eventually soak up $1 trillion of distressed assets from American financial institutions. [nWEQ000660].

Investors also took little comfort in a U.S. Senate vote that passed an $838 billion economic rescue plan on Tuesday, while also setting the stage for tough negotiations over the final size and scope of spending and tax cuts aimed at reversing the deep recession.

With scant Republican support, the Democratic-controlled Senate voted 61-37 to approve the package, which differs significantly from the $819 billion measure the House of Representatives passed almost two weeks ago. [nWBT010605]

The dollar was sharply higher against the Australian and New Zealand dollars. The aussie was down 4.4 percent against the U.S. currency <AUD=>, while the kiwi fell 3.8 percent <NZD=>. (Additional reporting by Vivianne Rodrigues and WanFeng Zhou) (Reporting by Nick Olivari and Gertrude Chavez-Dreyfuss)

© Thomson Reuters 2008. All rights reserved. Users may download and print extracts of content from this website for their own personal and non-commercial use only. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters and its logo are registered trademarks or trademarks of the Thomson Reuters group of companies around the world.


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 17 July 2018
AA 08:30 GB- Employment
A 13:15 US- Industrial Production
AA 14:00 US-Powell Testimony
Wed 18 July 2018
AA 08:30 GB- CPI
A 12:30 US- Housing Starts/Permits
AA 14:00 US-Powell Testimony
Thu 19 July 2018
AA 1:30 AU- Employment
AA 08:30 GB- Retail Sales
A 14:30 US- EIA Crude
A 12:30 US- Weekly Jobless
Fri 20 Jun 2018
A 12:30 CA- CPI/Retail Sales

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