A quiet night.US equities provided no net direction, only
managing a small extension to the 2-day rally at the opening bell, but then
fading as energy stocks fell with the oil price. The S&P500 is unchanged as
we write, and the Euro-stoxx closed down 0.5%. WTI oil is currently down almost
7%, attributed mainly to yesterday's China trade numbers showing a plunge in imports. That
data also hit copper, down 3%. The overall tone towards risk was mixed: gold's
+1% and US 10 year treasuries 8bp rally tilting slightly towards risk aversion,
but the US dollar's 1% fall suggesting the opposite. Currency markets are
possibly building expectations from this weekend's G20 meeting.
NZD replicated the AUD's price action, rallying
from 0.4980 to 0.5070, and consolidating above 0.5050. Yesterday's minor data
releases were largely ignore by the market, participants more concerned with
positioning ahead of today's RBNZ meeting.
After the China-export news led
sell-off late yesterday's domestic session, AUD consolidated for a few
hours above 0.64, before rallying to around 0.6520, and again consolidating
around 0.65. Given their similar price paths, AUD/NZD did little, ranging in
the 1.28 to 1.2870 area, with more time spent around the lower bound.
EUR moved 2 cents on the post-China news recovery,
up to 1.2815, and rests just below 1.28. Weak German data releases were
ignored. GBP was dull, relative to its past week's volatility,
recovering from 1.3660 to rest around 1.38. The most interesting move from the
majors was by JPY, strengthening from 98.70 to its current 97.20, in
what looked like a short-squeeze.
US federal budget deficit for Feb was $192.8bn, in line with market expectation.
Japanese machinery orders slump
continues in January. Orders
fell another 3.2% in the month to be down a whopping 39.5%yr.
UK visibles trade balance was -GBP7.7bn, roughly as expected. The trade deficit is
beginning to shrink after a decade of steadily expanding deficits.
Canadian new house prices fell 0.6%, as Canada's housing market takes a new leg down. This was
the steepest monthly decline in new house prices since 1991.
The RBNZ reviews the
OCR at 9am this morning, and given the market is divided between 50bp and 100bp
predictions, a surprise one way or the other is likely (unless, of course, we
get a neutral 75bp). A 50bp cut would likely see NZD higher, while 100bp would
do the opposite. Support and resistance levels are broadly 0.40 and 0.51,
respectively, and a break of either bound would be technically significant
β’ NZ Q4
Terms of Trade (11 March)
β’ NZ Agribiz
March 2009 (9 March)
β’ NZ Weekly
Forex Outlook (9 March)
β’ RBNZ March
MPS Preview (6 March)
β’ A changing
climate (4 March)
papers/publications are available on Online Research on Westpac
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."
Elevate Your Trading With The Amazing Trader!
The Amazing Trader includes:
Actionable trading levels delivered to YOUR charts in real-time.
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.