Risk-sentiment improved for the sixth
consecutive day, the S&P500 (+0.8%) and Euro-stoxx (+0.6%) closing slightly
higher. A report from the CME revealed trimming of long-USD speculative futures
positions last week, and currency option risk-reversals fell significantly,
indicating slightly improved risk appetite. US consumer confidence showed signs of bottoming,
the headline number better than expected. Commodities were slightly weaker, oil
-1.7% after OPEC cut its demand forecast, and copper -0.3%. US treasuries sold off by 4bp in 10yrs, the yield
curve steepening 9bp, investors tentatively switching into equities. The
weekend's G20 meeting released a statement which was heavy on rhetoric and
light on detail: the key priority was to restore lending, and IMF (and
development bank) resources would be raised, but there was nothing new for the
markets; US proposals for Euro-zone countries to increase fiscal stimulus hit a
NZD broke into a new 0.5220-0.5270 range at the
European open, led by higher US equities. Core retail sales, released on
Friday, were no weaker than expected, and had little effect on the currency.
AUD did likewise, trading higher between 0.6550 and
0.66. A Mitchell article on weak employment saw brief selling before a
recovering to mid-range. AUD/NZD continued its domestic session range of 1.25
EUR went nowhere overnight, tracking sideways
between 1.2860 and 1.2960, as CHF following Thursday night's drama.GBP
saw a decent bounce at the open, from 1.39 to 1.4070. USD/JPY spent most
time around the bottom of a higher 98 to 98.50 range.
US MarchUniversity of Michigan consumer sentiment was 56.6, little changed from Feb and persisting close to
the cycle. Current conditions fell a little, offset by a slight rise in the
economic outlook component. Inflation expectations rose for the shorter term,
probably due to petrol price increases over recent months.
US trade deficit shrank to $36bn in Jan, down from over $60bn per month in mid-2008. In
recent months deficit reductions have been aided by virtue of falling oil
prices. If the trade deficit is to return to its 1990s range of zero to $10bn,
imports of consumer goods or investment goods will need to fall much further
(prospects for growing exports are dim).
Japan industrial production plunge was little revised from preliminary estimate at -10.2%mth. The
data underscored the sharp contraction in Japanese manufacturing, dragged down
by the plunge in exports by a record 45.7%yr in January in the face of the
collapse in global demand.
Japan Feb consumer confidence edges
up to 26.7 NSA from 26.4 in
January and record-low 26.2 in December. It does, however, but remains overall
very weak. This is consistent with the general pattern around the world, where similar
surveys have steadied after sharp deterioration to historical lows at the end
of last year.
Euroland retail sales edged up 0.1%
in January, although December
was revised down from flat to -0.3%. A drop in German retail sales was offset
by increases elsewhere.
Canadian employment fell 83k and
unemployment jumped to 7.7%
from 7.2%, the second month of massive job losses. The detail of the employment
report was even weaker than the headline. Full-time jobs fell 111k, while
part-time rose. Manufacturing employment rose 25k after falling 100k last month
on temporary auto plant closures. The employment downturn has broadened to
services, where 71k jobs were lost. Unemployment has jumped 1.3 percentage
points in four months, the steepest rise since 1982. This labour market report
was substantially worse than expected, illustrating once again that the
Canadian economy is deteriorating faster than previously thought.
Canada's trade balance deteriorated to -$1.0bn, the biggest deficit since the current series
began in 1971. A sharp reduction in imports (especially autos) was more than
offset by declining commodity revenue and declining manufactured exports
We are watching this corrective rally closely to
tell us where we are in the bigger picture. A move beyond Friday's 0.5270 high
would raise the possibility a medium-term bottom in NZD has already been
reached, whereas a fall back below 0.51 suggests our call for a new NZD low is
on track. Today's action should be typically quiet Monday stuff, ranging
between 0.52 and 0.5270.
β’ RBNZ March
MPS Review (12 March)
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)
β’ NZ Weekly
Forex Outlook (2 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.