User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Wednesday May 19, 2004 - 20:57:16 GMT -

Share This Story:
| | Email

Pound Soars As Bank of England Contemplates 50bp Hike

Daily Forex Report 05-19-04

· Pound Soars As Bank of England Contemplates 50bp Hike
· Greece and Netherlands Reprimanded For Breaching Deficit
· Switzerland Signs Landmark Deal With European Union


With the lack of any significant economic data from the US or the Eurozone, it is not surprising to see the euro continue to consolidate. The second release of the first quarter GDP report for France was confirmed at 0.8% Q/Q. This is an acceleration from the fourth quarter and marginally stronger than quarterly growth in Germany. Meanwhile, the European Commission reprimanded Greece and the Netherlands for breaching their 3% deficit limitations. However, given that Germany, France and Italy received nothing more than a slap on the wrist for breaching their deficit limitations as defined under the stability pact, it is unlikely that Greece and the Netherlands will take any aggressive measures to curb spending or raise taxes. The EC also decided to drop the threat of action against Britain, whose deficit increased beyond 3% last year. There are now six countries in the Eurozone who have breached the deficit limitations. With the recent ascension of 10 new countries into the European Union, discussions about establishing new rules for the stability pact will become of utmost importance. Markets in Germany, France and Switzerland are closed for holiday (Ascension) tomorrow.


Federal Reserve President Stern echoed Broaddus’ comments yesterday about interest rate expectations. Stern said that the futures market’s anticipation of a move in interest rates is “appropriate.” The futures market is currently pricing in a 100% probability of a 25bp rate hike in June. Tomorrow’s comments from FOMC member Bernanke and Fed Chairman Greenspan will be particularly important. As we have previously mentioned, the dollar is expected to encounter renewed strength if there are any hints that the Fed’s rate hikes will be less than “measured” or that inflationary pressures are increasing (Bernanke will be speaking at 2:45pm EST; Greenspan will be speaking at 5:45pm EST). Meanwhile Switzerland signed a landmark deal with the European Union that will make it easier for Swiss citizens to travel into the EU and harder for EU citizens to dodge taxes by sending money into Switzerland. There is a potential risk that this deal may hurt the Swiss banking industry, which has primarily relied on attracting funds through their tradition of banking secrecy. According to Deutsche Bank, about 70% of foreign funds in Swiss accounts are not declared to tax authorities.


As we forecasted yesterday, the minutes from the Bank of England’s May 5/6 monetary policy meeting triggered a sharp move in the pound, breaking the consolidation in the GBPUSD. The minutes were surprisingly hawkish. The committee voted 9-0 to raise rates and even discussed the possibility of a delivering a more aggressive 50bp rate hike. According to the minutes, the Bank of England felt that a 50bp increase would be more effective in curbing future inflation and may finally have a noted effect on slowing consumer borrowing and spending. However, with inflation at such low levels, the central bank opted for a more conservative increase. Regardless, this does imply that the BoE is maintaining a more aggressive stance than the market may have previously anticipated.


The 2.4% rally in the Nikkei has sent the yen soaring against the dollar. This is the strongest gain in over a year and suggests that foreigners are once again jumping back into Japanese equities. The yen also received some support from comments out of the US and China. US Treasury Undersecretary John Taylor said that the last time the Japanese government sold yen was on March 16th. China’s central bank governor Zhou Xiaochuan said that despite the government’s measures to slow growth, it is too soon to assume that the central bank will be raising interest rates. This suggests that the market may be overestimating the negative effects of slowing Chinese growth on Japan’s export sector. The rally in USDJPY thus far has stemmed primarily from the prospect of tighter US monetary policy and slower Chinese growth.


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

Mon 9 July 2018
AA 12:00 EZ- Draghi EU Parliament Testimony
Tue 10 July 2018
AA 08:30 GB- Ind/Prod Output, Trade
AA 09:00 DE- ZEW Survey
Wed 11 July 2018
A 12:30 US- PPI
A 14:00 CA- Bank Of Canada Decision
A 14:30 US- EIA Crude
Thu 12 July 2018
AA 12:30 US- CPI
Fri 13 July 2018
A 14:00 US- Prelim University of Michigan
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