USD favoured.US equities suffered at the open, marking time
until the final hour when a strong finish saw the S&P500 close down only
0.1%. Signals regarding weak consumer spending from McDonald's and Apple earlier
discouraged the 'shootists'. Banks fared positively throughout, closing 2.2%
higher. Ireland was downgraded by Standard & Poor's, to AA
(negative). Fitch, on the other hand, made supportive comments. Latvia was put on negative watch due to devaluation
risk. Commodities were largely stable, apart from copper losing 0.9%. US 3mth
Libor was 2bp higher at 0.65%, interrupting a three month long slide. US 10yr
treasuries were again punished, gaining 7bp, fears of a H209 policy rate hike
mounting. Rising expectations for higher US yields continued to deter USD shorts, and the
dollar index nudged 0.2% higher.
The Ireland downgrade hurt an already heavy EUR,
which fell 2 cents to 1.38 during the London session, but it rebounded to 1.3920 during the
NY session. GBP fell by a similar magnitude to 1.5805, but recovered
strongly to be ahead for the 24 hours at 1.6070. Supportive reports included
Lloyds expecting to repay bailout funds, and Barclays supposedly planning to
sell Barclays Global Investors to Blackrock. USD/JPY did nothing,
ranging sideways between 98.20 and 98.75.
AUD fell abruptly at the London open to 0.7830, only recovering to 0.7900
NZD closed the domestic session at 0.6280, falling
to 0.6150 before a recovery to 0.6200. The AUD/NZD cross ratcheted 50 pips
higher to 1.2750.
No US data to report
Euroland Sentix investor confidence
improves from -34 to -27 in June,
reflecting stronger reads on both the current situation and expectations.
However it is worth noting that in Dec 2008, both current and expectations were
around -42; six months on, expectations have risen more than 43 pts but the
current index is down a further 9 points. It seems that the stronger stock
market, and policy-makers' response to the financial crisis are raising hopes that
things can get better, even though respondents are clearly aware the current
growth picture in Europe is dire.
German factory orders flat in April. March was revised up slightly but the annual
rate continued to plunge, from -26.5% yr to -37.1% yr. Other back revisions
were unfavourable. These numbers imply further weakness ahead for German
factory output, currently down just -20.4% yr.
Canadian housing starts up 9.2% in
May. This followed a 20% fall
in April, so the trend is still downwards. Over the past year, starts fell
The downtrend since last Wednesday is intact and
targets 0.6130 initially. Selling rallies to 0.6250 is our preferred strategy
today, ultimately looking for a move below 0.6000. While New Zealand's event calendar is bare, Australia's business conditions survey at NZT is important for AUD, and some contagion is
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.
POTENTIAL PRICE RISK: HIGH to Medium- Wed --14:15 GMT-- US- Industrial Production
POTENTIAL PRICE RISK: HIGH- Wed -- 15:00 GMT-- CA- Bank Of Canada Decision
John M. Bland, MBA co-founding Partner, Global-View.com
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.
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.