User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Wednesday June 24, 2009 - 00:38:39 GMT
Westpac Institutional Bank -

Share This Story:
| | Email

Forex Research - Morning Update

Morning Report Wednesday 24 June 2009


News and views  

The US dollar struggled throughout last night's session, the index losing around 1.2%, despite only modest gains in equities. Moody's said the US sovereign rating was at risk if the dollar was challenged as the main reserve currency, and Chinese officials were expecting Q2 GDP to be 8%, helping risk currencies. The S&P500 is up 0.2% near the close of an undramatic session. The US 2yr treasury auction saw record high foreign demand, as central banks seek to weaken their own currencies, but also shorten duration due to perceived inflation risk. 10yr notes rallied 5bp. Credit spreads were higher, particularly emerging markets like Russia (24bp wider).


EUR rallied without interruption from around 1.3850, where it hovered during the Sydney session, to 1.4108. ECB's Weber made some hawkish statements around midday London, saying they do not currently plan to take further monetary policy steps, and that too much liquidity can cause price bubbles. GBP bucked the lower dollar trend early London after BOS's Dale tried talking down the currency, but the 1.6210 low became a launching pad for a 2.5 cent rally.


AUD rallied from 0.7800 to 0.7980, and is currently consolidating around 0.7950.


NZD outperformed most, from 0.6255 to 0.6420, taking a breather just under 0.6400. AUD/NZD fell to 1.2400 major support, locked in a tight 1.2400-1.2450 range.


US Richmond Fed index up from 4 to 6 in June. The Richmond Fed factory survey built upon its May strength in June, with orders growing (not just less negative) for the second month running and shipments growth slower but still positive. The jobs measure continued to improve too. Richmond is now the regional Fed survey "star-performer", with all the others still pointing to manufacturing sector contraction (at varying paces). We doubt that Richmond accurately reflects trends in the industrial sector nationally.


US existing home sales rose 2.4% in both April and May, their first back to back monthly gains since Q3 2005! So although the 2.4% rise in May was not as strong as pending sales data suggested might be the case, the report still adds to the sense that the US housing market might be slowly starting to work its way through its problems. Prices remain very weak, down 16.8% yr, and that is helping to clear the backlog of unsold homes, which was equivalent to over 11 months' worth of the prevailing sales pace through much of last year, but was back below 10 months' worth in May. The separate FHFA government house price measure, based on homes that have been sold at least twice and financed via Freddie Mac or Fannie Mae, continued to drift lower in April for a less steep -6.8% yr annual pace of decline.


Euroland advance PMI surveys for June showed further moderation in the pace of factory sector contraction (42.4 in June from 40.7) but a slightly weaker services sector reading (44.5 from 44.8), after several months of improvement, adding weight to the view that continental Europe is not participating in the apparent "bottoming out phase" as clearly as the other north Atlantic economies. That said, German consumer confidence rose from 2.6 to 2.9 in the latest GfK survey, labelled July but conducted in early June. That is the strongest result since 3.6 in "July" last year.


UK home loans update. The number of new mortgages approved by UK banks rose to a new 2009 high of 31.2k in May, consistent with reports that home loans are a little less difficult to get than earlier this year. Approvals bottomed out at 18k per month in Nov last year (down from their 87.5k peak earlier this decade).



The NZD has been in a 0.62 to 0.65 sideways range for the past 10 days, but as long as 0.66 holds on the topside, we remain bearish over the next few months, driven by a belief the USD has been oversold and data expectations are likely to be disappointed. Today's NZ consumer confidence report may support the NZD briefly, and tonight's FOMC meeting will be important for clues regarding further quantitative easing.



Westpac Banking Corporation ABN 33 007 457 141 incorporated in Australia (NZ division). Information current as at 14 November 2007. All customers please note that this information has been prepared without taking account of your objectives, financial situation or needs. Because of this you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation or needs. Australian customers can obtain Westpac's financial services guide by calling +612 9284 8372, visiting or visiting any Westpac Branch. The information may contain material provided directly by third parties, and while such material is published with permission, Westpac accepts no responsibility for the accuracy or completeness of any such material. Except where contrary to law, Westpac intends by this notice to exclude liability for the information. The information is subject to change without notice and Westpac is under no obligation to update the information or correct any inaccuracy which may become apparent at a later date. Westpac Banking Corporation is regulated for the conduct of investment business in the United Kingdom by the Financial Services Authority. © 2004 Westpac Banking Corporation. Past performance is not a reliable indicator of future performance. The forecasts given in this document are predictive in character. Whilst every effort has been taken to ensure that the assumptions on which the forecasts are based are reasonable, the forecasts may be affected by incorrect assumptions or by known or unknown risks and uncertainties. The ultimate outcomes may differ substantially from these forecasts.




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