User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Wednesday June 24, 2009 - 20:49:11 GMT
Westpac Institutional Bank -

Share This Story:
| | Email

Forex Research - Morning Report

Morning Report  Thursday 25 June 2009


News and views  


The key event last night was the US Fed's FOMC meeting, which saw the Fed funds rate left unchanged at 0-0.25%, and was accompanied by a less dovish statement than the market had expected. Given no increase in asset purchases, the US dollar rallied. The S&P500 opened much higher, durable goods orders much better than expected; however, it was downhill after that, and should close +0.5%. The US 5yr treasury auction was very well attended by (probably) foreign bidders, but durable goods and a less-dovish-than-expected FOMC saw 10yr notes close 7bp higher.


EUR fell throughout the evening sessions, from 1.4140 to the current 1.3890 level. The ECB provided EUR442bn in 1yr funding to banks, slightly higher than consensus, but far from the EUR1000bn expected by some. The expectation that some multinational banks may convert the funding into other currencies partly drove the selloff. EUR/CHF posted an impressive rally, from 1.5015 to 1.5380, after the SNB intervened. GBP hovered below 1.66 for a few hours before following EUR down to 1.6370, BoE again talking sterling lower. USD/JPY was relatively stable between 95 and 96.


AUD rallied to 0.8050 during early London following the broader positive start to risk, but the stronger USD eventually dominated to send it to the current 0.7930 level.


NZD also strengthened early London to 0.6490, but is now at 0.6380. Given the volatile tone to the markets yesterday, AUD/NZD was surprisingly stable between 1.2400 and 1.2450.


The US Fed left its funds target unchanged at 0-0.25% following this week's FOMC meeting. Compared to the April 29 statement, the Fed is more confident that the pace of contraction is slowing, that household spending is stabilising and businesses are working through their excess stocks. However the inflation view was also upgraded by omitting the April risk that "inflation could persist for a time below rates that best foster economic growth". The FOMC's anticipation "that economic conditions are likely to warrant exceptionally low levels of the federal funds rate for an extended period" was identical to that on April 29 - there was no attempt to massage bond rates lower (and no change to the $1.75trn bond purchase program).


US May durable goods orders posted another 1.8% gain, the first back to back monthly gains in since June-July last year, adding to the body of evidence pointing to a stabilising economy in the not to distant future. Core capital goods orders jumped nearly 5%.


US new home sales fell 0.6% in May and revisions were substantially to the downside, leaving the annualised sales pace around the middle of the 329k to 354k range that has prevailed this year so far. That means sales are bouncing along the bottom, certainly not recovering, but at least no longer in free-fall. There was surprising upward pressure on prices in the May report, a factor which may have tended to weigh against sales.


Japan's trade balance improved in May. The seasonally adjusted balance came in at JPY222bn in May, up from an upwardly revised JPY82bn in April. The raw number improved from JPY68bn to JPY300bn. Exports are now down 40.9%yr and imports -42.4%yr.


Japan's corporate services price index fell 3.0%yr in May. That compares to the 2.4% fall in April. Real estate costs are still in positive territory (+0.7%yr) while transportation costs (particularly marine) have fallen spectacularly.


The European Central Bank allotted EUR442bn to the 1121 banks that bid in today's unlimited long-term (1 year) financing operation, the biggest ever single day operation conducted by the ECB. With much of the cheap cash unlikely to be used for lending just yet, short rates edged lower and the yield curve steepened, an outcome the ECB will not be uncomfortable with.


UK retail sales steady in June according to the British Retail Consortium.


The OECD revised up its 2009 and 2010 growth forecasts for its member economies from -4.3% and -0.1% in March to -4.1% and 0.7% respectively. That contrasts with downward revisions from the World Bank earlier this month, and was the first forecast upgrade from the OECD for two years.



The NZD remains in the wide 0.62 to 0.65 multiday range, and below our 0.66 safety level (to be short NZD). Today's current account report should be slightly NZD supportive.


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 23 July 2018
A 14:00 US- Existing Homes Sales
Tue 24 July 2018
AFlash PMIs
Wed 25 July 2018
A 08:00 DE- IFO Survey
A 14:00 US- New Homes Sales
A 14:30 US- EIA Crude
Thu 26 July 2018
AA 11:45 EZ- European Central Bank Decision
A 12:30 US- Weekly Jobless
A 12:30 US- Durable Goods
Fri 27 July 2018
AA 12:30 US- GDP
A 14:00 US- Final 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