A mixed and muted close for US equities saw most asset classes limp tiredly into the weekly close. The S&P500 and Dow were each up only 0.3%, banks down 1.6%, and the Nasdaq down 0.2%. The University of Michigan consumer sentiment survey was revised lower, but beat consensus, adding to the mixed flavour of markets on the day. Oil gained 1.3%, and copper lost 0.1%. US treasuries were flat. A raft of comments from government officials, including Bernanke, were targeted at regulatory reform, and had no market impact.
Currencies did little on Friday night. The weekly report on speculative currency futures activity showed short-USD positions increased markedly to the highest level for a year. EUR pushed up to 1.4255 around London, aided by a good Eurozone PMI manufacturing report as well as positive German IFO readings, but the soggy equities action dragged it back to the 1.4200 area where it closed. Technically, we note its failure last week to surpass the 3 June 1.4340 high. GBP weakened from the Sydney close, from 1.6540 to 1.6390, hovering thereabouts until the close. UK GDP was much worse than expected. JPY sat in a tight sideways range of 94.60 to 95.00.
After the Sydney close, AUD only ranged between 0.8135 and 0.8190, rumours (unsubstantiated) of RBA selling doing the rounds, but this morning opens near the upper bound, paid at 0.8180.
NZD similarly ranged without direction, 0.6540 to 0.6585. AUD/NZD traced out a solid 1.2420 support line, and is attempting to break higher at the NZ open this morning, trading at 1.2470.
US UoM consumer sentiment. The final July read was revised up from 64.6 to 66.0, but that still was down 4.8 pts from June's 70.8. Almost all of the upward revision was in the outlook component, which is up now 9.2 pts compared to end 2008. In contrast the current conditions index is up just 1 pt so far this year.
European business surveys post further gains in July. The advance PMI factory index jumped from 42.6 to 46.0 while the services PMI posted a less dramatic rise from 44.6 to 46.8. These surveys indicate that Euroland GDP growth was still contracting at the start of Q3, but at a slower pace than in Q2. Also, the German IFO business climate index rose from 85.9 to 87.3, with a solid rise in the current index a notable feature (up until June, IFO gains were mostly expectations driven).
UK GDP contracted 0.8% in Q2. This was the fifth quarter of recession, and although GDP fell at a lower pace than Q1's 2.4% slump, this advance result was weaker than expected and calls into some doubt the view that the economy might now be growing again.
NZD/USD is alone among the majors for beating the 3 June high, but it has not followed through. Without confirmation from the likes of AUD and CAD (commodity currencies), the bullish signal generated from the break above 0.66 last week is questionable. We will watch US equities closely this week, too, for signs this latest rally has substance post-earnings. We suggest a range of 0.6500 to 0.6620 today.
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.
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.