User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Wednesday February 2, 2005 - 19:27:05 GMT
GCI Financial -

Share This Story:
| | Email

Forex Market Commentary and Analysis (2 February 2005)

The euro came off vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.3095 level but was pushed lower to the $1.3025 level during North American dealing. Traders positioned themselves ahead of the Federal Open Market Committee’s interest rate decision, expecting the Fed to raise the federal funds target rate by 25bps to 2.5%. The FOMC’s actions matched the market’s expectations and the statement was virtually identical to the previous statement. Policymakers noted “The Committee believes that, even after this action, the stance of monetary policy remains accommodative and, coupled with robust underlying growth in productivity, is providing ongoing support to economic activity. Output appears to be growing at a moderate pace despite the rise in energy prices, and labor market conditions continue to improve gradually. Inflation and longer-term inflation expectations remain well contained. The Committee perceives the upside and downside risks to the attainment of both sustainable growth and price stability for the next few quarters to be roughly equal. With underlying inflation expected to be relatively low, the Committee believes that policy accommodation can be removed at a pace that is likely to be measured. Nonetheless, the Committee will respond to changes in economic prospects as needed to fulfill its obligation to maintain price stability.” In other Fed news, Chairman Greenspan is expected to make a speech about the U.S. current account deficit on Friday in London. Traders remember how Greenspan’s remarks in Berlin in November on this topic moved the markets and will be paying close attention to his statements this time around. U.S. January non-farm payrolls are scheduled for release on Friday and most forecasts are predicting new job creation of around 175,000 persons. Traders are not anticipating any major fireworks at this G7 meeting as the improbability of yuan liberalization by China has been factored in. Most dealers expect the G7 to reiterate last year’s Boca Raton statement about the need to avoid FX volatility and maintain orderly currency movements. President Bush’s State of the Union address will also be closely watched by traders tonight and there are initial indications he may seek to limit new spending to 0.8%, ex-defense. Market participants are also interested to learn if the geopolitical hawkishness in his inaugural address will resurface. Data released in the eurozone today saw German unemployment escalate to its highest recorded level since 1933. The German government reformed some labour market statistical practices, accounting for some of the increase, but it was still notable that the jobless total printed at 5.037 million for last month. European Central Bank’s Governing Council will convene tomorrow and is expected to keep its repo rate target unchanged at 2.0%, meaning U.S. assets have a clear and positive interest rate differential over eurozone assets. The European Commission today said “France, Germany, and Italy…must pursue budgetary consolidation…” but this warning is likely falling on deaf ears given that Stability Pact reform is expected by next month. Other data released in the eurozone today saw December PPI off 0.2% m/m and up 3.6% y/y. Additionally, German retail sales receded 0.3% m/m and 2.7% y/y in December, the lowest level of retail sales in ten years. Euro bids are cited around the US$ 1.2970 level.


The yen traded in a narrow range vis-à-vis the U.S. dollar today as the greenback tested bids around the ¥103.40 level and was capped around the ¥103.85 level during early European dealing. The pair came off to the ¥103.50 level during European dealing and was temporarily supported by the 100-hour moving average, only to move to intraday lows during early North American dealing. The pair has been confined to a narrow 100-pip range since 28 January as traders await direction from a myriad of events this week including the G7 meeting, January U.S. non-farm payrolls, and Greenspan’s speech. Data released in Japan overnight saw the December monetary base up 3.9% y/y compared with 4.2% in December. Also, December steel exports were reported off 5.6% y/y with 2004 steel exports climbing 2.6%. This is a very quite weak for Japanese economic data thus most of the focus will be on any comments about Asian currency regimes by G7 policymakers on Friday or this weekend. The Nikkei 225 stock index gained 0.20% to close at ¥11,407.14. Dollar offers are cited around the ¥104.25 level. The euro briefly tested the ¥135.80 level during early European dealing but could not sustain early gains and receded to the ¥135.15 level during early North American dealing. In Chinese news, a German government source today said G7 officials should not pressure China this weekend regarding exchange rate flexibility. U.S. Treasury undersecretary Taylor said he expects “candid” discussions with China about its FX regime. In other China news, National Development and Reform Commission’s Ma Kai hawkishly said “there is no question when macroeconomic controls might end,” suggesting China will continue to try to prevent the economy from overheating.

The British pound was little changed vis-à-vis the U.S. dollar today as the greenback tested offers around the US$ 1.8890 level and was supported around the $1.8825 level. Stops were triggered below the $1.8850 level during North American dealing but buying interest emerged around the $1.8830 level. Data released in the U.K. today saw the CIPS construction PMI print at 55.2 in January, down from January’s 57.2 level. The new orders sub-index fell to 55.6 from December’s 57.0 level. London will play host to this weekend’s G7 meeting so traders can expect Chancellor of the Exchequer Brown to promote his pet projects like debt forgiveness and debt moratoriums. Cable bids are cited around the US$ 1.8820 level. The euro came off vis-à-vis the British pound as the single currency tested bids around the ₤0.6905 level and was capped around the ₤0.6950 level.


The Swiss franc lost ground vis-à-vis the U.S. dollar today as the greenback tested offers around the CHF 1.1955 level and was supported around the CHF 1.1855 level. The pair made a strong move during North American dealing, triggering stops above the CHF 1.1895 level and rocketing to the CHF 1.1950 level. Swiss CPI and trade data will be released tomorrow. Dollar offers are cited around the CHF 1.2035 level. The euro climbed marginally vis-à-vis the Swiss franc as the single currency tested offers around the CHF 1.5560 level and was supported around the CHF 1.5510 level.


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

Tue 17 July 2018
AA 08:30 GB- Employment
A 13:15 US- Industrial Production
AA 14:00 US-Powell Testimony
Wed 18 July 2018
AA 08:30 GB- CPI
A 12:30 US- Housing Starts/Permits
AA 14:00 US-Powell Testimony
Thu 19 July 2018
AA 1:30 AU- Employment
AA 08:30 GB- Retail Sales
A 14:30 US- EIA Crude
A 12:30 US- Weekly Jobless
Fri 20 Jun 2018
A 12:30 CA- CPI/Retail Sales

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