User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Thursday February 3, 2005 - 16:15:02 GMT
GCI Financial - www.gcitrading.com

Share This Story:
| | Email

Forex Market Commentary and Analysis (3 February 2005)



The euro depreciated vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.2940 level after stops were hit below the $1.3005 level during North American dealing. Technically, the single currency failed to get above its 100-hour moving average, peaking just below the $1.3040 level before moving abruptly lower. Traders were not inspired to buy euros following President Bush’s annual State of the Union address speech last night. Bush specifically cited Iran, Syria, and North Korea during his speech but gave no indication the U.S. was contemplating the same actions it invoked for Iraq. Also, on the economic front, Bush hailed the economy’s recent gains and said he will submit a budget to Congress that caps new spending below the rate of inflation. Bush also talked about privatizing Social Security, a domestic agendum that is likely to be among the most contentious in his second term. Data released in the U.S. today saw weekly initial jobless claims fall 9,000 to 316,000 while continuing claims fell to 2.69 million. Also, non-farm productivity decelerated to 0.8% in Q4 from 1.8% in Q3, the smallest gain in nearly four years, while unit labour costs rose 2.3%, the largest quarterly growth in almost three years. For all of 2004, non-farm productivity gained 4.1%, the smallest increase since 2001. These data are indicative of some inflationary pressures but clearly weren’t enough to elicit a change in verbiage from the Federal Open Market Committee this week. Manufacturing productivity gained 5.6% in Q4 while manufacturing unit labour costs rose 0.4%. Other data released today saw the January ISM services index fall to 59.2 while December factory orders were up 0.3%. European Central Bank convened today and as expected, did not change monetary policy, keeping its minimum refinancing rate at 2.0%. ECB President Trichet said he expects growth to increase in 2005 and added he sees inflation falling below the central bank’s 2.0% threshold this year. Trichet, however, pledged “continued vigilance” and said “upside risks to price stability over the medium term remain.” Data released in the eurozone today saw the EMU-12 services PMI index surprise the market and improve to 53.4 in January from 52.6 in December. The business activity indicator also improved to 66.3, an eleven-month high. Some traders are talking about a possible upward revision to U.S. GDP growth when the next revision is released on 25 February due to a miscalculation of trade data by Canadian government officials. Traders await tomorrow’s January non-farm payrolls data in the U.S. with most forecasts expecting new job creation around 175,000. Euro bids are seen around the US$ 1.2940 level.

¥

The yen came off vis-à-vis the U.S. dollar today as the greenback tested offers around the ¥104.50 level and remained supported around the ¥103.60 level. Dealers bid the pair up during Australasian dealing after President Bush’s State of the Union address did not mention a liberalization of China’s currency regime policies. European dealers took the pair lower from the ¥104.30 level to the ¥103.80 level where the 55-hour moving average supported the pair and thrust it to intraday highs. Bank of Japan Governor Fukui today said “Given the three conditions set for ending the quantitative easing, it is difficult to expect a change in policy in the near future.” Japan has maintained a quantitative easing policy since June 2000 in a bid to lift the country from deflation. GDP data for the October – December quarter is expected on 16 February. Data released in Japan overnight saw foreign investors as net buyers of ¥271.0 billion in Japanese equities last week, confirming foreigners were net buyers of Japanese equities for all of January. Prime Minister Koizumi spoke today about labour market reforms. The Nikkei 225 stock index shed 0.16% today to close at ¥11,389.35. Dollar offers are cited around the ¥104.90 level. The euro moved higher vis-à-vis the yen as the single currency tested offers around the ¥135.80 level and was supported around the ¥134.90 level. Stops were triggered above the ¥135.55 level. In Chinese news, the Chinese government was critical of U.S. legislation that would afford China six months to revalue its currency or face a 27.5% tariff on all Chinese manufactured goods. Malaysia today indicated it will not now revise its ringgit peg mechanism but may do so later to ensure Malaysia does not lose international competitiveness.



The British pound weakened vis-à-vis the U.S. dollar today as cable tested bids around the US$ 1.8770 level after spiking to the $1.8915 level during North American dealing. Data released in the U.K. today saw house prices climb 0.8% m/m in January and were up 13.7% y/y. These data showed decent increases but when viewed in proper perspective, the annualized rate represents a 22.1% decline since July 2004 and it represents the lowest annual rate since December 2001. This corresponds with data released last week that showed Nationwide’s annualized house prices were up 12.6% y/y in January, the lowest level in there years. The deceleration in housing price inflation, if sustained, means Bank of England is more likely to meet its inflation target in two years and has a neutral or downward bias on interest rates and the pound. Other data released today saw the CIPS services PMI index climb to 55.9 in January from 54.9 in December, exceeding expectations. Cable bids are cited around the $1.8740 level. The euro came off vis-à-vis the British pound as the single currency tested bids around the ₤0.6885 level and was capped around the ₤0.6920 level.




CHF

The Swiss franc weakened substantially vis-à-vis the U.S. dollar today as the greenback tested offers around the CHF 1.2050 level, its highest level since early November. Stops were triggered above the CHF 1.1975 level, pushing the pair to intraday highs. Data released in Switzerland today saw the December trade surplus print at CHF 120 million, down from November’s CHF 1.260 billion level, while January CPI came in at +1.2% y/y and -0.5% m/m. Dollar offers are seen around the CHF 1.2070 level. The euro moved higher vis-à-vis the Swiss franc as the single currency tested offers around the CHF 1.5600 figure and was supported around the CHF 1.5530 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."



Elevate Your Trading With The Amazing Trader!

The Amazing Trader includes:
  • Actionable trading levels delivered to YOUR charts in real-time.
  • Live trading strategy sessions.
  • Market Updates with Trading Tools.

Register To Test Your Amazing Trader


Trading Ideas for 23 October 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:

Tue 24 Oct
All Day flash PMIs
Wed 25 Oct
01:30 AU- CPI
08:00 DE- IFO Survey
08:30 GB- GDP
14:00 CA- BOC Decision
14:30 US- EIA Crude
Thu 26 Oct
11:45 EZ- ECB Decision
12:30 US- Weekly Jobless
14:00 US- Pending Homes Sales
Fri 27 Oct
12:30 US- GDP
14:00 US- final Univ of Michigan

Forex Trading Outlook


Potential Trading Opportunities


  • POTENTIAL PRICE RISK: Medium Tue-- All Day Global flash PMIs. First good look at October economic performances.



  • POTENTIAL PRICE RISK: HIGH Wed-- 01:30 GMT AU- CPI. Top Inflation indicator.

  • POTENTIAL PRICE RISK: HIGH Wed-- 08:00 GMT DE- IFO Survey. Top German indicator.


  • POTENTIAL PRICE RISK: HIGH Wed-- 14:00 GMT CA- BOC Decision. No Policy Change Expected.


  • POTENTIAL PRICE RISK: Medium Wed-- 14:30 GMT US- EIA Crude. Top Weekly WTI Statistic.



John M. Bland, MBA
co-founding Partner, Global-View.com

EXCLUSIVE: Global-View Daily Trading Chart Points Updated

EXCLUSIVE: Global-View Free Forex Database updated




TRADER ADVOCACY ARTICLES

Trader's Advocate Articles..

pic

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 Global-View.com.

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

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.

Copyright ©1996-2014 Global-View. All Rights Reserved.
Hosting and Development by Blue 105