Weaker Dollar Continues to Drive Risky Assets Higher
The U.S. Dollar closed lower against most major currencies
this afternoon as investor demand for higher yields drove up risky assets.The strong rally continued in the equity
markets boosted by yesterdayâ€™s favorable comments from Fed Chairman Bernanke
and todayâ€™s positive words from investor Warren Buffett.Gold also surged to the upside on the
prospect of a long-term weaker Dollar.
Despite economic reports showing that the U.S. economy is recovering at a
faster pace than the Euro Zone, investors continued to drive the EUR USD higher
for the year.Traders have become
comfortable with the thought that in spite of the improving economy, the Fed is
likely to keep interest rates at historically low levels for some time to
come.With the U.S. posting the worldâ€™s lowest
interest rates, continue to look for strength in the Euro.
Technically, the market reached a new high for the year
while breaking out over a major retracement level at 1.4623.Taking out the December 2008 top at 1.4719
was also a sign of strength.The new
upside target is 1.4866.The swing chart
indicates that the trend is up as long as support holds at 1.4045.
Todayâ€™s weakness in the GBP USD reflected the floundering
economy.Earlier in the week it was
concerns over a squeeze in the U.K.
mortgage rates having a negative effect on the real estate market.Today it was a poor unemployment report
encouraging the sellers.Losses were
most likely limited by the demand for higher risk assets.Technically, this market is struggling at a
retracement zone at 1.6577 to 1.6687.Fundamentally, this market is likely to remain weak until the U.K.
economy begins to show consistent improvement and the Bank of England relaxes
its asset-buyback program.
The USD JPY finished lower but heavy selling pressure seems
to be subsiding as traders appear to be defending the .9000 level.Oversold conditions could also be providing
support by attracting buyers.The Bank
of Japan is also a threat to the strength in the Yen.It has in the past used verbal intervention
to push down a rapidly rising Yen.This
action usually takes place when it feels the price level in the Yen will begin
to have a negative impact on the Japanese economy.There is always a fear that exports will
suffer if the Yen gets too high.
The U.S. Dollar continued to get pounded by the Swiss Franc
after breaking out of its 90-day range to the downside.Low interest rates in the U.S. are encouraging Swiss
investors to bring their money back home.The strong rise in gold has also been putting pressure on the USD CHF.
Strong rallies in equity and energy markets have helped
trigger a resumption of the downtrend in the USD CAD.Todayâ€™s downside action took out the last
swing bottom at 1.0673, indicating further weakness.The building downside momentum has set up
this market for a test of the low for the year at 1.0631.The trend will not change to up unless the
last main top at 1.0925 is violated.
The Australian Dollar made a new high for the year, boosted
by the strong demand for higher yielding assets.The surge in U.S.
equity markets and the low interest rates in the U.S. helped attract strong buying
power.Aussie traders seemed to have
forgotten about the economy and instead have returned their focus to getting
the best return on their investment.Major support has moved up to .8156.The trend will change to down if this price level is violated.
Demand for higher yields also gave the NZD USD a boost on
Wednesday.Based on the main range of
.8215 to .4892, todayâ€™s action solidified the strong uptrend by holding above
major retracement levels at .6791 and .6946.The charts indicate that barring a complete reversal down in global
equity markets, there is plenty of room to the upside.
Forex Trading News
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.
Mon 18 Dec
10:00 EZ- final HICP Tue 19 Dec
09:00 DE- IFO Survey
13:30 US- Housing Starts/Permits
13:30 US- Current Account Wed 20 Dec
15:00 US- Existing Homes Sales
15:30 US- EIA Crude Thu 21 Dec
03:00 JP- BOJ Decision
13:30 CA- CPI & Retail Sales
13:30 US Weely Jobless
13:30 US- GDP Fri 22 Dec
09:30 US- GB- GDP
13:30 US- core PCE Deflator & Presonal Income
15:00 US- New Homes Sales
15:00 US- final University of Michigan
17:00 US- early Closes Mon 25 Dec
00:00 Christmas Holidays
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.