User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Tuesday October 20, 2009 - 11:04:09 GMT
Reuters -

Share This Story:
| | Email

FOREX NEWS-Dollar hits 14-mth low vs basket, euro nears $1.50

Tue Oct 20, 2009 6:46am EDT

* Dollar extends broad losses, hits 14-month low vs basket

* Weakness on mix of Bernanke, Trichet, RBA, Fujii, stocks

* Euro nears $1.50 but options-related selling caps gains


(Updates prices, adds comment and quotes)

By Jamie McGeever

LONDON, Oct 20 (Reuters) - The dollar hit a 14-month low against a basket of currencies on Tuesday on a cocktail of policymaker comments, but options-related buying kept it from pushing through $1.50 against the euro and 90 yen.

Strength in global stocks, fired by Apple Inc's (AAPL.O: Quote, Profile, Research, Stock Buzz) forecast-beating third-quarter earnings overnight, also fed traders' appetite to sell dollars for higher-yielding currencies and assets more closely correlated with economic recovery.

Comments on the euro's strength from an adviser to French President Nicolas Sarkozy and a Market News International report quoting an unnamed Chinese government source calling for a reversal of the dollar's slide had limited impact.

Until the market hears much stronger rhetoric from leading policymakers like European Central Bank President Jean-Claude Trichet, low U.S. interest rates coupled with rising asset and commodity prices will probably weigh on the dollar, analysts say.

"It's not that there's anything new out there that's dramatic. It's ongoing risk appetite, stronger equities, positive global recovery and the Fed showing no sign of raising rates. It's not easy for the dollar to get any traction," said Peter Frank, senior strategist at Societe Generale In London.

"It's one thing to say you want the dollar to stop weakening, it's another to put your money where your mouth is. The market isn't there yet, and won't take notice until it hears this kind of commentary more and from higher ranking officials," Frank said.

The dollar has been under sustained pressure this year due to expectations for low U.S. interest rates and questions about its status as the world's reserve currency.

At 1000 GMT the dollar index .DXY, a measure of its strength against six major currencies, was down 0.4 percent at 75.21 after dipping as low as 75.103, its lowest in 14 months.

After failing to take out options barriers at $1.50, the euro was last at $1.4978 EUR=, up 0.1 percent on the day. It earlier touched a 14-month high of $1.4994 EUR=, and slipped to $1.4955 after the Market News report on an unnamed Chinese government source's concern over the dollar.

The yuan jumped against the dollar in benchmark offshore non-deliverable forwards (NDFs) on Tuesday as overseas speculators bet on the long-term appreciation of the Chinese currency which has been mainly propelled by a weak dollar on global markets.

The dollar fell a third of a percent against the yen to 90.30 yen JPY=, a move lower also aided by the narrowing of the U.S.-Japanese 10-year bond yield spread to 200 basis points Tuesday from around 215 basis points late last week.

Comments by Japanese Finance Minister Hirohisa Fujii that dollar weakness was due to U.S. monetary easing were used as an excuse to sell the dollar down to 90 yen, where traders say there are options expiries later today [ID:nTKF106680].


Some traders had trimmed long euro positions on Monday ahead of a meeting of euro zone finance ministers and ECB President Trichet. The meeting discussed FX rates but Trichet repeated the line that he backed U.S. officials' view that a strong dollar was in the U.S. interest. [ID:nLJ198299]

On Tuesday, Henri Guaino, a top adviser to French President Sarkozy, said the euro at $1.50 is a "disaster" for European industry and the economy.

A trade-weighted measure of the euro's value against 24 major trading partners EUREER=ECBF was fixed lower on Monday, but remained very close to its all-time high.

U.S. Federal Reserve Chairman Ben Bernanke called on Monday for action on global imbalances, saying China and other Asian countries were looking more seriously at rebalancing though some issues could be addressed through greater FX flexibility. Some analysts saw this as veiled endorsement of a lower dollar.

"Bernanke's comments are being taken by the market that rates are on hold for longer. That's risk-positive and dollar-negative," said Geoff Kendrick, strategist at UBS in London, adding that the euro at $1.50 was only a matter of time.

The Australian dollar climbed as far as $0.9310 after minutes from the Oct. 6 Reserve Bank of Australia policy meeting said it may be imprudent to keep rates very low. [ID:nSYD486436] It was last down slightly on the day at $0.9275 AUD=.

© Thomson Reuters 2009. All rights reserved. Users may download and print extracts of content from this website for their own personal and non-commercial use only. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters and its logo are registered trademarks or trademarks of the Thomson Reuters group of companies around the world.


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 9 July 2018
AA 12:00 EZ- Draghi EU Parliament Testimony
Tue 10 July 2018
AA 08:30 GB- Ind/Prod Output, Trade
AA 09:00 DE- ZEW Survey
Wed 11 July 2018
A 12:30 US- PPI
A 14:00 CA- Bank Of Canada Decision
A 14:30 US- EIA Crude
Thu 12 July 2018
AA 12:30 US- CPI
Fri 13 July 2018
A 14:00 US- Prelim 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