Robust U.S. GDP Report Renews Interest in Higher Yielding Currencies
A better than expected U.S. Third Quarter
GDP Report is sending the Dollar sharply lower at the mid-session.The Dollar was trading weaker prior to the
release of the report as many traders thought this weekâ€™s rally was too much,
too soon.The Dollar plunged to the
downside after the report showed a robust increase of 3.5% compared to
pre-report guesses of 3.2%.
Traders are expressing their satisfaction
with the report by renewing their interest in higher yielding assets.This is putting pressure on the Dollar while
increasing demand for equities and commodities.Despite the bullish trend today, many markets are only posting 50%
retracements of the break this week which means they are still vulnerable to
weakness after todayâ€™s euphoria wears off.
Although the GDP number was bullish, it
represents stale data.Some traders feel
that the bullish markets have to close on their highs and follow-through to the
upside tomorrow.Otherwise, the Dollar
may regain control of the short-term trend and erase all of todayâ€™s gains by
The EUR USD is in an uptrend and rallying
strong today.Expectations are for a
test of 1.4873 to 1.4918 before new sellers surface.
The GBP USD is showing strength for the
second day in a row.This is surprising
traders who felt more downside was likely following last weekâ€™s release of a
bearish U.K. GDP number.Many traders
had been looking for lower markets in anticipation of increased quantitative
easing by the Bank of England.The
strong rally today has taken out a minor retracement zone and now has this
market in a position to test the recent top at 1.6691.
The Dollar is gaining ground against the
Japanese Yen at the mid-session.The bullish
GDP number helped turnaround the USD JPY which came close to turning the trend
down after yesterdayâ€™s huge sell-off.Look for the USD JPY to take a run at 91.28 to 91.53 over the short-run.
The USD CHF is retracing most of this
weekâ€™s gains.Based on the range of
1.0032 to 1.0285, traders should look for the current break to test a
retracement zone at 1.0158 to 1.0129.Since the main trend on the daily chart is now up, buyers are likely to
step in at this retracement zone.If
buyers donâ€™t show up, then look for a retest of the low for the year at 1.0032.
Stronger commodity and equity prices are
helping to put pressure on the USD CAD.Overbought indicators are also contributing to the weakness as well as
increased demand for higher risk assets.If weakness prevails the rest of the day, then look for a test of an
uptrending Gann angle at 1.0605.
News that the Reserve Bank of New Zealand
left interest rates unchanged and hinted that they wouldnâ€™t hike until after
the middle of next year has been set aside by traders as the focus has shifted
back to demand for higher yielding assets.Todayâ€™s rally looks strong enough to test a resistance cluster at .7395
The AUD USD is moving higher on increased
demand for higher yielding assets.In
addition, many traders are taking profits and covering shorts as technical
indicators showed a short-term overbought market.
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.
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.