User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Tuesday November 17, 2009 - 11:25:04 GMT
-

Share This Story:
| | Email

FOREX NEWS-Dollar rebounds broadly as market digests Bernanke

Tue Nov 17, 2009 5:56am EST

* Dollar recovers from 15-month low as mkt digests Bernanke

* Euro once again unable to hold above $1.50

* China's Hu makes no mention of yuan after Obama meeting

(Recasts, updates prices, adds comment and quote)

By Jamie McGeever

LONDON, Nov 17 (Reuters) - The dollar rebounded on Tuesday from Monday's 15-month lows after Federal Reserve Chairman Ben Bernanke made rare comments about the dollar, encouraging traders to trim longer-term bets against the currency.

Bernanke surprised investors on Monday when he said the central bank was "attentive to implications of changes in the value of the dollar", although he reiterated that interest rates would remain exceptionally low for an "extended period".

Some interpreted his remarks on the dollar, which is usually the purview of Treasury, as a sign the Fed is worried further depreciation could stoke inflation. [ID:nN16514940]

The euro briefly popped above $1.50 but was once again unable to hold above that level, where large options-related activity is also providing tough resistance, traders said.

European Central Bank President Jean-Claude Trichet also spoke on currencies on Tuesday, reiterating his oft-repeated views that a strong dollar is in the U.S. interest and that the euro was never intended to be a reserve currency. [ID:nLH595206].

"He (Bernanke) was tying to emphasise to the market what Fed thinking is going into the last few months of the asset purchase scheme. They have to talk well ahead to give no shocks to the market, and that's what Bernanke was trying to do," said Peter Frank, senior currency strategist at Societe Generale in London.

Frank said the dollar remained in a longer-term downtrend but said Bernanke's remarks were probably aimed more at "smoothing" its decline than reversing it, and that traders are "a little uncomfortable" being long of euros above $1.50.

At 1035 GMT the dollar index .DXY was up a third of a percent on the day at 75.17, after striking a 15-month low of 74.679 on Monday.

The euro EUR= fell 0.4 percent to $1.4910, off more than a cent from above $1.5015 struck on Monday, weighed down early on by profit booking and options-related selling around $1.50.

It was in the middle of the $1.48-$1.51 range which traders say marks a large "double-no-touch" options structure that rolls off on Friday.

The dollar was unchanged against the yen at 89.05 yen JPY=, recovering from 88.74 yen earlier in the day, its lowest in just over a month.

FED RHETORIC

The dollar rose more sharply against so-called "commodity currencies" like the Australian and Canadian dollars, gaining 1 percent against both as oil, metals, and equity prices fell across the board.

Bernanke's comments on Monday came as U.S. President Barack Obama was in China, although few expect the visit to result in any near-term changes in Beijing's foreign exchange policy.

Chinese President Hu Jintao made no mention of the yuan after meeting Obama, and the U.S. leader only said he was pleased with China's commitment on moving towards more market-oriented exchange rates. [ID:nSP421898]

Richard Fisher, president of the Dallas Fed, also said on Monday the dollar's decline so far has not been disorderly although the commitment to keep rates low for an extended period could create the potential for carry trades. [ID:nN16518637]

And Fed Vice Chairman Donald Kohn said the low interest rate policy was meant to encourage investors to move into riskier assets and that there are no signs yet of an asset bubble building up in the United States. [ID:nNYS007538]

"It's very unusual for the Fed to even comment on the dollar, so in that respect the market was caught by surprise," said Johan Javeus, strategist at SEB in Stockholm.

But for the dollar to reverse its long-term downtrend, China needed to take greater steps toward a more flexible currency regime, or the Fed had to signal rate hikes are imminent.

"Neither of those prerequisites have been fulfilled, so the controlled, grinding lower of the dollar will continue," Javeus said.

Sterling was well supported after UK inflation figures came in above forecasts, and on an Italian press report that Italian chocolate maker Ferrero might be considering an offer with friendly investors for an alliance with Britain's Cadbury (CBRY.L: Quote, Profile, Research, Stock Buzz). [ECONGB]

The euro was last down 0.3 percent on the day at 88.65 pence EURGBP=.

© 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."



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 18 December 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:

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

Forex Trading Outlook


Potential Trading Opportunities

  • POTENTIAL PRICE RISK: Medium Mon--10:00 GMT-- EZ- final November HICP. flash data are rarely changed.


  • POTENTIAL PRICE RISK: HIGH- Medium Tue --09:00 GMT-- DE- IFO Survey. Key report but usually not a market-mover
  • POTENTIAL PRICE RISK: HIGH- Medium- Tue --13:30 GMT-- US- Housing Starts and Permits. Leading indicators of activity

  • POTENTIAL PRICE RISK: HIGH-Medium- Wed --15:00-- US- Existing Homes Sales. Top Housing statistic
  • POTENTIAL PRICE RISK: Medium- Wed --15:30-- US- EIA Crude

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