The stronger Dollar led stock market investors to pare
positions as traders become more averse to risk. U.S.
equity markets closed sharply lower following a sell-off which began in Asia
and Europe overnight and spread to the U.S. throughout the day. Traders
are trying to protect profits at the end of the year as chart patterns suggest
there is more downside than upside potential at current levels. Traders are
reacting to global debt concerns a lot faster than they did in 2008.This is leading to the excessive
March Treasury Bonds finished in a strong position after
regaining a key retracement price at 118â€™31.The chart indicates that the next upside target is 123â€™00 to 118â€™15.
March Treasury Notes are in a similar position with 119â€™00
to 119â€™11 the next upside targets.
The Treasury completed the first leg of its $74 billion
auction today without a hitch.There
were concerns before the trading session that investors would be reluctant to
participate in this auction because the recent jump in yields was erased
yesterday following a strong rally.Investors were probably more receptive to todayâ€™s auction because of the
debt problems in Dubai and Greece.
The U.S. Dollar continued to strengthen, but not because of
the possibility of higher interest rates like last Fridayâ€™s rally, but because
of debt concerns and credit ratings.
Investors poured money into the Greenback in a
flight-to-quality rally after Moodyâ€™s cut the credit ratings on six Dubai state-linked
companies. Moodyâ€™s based its decision on the assumption that it cannot assume
the government will back the debt of these companies.
In addition to Dubaiâ€™s credit
downgrade, Moodyâ€™s also issued a stern warning that it may cut the U.S. and U.K. credit rating to below
Aaa.They also added, however, that both
of these nations are â€śresilientâ€ť but nonetheless risk an eventual downgrade if
positive steps arenâ€™t taken to shore up debt finances.
Finally, Fitch credit rating services lowered Greeceâ€™s
credit rating because of its huge debt.
This morning the Bank of Canada announced that interest
rates would remain at 0.25 percent until June 2010 and that it was still
concerned about the strength of the currency and its possible negative affect
on exports.This news helped send an
already weak December Canadian Dollar sharply lower.
The December Euro weakened after breaking the last main
bottom at 1.4801 earlier in the week.The next downside target is 1.4625.The currency was hit hard after the Dubai and Greek credit downgrades. Greeceâ€™s
credit reduction is of particular concern because it could have an affect on
Euro Zone economic activity. An unexpected drop in German industrial production
weighed on this currency before the New
York session even started. Concerns are being raised
regarding the pace of fourth quarter growth in Germany and the Euro Zone.
Currency traders bought the lower yielding December Japanese
Yen on concerns about holding higher risk assets. This rally occurred despite
the approval by the Japanese government of a new $81 billion stimulus
package.Traders did not react to this
news because it was announced last week and was already priced in.
The December British Pound accelerated to the downside today
on concerns that credit problems in Dubai would
spread to U.K.
banks.The threat of a rating cut by
Moodyâ€™s further weakened this currency throughout the day.Further complicating the possibility of an
economic recovery is the threat by the U.K. government to raise taxes and
On December 10th the Swiss National Bank is expected to
leave its benchmark interest rate unchanged and offer clarity as to its future
monetary policy plans.Most traders
expect the SNB to discuss its concerns about deflation and the possibility of
another round of intervention if the Swiss Franc appreciates too much against
After having lost $100 since last Thursday, February Gold finished
lower for the day because of the strengthening Dollar.Key Gann angle support was broken at $1140.
This could lead to a further collapse in this market to at least $1107.00 over
the short-run. Investors are being â€ścoachedâ€ť by gold bug analysts to â€śbuy the
dipsâ€ť, but this strategy could prove to be risky if the Dollar strengthens further.The recent vertical rise in this market
suggests that an asset bubble may have been formed.Without new central bank buying pressure, the
small trader will not have enough money to support another leg higher. March
Silver is in a down trend and currently searching for support in the 17.83 to
March Crude Oil closed under pressure because of lower
equity prices, a stronger Dollar and low demand.A shift in trader mentality out of higher
yielding assets could drop this market into 75.53 to 73.63 over the
near-term.Speculators drove this market
higher and speculators leaving this market will drive it lower.
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."
Actionable trading levels delivered to YOUR charts in real-time.
Mon 10 Sep 2018 AA 08:30 GB- GDP, Trade, Output Tue 11 Sep 2018 AA 08:30 GB- Employment Decision A 09:00 DE- ZEW Survey Wed 12 Sep 2018 A 12:30 US- PPI A 14:30 US- EIA Crude A 18:00 US- Beige Book Thu 13 Sep 2018 A 1:30 AU- Employment AA 11:00 GB- Bank of England Decision AA 11:45 EZ- European Central Bank Decision A 12:30 US- Weekly Jobless AA 12:30 US- CPI Fri 14 Sep 2018 A 08:30 GB- GDP AA 12:30 US- Retail Sales A 13:15 US- Industrial Production AA 14:00 US- prelim University of Michigan
John M. Bland, MBA co-founding Partner, Global-View.com
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.
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.
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.