User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Thursday December 31, 2009 - 13:05:47 GMT
Reuters - www.reuters.com

Share This Story:
| | Email

FOREX NEWS-Dollar falls broadly in year-end trade

7:54am EST

Financial markets in Asia, Europe and the U.S. will be closed on Friday, Jan. 1, 2010 for the New Year holiday.

Full coverage of global foreign exchange markets [FRX/] will resume out of Tokyo on Monday, Jan. 4.

* Dollar falls broadly on year-end position adjustment

* Trade quiet, causing exaggerated movements

* Dollar index up 3.5 pct in Dec; U.S. rate outlook key

(Updates prices, adds quotes)

By Jessica Mortimer

LONDON, Dec 31 (Reuters) - The dollar fell broadly on Thursday on year-end position adjustment in thin, illiquid trade which prompted exaggerated price movements.

Analysts said little could be read into the day's volatile movements and that the jury remained out on whether the dollar will continue its December rally into the new year.

The dollar has rallied in recent weeks as stronger U.S. economic data stoked expectations that the Federal Reserve could start raising interest rates earlier than previously thought, prompting investors to cut short dollar positions.

"We could some a partial retracement of December's sharp dollar rally early in 2010, but ultimately further improved U.S. economic data will fuel Fed tightening expectations and support the dollar," said Lee Hardman, currency economist at Bank of Tokyo-Mitsubishi UFJ.

Trade was extremely light, with Tokyo and several European countries on holiday and many banks on skeleton staff ahead of the New Year holidays.

"We're probably seeing some sort of rebalancing. The dollar has had a strong month and people are just taking profits," said Geoffrey Yu, currency strategist at UBS in London.

At 1215 GMT, the dollar index <.DXY> was down 0.5 percent at 77.501, a big turnaround from the previous session when it rose as high as 78.218.

The dollar index has risen around 3.5 percent so far this month and was on track for its biggest monthly gain since January, although over 2009 it was down more than 4 percent.

The euro <EUR=> was up 0.5 percent at $1.4403, taking it well above its December low of $1.4219. However, it was still down around 4 percent over December.

The euro jumped well over a cent against the dollar in early London trade, with traders attributing the move to Asian central bank dollar selling as well as year-end model trades.

Technically, the euro's short-term outlook against the dollar was strong entering the new year, after Wednesday's dip confirmed strong support at $1.4117-1.4218 -- the 38.2 percent retracement of the rise from the March low, and the 200-day average. Also, the Moving Average Convergence Divergence oscillator, used to gauge turning points in trends, staged a bullish crossover. Any clean break above $1.4434, the 23.6 percent retracement of the euro's drop from December's peak, would target the 38.2 percent retracement at $1.4569.

US PAYROLLS DATA EYED

Over the year, the euro was up around 3 percent, although that gain pales compared to the Australian and New Zealand dollars -- easily the best performers among the major currencies -- which have risen around 28 and 25 percent respectively.

The two currencies gained strongly on Thursday, with the Australian dollar <AUD=D4> up 0.6 percent at $0.8999 and the New Zealand dollar <NZD=D4> up 0.7 percent at $0.7269.

Next week, investors will turn their attentions to the release of U.S. monthly payrolls data on Friday, where further indications of an improving U.S. economy could lift the dollar.

"It's going to be a hugely important number," said a trader at an Australian bank in Sydney. "Anything above forecast could see the euro finally break down through $1.4200 toward $1.4000.

"A weak result would be a real dampener after the run of upbeat figures we've seen. The market would have to rethink the Fed timing again, and that could see the euro back up at $1.4700."

Elsewhere, the dollar fell 0.1 percent against the yen <JPY=> to 92.37 yen. But it was up nearly 7 percent over December, on track for its best monthly performance since February. (Additional reporting by Wayne Cole in Sydney, Editing by Andy Bruce)

© 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.

Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.

 

 

 

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

Tue 17 July 2018
AA 08:30 GB- Employment
A 13:15 US- Industrial Production
AA 14:00 US-Powell Testimony
Wed 18 July 2018
AA 08:30 GB- CPI
A 12:30 US- Housing Starts/Permits
AA 14:00 US-Powell Testimony
Thu 19 July 2018
AA 1:30 AU- Employment
AA 08:30 GB- Retail Sales
A 14:30 US- EIA Crude
A 12:30 US- Weekly Jobless
Fri 20 Jun 2018
A 12:30 CA- CPI/Retail Sales


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.

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.


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.

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