Yen Benefits as Investors Shift Assets from Troubled Euro Zone
The Japanese Yen rose on Thursday as investors shifted
assets out of the troubled Euro Zone on renewed budget turmoil in Greece.A spike in the cost to insure Greeceâ€™s
sovereign debt triggered a flight to safety rally which fueled a turnaround in
the Yen after earlier weakness.News
that a similar situation is developing in Portugal also contributed to the
Yenâ€™s strength.The Euro fell to it
lowest level against the Dollar as the news broke.
Traders had been cautiously removing risk from the Euro the
past couple of days after a report earlier in the week showed great interest in
a possible bailout bond issuance from Greece. Todayâ€™s action indicates
that the situation is growing worse and that the Yen may soar at the expense of
the Euro over the short-run.
After trading relatively flat in the hours before the New York opening, the
U.S. Dollar strengthened close to midday as investor sentiment shifted back
toward safety.Late yesterday and overnight,
the Dollar appeared to be ready to weaken as demand for higher risk assets
began to pick up following upbeat news from the Fed and a well-received speech
from President Obama.
Shortly before the New York
opening, news began to leak about Greece
debt concerns causing the U.S.
stock market to sell sold off.The
release of less than stellar U.S.
economic reports triggered additional selling pressure as investors pared
equity market positions in anticipation of an economic slowdown. This rattled
traders who then began selling higher price assets while seeking safety in the
lower yielding U.S. Dollar and Japanese Yen.
The EUR USD traded under pressure throughout the session
while taking out sell stops under the psychological 1.40 level. Todayâ€™s selling
pressure was been triggered by news that Greeceâ€™s budget woes have
resurfaced, sending the price to insure its debt against default to a new high.For several days, traders had become
complacent while under the belief that a new bond issuance would make the Greek
debt problems go away.1.3800 remains
the most likely downside target.
The British Pound is traded lower but remained inside of its
five day range. Itâ€™s hard to tell at this time which direction investors
prefer.Fear, and demand for lower risk
is likely to drive the market lower. Renewed confidence in the economy could
limit losses or fuel the start of a rally.
Demand for safer assets helped turnaround the USD JPY,
erasing earlier gains. During the wee hours of the morning, the Dollar was rallying
versus the Yen after completing a 50% retracement and a closing price reversal
bottom. The catalyst for the rally was an upbeat statement by the Fed and
optimism generated by Obamaâ€™s speech. A sell-off in U.S.
equity markets and budget problems in Greece
however, sent traders scrambling for safety, sending the USD JPY lower. This
currency pair is probably the best indicator as to how bad the situation is
and the Euro Zone.
Overbought conditions and profit-taking helped to pressure
the USD CAD early but the sell-off in U.S. equity markets changed risk
sentiment, triggering an intraday reversal. Look for the Canadian Dollar to
feel pressure as long as investors continue to shun risk. Lower crude oil and
gold are also contributing to the strength in the USD CAD.
The USD CHF held on to early gains after an overnight rally
took this market through the December high at 1.0507.A new main bottom has been formed at
1.0367.This market is rapidly
approaching overbought status and could begin a correction at any time. Watch
for a closing price reversal to signal the formation of a top. Weakening gold
and the possibility of an intervention by the Swiss National Bank are the
fundamentals driving this market at this time.
The intraday break in U.S. equity markets triggered a
break from the high in the AUD USD as traders dumped risky assets.A similar situation developed in the NZD USD
as traders became more risk averse and decided to re-enter on the short side of
the market or liquidate losing long positions. Watch for volatility the next
few days in the Aussie as traders positions themselves ahead of the next
Reserve Bank of Australia
meeting on February 2nd. Conditions have changed since the last meeting which
makes it look like a safe bet that the central bank will not hike interest
rates for a third consecutive time.
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.