Dollar Mixed Overnight; Traders Focusing on Greece and Economic Data
The U.S. Dollar is trading mixed overnight. The focus this
morning will be on both risk and economic data. This could create volatile
trading conditions as some currencies are poised to break recent bottoms while
others are finding support.
The EUR USD remains under pressure overnight after the
sell-off on Wednesday erased all of the previous dayâ€™s gains. Both positive U.S. economic data and renewed concerns over
debt issues in Greece
helped drive the Euro sharply lower.
The Dollar rose against the Euro on Wednesday after fresh
economic data showed improvements in housing, import prices and industrial
production. The FOMC minutes released late in the session confirmed that the
Fed is strongly considering becoming the first major economy to begin reducing
stimulus measures. In addition, this report indicated that the Fed discussed
strongly the possibility of a hike in the discount rate. While not actually
resuming a â€śtightâ€ť economic policy, a move by the Fed to raise the discount
rate will be one of the first signs that it is poised to begin lifting the
Federal Funds rate later in the year if necessary.
Today, traders will be focusing on Conference Board and
Philadelphia Fed data to reaffirm the strength in the U.S.
economy.The Philly data is expected to
move up from 15.2 to 17.0.
In addition to the better than expected U.S. economic news,
Euro traders reacted negatively to the news that Moodyâ€™s Investor Services
downgraded certain Greece hybrid bank debt after it was revealed that a number
of unsecured transactions may have been used to conceal the debt.
The news that the European Central Bank extended loans of
more than 15 billion Euros or $20.4 billion over February 11, 12, 15 and 16, is
a sign that the region may be nearing a liquidity crisis. Furthermore,
aggressive short traders failed to budge even after Tuesdayâ€™s strong
short-covering rally and on reports that the EU had approved Greeceâ€™s plan
to shore up its budget.
Finally, it has been reported that the International
Monetary Fund is poised to resume gold sales in an effort to raise cash. This
move strengthened the Dollar and may be a sign that the IMF is getting ready to
inject cash into the Greek economy.
The GBP USD remains under pressure because of the weakening
economy and the possibility of a debt rating downgrade should the budget
deficit continue to grow. Investors may be losing confidence in the Bank of
Englandâ€™s ability to pull the economy out of its tailspin. Most traders feel
that the U.K. economy is
failing behind the U.S.
economy and may be one of the last to post signs of a recovery.
The USD JPY is trading lower this morning after a strong
rise on Wednesday. Although strong U.S. economic reports could turn this
market around today, last nightâ€™s announcement by the Bank of Japan to reduce
its buying of Japanese Bonds is lending support to the Yen this morning.
Higher than expected Canadian inflation, is helping to
pressure the USD CAD. This is likely to be a short-term position evening move.
The strengthening U.S.
economy along with IMF sales of gold should exert pressure on the Canadian
Dollar once this inflation news blows over.
The stronger Dollar and signs that the U.S. Fed are poised
to begin removing stimulus and hiking interest rates, is pressuring higher
yielding currencies such as the AUD USD and NZD USD.Technically, yesterdayâ€™s closing price
reversal top was confirmed overnight which is a strong indication that a 2 to 3
day break is likely.
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 19 Mar 2018 Tue 20 Mar 2018 AA 9:30 GB- CPI A 10:00 DE- ZEW Survey Wed 21 Mar 2018 AA 03:00 AU- Employment AA 9:30 GB- Employment A 12:30 US- Current Account AA 14:00 US- Existing Homes Sales A 14:30 US- EIA Crude A A18:00 US- Fed Rate Decision A 21:00 NZ- RBNZ Rate Decision Thu 22 Mar 2018 AA All Day flash PMIs AA 9:30 GB- Retail Sales AA 12:00 GB- Bank Of England Decision A 13:30 US- Weekly Jobless Fri 23 Mar 2018 AA 12:30 CA- CPI/Retail Sales A 12:30 US- Durable Goods A 14:00 US- New Homes Sales
John M. Bland, MBA co-founding Partner, Global-View.com
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.