Euro Firms after Greece Announces More Budget Cuts
The Euro is firming overnight after Greece announced more budget cuts
in an effort to sway the European Union into approving its bailout
package.The new plan includes higher
taxes and pay cuts for government officials. Greece has been making an effort to
shore up its fiscal deficit in order to convince the EU and investors that it
is committed to taming its budget crisis. At the same time, there is talk that Greece is
prepared to go to the International Monetary Fund if the EU fails to come
through with sufficient aid.
Technically, the EUR USD confirmed Tuesdayâ€™s closing price
reversal bottom with a follow-through rally last night. The current rally is
getting close to the last main top at 1.3692. A trade through this level will
turn the main trend to up for the first time since December 7th, 2009.With a record amount of short positions
against the Euro, a change in trend and a resolution to the Greek budget crisis
could trigger the start of a massive short-covering rally back to 1.4000. Gains
could be limited if shorts donâ€™t budge and if the developing deficit crisis in Spain flares
up. Talk is circulating that hedge funds may face new regulations. If this
story proves to be true then look for the short-covering rally to begin soon.
The GBP USD is gaining back some of its loss from earlier in
the week because of the firmer Euro and on speculation that capital will stay
in the U.K. if Prudential PLCâ€™s takeover of AIA Group, Ltd. is delayed. The
developing move looks like short-covering rather than trend changing. The poor
state of the U.K.
economy, its budget deficit and a dovish monetary policy should continue to
keep a lid on appreciation. Furthermore, concerns that the Labor Party may gain
a majority stake after the upcoming election should continue to keep downside
pressure on the British Pound.
The Dollar is trading slightly lower against the Yen
overnight as traders remain a little tentative that a resolution to the Greek
budget crisis will be reached soon. After failing to regain a key 50% price
level at 89.30, downside pressure helped push the USD JPY toward the .618
support level at 88.24. Buying came in last night after a break through the
last bottom at 88.55 failed to encourage more selling pressure.A closing price reversal bottom today or
regaining the 50% level will be a sign that a short-term bottom has been
The rally in the Euro is helping to pressure the USD CHF.
Traders are selling this pair in anticipation of a deal between Greece and the
European Union. A stronger Euro reduces the need for the Swiss National Bank to
intervene to protect its economy. The charts indicate that downside pressure
could take this market down to 1.0513 over the near term.
The USD CAD is trading lower, but inside of yesterdayâ€™s
range. Downside pressure is coming from a pick-up in demand for higher risk
assets as investors feel more confident that Greece and the European Union will
reach a bailout agreement.Yesterday the
Bank of Canada voted to leave interest rates unchanged but left open the door
for a rate hike after June if the economy continues to heat up. Earlier in the
week it was reported that Canadian GDP grew by 5.0% versus pre-report guesses
Despite a 25 basis point rate hike by the Reserve Bank of Australia on
Tuesday and a slight pick-up in demand for higher risk assets, the AUD USD is
trading lower. Last nightâ€™s rally stopped short of taking out the most recent
swing top at .9070. Buying pressure dried up as the market neared this level.
Additional resistance is coming from the .618 retracement level at .9042. With
risk sentiment shifting, look for buyers to step in following a short-term
retracement, provided .8953 holds as support.
The NZD USD remains under pressure because of concerns over
the weakening economy. The stronger Australian Dollar and signs that the Euro
may begin rallying are also putting downside pressure on the Kiwi.
Besides news regarding the debt crisis in Europe,
Forex traders will be focusing on todayâ€™s Challenger jobs report and the ADP
private sector jobs report for direction. Traders expect the ADP report to show
a loss of 20,000 jobs. An amount greater than 20,000 should support the Dollar
as it will indicate a weaker economy.Later in the day, the Fed releases the Beige Book of economic
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.
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.
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.