Dollar Mixed on Light Trading Ahead of U.S. Non-Farm Payrolls
The U.S. Dollar is trading mixed overnight ahead of this
morningâ€™s Non-Farm Payrolls Report. Demand for risky assets is up overnight
putting pressure on lower yielding currencies. Traders are looking for a loss
of about 50,000 jobs. This guess is higher than last monthâ€™s actual loss of
20,000 jobs. The unemployment rate is expected to rise from 9.7% to 9.8%. A
greater than expected jobs loss is likely to drive traders into the Dollar as
this would indicate that the economy is weakening. Traders would most likely
react by dumping higher risk assets in favor of lower yielding currencies.
The EUR USD is trading flat after the European Central Bank
left interest rates unchanged on Thursday. There are still some concerns about Greeceâ€™s ability to shore up its budget deficit,
but recently announced budget cuts and tax hikes have helped to increase the
chance that aid will be coming soon from Germany
In addition, if a resolution canâ€™t be reached then look for Greece to turn toward the
International Monetary Fund for help.
In addition to keeping interest rates low, the ECB will
continue to reduce stimulus measures. ECB President Trichet downplayed the move
by saying that it â€śshouldnâ€™t be interpreted as a change in our monetary
policyâ€ť.The central bank also lowered
its inflation forecast prompting Trichet to say that he sees an â€śunevenâ€ť
Bearish Euro traders expect the sovereign debt situation in
the Euro Region to continue to pressure the currency. With many Euro nations
likely to make budget cuts, government spending is expected to be reduced while
interest rates remain low. This should keep the pressure on the Euro because
other major players such as Canada
and the U.S.
are likely to begin raising rates.
The GBP USD is trading slightly better. This market has
stabilized after a sharp break earlier in the week. Oversold conditions have
been the driving force behind the recent strength. The fundamentals remain
bearish with the U.K.
facing a huge budget deficit, a weak economy and political uncertainty. A
British Pound rally will likely stall near 1.5297 over the near-term.
The USD JPY is trading better after yesterdayâ€™s closing
price reversal bottom was confirmed by firmer overnight action. Regaining a key
50% level at 89.30 will be the key to sustaining the developing rally. Upside
momentum could take this market to 90.14 over the near-term.
Traders are selling the Japanese Yen on speculation that the
Bank of Japan will increase credit easing measures. The government wants to see
more credit pumped into the economy to ease the threat of deflation. The weaker
Yen is should make it more attractive as a funding currency.
The USD CAD is trading slightly better after almost reversing
to the upside on Thursday. Oversold conditions and the possibility of a verbal
intervention by the Bank of Canada are helping to pressure the Canadian Dollar.
The charts indicate there is room to the upside with 1.0471 the next likely
The USD CHF could break today if the Euro strengthens.
Weakness developed earlier this week after a rally in the Euro diminished the
chances of another intervention by the Swiss National Bank. The charts indicate
the trend has turned lower, setting up a possible 50% correction to 1.0513 over
the near-term. If todayâ€™s U.S.
employment reports is worse than expected, then look for pressure on the Euro
to spillover to the Swiss Franc.
Increased demand for higher risk assets is giving the AUD
USD a boost overnight. Currently this market is testing a .618 level at .9042.
Regaining this level will be a sign of strength and could lead to an
acceleration to the upside over .9070.A
failure to regain .9042 combined with a worse than expected U.S. employment
report should send this market back down to at least .8953.
The NZD USD is up overnight, but the trend remains down.
Traders are already speculating that the Reserve Bank of New Zealand is
likely to keep interest rates lower for some time as its re-evaluates the
weakening economy. Recently released weak retail and property report suggest
that the economy is not showing a sustained recovery which RBNZ requires before
considering a rate hike.
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."
Elevate Your Trading With The Amazing Trader!
The Amazing Trader includes:
Actionable trading levels delivered to YOUR charts in real-time.
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.