User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Wednesday March 24, 2010 - 11:49:34 GMT
Reuters -

Share This Story:
| | Email

FOREX NEWS-Euro hits 10-month low; Portugal downgrade weighs

7:25am EDT

* Euro falls to $1.3345 <EUR=>, 10-month low

* Fitch Ratings cuts Portugal's sovereign rating

* Dollar index <.DXY> hits highest since May 2009

* Swiss franc climbs to record high vs euro (Releads, adds quote, updates prices)

By Tamawa Desai

LONDON, March 24 (Reuters) - The euro fell to 10-month lows against the dollar on Wednesday as a ratings firm downgraded Portugal's debt and on speculation little of substance to aid debt-laden Greece would emerge in coming days.

Fitch Ratings lowered Portugal's sovereign credit rating to AA- from AA, with a negative outlook. [ID:nWLB0770]

An already weak euro fell to the day's low of $1.3345 <EUR=>, down 1.1 percent and its lowest since early May 2009. By 1102 GMT, it was down 1.0 percent at $1.3360.

Traders said a raft of stop-losses had been hit through the previous 2010 low in the $1.3440/30 area in Asia, with option-related stops then hit through $1.3400/1.3390 in Europe.

"The euro is independently weak, with a significantly better-than-expected reading on the German Ifo proving only a temporary distraction from the problems in the periphery," said Adam Cole, global head of FX strategy at RBC Capital Markets.

The German Ifo institute's business climate index rose to 98.1 from 95.2 in February, far higher than forecasts for 95.8. [ID:nLDE62N0R4] ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

For a graphic comparing Ifo and German PMIs, click

here ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

The market will keep a close eye on an EU summit on Thursday and Friday, after Germany signalled for the first time that it may accept European financial aid for Greece as a last resort.

But Germany pegged its support to several conditions, including the need for the International Monetary Fund to make a "substantial contribution". [ID:nLDE62M130]

"The uncertainty over an aid package for Greece is clouding judgment towards the euro. Even if the IMF comes in, it shows the EU is not able to help itself," said Antje Praefcke, currency strategist at Commerzbank.


Investors flocked to the perceived safety of the U.S. currency, pushing the dollar to its highest since May last year against a basket of currencies.

The dollar index, which tracks the performance of the greenback versus six other major currencies, was up 0.8 percent at 81.578 <.DXY> after a 10-month high of 81.632.

The greenback rose to a one-month high against the yen at 91.29 yen <JPY=> while it hit a two-week peak against the Swiss franc at 1.0701 <CHF=>, according to Reuters data.

Higher risk currencies such as the Australian and New Zealand dollars also fell 0.7 percent against the U.S. dollar.

Traders also cited a shortage of dollar supply in the money markets as the end of the financial quarter approached, together with a potential liquidity squeeze over the Easter break.

Sterling slipped back below the $1.5000 level <GBP=D4> as the market awaited UK finance minister Alistair Darling's budget due at 1230 GMT.

Also in focus was the Norwegian central bank's latest decision on interest rates at 1300 GMT. Consensus is for no change, though some see risks of a 25 basis point increase.

Meanwhile, the euro traded flat versus the Swiss franc at 1.4280 francs <EURCHF=>, after hitting record lows to $1.4232 on trading platform EBS in Asia.

Swiss National Bank President Phillip Hildebrand said on Tuesday the central bank would keep fighting excessive franc appreciation. But traders expect it to shy away from large-scale intervention as the economy recovers. [ID:nLDE62M0D9]

Technical analysts said there was little to support the euro on the charts against the franc, ahead of a 32-year support line which came in at 1.4205 francs.

(Additional reporting by Neal Armstrong; graphic by Scott Barber; editing by Nigel Stephenson)

© Thomson Reuters 2010. 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."

Elevate Your Trading With The Amazing Trader!

The Amazing Trader includes:
  • Actionable trading levels delivered to YOUR charts in real-time.
  • Live trading strategy sessions.
  • Market Updates with Trading Tools.

Register To Test Your Amazing Trader

Trading Ideas for 18 December 2017

Register for the Amazing Trader


Amazing Trader EVENT RISK Calendar:

Mon 18 Dec
10:00 EZ- final HICP
Tue 19 Dec
09:00 DE- IFO Survey
13:30 US- Housing Starts/Permits
13:30 US- Current Account
Wed 20 Dec
15:00 US- Existing Homes Sales
15:30 US- EIA Crude
Thu 21 Dec
03:00 JP- BOJ Decision
13:30 CA- CPI & Retail Sales
13:30 US Weely Jobless
13:30 US- GDP
Fri 22 Dec
09:30 US- GB- GDP
13:30 US- core PCE Deflator & Presonal Income
15:00 US- New Homes Sales
15:00 US- final University of Michigan
17:00 US- early Closes
Mon 25 Dec
00:00 Christmas Holidays

Forex Trading Outlook

Potential Trading Opportunities

  • POTENTIAL PRICE RISK: Medium Mon--10:00 GMT-- EZ- final November HICP. flash data are rarely changed.

  • POTENTIAL PRICE RISK: HIGH- Medium Tue --09:00 GMT-- DE- IFO Survey. Key report but usually not a market-mover
  • POTENTIAL PRICE RISK: HIGH- Medium- Tue --13:30 GMT-- US- Housing Starts and Permits. Leading indicators of activity

  • POTENTIAL PRICE RISK: HIGH-Medium- Wed --15:00-- US- Existing Homes Sales. Top Housing statistic
  • POTENTIAL PRICE RISK: Medium- Wed --15:30-- US- EIA Crude

John M. Bland, MBA
co-founding Partner, EXCLUSIVE: Global-View Daily Trading Chart Points Updated

EXCLUSIVE: Global-View Free Forex Database updated


Trader's Advocate Articles..


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

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 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 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.



Copyright ©1996-2014 Global-View. All Rights Reserved.
Hosting and Development by Blue 105