Forex Market Commentary and Analysis (5 April 2010)
The euro depreciated vis-Ă -vis the U.S. dollar today as the single currency tested bids around the US$ 1.3485
level and was capped around the $1.3590 level.The common currency came off despite light liquidity on account of the
Easter Monday holiday and Bank holiday in some trading jurisdictions.Traders will pay close attention to a few key
events this week.First, former Federal
Reserve Chairman and former U.S. Treasury Secretary Rubin will testify in
Congress this week about the economic crisis.Greenspan was on the tape yesterday saying the U.S. economic recovery
has a â€śway to goâ€ť and said the build-up in inventories will expand.Second, traders will pay close attention to
the Fedâ€™s meeting today in which policymakers will be discussing requests from
Fed district banks to increase the discount rate.The Fed has raised the discount rate a couple
of times over the past months and while another increase would not likely have
a significant impact on liquidity, it would again signal the Fed is determined
to normalize monetary policy without having to raise the headline federal funds
target rate.Third, Fed officials
including Chairman Bernanke, Kocherlakota, Dudley, and Hoenig will speak this
week and will offer some of their latest views concerning policy.Fourth, major central banks will be releasing
their interest rate decisions this week including Bank of Japan, the European
Central Bank, Bank of England, and the Reserve Bank of Australia.The central banksâ€™ decisions are an
interesting study of the varied points the central banks are at in their
interest rate cycles with RBA clearly the most hawkish and BoJ the most
dovish.Fifth, traders will closely
monitor economic data to see if the decent gains reported on Friday regarding
U.S. March non-farm payrolls are sustainable and evidence traction in the
beleaguered labour market.Data released
in the U.S. today saw the March ISM non-manufacturing index print at 55.4, up
from the prior reading of 53.0, while February pending home sales were up 8.2%
m/m and 17.3% y/y.Minutes from the
Federal Open Market Committee will be released tomorrow.In
eurozone news, the European Central Bank is expected to keep monetary
policy largely unchanged on Thursday.ECB
officials may note the recent increase in inflationary pressures in the
eurozone but will be unable to tighten policy at this time on account Greeceâ€™s
ongoing fiscal problems and similar issues in Portgual, Spain, Italy, and
elsewhere.Euro bids are cited
around the US$ 1.3335 level.
The yen depreciated vis-Ă -vis the U.S. dollar today as the
greenback tested offers around the ÂĄ94.70 level and was supported around the ÂĄ93.65
level. The yen traded at its highest
level since 24 August 2009 before coming off today and the pair has gained more
than ÂĄ6 in about a month.Bank of Japanâ€™s
Policy Board convenes this week and it is expected to release its policy
decision early Wednesday.The central
bank may elect to expand its expansionary policies to further combat deflationary
pressures that remain severe.Alternatively,
BoJâ€™s 30 April Policy Board meeting will include its semi-annual economic
projections and could be the meeting when Policy Board members adjust policy
further following last monthâ€™s additional easing steps.Data to be released in Japan overnight
include the February leading and coincident indices followed by March official
reserve assets on Wednesday.As
expected, last weekâ€™s Bank of Japanâ€™s Q1 Tankan survey of corporate sentiment
improved q/q with the large manufacturersâ€™ index up to -14 from -24 in Q4 and
the non-manufacturerâ€™s index higher at -14 from -22. Also, the large manufacturersâ€™ outlook improved
to -8 from -21 in Q4 and Q1 all-industry capital expenditures improved to -0.4%
from -10.8%.The Nikkei 225 stock index climbed 0.47% to
close at ÂĄ11,339.30.U.S. dollar offers
are cited around the ÂĄ96.85 level.The euro moved lower vis-Ă -vis the yen
as the single currency tested bids around the ÂĄ127.10 level and was capped around
the ÂĄ127.90 level.The British pound moved higher vis-Ă -vis the yen as sterling tested
offers around the ÂĄ144.85 level while the
Swiss franc moved lower vis-Ă -vis the yen and tested bids around the ÂĄ88.70
level. In Chinese news, the U.S.
dollar was unchanged vis-Ă -vis the Chinese yuan as the greenback closed at CNY
6.8257 in the over-the-counter market. The big news involving China is that the
Obama administration is delaying the release of a report due 15 April that
could have potentially labeled China a currency manipulator.The move to delay the release of the report
could signal negotiations are ongoing between the two countries or could signal
China may let the yuan appreciate further in the coming days.Chinese leadership will visit Washington,
D.C. on 12-13 April.Data to be released
in China this week include the Q1 Entrepreneur Climate Index on Wednesday.
British pound appreciated vis-Ă -vis the U.S. dollar today as cable tested offers
around the US$ 1.3535 level and was supported around the $1.3460 level. Liquidity was light on account of the Bank
holiday in the U.K. and will return to normal overnight and tomorrow.Traders do not expect any major announcements
out of Bank of England when its Monetary Policy Committeeâ€™s interest rate
decision is announced on Thursday.The
central bank is unlikely to modify policy significantly before the U.K. General
Election in keeping with tradition.Many
political pundits continue to speculate an election may be held on 6 May. The
ongoing consensus is that the David Cameron and his Tory party will likely
unseat Prime Minister Brown and his Labour party but Parliament may be hung if
the Tories cannot form a majority government.Many data will be released tomorrow including Q4 BoE housing equity
withdrawal, March PMI construction, and March Nationwide consumer confidence.March Halifax house prices will also be
released early this week.Cable bids are
cited around the US$ 1.4455 level.The euro moved lower vis-Ă -vis the
British pound as the single currency tested bids around the ÂŁ0.8820 level and
was capped around the ÂŁ0.8860 level.
franc depreciated vis-Ă -vis the U.S. dollar today as the greenback tested offers
around the CHF 1.0645 level and was supported around the CHF 1.0585 level. Swiss National Bank is said to have intervened
in the market last week by selling Swiss francs in what is estimated to have
been a massive operation.Swiss
monetary, financial, and government officials have been warning that they will
not tolerate a further increase in the franc in recent weeks but many traders
speculated the central bank would not intervene to weaken the franc on account
of growth in the Swiss economy.While
forecasts for economic growth and inflation have both been upwardly revised in
recent weeks, SNBâ€™s latest probable intervention underscores their commitment
to preserving an export-driven recovery.March CPI data will be released tomorrow followed by February retail
sales on Wednesday and the March unemployment rate on Thursday. The euro moved lower vis-Ă -vis the
Swiss franc as the single currency tested bids around the CHF 1.4315 level
while the British pound moved higher
vis-Ă -vis the Swiss franc and tested offers around the CHF 1.6240 level.
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.