User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Wednesday April 7, 2010 - 20:44:13 GMT
GCI Financial -

Share This Story:
| | Email

Forex Market Commentary and Analysis (7 April 2010)

The euro depreciated vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.3325 level and was capped around the $1.3410 level.  There is growing talk that Greece will default on its debt and this was exacerbated by a market rumour today that Germany is withdrawing its support for financial assistance to Greece.  The yield on 10-year Greek bonds reached 407bps over benchmark German bunds today, the highest level since the euro’s introduction in 1999.  Continued pressure on Greek assets is also rendering it more difficult for other highly-indebted eurozone countries including Portugal and Spain to address their fiscal imbalances.  The common currency also came off on a report that the eurozone registered zero growth in the fourth quarter, a downgrade from the earlier report of 0.1% growth and down from the third quarter’s 0.3% growth rate.  On an annualized basis, Q4 growth was off 2.2% y/y from the previous reading of -2.1% y/y.  Other EMU-16 data released today saw March PMI services improve to 54.1 from the prior reading of 53.7 while the EMU-16 March PMI composite improved to 55.9 from the prior reading of 55.5.  Also, EMU-16 February producer price inflation printed at 0.1% m/m and -0.5% y/y.  February retail sales data will be released tomorrow.  The European Central Bank is expected to keep monetary policy unchanged tomorrow and for the foreseeable future given the sluggish economic recovery and ongoing problems with eurozone sovereign debt.  In U.S. news, data released today saw MBA mortgage applications decline 11.0% in the latest week while February consumer credit fell to –US$ 11.5 billion from the prior reading of +US$ 10.6 billion.  Data to be released tomorrow include weekly initial jobless claims, continuing jobless claims, and March ICSC chain store sales.  Former Federal Reserve Chairman Greenspan defended his tenure at the Fed in Congressional testimony today, adding enhanced regulation of financial institutions may have averted some of the credit crises over the past couple of years.  Additionally, Greenspan reported the securitization of sub-prime mortgages also contributed to the crises as global investors scrambed for yield.  Fed Chairman Bernanke today reported the U.S. is “far from out of the woods,” citing a “troubled” commercal real estate sector and “very weak” hiring.  Bernanke did not today reiterate that rates will remain low for an “extended period” but noted “stimulative” rates will aid growth.  Euro bids are cited around the US$ 1.3175 level.

¥/ CNY

The yen appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the ¥93.40 level and was capped around the ¥94.25 level.  As expected, Bank of Japan voted to keep interest rates unchanged overnight with its main unsecured overnight call rate unchanged at 0.1%.  BoJ Governor Shirakawa reported “We have confirmed that the economy is currently picking up steadily and on top of that, we are seeing some signs of future progress.”  Government pressure on the central bank to ease policy further will likely continue and some BoJ-watchers expect the central bank will loosen policy further again before the end of the quarter.  The central bank last month doubled a lending program to ¥20 trillion.  Some dealers believe the BoJ will increase its growth forecasts later this month on account of the recent improvement in the export sector.  Data to be released in Japan tonight include the February current account total, February trade balance, and February machine orders.  The Nikkei 225 stock index climbed 0.09% to close at ¥11,292.83.  U.S. dollar offers are cited around the ¥96.85 level.  The euro moved lower vis-à-vis the yen as the single currency tested bids around the ¥124.60 level and was capped around the ¥126.15 level.  The British pound moved lower vis-à-vis the yen as sterling tested bids around the ¥141.75 level while the Swiss franc moved lower vis-à-vis the yen and tested bids around the ¥87.00 figure. In Chinese news, the U.S. dollar depreciated vis-à-vis the Chinese yuan as the greenback closed at CNY 6.8255 in the over-the-counter market, down from CNY 6.8257.  People’s Bank of China announced it will sell three-year bills tomorrow for the first time since June 2008 to drain cash from the economy.  PBoC-watchers believe this tightening step will precede eventual increases in benchmark rates and will probably coincide with increases in the yuan’s value.  China overnight reported the U.S. and China agree to “respect each other’s core concerns and major values” and added China wants positive ties with the U.S.  The big news involving China continues to be 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.  It was reported today that China’s net foreign debt totaled US$ 428.6 billion at the end of 2009, up 14% y/y.  Chinese and U.S. officials will convene in Washington, D.C. next week and will discuss China’s exchange rate policy and other key issues.  People’s Bank of China adviser Li Daokui was on the tape overnight noting China may raise interest rates if the increase in inflation continues and pushes inflation above 3%. 



The British pound appreciated vis-à-vis the U.S. dollar today as cable tested offers around the US$ 1.5285 level and was supported around the $1.5135 level.  Data released in the U.K. today saw the March BRC shop price index decline to 1.2% m/m while the March PMI services index fell to 56.5 in March from 58.4 in February.  Bank of England is expected to keep interest rates unchanged tomorrow and to maintain its asset purchase program at £200 billion.  Cable continues to move lower as Prime Minister Brown called for a general election on 6 May and Parliament was dissolved.  The consensus is that the election could end in a hung Parliament even if challenger Cameron of the Tory party unseats the unpopular Brown.  Cable bids are cited around the US$ 1.4455 level.  The euro moved lower vis-à-vis the British pound as the single currency tested bids around the £0.8750 level and was capped around the £0.8820 level.


The Swiss franc depreciated vis-à-vis the U.S. dollar today as the greenback tested offers around the CHF 1.0745 level and was supported around the CHF 1.0680 level. Swiss National Bank is thought to have intervened again today by selling the franc but this will remain unconfirmed and is far from certain because while the pair appreciated quickly, it did not appreciate by more than 35 pips.  Still, the SNB may have sold francs for euro in smaller size today to remind the market that it will not tolerate a stronger franc.  Data released in Switzerland today saw February retail sales print weaker-than-expected at +3.1% y/y.  U.S. dollar offers are cited around the CHF 1.0920 level.  The euro moved higher vis-à-vis the Swiss franc as the single currency tested offers around the CHF 1.4355 level while the British pound moved higher vis-à-vis the Swiss franc and tested offers around the CHF 1.6380 level.


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."

Actionable trading levels delivered to YOUR charts in real-time.

Register To Test Your Amazing Trader

GVI Trading. Potential Price Risk Scale
AA: Major, A: High, B: Medium

Mon 10 Sep 2018
AA 08:30 GB- GDP, Trade, Output
Tue 11 Sep 2018
AA 08:30 GB- Employment Decision
A 09:00 DE- ZEW Survey
Wed 12 Sep 2018
A 12:30 US- PPI
A 14:30 US- EIA Crude
A 18:00 US- Beige Book
Thu 13 Sep 2018
A 1:30 AU- Employment
AA 11:00 GB- Bank of England Decision
AA 11:45 EZ- European Central Bank Decision
A 12:30 US- Weekly Jobless
AA 12:30 US- CPI
Fri 14 Sep 2018
A 08:30 GB- GDP
AA 12:30 US- Retail Sales
A 13:15 US- Industrial Production
AA 14:00 US- prelim University of Michigan

John M. Bland, MBA
co-founding Partner,

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.

Contact us

Start trading with forex broker Markets Cube

Max McKegg's Daily Forex Trading Forecasts

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.

Request a TRIAL of Max's Forex Service.


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.



By using this website, you are agreeing to our Privacy Policy and Terms of Use, and Cookie Policy

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