Commodity, Equity Markets Weaken Ahead of New York Opening
After surging to the upside following the news of a Greece bailout
package, gold, crude and equity markets have erased their gains and are now
trading lower. The initial reaction to the upside was because of increased
demand for higher yielding assets. Upon further review however, investors
decided to back off on the notion that the Euro is still facing exposure to Greeceâ€™s
The Euro gapped higher overnight and soared higher, but has
since backed off, leading traders to believe that the gap may be filled before
the Euro moves higher. Furthermore, traders are expressing their concerns that Greece may tap
the loan money sooner than expected.
June Treasury Bonds and Treasury Notes initially sold off
following the Greek bailout announcement but have since given back some of
their gains as equities and commodities weakened. The first move represented
relief that a bailout plan had been proposed. The short-covering is a sign that
there is still fear in the air.
The Euro gapped higher against the Dollar after European
nations unveiled their plan to bailout debt-ridden Greece. The surge in the June Euro
helped initially to drive up demand for higher yielding currencies while
putting pressure on the Japanese Yen.
The Greek rescue package of loans was pegged at as much as
40 billion Euros. The details of the plan reveal that this amount is expected
to be treated as a line of credit that Greece can tap as it deems
necessary. This plan includes the support of the International Monetary Fund
which makes it similar to the plan revealed last month.
After taking austere measures to shore up its finances, Greece
has been suffering through severe financial problems as the country tries to
adjust to a different way of conducting business. Recently it tried to tap the
capital markets for financing, but that proved to be a near-disaster as
interest rates soared, driving down bond prices while pushing up the cost of
servicing the debt.
Shorts covered on the opening, driving the Euro higher but
many traders agree that Greece
is not out of the woods yet which means another wave of selling pressure could
start as early as Tuesday. On April 13th, Greek will auction Treasury Bills. A
failure to trigger demand for these financial instruments could force Greece
to tap the funds available through the loan package. This action is likely to
push the Euros down once again as traders will see this as a sign that Greece
is going to be at the lending window often during this so-called recovery
Technically, the Euro turned the main trend higher on the
breakout over 1.3593. The Euro opened at 1.3628 then rallied to 1.3694. Since
reaching its peak, the Euro has been under pressure. Shortly before the New York session, it is
falling back into a retracement zone at 1.3608 to 1.3543. Traders could try to
establish support at the old main top at 1.3593 or try to fill the gap, all the
way down to 1.3506.
The lack of major economic reports today mean British Pound
traders will be focusing more on the developments in the Euro. Last night, the
June British Pound gapped slightly higher in reaction to the news of the Greece bailout
package. After penetrating a .618 level at 1.5416, this market has fallen back
below this level. The charts indicate that there may be a pull-back to 1.5297
The June Swiss Franc rallied overnight as the Euro soared.
The market is currently trading inside of a short-term range of .9590 to .9278.
Overnight the market stalled inside a retracement zone at .9471 to .9434.
Looking at the bigger picture, this market is trading inside of a major
triangle formation with .9774 the upside target and .9355 the downside support.
The Dollar is gaining on the Japanese Yen as Greeceâ€™s
bailout proposal has driven up demand for higher risk assets. The short-term
range is 1.0558 to 1.0777 with makes 1.0668 to 1.0642 the next potential downside
The June Canadian Dollar is trading lower despite higher
crude oil and gold.Late last week, this
pair stopped at 1.0022 and formed a closing price reversal top. Based on the
short-term range of .9705 to 1.0022, traders should look for a possible break
to .9864 to .9826. Fundamentally, Friday it was revealed that Canadian
employment fell short of the pre-report forecast. This encouraged weaker shorts
to lighten up their positions. Watch for this pair to weaken once .9925 is
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.
Mon 26 Feb 2018 A 15:00 US- New Homes Sales Tue 27 Feb 2018 A 08:55 DE- Jobless B 13:30 US- Durable Goods A 15:00 US- CB Consumer Confidence A 15:00 US- Pending Homes Sales AA 15:00 US- Powell House Testimony Wed 28 Feb 2018 A 10:00 EZ- flash HICP AA 13:30 US- GDP A 15:30 US- EIA Crude Thu 1 Mar 2018 A All Day final Mfg PMIs A 13:30 US- Weekly Jobless AA 13:30 US- Core PCE Deflator AA 15:00 US- Powell Senate Testimony A 15:30 US- EIA Crude Fri 2 Mar 2018 AA 15:00 US- final Univ of Mich
John M. Bland, MBA co-founding Partner, Global-View.com
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.