The U.S. Dollar traded mixed overnight but shortly before
the New York
opening, there are signs it may open lower. Most of the overnight pressure is
coming from the strengthening British Pound.
The Euro is trading slightly better ahead of the New York session
following an overnight session which saw this pair test 1.3555. This break
stopped short of a 50% retracement level at 1.3542 and filling the gap from
Sunday night with a test of 1.3498.
Trading has been tentative in the Euro since the EU approved
a measure to bailout Greece
with short-term loan package. The initial reaction on the opening Sunday was a
gap-higher opening, but the market has sold off since that unusually strong
opening. Aggressive traders took advantage of the higher opening by shorting
the spike up and rode the market down as traders remained cautious ahead of
last night Greek T-Bill auction.
Investors were watching this auction carefully to see how
would have to pay to fund its government over the near-term. The concern was
that the cost to finance its current budget would force it to tap the $61
billion loan package from the European Union. The results of the auction were
better than expected. There was a very strong bid-to-cover but Greece had to
pay for this demand. Six-month T-Bills settled at 4.55%. Fifty-Two week T-Bills
finished at 4.85%. To put it in perspective, during last weekâ€™s turmoil, Greece would
have had to pay 6 to 7%. Overall, one would have to say, it was a good auction.
The result of the auction does not mean the crisis is over. Based
on the overnight trade, market participants are still very nervous. The high
cost of the debt also indicates that Greece will have to borrow
additional funds to stabilize its financing. There is evidence that hedge funds
were aggressive sellers overnight. Overall, the trade has been very tight with
a slight bias to the downside. Many traders are still maintaining a â€śsell the
rallyâ€ť mentality with the objective of filling the gap left by Sunday nightâ€™s
strong opening. How much the Euro weakens will be determined by the amount it
has to borrow from its European partners.
The GBP USD is trading higher after a report showed that the
trade deficit beat expectations. The overnight report showed that the deficit
narrowed substantially in February following a disappointing report in January.
The number also reflects the positive impact the weak U.K. currency
has had on demand for British imports. Optimistic traders feel that the low
British Pound has finally paid off by increasing the competitiveness of U.K. exports.
Although the British Pound is trading higher, gains could be
limited because of concerns over the upcoming May election. Traders are waiting
for the competing parties to offer succinct plan as to how the winning party
will begin to shore up the budget deficit.
The mixed Euro is helping to hold the USD CHF in a tight
range between a pair of retracement levels at 1.0610 and 1.0568. This pair is
waiting for the Euro to make its move. A stronger Euro will put pressure on the
Dollar. A weaker Euro will help the Dollar appreciate.
The USD JPY saw a slight rise early in trading session after
reports surfaced of a clash between the Japanese government and the Bank of
Japan. The main sticking point between the two factions is monetary policy and
the fight over how to avoid deflation. The lower equity markets helped turn
this pair around and expectations are for the Japanese Yen to open a little
better this morning.
The USD CAD is trading lower because of a drop in gold and
crude oil prices. This news is putting short-term pressure on the Canadian
Dollar. There is evidence in the Canadian financial markets that traders are
increasing bets that the Bank of Canada will raise interest rates on June 1.
Traders are now pricing in a 50% probability of a rate hike sooner than the
previous estimate of July 1. Traders are citing the hot economy as the main
reason for the change in the estimate.
Today, investors are looking for the Canadian trade data to
show an increase for the third consecutive month although the market will be
most sensitive to the movement in gold, crude oil and equity prices.
The AUD USD is trading lower and still feeling the pressure
from Mondayâ€™s drop in home loan approvals. This report indicates that the
housing market may face issues in the upcoming months. Mondayâ€™s closing price
reversal top was confirmed overnight. The charts are now indicating the strong
possibility of a correction to .9194 over the near-term.
On Monday, the NZD USD fell in sympathy with the Australian
Dollar, but today the New Zealand Dollar is trading better as traders feel that
the break was overdone. Currently this market is in an uptrend but finding a
balance on a 50% price level at .7124. This price will dictate the marketâ€™s
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.
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.