User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Thursday May 20, 2010 - 22:13:34 GMT
GCI Financial - www.gcitrading.com

Share This Story:
| | Email

Forex Market Commentary and Analysis (20 May 2010)

The euro appreciated vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.2595 level and was supported around the $1.2295 level.  The common currency escalated sharply during the North American session on market rumours the European Central Bank was intervening.  The rumour precipitated an acute move, propelling the common currency higher by more than 150 pips in short order.  There was no official indication as to whether or not the ECB was on the bid but the euro is so oversold that major short-covering can occur anytime rumours like this emerge.  There was also a rumour that the ECB held an emergency meeting to discuss the debt crisis in the eurozone and this also led to short-covering.  Most technicians believe the euro will test key long-term technical support levels around the US$ 1.2020 level and eventually absorb the psychologically-important US$ 1.2000 figure.  The pair also continues to spiral downward in reaction to Germany’s ban on naked short selling this week.  ECB President Trichet today reiterated the central bank’s policies do not represent quantitative easing and said the ECB is “inflexibly attached to price stability, our primary mandate.” Data released in the eurozone today saw EMU-16 May consumer condidence worsen to -18 from -15 and many data will be released tomorrow including PMI surveys and current account numbers.  German data released today saw April producer prices up 0.8% m/m and 0.6% y/y.  In U.S. news, data released today saw weekly initial jobless claims grow to 471,000 from last week’s revised 446,000 level and continuing jobless claims fell to 4.625 million.  Also, April leading indicators were off 0.1% and the May Philadelphia Fed index ticked higher to 21.4.  Fed Governor Tarullo warned the crisis in Europe may slow the global economic recovery and the U.S. economy.  The Fed’s balance sheet reached a record US$ 2.35 trillion on recent mortgage purchases.  A new financial regulatory bill is sailing through the U.S. Senate and the Fed may find its powers broadened.  Outgoing Fed Vice Chairman Kohn called for the U.S. of regulatory tools to prevent asset bubbles.  Euro bids are cited around the US$ 1.2140 level.

 

¥/ CNY

The yen appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the ¥88.95 level and was capped around the ¥91.85 level.  Traders expanded their long yen positions as global market sentiment crumbled further over European credit woes.  Dealers shook off news that Japan’s economy grew less-than-expected in the first quarter on weak consumption.  GDP expanded an annualized 4.9% and nominal GDP was up 1.2% q/q, the largest climb in a decade.  Finance minister Kan again called on Bank of Japan to support the economy further.  Consumer spending accounted for only about 17% of the quarterly growth rate, the latest indication that final private demand remains moribund.  The domestic demand deflator was off 1.9%, a moderation in price declines and the smallest decline in a year.  BoJ’s Policy Board will announce its interest rate decision overnight and is expected to keep its benchmark overnight call rate target unchanged at 0.10%.  The government will continue to pressure the central bank to do more to counter deflationary pressures. The central bank will likely announce plans to assist lenders in providing credit to certain segments of the Japanese economy.  Data released in Japan overnight saw Q1 housing loans were up 1.0% y/y.  The Nikkei 225 stock index lost 1.54% to close at ¥10,030.31.  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 ¥109.45 level and was capped around the ¥114.10 level.  The British pound moved lower vis-à-vis the yen as sterling tested bids around the ¥126.70 level while the Swiss franc moved lower vis-à-vis the yen and tested bids around the ¥77.05 level. In Chinese news, the U.S. dollar appreciated vis-à-vis the Chinese yuan as the greenback closed at CNY 6.8277 in the over-the-counter market, up from CNY 6.8275.  Market talk suggests the U.S. and China will deemphasize a revaluation of the yuan when officials meet soon.

£

The British pound depreciated vis-à-vis the U.S. dollar today as cable tested bids around the US$ 1.4230 level and was capped around the $1.4465 level.  Bank of England Monetary Policy Committee member Posen reported eurozone problems will reduce the U.K.’s consumer price inflation despite “upside risks to inflation.”  MPC member Tucker warned the sharp monetary easing may lead to exuberance.  Data released in the U.K. today saw April retail sales up 0.3% m/m and 1.8% y/y.  Cable bids are cited around the US$ 1.4110 level.  The euro appreciated vis-à-vis the British pound as the single currency tested offers around the £0.8715 level and was supported around the £0.8560 level.

CHF

The Swiss franc appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the CHF 1.1450 level and was capped around the CHF 1.1575 level.  The May ZEW survey’s expectations index tumbled to 40.5 from the prior reading of 53.4.  Swiss National Bank Vice Chairman Jordan reported the central bank is “decisively” averting an appreciation of the franc, leading to speculation the SNB’s actions prompted today’s massive short covering in the euro.  U.S. dollar bids are cited around the US$ 1.1110 level.  The euro gained ground vis-à-vis the Swiss franc as the single currency tested offers around the CHF 1.4455 level while the British pound lost ground vis-à-vis the Swiss franc and tested bids 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."



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 October 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:

Wed 18 Oct
12:30 US- Housing Starts & Permits
14:30 US- EIA Crude
Thu 19 Oct
01:30 AU- Employment
08:30 GB- Retail Sales
12:30 US- Weekly Jobless
Fri 20 Oct
12:30 CA- Retail Sales & CPI
14:00 US- Existing Homes Sales

Forex Trading Outlook


Trading Opportunities


  • POTENTIAL PRICE RISK: HIGH Tue-- 08:30 GMT GB- CPI top tier confirmation of Inflation.

  • POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT DE- ZEW Survey second most important German monthly Survey.

  • POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT EZ- final HICP revision to flash report. Revisions are usually minor.

  • POTENTIAL PRICE RISK: Medium Tue-- 13:15 GMT US- Industrial Production. Top output indicator.



  • POTENTIAL PRICE RISK: Medium Wed-- 12:30 GMT US- Housing Starts and Permits revision to flash report. Useful housing leading indicator.

  • POTENTIAL PRICE RISK: Medium Wed-- 14:30 GMT US- EIA Crude. Top WTI inventory measure.



  • POTENTIAL PRICE RISK: Medium Thu-- 01:30 GMT AU- Employment. Top economic indicator.


  • POTENTIAL PRICE RISK: Medium Thu-- 02:00 GMT CN- GDP. Top economic indicator.


  • POTENTIAL PRICE RISK: HIGH Thu-- 08:30 GMT GB- Retail Sales. Top consumption indicator.


  • POTENTIAL PRICE RISK: Medium Thu-- 12:30 GMT US- Weekly Jobless. Employment Indicator.



John M. Bland, MBA
co-founding Partner, Global-View.com

EXCLUSIVE: Global-View Daily Trading Chart Points Updated

EXCLUSIVE: Global-View Free Forex Database updated




TRADER ADVOCACY ARTICLES

Trader's Advocate Articles..

pic

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 Global-View.com.

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

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.

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