Renewed Euro Zone Issues, Korean Conflict Weaken Euro
The U.S. Dollar is trading higher as renewed Euro Zone
issues and a potential conflict between North and South Korea are driving investors
into the safety of the greenback.
The Dollar rose sharply higher overnight on renewed fears in
the Euro Zone and rising tensions between North
Korea and South
Korea. The buying spree started early when
Asian traders began liquidating equities on war concerns between the Korean
nations and quickly spread to Europe and the U.S. as these two regions continued
to struggle with the spreading debt issues in the Euro Zone.
Comments from the International Monetary Fund helped
accelerate the decline in European markets. On Monday, the IMF warned that Spain
must do more to accelerate the consolidation of its banking system and to
overhaul its labor laws and government pension systems. Despite remaining
upbeat about the soundness of Spainâ€™s
banking system, traders read this comment as a negative and began buying the
U.S. Dollar while seeking shelter in lower yielding currencies.
Technically the EUR USD failed to hold a minor retracement
zone at 1.2407 to 1.2345. This sets up a test of last weekâ€™s low at 1.2143.
Downside momentum indicates that the market may test this level today unless it
regains the retracement zone. A new main top has been formed at 1.2671 on the
daily chart. A drive through this level will turn the main trend to up.
The GBP USD is taking its cues from the Euro. The weakening
Euro is spreading fear to British Pound traders. Bearish traders believe that
the U.K. will face similar
problems as Greece and Spain if it
doesnâ€™t get its financial house in order. The overnight weakness indicates that
last weekâ€™s low at 1.4229 may be violated today. If this occurs, then 1.4527
will become the new main top.
Falling global equity markets are helping to drive up demand
for the Japanese Yen, putting downside pressure on the USD JPY. Traders are
liquidating higher risk assets while seeking shelter in lower yielding currencies.
Losses seem to be limited by the threat of a possible intervention by the
Japanese government. This currency pair could drop sharply if U.S. equity
markets take a plunge.
The uptrend in the USD CAD was reaffirmed overnight as the
market drove through the recent swing top at 1.0738. Liquidation of higher risk
assets is the major reason behind todayâ€™s strength. Risk adverse traders are
selling equities and crude oil, driving down the Canadian Dollar. Unless there
is a shift in this scenario, look for the rally to continue throughout the day.
Watch for new support to form at 1.0739.
Falling demand for higher risk assets is helping to drive
the AUD USD lower this morning. Downside momentum is building which could
pressure this market all the way back to the major 50% level at .7706.
The NZD USD is trading sharply lower overnight. Liquidation
of higher risk assets and the threat that the Euro Zone debt issues will derail
the economic recovery in New
Zealand are the main causes behind the
weakness. Downside momentum is building which could drive this market down to
the 50% level at .6263 over the intermediate term.
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.