Forex Market Commentary and Analysis (28 May 2010)
The euro depreciated vis-√†-vis the U.S. dollar today as the single currency tested offers around the US$ 1.2275
level and was capped around the $1.2450 level. Liquidity was reduced today as some U.S.
trading desks emptied early on account of the holiday weekend in the U.S.Data released in the U.S. today saw April
personal income move higher to 0.4% while April personal spending fell to
0.0%.Also, the April PCE deflator was
up 2.0% y/y while PCE core readings came in at 0.1% m/m and 1.2% y/y.Other data saw the Macy Chicago Purchasing
Managers Index decline to 59.7 from the prior reading of 63.8.Finally, the final May University of Michigan
consumer sentiment indicator ticked higher to 73.6 from the prior 73.3
level.The Federal Reserve will offer
US$ 1 billion of 14-day deposits in an auction scheduled for 14 June, a tool
the Fed will attempt to use to tighten credit by mopping up excess liquidity
from the banking system.Some traders
expressed optimism after it was reported consumer delinquency rates are
declining at U.S. banks and retailers.In European news, sentiment continued
to weaken in the eurozone after ratings agency Fitch downgraded Spain‚Äôs credit
rating to AA+ from AAA.Spain had held
Fitch‚Äôs top rating since 2003 and Standard & Poor‚Äôs reduced its rating of
Spain to AA on 28 April.Earlier this
week, a Spanish regional savings bank failed and four others applied for
regulatory permission to tie-up.European Central Bank member Weber said a bank tax would be an ‚Äúinferior
instrument.‚ÄĚ ECB member Bini Smaghi said the European Union will do ‚Äúall that
is needed‚ÄĚ to defend the European Union and said there are ‚Äúno alternatives‚ÄĚ to
fiscal consolidation.German data saw
the April import price index up 2.0% m/m and 7.9% y/y.Also, French April total jobseekers increased
to 2.677 million.Euro offers are
cited around the US$ 1.2620 level.
The yen appreciated vis-√†-vis the U.S. dollar today as the
greenback tested bids around the ¬•90.60 level and was capped around
the ¬•91.40 level. Bank of Japan earned a
profit for the first time in three years in fiscal year 2009, with income
coming in at ¬•367.1 billion.Finance minister
Kan reported he will try to stimulate employment that is ‚Äúcrucial‚ÄĚ to
overcoming price declines.Data released
in Japan overnight saw April household spending off 0.7% y/y while the April
jobless rate ticked higher to 5.1%.April retail trade was up 0.5% m/m and 4.9% y/y while May Tokyo-area
consumer price inflation was off 1.4% y/y with the ex-food and energy component
off 1.4% y/y.Also, April national
consumer price inflation was off 1.2% y/y with the ex-food and energy measure
off 1.6% y/y.Collectively, these data
evidence a Japanese economy that is weakening and a national consumer price
index that is becoming more deflationary.BoJ will continue to be pressured by the government to ease policy
further.The Nikkei 225 stock index climbed
1.28% to close at ¬•9,762.98.U.S. dollar
offers are cited around the ¬•96.85 level.The euro moved lower vis-√†-vis
the yen as the single currency tested bids around the ¬•111.35 level and was capped
around the ¬•113.65 level.The British pound moved lower vis-√†-vis
the yen as sterling tested bids around the ¬•130.85 level while the Swiss franc moved lower vis-√†-vis
the yen and tested bids around the ¬•78.20 level. In Chinese news, the U.S. dollar appreciated vis-√†-vis the Chinese
yuan as the greenback closed at CNY 6.8315 in the over-the-counter market, up
from CNY 6.8312. People‚Äôs Bank of China
said China should develop more products denominated in gold to help
internationalize the yuan.The State
Administration of Foreign Exchange this week reported Europe will remain a
major investment market for China, countering speculation China would reduce
its euro-denominated holdings.People‚Äôs
Bank of China this week increased interest rates on three-month bills for a
second consecutive auction, the latest evidence the central bank is absorbing
excess liquidity at higher interest rates.
pound depreciated vis-√†-vis the U.S. dollar today as cable tested bids around
the US$ 1.4435 level and was capped around the $1.4610 level. Data to be released on Sunday evening include
the May Hometrack housing survey. Bank of England Monetary Policy Committee
member Posen called for ratings agencies to have less influence and said U.K.
economic growth prospects are weak now.Bank
of England will expand its long-term funding mechanism next month and will
incorporate a two-tier auction system that accepts a wider array of collateral
to address stresses in the financial system. Chancellor of the Exchequer Osborne this week reported
the new Cameron government hopes to decrease fiscal spending by at least ¬£6
billion in what would be an abrupt shift from the policies of former Prime
Minister Brown.Cable bids are cited
around the US$ 1.4110 level.The euro appreciated vis-√†-vis the
British pound as the single currency tested offers around the ¬£0.8545 level and
was supported around the ¬£0.8445 level.
franc depreciated vis-√†-vis the U.S. dollar today as the greenback tested offers
around the CHF 1.1595 level and was supported around the CHF 1.1480 level.Data released in Switzerland today saw the
April trade balance increase to CHF 2.02 billion from the revised prior reading
of CHF 1.69 billion while the May KOF Swiss leading indicator improved to 2.16
from the prior reading of 2.05.Swiss
National Bank member Leuthard said Switzerland wants a stable euro.U.S. dollar bids are cited around the US$
1.1110 level.The euro gained ground vis-√†-vis the Swiss franc as the single
currency tested offers around the CHF 1.4305 level while the British pound lost ground vis-√†-vis the Swiss franc and tested bids
around the CHF 1.6685 level.
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 19 Feb 2018
00:00 CN, US- Holiday Tue 20 Feb 2018
00:00 CN- Holiday A 10:00 US- ZEW Survey Wed 21 Feb 2018
00:00 CN- Holiday A All Day flash PMIs A 15:00 US- Existing Homes Sales A 15:30 US- EIA Crude AA 19:00 US- Fed Meeting Minutes Thu 22 Feb 2018 A 09:00 DE- IFO Survey A 09:30 GB- GDP AA 13:30 CA- Retail Sales A 13:30 US- Weekly Jobless Fri 23 Feb 2018 A 10:00 EZ- Final HICP AA 13:30 CA- CPI
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.