User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Tuesday June 1, 2010 - 20:26:57 GMT
Reuters -

Share This Story:
| | Email

FOREX NEWS - Euro slides to four-year low versus dollar


4:14pm EDT

* Contagion fears to banking system still weigh on euro

* U.S. ISM for May, construction spending for April rise

* Bank of Canada raises benchmark interest rates

* RBA keeps benchmark interest rate steady

NEW YORK, June 1 (Reuters) - The euro fell to a fresh four-year low against the dollar on Tuesday, on signs the euro zone's debt crisis is spreading to its banking system.

The European Central Bank warned on Monday that euro zone banks face up to 195 billion euros in a "second wave" of potential loan losses over the next 18 months due to the financial crisis. The ECB said it had increased purchases of euro zone government bonds. For details, see [ID:nLAG006303]

Stronger-than-expected U.S. manufacturing and construction spending data momentarily boosted stocks and encouraged some investors to briefly leave the perceived safety of the U.S. dollar and the yen, though the positive sentiment waned as the global session wound down in New York.

"The ECB warning on Monday set the stage for euro selling," said Matthew Strauss, senior currency strategist at RBC Capital Markets in Toronto. "Markets remain jittery and overall risk sentiment is bearish.

In late afternoon New York trading, the euro was down 0.5 percent against the dollar EUR= at $1.2240 after dropping earlier to a four-year low of $1.2112, according to Reuters data. It fell to $1.2110 on electronic trading platform EBS.

The single currency rose as high as $1.2353 as U.S. stocks advanced in the aftermath of reports showing the manufacturing sector expanded in May for a 10th straight month and April construction spending recorded the largest monthly increase in nearly 10 years. [ID:nN01112488].

The focus will now shift to reports on the U.S labor markets due later this week, and euro selling pressure is likely to continue, analysts said.


The euro closed Monday with its sixth consecutive monthly decline against the dollar, the single currency's longest losing sequence since shortly after its inception in 1999. The euro fell over 7 percent against the dollar in May.

Growth concerns were heightened as a survey showed that euro zone manufacturing activity expanded in May at a considerably more sluggish pace than April's 46-month high.[ID:nSLAVGE65K]

"The data just confirmed some of the structural problems Europe is facing," said Strauss at RBC.

Traders said euro/dollar stop-losses were triggered under the previous low at $1.2143, while technical analysts highlighted a break below key support at $1.2135, the 50 percent retracement of the 2000-2008 rally. A daily close below $1.2135 was key for further downside potential, they said.

Talk of a double no-touch option with perimeters at $1.2100 and $1.2500 may also keep the euro range bound against the dollar. The option supposedly expires at the end of the week and the holder may buy and sell to ensure it pays out.

Against the yen, the euro swung between gains and losses but last traded 0.71 percent lower at 111.45 yen EURJPY= after trading as low as 109.77 yen. The dollar was down 0.2 percent against the yen at 91.04 yenJPY=.

Meanwhile, Canada became the first of the Group of 7 major industrialized countries to hike interest rates following the global financial crisis, raising its key rate on Tuesday by a quarter point to 0.50 percent. [ID:nBCL1HE60I]

Still, the Canadian dollar was lower against its U.S counterpart, with the U.S. dollar rising 0.9 percent to C$1.0538 CAD=.

The rate increase had been expected in financial markets, and the Bank of Canada gave no indication it would follow with more hikes.

"The international environment could significantly interfere with future BoC tightening, but under a negative risk scenario the major G4 central banks will not be able to retreat from unorthodox monetary accommodation methods," Alan Ruskin, chief currency strategist at RBS Global Banking and Markets, said in a note to clients.

"In that light, Bank of Canada should look relatively tight (compared with other G4 central banks) whatever the scenario," Ruskin said.

The Australian dollar was down 1.6 percent at US$0.8333 after the Reserve Bank of Australia left Australia's benchmark rate unchanged at 4.5 percent as expected. [ID:nSGE650052] (Reporting by Nick Olivari and Vivianne Rodrigues; Additional reporting by Wanfeng Zhou; Editing by Leslie Adler)

© Thomson Reuters 2010. All rights reserved. Users may download and print extracts of content from this website for their own personal and non-commercial use only. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters and its logo are registered trademarks or trademarks of the Thomson Reuters group of companies around the world.

Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.




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."

Actionable trading levels delivered to YOUR charts in real-time.

Register To Test Your Amazing Trader

GVI Trading. Potential Price Risk Scale
AA: Major, A: High, B: Medium

Mon 10 Sep 2018
AA 08:30 GB- GDP, Trade, Output
Tue 11 Sep 2018
AA 08:30 GB- Employment Decision
A 09:00 DE- ZEW Survey
Wed 12 Sep 2018
A 12:30 US- PPI
A 14:30 US- EIA Crude
A 18:00 US- Beige Book
Thu 13 Sep 2018
A 1:30 AU- Employment
AA 11:00 GB- Bank of England Decision
AA 11:45 EZ- European Central Bank Decision
A 12:30 US- Weekly Jobless
AA 12:30 US- CPI
Fri 14 Sep 2018
A 08:30 GB- GDP
AA 12:30 US- Retail Sales
A 13:15 US- Industrial Production
AA 14:00 US- prelim University of Michigan

John M. Bland, MBA
co-founding Partner,

Global-View Affiliate Program

We are starting an affiliate program to market some of our products.

Send me an email if you would be interested or if you know someone who would like to be an affiliate. Generous commissions payout for those accepted.

Put the word "affiliate" in the email subject line.

Contact us

Start trading with forex broker Markets Cube

Max McKegg's Daily Forex Trading Forecasts

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.

Request a TRIAL of Max's Forex Service.


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

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 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 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.



By using this website, you are agreeing to our Privacy Policy and Terms of Use, and Cookie Policy

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