Forex Market Commentary and Analysis (14 June 2010)
The euro appreciated vis-√†-vis the U.S. dollar today as the single currency tested offers around the US$ 1.2295
level and was supported around the $1.2115 level.The common currency shook off news that Greece‚Äôs
credit rating was reduced four notches by Moody‚Äôs from A3 to Ba1, essentially
reducing the country‚Äôs debt to ‚Äújunk‚ÄĚ status.Many dealers believe Greece could default on its debt, possibly as early
as later this year.French President
Sarkozy indicated his country will announce pension reform details on 16 June
while German Chancellor Merkel called on European countries to enact structural
reform and said Europe must reduce debt.The common currency also shook off rumours that that Spain is seeking financial
aid from the European Union, a story the European Central Bank dismissed. Group of Seven officials are scheduled to
participate in a conference call later today.The ECB is expected to maintain its accommodative monetary policy for
several months, if not longer.ECB
member Nowotny reported euro volatility is ‚Äúcompletely unproblematic.‚ÄĚData released today EMU-16 April industrial
production up 0.8% m/m and 9.5% y/y.In U.S. news, the San Francisco Federal
Reserve Bank said the Fed will likely take ‚Äúsignificant‚ÄĚ time to tighten monetary
policy.In contrast, St. Louis Fed
President Bullard reported ‚ÄúUnless events in Europe turn out to be much worse,
I think that in the near term, the U.S. is probably a beneficiary of the crisis
in Europe‚Ä¶I don‚Äôt think it should push back (the Fed‚Äôs starting date to begin
tightening).‚ÄĚData to be released in the
U.S. tomorrow include the May import price index, June Empire manufacturing
index, June NAHB housing market index, and April total net TICS flows.Euro offers are cited around the US$
The yen depreciated vis-√†-vis the U.S. dollar today as the
greenback tested offers around the ¬•92.10 level and was supported around
the ¬•91.60 level. The pair moved higher as global risk appetite increased despite
elevated sovereign credit risks.OECD
called on Bank of Japan to establish a high inflation target to help lift Japan
out of deflation.Vice finance minister
Ikeda today said he will support measures to reduce deflation but it remains to
be seen if he will temper some of his hawkish recent comments.The central bank‚Äôs two-day Policy Board
meeting began today and the central bank is expected to keep its overnight call
rate target unchanged at 0.10%.Also, the
central bank is expected to announce details about encouraging banks to
increasing lending in certain sectors.Data
released in Japan overnight saw the Q2 BSI large all-industry index improve to
4.0 from the prior reading of -2.4 while the large manufacturing index improved
to 10.0 from the prior reading of 4.3.April
industrial production will be released overnight.The Nikkei 225 stock index climbed 1.80% to
close at ¬•9,879.85.The euro moved higher vis-√†-vis the yen as the single currency
tested offers around the ¬•112.85 level and was supported around the ¬•111.05
level.The British pound moved higher vis-√†-vis the yen as sterling tested
offers around the ¬•135.85 level while the
Swiss franc moved higher vis-√†-vis the yen and tested offers around the ¬•81.00
figure. In Chinese news, the U.S.
dollar appreciated vis-√†-vis the Chinese yuan as the greenback closed at CNY
6.8333 in the over-the-counter market, up from CNY 6.8330. Data released in China last week saw the May
producer price index up 7.1% y/y while May CPI was up a stronger-than-expected
3.1% y/y.Also, May retail sales were up
18.7% y/y, May industrial production was up 16.5% y/y, and May money supply
decreased year-over-year.It was also
reported last week that May new yuan loans fell to CNY 639.4 billion from the
previous reading of CNY 774.0 billion.
British pound appreciated vis-√†-vis the U.S. dollar today as cable tested offers
around the US$ 1.4805 level and was supported around the $1.4550 level. Bank of England Monetary Policy Committee
member Posen defended the central bank‚Äôs independence, saying its asset
purchase program does not damage the central bank‚Äôs independence.Former MPC member Goodhart said the central
bank may restarts its bond purchase program this year.Former BoE Deputy Governor Gieve said U.K.
public finances have improved ‚Äúrapidly.‚ÄĚBoE MPC member Dale warned ‚ÄúThe financial crisis has entered a new phase
over the past three months.The effects
of the crisis are likely to persist for some time.‚ÄĚData
to be released in the U.K. tonight include the May RICS house price balance
followed by May consumer price inflation tomorrow, April DCLG U.K. house
prices, and May Nationwide consumer confidence.Cable bids are cited around the US$ 1.4220 level.The
euro depreciated vis-√†-vis the British pound as the single currency tested bids
around the ¬£0.8295 level and was capped around the ¬£0.8360 level.
franc appreciated vis-√†-vis the U.S. dollar today as the greenback tested bids
around the CHF 1.1350 level and was capped around the CHF 1.1490 level. Data released in Switzerland today saw May
producer and import prices climb 0.3% m/m and 1.4% y/y,
Bank President Hildebrand last week reported Swiss banks should be allowed to
go bankrupt.U.S. dollar bids are cited
around the US$ 1.1310 level.The euro gained ground vis-√†-vis the
Swiss franc as the single currency tested offers around the CHF 1.3985 level
while the British pound gained ground
vis-√†-vis the Swiss franc and tested offers around the CHF 1.6835 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.
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.