10:00 GMT- July 6 (global-view.com) Markets are coming back to life following the U.S. Independence Day holiday on Monday (July 5).The focus of Forex Trading this week should be on central bank meetings in Europe, namely the Bank of England (BOE) and European Central Bank (ECB) meetings on Thursday. In both cases, no changes in monetary policy are widely expected. Dealers will be looking for any hints about future policy from the ECB, The BOE decision details come out in about two weeks time with their meeting minutes. Other that the ISM PMI data today and weekly jobless on Thursday, not much major U.S. data are due over the week.
The Resave Bank of Australia kept policy on hold overnight as expected but tied its next policy decision to the quarterly inflation report due in a couple of weeks. Many are guessing that an August rate hike is possible. The AUD has rallied on the news. Data from the Japanese Ministry of Finance indicated that China had significantly stepped up its buying of JGBs this year. A Chinese foreign ministry spokesman only indicated in a press conference today that China continues to diversify its foreign currency assets.
The EURUSD is higher on the day and the GBPUSD is higher. EURGBP is up. Traders are maintaining a close watch on the European sovereign debt situation.
In the GBP, the U.K. new government is weak. A second election may not be far away. Our bias for the EURUSD and GBPUSD remains negative.
The EURCHF is steady. SNB intervention tactics are confusing. Periodically, the SNB has taken a strong stand in supporting the EUR against the CHF. Flows out of the EUR into the CHF remain an issue for the SNB. The EURCHF made a new record low on Tuesday.
The USDJPY is higher and the EURJPY cross is up. While Japanese public finances are a mess, analysts point out that most JGBs are owned by Japanese, so Japan is not dependent on foreign investment. The government has been pressed the BOJ to promote growth and favors a lower exchange rate.
Some traders focus intently on the Japan vs. U.S. 2-yr note spread (only the U.S. 2-yr moves much).
The risk trade continues to be turned on and off almost on a daily basis. As for the commodity currencies (CAD, AUD and NZD), they are up. The Bank of Canada recently raised interest rates by 25bps but the BOC sent dovish signals afterwards. A strong CAD eases the pressure on the Bank of Canada to tighten. In Australia, RBA may be preparing for an August tightening. The RBNZ is also currently in a tightening mode. Oil and gold are up. Gold is still favored as as refuge from paper money. We have favored AUD, CAD, gold and oil recently, but doubts are creeping in as deflationary pressures mount.
Equities and Bonds are also risk trades. Far East equities closed higher. European bourses are up. U.S. equities are higher. The U.S. 10-yr was last 2.96%, -1 bps.
Bonds are a counter to risk trades because risk investments must be financed. When the cost of money moves up (higher interest rates), the return and allure of risk trades such as equities falls.
UPCOMING DATA HIGHLIGHTS: In North America , the ISM service PMI is expected. The U.S. will hold a 10-yr TIPS auction.
See ECONOMIC CALENDAR for a complete list of future forex market events and consensus data estimates. Go to the forex forum for up-to-date market developments and technical trading ideas.
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."
Actionable trading levels delivered to YOUR charts in real-time.
Mon 21 May 2018 AA EZ/CH/CA- Holiday Wed 23 May 2018 AFlash PMIs AA 08:30 GB- CPI A 14:30 US- EIA Crude Thu 24 May 2018 AA 08:30 GB- Retail Sales A 12:30 US- Weekly Jobless A 14:00 US- Existing Homes Sales Fri 25 May 2018 AA 08:30 GB- GDP A 12:30 US- Durable Goods A 14:00 US- Final University of Michigan
John M. Bland, MBA co-founding Partner, Global-View.com
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.
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.