User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Thursday August 26, 2010 - 21:51:25 GMT
GCI Financial - www.gcitrading.com

Share This Story:
| | Email

FX Market Commentary and Analysis (26 August 2010)

The euro appreciated vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.2765 level and was supported around the $1.2650 level.  Technically, today’s intraday high was right around the 38.2% retracement of the $1.3335 – 1.2580 range while today’s intraday low was right around the 23.6% retracement of the broader $1.5140 – 1.1880 range.  Traders were encouraged to add a little more risk today after U.S. weekly initial jobless claims came in lower-than-expected at +473,000, down from the upwardly-revised previous print of 504,000.  Continuing jobless claims fell to 4.456 million from the revised prior print of 4.518 million.  These claims data remain elevated, however, and will raise the emphasis on next Friday’s August non-farm payrolls report.  Early estimates are calling for August non-farm payrolls growth of 40,000 to 50,000 and an uptick in the August unemployment rate to 9.6%.  Kansas City Fed President Hoenig, who has continued to dissent with other Federal Open Market Committee officials on their interest rate calls to keep rates steady, opened the Jackson Hole symposium today and called for a broader array of opinions and debate and not “group think.” Traders will closely monitor remarks from Fed officials at the Jackson Hole symposium for any indications the Fed may be leaning toward expanding its purchase of assets in the secondary market to enhance liquidity and keep market rates capped.  In eurozone news, data released today saw EMU-16 July M3 money supply up 0.2% y/y while the German September GfK consume confidence survey ticked higher to 4.1.  Provisional German August CPI data will be released tomorrow.  It is being reported European lenders may face reverse stress tests in the eurozone to evaluate their solvency.  Euro offers are cited around the US$ 1.3240 level. 

¥/ CNY

The yen appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the ¥84.30 level and was capped around the ¥84.90 level.  Traders continued to engage in a cat-and-mouse game with Japanese monetary authorities, testing their resolve to conduct yen-selling intervention to prevent the yen from appreciating further.  The Japanese media has this week suggested Japanese officials may conduct unilateral yen-selling intervention absent international cooperation from U.S. or European officials.  Prime Minister Kan’s government increased pressure on Bank of Japan to stimulate the economy as the ruling Democratic Party of Japan called on the BoJ to “speedily take further steps” and “do everything it can” to counter deflation.  Kan is also facing a leadership challenge in elections next month from DPJ official Ozawa and this is another reason for the increased pressure.  There remains speculation the central bank will accelerate its Policy Board meeting scheduled for 6-7 September of account of the yen’s continued strength, struggling equity prices, persistent deflation, and weakening international economic activity.  Some traders believe the central bank and government will coordinate additional economic expansion.  Japanese government bonds gave back recent gains on speculation the BoJ could delay additional monetary easing.  Data to be released in Japan tonight include the July jobless rate, July household spending, August Tokyo-area consumer price inflation, and the July national consumer price index.  The Nikkei 225 stock index climbed 0.69% to close at ¥8,906.48.  U.S. dollar bids are cited around the ¥84.60 level.   The euro moved higher vis-à-vis the yen as the single currency tested offers around the ¥108.00 figure and was supported around the ¥107.00 figure.  The British pound moved higher vis-à-vis the yen as sterling tested offers around the ¥132.00 figure while the Swiss franc moved higher vis-à-vis the yen and tested offers around the ¥82.70 level. In Chinese news, the U.S. dollar appreciated vis-à-vis the Chinese yuan as the greenback closed at CNY 6.7996 in the over-the-counter market, up from CNY 6.7989.   Data to be released in China overnight include the August MNI business conditions survey.  Data released in China yesterday saw the July leading index decline to 102.10 from the prior reading of 102.84.  Sources indicate Chinese officials convened recently and it is “very unlikely” People’s Bank of China will raise interest rates this year.  PBoC adviser Xia Bin reported China will not relax its 2010 lending target of CNY 7.5 trillion.  Many economists are speculating Chinese inflation is higher than is actually being reported by the government.  It was reported recently that July CPI printed at 3.3% y/y, a 21-month high.  Many private forecasts suggest the rate of actual inflation in China may be 6% or higher.

£

The British pound appreciated vis-à-vis the U.S. dollar today as cable tested offers around the US$ 1.5595 level and was supported around the US$ 1.5455 level.  Data released in the U.K. today saw August CBI reported sales print stronger-than-expected at +35, up from the prior reading of +33.  Data to be released in the U.K. tomorrow include Q2 gross domestic product growth.  Bank of England Monetary Policy Committee member Weale this week warned the U.K. economy faces a “significant” risk of falling into a double-dip recession.  Mortgage lending has tumbled 18.5% in the U.K. over the past year yet inflation remains significantly elevated and may require official higher rates from the central bank.  Cable bids are cited around the US$ 1.5385 level.  The euro depreciated vis-à-vis the British pound as the single currency tested bids around the £0.8155 level and was capped around the £0.8195 level.

CHF

The Swiss franc appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the CHF 1.0220 level and was capped around the CHF 1.0315 level.  Swiss National Bank Chairman Roth this week reported “If deflation risks re-emerged, we’d seek to counter them. That’s not the case.”  Hildebrand reiterated there are significant risks on the central bank’s balance sheet now and added “It’s in our deepest interest that Europe returns to its stability path.”  He also warned Swiss economic growth may be weaker in the second half of the year.  Data released in Switzerland today saw the Q2 employment level climb 0.6% y/y to 3.968 million.  U.S. dollar offers are cited around the CHF 1.0980 level.  The euro depreciated vis-à-vis the Swiss franc as the single currency tested bids around the CHF 1.3010 level while the British pound moved higher vis-à-vis the Swiss franc and tested offers around the CHF 1.6065 level.

 

Technical Outlook at 1230 GMT (EDT + 0400)

 

 

             (Bid Price)       (Today’s Intraday Range)                             

           

EUR/ USD      1.2638                1.2726, 1.2608
USD/ JPY         84.28                  84.67,   83.90
GBP/ USD      1.5552                1.5596, 1.5456
USD/ CHF      1.0247                1.0317, 1.0221
AUD/USD       0.8874                0.8917, 0.8831
USD/CAD       1.0545                1.0604,
1.0520
NZD/USD       0.7032                0.7087, 0.6981
EUR/ JPY       107.54                108.00, 107.00
EUR/ GBP      0.8173                0.8193, 0.8153
GBP/ JPY        131.56                132.01, 130.69
CHF/ JPY          82.56                  82.70,   82.02

 

 

 

 

 

 

 

 

 

 

 

Support                       Resistance                  Support                    Resistance

 

EUR/ USD                                                           USD/ JPY

 

L1.       1.2575                         1.2870                            81.80                          87.15

L2.       1.2440                         1.3045                            80.80                          88.25
L3.       1.2220                         1.3290                            77.20                          89.45

 

   GBP/ USD                                                        USD/ CHF

 

L1.       1.5230                         1.5810                         1.0215                         1.0600

L2.       1.5010                         1.6040                         1.0095                         1.0820

L3.       1.4860                         1.6210                         0.9925                         1.1040

 

 AUD/ USD                                                        USD/ CAD

 

L1.       0.8645                         0.8965                         1.0450                         1.0860

L2.       0.8510                         0.9065                         1.0240                         1.1060

L3.       0.8345                         0.9220                         1.0005                         1.1490

 

 

 NZD/ USD                                                        EUR/ JPY

 

L1.       0.6910                         0.7220                         103.40                         108.90

L2.       0.6590                         0.7445                         101.15                         113.25

L3.       0.6265                         0.7585                           99.90                         118.05

 

  EUR/ GBP                                                       EUR/ CHF

 

L1.       0.7870                         0.8320                         1.2845                         1.3330

L2.       0.7785                         0.8535                         1.2650                         1.3615

L3.       0.7415                         0.8745                         1.2430                         1.3985

 

  GBP/ JPY                                                         CHF/ JPY

 

L1.       126.70                         135.35                           78.35                          82.65

L2.       123.30                         138.40                           76.45                          85.80

L3.       118.85                         140.70                           75.05                          87.15

 

 

 

 

 

 

SCHEDULE

 

 

Thursday, 26 August 2010

all times GMT

(last release in parentheses)

 

0715    CH                   Q2 employment level (3.961 million)

0715    CH                   Q2 employment level (0.1% y/y)

0730    Italy                 August consumer confidence

0800    Eurozone         July M3 money supply (0.2% y/y)

1000    UK                  August CBI reported sales (33)

1230    US                   Weekly initial jobless claims (500,000)

1230    US                   Continuing jobless claims

2330    Japan               July household spending (0.5% y/y)

2330    Japan               July jobless rate (5.3%)

2330    Japan               July consumer price index (-0.7% y/y)

2330    Japan               July CPI, ex-food, energy (-1.5% y/y)

2330    Japan               July Tokyo-area CPI (-1.2% y/y)

2330    Japan               July Tokyo-area CPI, ex-food, energy (-1.4% y/y)

 

Friday, 27 August 2010

all times GMT

(last release in parentheses)

 

0830    UK                  Q2 gross domestic product (1.1% q/q)

0830    UK                  Q2 gross domestic product (1.6% y/y)

0930    CH                   August KOF Swiss leading indicator (2.23)

1230    US                   Q2 PCE, core (1.1% q/q)

1230    US                   Q2 gross domestic product (2.4%)

1230    US                   Q2 GDP price index (1.8%)

1355    US                   August University of Michigan consumer sentiment (1.6%)

1400    US                   Federal Reserve Chairman Bernanke speaks

 

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."



Elevate Your Trading With The Amazing Trader!

The Amazing Trader includes:
  • Actionable trading levels delivered to YOUR charts in real-time.
  • Live trading strategy sessions.
  • Market Updates with Trading Tools.

Register To Test Your Amazing Trader


Trading Ideas for 20 October 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:

Fri 20 Oct
12:30 CA- Retail Sales & CPI
14:00 US- Existing Homes Sales


Tue 24 Oct
All Day flash PMIs
Wed 25 Oct
01:30 AU- CPI
08:00 DE- IFO Survey
08:30 GB- GDP
14:00 CA- BOC Decision
14:30 US- EIA Crude
Thu 26 Oct
11:45 EZ- ECB Decision
12:30 US- Weekly Jobless
14:00 US- Pending Homes Sales
Fri 27 Oct
12:30 US- GDP
14:00 US- final Univ of Michigan

Forex Trading Outlook


Potential Trading Opportunities


  • POTENTIAL PRICE RISK: High Fri-- 12:30 GMT CA- Retail Sales and CPI. Top economic indicators.


  • POTENTIAL PRICE RISK: HIGH Fri-- 14:00 GMT US- Existing Homes Sales. Top Housing statistic.



John M. Bland, MBA
co-founding Partner, Global-View.com

EXCLUSIVE: Global-View Daily Trading Chart Points Updated

EXCLUSIVE: Global-View Free Forex Database updated




TRADER ADVOCACY ARTICLES

Trader's Advocate Articles..

pic

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 Global-View.com.

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

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.

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