The euro depreciated vis-Ă -vis the U.S. dollar today as the single currency tested bids around the US$ 1.2670
level and was capped around the $1.2765 level.Todayâ€™s intraday high was right around the 23.6% retracement of the
$1.3335 â€“ 1.2580 range.Liquidity was
reduced on account of the Bank holiday in the U.K. and market holidays
elsewhere.The media reported the
European Central Bank will likely extend its emergency aid program for the
banking system into 2011.There is
increasing speculation the U.S. economy is heading toward a double dip
recession that could dim Europeâ€™s economic recovery.Data released in the eurozone today saw the
EMU-16 August business climate indicator tick lower to 0.61 from the revised
print of 0.63 while August consumer confidence improved to -11 from from the
prior reading of -12.August industrial
confidence was unchanged at -4 and August services confidence ticked higher to
+7.Data to be released in the eurozone
tomorrow include the EMU-16 flash August estimate and the EMU-16 July
unemployment rate.In U.S. news, data released today saw July personal income up 0.2%
while July personal spending came in at +0.4%, more-than-expected and up from
the prior reading of 0.0%.Also, the
July PCE deflator was up 1.5% y/y and July core PCE was up 0.1% m/m and 1.4%
y/y.Finally, the Dallas Fedâ€™s August
manufacturing activity index improved to -13.5.Data to be released in the U.S. tomorrow include the August Chicago PMI
survey, August consumer confidence, and June CaseShiller home prices data.Minutes from the Federal Open Market
Committeeâ€™s 10 August meeting will also be released tomorrow and closely
scrutinized given the Fedâ€™s decision to reinvest maturing mortgage-backed
securities proceeds into the U.S. Treasury market.Dealers are still talking about Fed Chairman
Bernankeâ€™s comments on Friday regarding how the Fed could ease policy further
if required including shifting the composition of its bond reinvestment
strategy.Euro offers are cited
around the US$ 1.3240 level.
The yen appreciated
vis-Ă -vis the U.S. dollar today as the greenback tested bids around the ÂĄ84.55
level and was capped around the ÂĄ85.90 level. The pair briefly traded above the
ÂĄ85.80 level, representing the 23.6% retracement of the ÂĄ92.85 â€“ 83.60
range.As expected by many Bank of
Japan-watchers, the central bank held an emergency Policy Board meeting and
expanded its bank lending program â€“ the first time it has added new monetary
stimulus since March.BoJ is increasing
the amount of funds in the facility by ÂĄ10 trillion to a total of ÂĄ30
trillion.BoJ Governor Shirakawa
indicated the central bank is poised to take more action if required and cited â€śdownside
risksâ€ť to Japanâ€™s ongoing economic recovery.Shirakawa left the Fedâ€™s Jackson Hole symposium early to attend the meeting
in Tokyo amid increasing pressure from the government to enact more monetary
easing.More traders, however, are
speculating the change in policy will not have a major impact on the economy or
on the yen.Vice finance minister Ikeda
welcomed the central bankâ€™s â€śswift response.â€ťThere is no indication that Japanese monetary authorities are any closer
to conducting unilateral yen-selling intervention than they were last
week.Consumer prices have been on the
decline for seventeen months, household spending remains weak, and gross
domestic product growth is decelerating.Former BoJ Policy Board member Nakahara said the central bankâ€™s easing
today is â€śtoo little and too lateâ€ť and argued they are â€śmeaningless and canâ€™t
stop the yenâ€™s advance.â€ťNakahara added â€śLowering
the policy rate to zero is a must to stem the yenâ€™s gains.The BoJ should also boost outright purchases
of bonds by another ÂĄ500 billion.Increased bond purchases would enable the government to generate funds
for more public works spending.As a
whole, Japan canâ€™t live without spending by companies and the government.â€ťPrime Minister Kan reported he will consider
a supplementary budget if necessary.Data
to be released in Japan overnight include July industrial production and July
retail trade.The Nikkei 225 stock index
climbed 1.76% to close at ÂĄ9,149.26.U.S.
dollar bids are cited around the ÂĄ84.60 level.The euro moved lower vis-Ă -vis the yen as the single currency
tested bids around the ÂĄ107.25 level and was capped around the ÂĄ109.55 level.The
British pound moved lower vis-Ă -vis the yen as sterling tested bids around
the ÂĄ130.95 level while the Swiss franc moved
lower vis-Ă -vis the yen and tested bids around the ÂĄ82.15 level. In Chinese news, the U.S. dollar appreciated
vis-Ă -vis the Chinese yuan as the greenback closed at CNY 6.8033 in the
over-the-counter market, up from CNY 6.7980. Data to be released in China Wednesday include
August PMI manufacturing numbers followed by August PMI services data on
Friday.The yen fell significantly after
a rumour circulated that Peopleâ€™s Bank of Governor Zhou may have defected on
account of a possible US$ 430 billion loss on U.S. Treasury bond holdings. The rumours likely represent a power struggle within
the Communist Party.PBoC adviser Xia
Bin called for a floating interest rate mechanism for bank deposits and noted
economic growth is expected to slow this year.
British pound depreciated vis-Ă -vis the U.S. dollar today as cable tested bids
around the US$ 1.5455 level and was capped around the US$ 1.5575 level. Data released in the U.K. last night saw the
August Hometrack housing survey off 0.3% m/m and up 1.5% y/y.Data to be released in the U.K. tonight include
the GfK August consumer confidence survey and it is expected to print around
-24.Net consumer credit and mortgage
lending data will be released tomorrow.Bank
of England Chief Economist Bean spoke at Jackson Hole and said â€śThe
deleveraging process is incomplete, the recovery remains fragile, and a
considerable margin of spare capacity is yet to be worked off, while further
policy action may yet be necessary to keep the recovery on track.â€ťCable bids are cited around the US$ 1.5385
level.The euro depreciated vis-Ă -vis the British pound as the single
currency tested bids around the ÂŁ0.8160 level and was capped around the ÂŁ0.8215
franc appreciated vis-Ă -vis the U.S. dollar today as the greenback tested bids
around the CHF 1.0235 level and was capped around the CHF 1.0310 level. Swiss National Bank member Jordan said the
central bank is closely monitoring the Swiss franc â€śvery closelyâ€ť and said
Switzerlandâ€™s monetary policy situation remains â€śvery complex.â€ťJordan also cited a â€śsmallâ€ť short-term risk of
deflation.Some traders believe SNB may
be forced to resume its franc-selling intervention to stop the euroâ€™s sharp
decline on the cross.The July UBS
consumption indicator will be released tomorrow followed by August PMI on
Wednesday, Q2 GDP and July retail sales on Thursday, and August consumer price
inflation on Friday.U.S. dollar offers
are cited around the CHF 1.0980 level.The euro depreciated vis-Ă -vis the
Swiss franc as the single currency tested bids around the CHF 1.2980 level
while the British pound moved lower
vis-Ă -vis the Swiss franc and tested bids around the CHF 1.5840 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.