User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Friday September 17, 2010 - 22:00:25 GMT
GCI Financial -

Share This Story:
| | Email

Forex Market Commentary and Analysis (17 September 2010)

The euro depreciated vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.3020 level and was capped around the $1.3160 level.  Dealers reduced long euro exposure as sovereign credit concerns worsened in the eurozone overnight on fresh news regarding Ireland’s fiscal problems.  Yields on Irish credit default swaps widened to record levels as traders speculated major banking losses might result in a call for Irish assistance from the European Union or the International Monetary Fund.  Irish finance minister Lenihan said the increase in government bond yields is “normal” and said a critical Barclays report “said that the government was taking the right steps at the right time.”  Some dealers believe the Irish treasury has enough near-term liquidity to weather the storm while others believe external financial assistance will eventually be required.  Ireland has injected €22.9 billion into Anglo Irish, a bank that was nationalized in 2009, and there is speculation this number could rise to €35 billion.  Data released in the eurozone today saw the EMU-16 current account balance increase to €3.7 billion in July while EMU-16 July construction output was off 3.1% m/m and 7.5% y/y.  German August producer prices were up 0.0% m/m and 3.2% y/y.  Germany’s IG Metall reported wage negotiations have failed and it is considering a strike.  European Central Bank member Mersch said the eurozone bond-buying program should not be ended too soon and said interest rates are “still appropriate.”  ECB member Weber called for “much tougher” fiscal rules across Europe.  In U.S. news, data released today saw August consumer price inflation up 0.3% m/m amd 1.1% y/y, in-line with expectations, while core CPI was up 0.0% m/m and 0.9% y/y.  These data underscore the lack of price pressures in the U.S. economy.  Other data released today saw a surprising downturn in mid-September University of Michigan consumer sentiment to 66.6 from the prior reading of 68.9.  The Federal Open Market Committee convenes next week and is expected to keep monetary policy unchanged.  Euro bids are cited around the US$ 1.2995 level. 


¥/ CNY

The yen appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the ¥85.65 level and was capped around the ¥85.95 level.  The yen was confined to a relatively tight range as traders were loath to push it lower following the government’s decision to conduct a major yen-selling intervention this week.  At the same time, dealers were reluctant to sell the yen too much because sovereign credit woes intensified overnight on the Irish story and following concerns about other benchmark debt.  Some estimates suggest Japan may have sold as much as ¥1.86 trillion this week and if so, this would exceed the previous estimated record of ¥1.66 trillion from 9 January 2004.  The Ministry of Finance will confirm on 30 September how much it expended on intervention.  Finance minister Noda today said “our economy is in a severe situation and it’s undesirable that the strong yen be prolonged.  I think it’s important to explain that persistently to other nations.”  There was also talk that the intervention would remain unsterilized in Japanese money markets, serving as a de facto monetary easing.  Now that the government has decided to intervene again, its options for additional economic stimulus remain limited given Japan’s bloated financial deficits and an interest rate policy that is already near zero per cent.  Furthermore, the BoJ’s ability to purchase additional Japanese government bonds may already be limited by the amount of national debt on its balance sheet from existing Japanese government bond purchases.  Some traders believe Japan’s interventions, if continued, will remain unilateral because other countries are trying to supplement weak domestic consumption with an improved foreign trade position resulting from weakness in their own currencies.  The Obama administration appears unlikely to join any yen-selling intervention at current levels.  U.S. Congressional leaders this week called Japan’s intervention “deeply disturbing” and said it violated international accords.  Data released in Japan overnight saw August Nationwide department sales off 3.2% y/y while August Tokyo-area department store sales were off 3.4% y/y.   Others believe the central bank’s intervention success will be limited and that the dollar will move lower to test lifetime lows below the psychologically-important ¥80 level.  The Japanese intervention could also precipitate a round of intervention throughout Asian countries, especially in South Korea where the won moved lower on speculation the government may sell won to support the export sector.  The won has gained about 3.2% in September vis-à-vis the U.S. dollar.  Bank of Japan Governor Shirakawa this week reiterated the central bank is monitoring downside risks to the economy and said Japanese export activity has reached a plateau.  Democratic Party of Japan officials are urging the central bank to convene another emergency meeting now to enact additional easing measures by buying more JGBs.  The Nikkei 225 stock index gained 1.23% to close at ¥9,626.09.  U.S. dollar bids are cited around the ¥84.60 level.   The euro moved lower vis-à-vis the yen as the single currency tested bids around the ¥111.60 level and was capped around the ¥112.95 level.  The British pound moved higher vis-à-vis the yen as sterling tested offers around the ¥135.05 level while the Swiss franc moved higher vis-à-vis the yen and tested offers around the ¥85.05 level. In Chinese news, the U.S. dollar was unchanged vis-à-vis the Chinese yuan as the greenback closed at CNY 6.7250 in the over-the-counter market.  The China Banking Regulatory Commission noted it will publish an “overall framework and road map” for bank capital requirements at an “appropriate time.”  CBRC also reported new global capital accord revisions will have a “limited impact” on China. 



The British pound appreciated vis-à-vis the U.S. dollar today as cable tested offers around the US$ 1.5730 level and was supported around the US$ 1.5595 level.  Data released in the U.K. this week saw August retail sales defy expectations by dropping 0.5% m/m and climbing 0.4% y/y, considerably lower than expectations and July’s readings.  Core readings were also lighter-than-expected and these data suggest final private demand in the U.K. may be waning.  Other data saw the CBI September total orders index decline to -17 from the prior reading of -14.  Bank of England and GfK reported their one-year inflation expectations survey is now evidencing higher inflation expectations.  BoE Governor King spoke this week and acknowledged the bank made mistakes that led to the financial crisis, adding the economic recovery “will not be straight.”  Monetary Policy Committee member Posen reported the central bank’s secondary plan should be private asset purchases.   Data to be released early Monday include Rightmove September house prices.  Cable bids are cited around the US$ 1.5115 level.  The euro depreciated vis-à-vis the British pound as the single currency tested bids around the £0.8330 level and was capped around the £0.8380 level.



The Swiss franc appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the CHF 1.0065 level and was capped around the CHF 1.0180 level.  Data released in Switzerland yesterday saw Q2 industrial production up 5.7% q/q and 7.8% y/y.  As expected, Swiss National Bank kept its three-month franc Libor target rate unchanged at 0.25%. SNB Chairman Hildebrand reported the economy is expected to “slow” in the second half of the year.  As expected, the Swiss government this week raised its economic growth forecast for this year and now sees GDP growth of 2.7% in 2010, up from the previous forecast of 1.8% from June.  The government also sees 2011 GDP growth of 1.2%, down from the previous forecast of 1.6%.  U.S. dollar offers are cited around the CHF 1.0290 level.  The euro depreciated vis-à-vis the Swiss franc as the single currency tested bids around the CHF 1.3140 level while the British pound moved lower vis-à-vis the Swiss franc and tested bids around the CHF 1.5765 level.


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