User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Thursday September 23, 2010 - 20:46:06 GMT
Reuters - www.reuters.com

Share This Story:
| | Email

FOREX NEWS - Growth worries hit euro; dollar outlook still grim

4:22pm EDT

* Euro stung by Ireland bank woes but still in uptrend

* Dollar falls vs yen on unexpected rise in jobless claims

* Dollar touches lowest vs yen since BOJ intervention (Adds details, updates prices)

By Steven C. Johnson

NEW YORK, Sept 23 (Reuters) - The euro retreated from a five-month high against the dollar on Thursday, hobbled by worries about Ireland's economy and banks, while the yen hit its lowest against the dollar since last week's intervention.

Data showing Ireland's economy shrank 1.2 percent in the second quarter slowed the euro's upward momentum as it highlighted the struggles the country faces as it tries to shore up a troubled banking sector. For more, see [ID:nLDE68M11D]

A separate report showing euro zone growth slowed in September also took some shine off the euro, which traded down 0.6 percent at $1.3320 EUR=, off Wednesday's five-month high of $1.3440. [ID:nSLAMKE6DH]

Selling from Asian accounts pushed the currency lower after it broke $1.34 in Europe but on the charts it was still in an uptrend, trading above its $1.3208 200-day moving average.

But solid support was seen around $1.3265, "and as long as we hold above it we're probably taking a breather here and sooner or later will have a go at (Wednesday's) high," said Andrew Chaveriat, technical strategist at BNP Paribas.

While the euro looks overbought on a daily chart, Chaveriat said the weekly chart is telling a different story, which could provide the momentum to target $1.3510.

"Overbought signals on the daily chart may be scaring short-term traders into taking some profits, but longer-term traders don't seem too concerned yet," he said.

The euro also slipped 0.7 percent against sterling to 84.93 pence EURGBP= and 0.8 percent to 112.33 yen EURJPY=.

Uncertainty over the cost of propping up Ireland's banking sector triggered concerns the country is on the edge of a debt crisis that could drag down other euro zone economies. [ID:nLDE68L1Y4]

Pessimism about Ireland pushed the gap between 10-year Irish and German government bonds to their widest level ever.

INTERVENTION WATCH

The dollar fell 0.2 percent to 84.26 yen, its lowest since the Bank of Japan intervened on Sept. 15 to weaken the currency. The dollar was at a 15-year low of 82.87 yen when Japan began selling yen.

"The yen would be a lot stronger if not for intervention and the threat of intervention," said Lee Hardman, currency economist at Bank of Tokyo-Mitsubishi UFJ.

"The drop in short-term U.S. yields is consistent with 80 yen rather than 85 yen," he said, adding Japanese authorities would likely intervene again if the dollar fell below 83 yen.

Markets in Tokyo were closed for a national holiday but Japanese Prime Minister Naoto Kan was to meet U.S. President Barack Obama in New York on Thursday.

Obama also met Chinese Premier Wen Jiabao and urged China "to do more than it has done to date" on resolving a dispute over the value of the yuan, according to a senior U.S. official Earlier, Wen said the yuan exchange rate had not relation to the U.S. trade deficit. [ID:nN23131845] [ID:nN22259575]

If the Federal Reserve decides to pump billions more dollars into the U.S. economy to boost a faltering recovery, a possibility it hinted at this week, U.S. yields and the dollar will likely fall further.

Analysts said that was also helping to keep the overall atmosphere bullish for the euro and other currencies such as commodity-linked, growth-sensitive units such as the Australian dollar AUD= and Brazilian real BRBY.

Chaveriat said the Reuters/Jefferies CRB commodities index .CRB has been testing resistance around 281, with any sustained break a bullish sign for commodity currencies.

An unexpected rise in weekly first-time U.S. jobless claims, meanwhile, added to the case for more Fed easing, making it "hard to justify pushing the dollar much higher," said Matthew Strauss, strategist at RBC Capital Markets. [ID:nLDE68M1RT]

© Thomson Reuters 2010. All rights reserved. Users may download and print extracts of content from this website for their own personal and non-commercial use only. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters and its logo are registered trademarks or trademarks of the Thomson Reuters group of companies around the world.

Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.

 

 

 

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 23 October 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:

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: Medium Tue-- All Day Global flash PMIs. First good look at October economic performances.



  • POTENTIAL PRICE RISK: HIGH Wed-- 01:30 GMT AU- CPI. Top Inflation indicator.

  • POTENTIAL PRICE RISK: HIGH Wed-- 08:00 GMT DE- IFO Survey. Top German indicator.


  • POTENTIAL PRICE RISK: HIGH Wed-- 14:00 GMT CA- BOC Decision. No Policy Change Expected.


  • POTENTIAL PRICE RISK: Medium Wed-- 14:30 GMT US- EIA Crude. Top Weekly WTI 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