User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Monday October 4, 2010 - 20:34:47 GMT
Reuters -

Share This Story:
| | Email

FOREX NEWS - Euro rally pauses, but uptrend vs dollar intact

4:11pm EDT

* Euro slips vs dollar, earlier climb loses momentum

* Dollar/yen nears pre-intervention levels, BoJ awaited

* Dollar falls to 2-1/2-year low against Swiss Franc (Updates prices, adds quote)

By Gertrude Chavez-Dreyfuss

NEW YORK, Oct 4 (Reuters) - The euro on Monday fell from its highest level versus the dollar in more than six months amid renewed concerns about the financial viability of euro zone banks, prompting investors to cut overly bullish bets on the euro.

Speculative trades against the dollar swelled to $22 billion in the week to Sept. 28, the highest since at least mid-2008, Commodity Futures Trading Commission data showed. Net euro longs, on the other hand, rose about seven-fold. For more see [IMM/FX].

The euro has gained more than 16 percent versus the greenback since it hit a more than four-year low in June. Analysts said positions appeared overstretched and are due for a correction.

"There are just too much short dollar positions building up so this is just consolidation and people taking profit on the euro's gain," said Kaz Shirai, FX trader at Union Bank in Los Angeles.

Also weighing on the euro, Shirai said, was a news item about the need for certain European banks to increase capital levels. A Swiss-government-commissioned panel said UBS AG and Credit Suisse Group AG must hold capital well in excess of new international standards under the rules announced last month by the Basel Committee on Banking Supervision. [ID:nZCH4LE62J]

In late afternoon trading, the euro <EUR=EBS was down 0.8 percent at $1.3684, retreating from a peak of $1.3809 on the EBS trading platform, its highest since mid-March. Stop-loss selling was triggered around $1.3675 on to the session low of $1.3666 while good-sized bids were lined up above $1.3650 and are likely to support the euro, traders said.

Overall though, Union Bank's Shirai said euro zone concerns are still overshadowed by the uncertainty arising from a widely expected second round of quantitative easing by the Federal Reserve. That should ensure the dollar's downtrend remains intact.

"The dollar is by no means oversold. There is a strong possibility of further declines because additional QE by the Fed has only partially been priced into the value of U.S. stocks, Treasuries and the dollar," said George Tchetvertakov, head of market research at Alpari Capital in London.


Bad news from the euro zone including about Ireland and Greece also pressured the euro.

The Irish central bank said on Monday Ireland's economy will crawl to a virtual halt this year, defying government hopes for modest growth. [ID:nLDE69313N]

Greece released a draft budget on Monday which forecast the economy will contract 2.6 percent next year after a 4.0 percent slump in 2010, staying in recession for a third straight year. [ID:nATH005716]

The euro's decline helped push the dollar up against a currency basket. The dollar index .DXY rose 0.5 percent to 78.435, up from 78.029 on Friday, its weakest since January.

Against the yen, the dollar hovered near a 15-year low, fueling speculation Japan may reenter the market to weaken its currency. The dollar JPY= traded at 83.40 yen, up 0.3 percent, but retreating from 83.88 yen hit in the Asian session on EBS. Traders cited possible stop-loss orders under 83 yen.

The Bank of Japan on Monday began a two-day policy meeting and was expected to extend a cheap fund-supply tool to help shore up the struggling economy. [ID:nTOE69003G]

Market participants cited speculation any BOJ stimulus steps may be followed by more yen-selling intervention. Some analysts expect Japanese authorities to step in to sell yen if the dollar falls under 83 yen, as they did last month.

Against the Swiss franc CHF=,the dollar fell to its lowest in 2-1/2 years, falling to 0.9705 francs before recovering to 0.9722 francs, still down 0.1 percent.

This week sees the release of crucial U.S. jobs data while the central banks of Australia, the euro zone, Japan and the United Kingdom hold policy meetings. The International Monetary Fund and Group of Seven finance ministers also meet this week.

Ahead of these events investors are likely to trim short dollar positions even though many in the market expect more U.S. quantitative easing. (Additional reporting by Nick Olivari; Editing by James Dalgleish)

© 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."

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