User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Thursday October 14, 2010 - 20:39:43 GMT
Reuters -

Share This Story:
| | Email

FOREX NEWS - Dollar drops to 2010 low vs major rivals

4:05pm EDT

* Singapore widens trading band for Singapore dollar

* Euro rises above $1.4100, highest in more than 8 months

* Aussie flirts with parity, dollar index hits 2010 low (Updates prices)

NEW YORK, Oct 14 (Reuters) - The U.S. dollar slid to a 2010 low against a basket of currencies on Thursday after Singapore let its currency rise but analysts saw increasing chances of a dollar rebound with negative sentiment so high.

The Australian dollar, which boasts the highest yield among major currencies, soared to its strongest since the currency was floated in 1983 as investors dumped the U.S. dollar on expectations the Federal Reserve would start printing money through further quantitative easing as soon as next month.

Singapore's central bank widened the trading band in which it maintains the Singapore dollar SGD= SGD=D4, propelling it to a record high. Singapore is experiencing rising inflation and the move was seen as a tightening of policy -- the opposite of what the U.S. Federal Reserve is expected to do.

The Chinese yuan CNY=CFXS hit its highest close against the U.S. dollar since July 2005. For more see [ID:nSGE69D09L].

"Singapore is often seen as a bellwether for the rest of the Asian currencies," said Firas Askari, head of FX trading at BMO Capital Markets in Toronto. "It opens the way for the region to have currency gains (against the U.S. dollar)."

The dollar index .DXY, which tumbled to its weakest since December, is on course to test trendline support at 75.95, with its November low of 74.17 then not far away. The 75.95 target is the trendline from two major lows in July 2008 and in November 2009. CMC Markets places support after 74.17 at 70.70, the low from March 2008.

The dollar index was last down 0.6 percent at 76.593.

The euro EUR= surged to a more than eight-month high of $1.4123 on trading platform EBS EUR=EBS and faces near-term resistance at $1.4195, the Jan. 25 high. Traders said the euro still has room to go, with strong resistance not seen until $1.45. The pair was last at $1.4067, up 0.8 percent.

After the euro failed to crack $1.40 the previous session, the currency's moves caught some players by surprise as they had been expecting more consolidation. It triggered stops around $1.4030 and then $1.4050 in Asia and subsequently cracked the $1.41 handle in Europe.

While a short-term consolidation may still be on the cards, CitiFX says it still sees the pair making a run at $1.4360-70 and then $1.4720.

The Aussie dollar last traded at US$0.9935 AUD=, up 0.3 percent, with traders saying option barriers at $1.0000 were slowing the rally. It has gained about 11 percent this year and is up more than 20 percent from a low in May.

The options market suggests the recent upward momentum in the Aussie dollar has further to run. [ID:nLDE69711U]


Dollar selling accelerated after the release of Federal Reserve meeting minutes this week showing policy makers were considering more measures to stimulate the economy, including adopting a price-level target or buying more bonds.

Investors will closely watch a speech by Fed Chairman Ben Bernanke on Friday which could provide hints on what the U.S. central bank might do at its next policy meeting on Nov. 2-3.

Lee Hardman, currency economist at The Bank of Tokyo-Mitsubishi UFJ in London, said dollar pessimism, judged by many metrics, is now at "historically extreme levels signaling an elevated risk of a sharp correction higher for the dollar when dollar selling has reached a crescendo."

"At the end of the day, when everybody is on the boat and everybody is doing the same ..., it doesn't take much to make the boat go the other way," BMO Capital's Askari said.

The dollar could see a rebound if the Fed announces asset purchases of less than $1 trillion after its meeting in November, which would disappoint some market participants hoping for a bigger move and ease concerns about a debasement of the U.S. currency.

Jack Spitz, managing director of foreign exchange at National Bank of Canada in Toronto, said with the market already pricing in Fed easing, the dollar could rise after the Fed meeting in a "sell the rumor, buy the fact" reaction.

The dollar also hit the latest in a succession of record lows against the Swiss franc CHF= and slid below parity with the Canadian dollar CAD=, a level not seen since April.

The greenback fell to a 15-year low of 80.88 yen JPY= on EBS, despite wariness about Japanese intervention, and looked set to challenge its record low of 79.75 hit in April 1995.

While traders think the Bank of Japan could intervene at any moment to keep the yen in check, some market participants speculated that Tokyo may prefer to avoid intervention ahead of G20 meetings in South Korea in October and November. (Reporting by Nick Olivari and Wanfeng Zhou; Additional reporting by Neal Armstrong in London; 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

Tue 17 July 2018
AA 08:30 GB- Employment
A 13:15 US- Industrial Production
AA 14:00 US-Powell Testimony
Wed 18 July 2018
AA 08:30 GB- CPI
A 12:30 US- Housing Starts/Permits
AA 14:00 US-Powell Testimony
Thu 19 July 2018
AA 1:30 AU- Employment
AA 08:30 GB- Retail Sales
A 14:30 US- EIA Crude
A 12:30 US- Weekly Jobless
Fri 20 Jun 2018
A 12:30 CA- CPI/Retail Sales

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