User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Thursday October 14, 2010 - 21:34:15 GMT
GCI Financial - www.gcitrading.com

Share This Story:
| | Email

Forex Market Commentary and Analysis (14 October 2010)

The euro appreciated vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.4120 level and was supported around the $1.3955 level.  The common currency is eyeing the US$ 1.4180 level as an upside price objective with chartists eyeing the $1.4365 as another target.  Traders can cite few, if any, previous periods where moves in the currency markets have been this acute.  The U.S. dollar is being punished across the board and is poised to fall below parity vis-à-vis the Australian dollar and the Canadian dollar.  All focus will be on tomorrow’s U.S. economic data including September consumer price inflation, September retail sales, and mid-October University of Michigan consumer sentiment.  The major focus, however, will be a speech by Federal Reserve Chairman Bernanke in Boston tomorrow.  Bernanke is expected to outline the Fed’s current thinking with regard to additional monetary easing.  Dealers anticipate the Federal Open Market Committee will ease policy further in November, possibly by announcing an expansion of the Fed’s balance sheet through the purchase of additional U.S. Treasury securities by as much as US$ 500 billion.  Perhaps more interestingly, Bernanke could provide details about the Fed’s reported plans to adopt some sort of inflation-targeting regime.  Data released in the U.S. today saw the August trade deficit expand to –US$ 46.3 billion.  Also, the September producer index was up 0.4% m/m and 4.0% y/y with the ex-food and energy component up 0.1% m/m and 1.6% y/y.  Additionally, weekly initial jobless claims were up 462,000 and continuing jobless claims came in at 4.399 million.  In eurozone news, the European Central Bank released its monthly bulletin and reported “there is little evidence that global trade integration has been hindered by the financial crisis.”  The ECB also reported there is no evidence of inflation or deflation in the eurozone economy.   ECB member Bini Smaghi verbally intervened today, saying the weak dollar is the market’s issue, and not a strong euro.  Euro bids are cited around the US$ 1.3670 level. 

 

 

¥/ CNY

The yen appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the ¥80.85 level and was capped around the ¥81.85 level. Major stops were hit below the ¥81.10 level, representing the pair’s previous low dating to 1995.  There was no indication of intervention from Japanese monetary authorities overnight and many traders believe the threat of additional yen-selling intervention has increased dramatically, especially considering the pace of the ongoing move lower.  Singapore’s decision to allow its dollar to appreciate “modestly and gradually” in an attempt to control inflation also contributed to U.S. dollar weakness in Asia.  Similarly, the Australian dollar reached a record high and many dealers believe it could test parity tonight.  Bank of Japan Governor Shirakawa reported easing measures have lowered long-term Japanese yields.  Data released in Japan overnight saw the September domestic corporate goods price index up 0.0% m/m and off 0.1% y/y.  Also, September Tokyo-area condominium sales were up 3.9% y/y and September machine tool orders were up 113.6% y/y.  The Nikkei 225 stock index climbed 1.91% to close at ¥9,583.51.  U.S. dollar bids are cited around the ¥84.60 level.   The euro moved higher vis-à-vis the yen as the single currency tested offers around the ¥114.75 level and was supported around the ¥114.00 figure.  The British pound moved higher vis-à-vis the yen as sterling tested offers around the ¥130.50 level while the Swiss franc moved higher vis-à-vis the yen and tested offers around the ¥85.75 level. In Chinese news, the U.S. dollar depreciated vis-à-vis the Chinese yuan as the greenback closed at CNY 6.6512 in the over-the-counter market, down from CNY 6.6643.  Data to be released in China tonight include the August leading index, September property prices, and September actual foreign direct investment.  Data released in China this week saw the September trade balance narrow to US$ 16.88 billion from the prior reading of US$ 20.03 billion.  The big news in China overnight was that the country’s foreign reserves rocketed to an all-time high of US$ 2.648 trillion at the end of September. This statistic will likely cause U.S. officials to pressure China more to accelerate the pace of yuan reform.  U.S. Treasury Secretary Geithner this week reported “What’s happening is, as China holds its currency down, their currencies are moving up and they’re having to work very hard to make sure they’re not at an unfair disadvantage with China.”  Geithner added China’s yuan policy is causing a round of global capital controls and market interventions.  It was also reported that new yuan loans expanded last month. 

£

The British pound appreciated vis-à-vis the U.S. dollar today as cable tested offers around the US$ 1.6065 level and was supported around the US$ 1.5885 level.  Bank of England Monetary Policy Committee member Sentance spoke this week and advocated “gradual” rate increases, suggesting a lax policy risked a “more deeply ingrained” consumer price inflation.  Former MPC member Besley characterized the U.K. economy as “fragile.”  Data released in the U.K. this week saw September Nationwide consumer confidence decline to +53 from the previous tally of +62.  Also, the September claimant count rate remained steady at 4.5% and September jobless claims were up 5,300.  August average weekly earnings expanded and the August ILO unemployment rate printed at 7.7%.  Bank of England Monetary Policy Committee member Miles this week said inflation remains “worryingly” above target, adding risks are “broadly balanced” at the moment.  BoE Governor King said it is a “mistake” to assume that the worst is over and added he foresees a “long” economic adjustment with risk of shocks.  Cable bids are cited around the US$ 1.5645 level.  The euro appreciated vis-à-vis the British pound as the single currency tested offers around the £0.8820 level and was supported around the £0.8770 level.

CHF

The Swiss franc appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the CHF 0.9460 level and was capped around the CHF 0.9585 level.   Data released in Switzerland this week saw September producer and import prices off 0.1% m/m and up 0.3% y/y.  Swiss National Bank member Jordan last weekend defended the Swiss plan to call for capital adequacy ratios for Swiss banks far in excess of what is being called for in Basel III.  Finance minister Merz said there are “no concrete signs” of any need to conduct intervention on the franc now, adding weaker currencies have a “massive impact” on Swiss exports.  SNB Chairman Hildebrand reported “One of the biggest challenges for the global economy is the reduction of imbalances.  It is very important that this adjustment process happens in a cooperative way.  It shouldn’t happen through currency wars.  We should avoid using protectionist instruments to achieve this goal.”  Hildebrand added the risk of deflation in Switzerland was averted in June.  U.S. dollar offers are cited around the CHF 0.9925 level.  The euro appreciated vis-à-vis the Swiss franc as the single currency tested offers around the CHF 1.3435 level while the British pound moved higher vis-à-vis the Swiss franc and tested offers around the CHF 1.5275 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."



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