User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Monday November 1, 2010 - 14:19:41 GMT
GCI Financial -

Share This Story:
| | Email

Forex Market Commentary and Analysis (1 November 2010)

The euro depreciated vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.3895 level and was capped around the $1.4010 level.  Technically, today’s intraday low was just above the 50% retracement of the $1.3695 – 1.4080 range.  This will be a major week in the currency markets.  First, traders are paying very close attention to the U.S. election tomorrow.  There is speculation the Republican Party will win back control of the U.S. House of Representatives, possibly rendering it difficult for U.S. President Obama to get new legislation passed.  Historically, the U.S. dollar has done relatively well during periods where different parties controlled the executive and legislative branches.  Second, the Federal Open Market Committee will release a monetary policy decision on Wednesday.  The FOMC is expected to announce a new round of quantitative easing, possibly including the purchase of US$ 500 billion in U.S. Treasuries securities.  Many dealers believe the Fed will expand its balance sheet, possibly by more than US$ 1 trillion.  This would represent the Fed’s latest attempt to provide massive liquidity to the financial markets but critics doubt such a move by the Fed would lead to a dramatic decrease in the U.S. unemployment rate.  Third, November non-farm payrolls data will be released on Friday and are expected to evidence new jobs growth of around 50,000 to 60,000 with the unemployment rate steady around 9.6%.  Data released in the U.S. today saw September personal income off 0.1% while personal spending was up 0.2%.  The September PCE deflator was up 1.4% y/y and core PCE was up 0.0% m/m and 1.2% y/y.  Also, October ISM manufacturing climbed to 56.9 from 54.4 and the ISM prices paid index climbed to 71.0 while the September construction spending was up 0.5% m/m.  In eurozone news, eurozone PMI services and manufacturing data will be released tomorrow.  Some dealers believe the euro and European money market is pricing in too much of a chance the European Central Bank will begin raising interest rates as early as 2011.  The European Central Bank is expected to keep monetary policy unchanged on Thursday.  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 ¥80.25 level and was capped around the ¥81.40 level.  The pair quickly moved higher during the Australasian session and reversed course after reaching the ¥81.40 level.  There was chatter that Japanese monetary authorities may have conducted yen-selling intervention overnight but there was not much focus on this and some dealers instead a hedge fund may have been behind the move or an electronic dealing system may have made a mistake.   There is speculation Bank of Japan could expand monetary policy again as early as this week after the Federal Reserve likely expands its policy.  BoJ’s Policy Board left its benchmark overnight call rate target and credit programs unchanged at its meeting on 28 October.  The central bank is expected to maintain an accommodative monetary policy for at least a couple of years.  Data released in Japan overnight saw September labour cash earnings up 0.9% y/y.  The October monetary base will be released tonight.  Bank of Japan is now forecasting Japan’s economy will expand 2.1% in the year through March 2011 and 1.8% in the year through March 2012, down from +2.6% and +1.9%, respectively.  The Nikkei 225 stock index lost 0.52% to close at ¥9,154.72.  U.S. dollar offers are cited around the ¥84.60 level.   The euro moved lower vis-à-vis the yen as the single currency tested bids around the ¥111.80 level and was capped around the ¥113.15 level.  The British pound moved higher vis-à-vis the yen as sterling tested offers around the ¥129.90 level while the Swiss franc moved lower vis-à-vis the yen and tested bids around the ¥81.30 level. In Chinese news, the U.S. dollar appreciated vis-à-vis the Chinese yuan as the greenback closed at CNY 6.6906 in the over-the-counter market, up from CNY 6.6705.  The yuan registered its largest decline since December 2008 following a revaluation rumour over the weekend and an indication People’s Bank of China is promoting relative stability as opposed to yuan appreciation.  Data released in China overnight saw October PMI manufacturing climb to 54.7 from the prior level of 53.8 while October HSBC manufacturing PMI climbed to 54.8 from the prior rating of 52.9.  Last week, People’s Bank of China adviser Li Daokui reported China can withstand a 3% to 5% appreciation of the yuan.  China’s trade ministry overnight reported prolonged U.S. dollar weakness may lead to a “currency war.”


The British pound appreciated vis-à-vis the U.S. dollar today as cable tested offers around the US$ 1.6090 level and was supported around the US$ 1.5990 level.  Cable has moved higher from the $1.5650 level during the previous ten days and could test the $1.6105 level it tested on 15 October.  Dealers lifted sterling on speculation Bank of England’s Monetary Policy Committee will not follow the Federal Reserve this week when the Fed is expected to expand monetary policy by announcing additional asset purchases.  BoE’s asset purchase program currently totals £200 billion and is not expected to grow at this time.  Many dealers, however, believe BoE will eventually expand policy further.  Stronger-than-expected third quarter gross domestic product data released in the U.K. recently will also decrease the likelihood of additional monetary easing by the MPC this week.  Data released in the U.K. today saw October Hometrack housing off 0.9% m/m and 0.1% y/y.  Also, October PMI manufacturing improved to 54.9 from the revised prior reading of 53.5. Cable bids are cited around the US$ 1.5645 level.  The euro depreciated vis-à-vis the British pound as the single currency tested bids around the £0.8670 level and was capped around the £0.8720 level.


The Swiss franc depreciated vis-à-vis the U.S. dollar today as the greenback tested offers around the CHF 0.9890 level and was supported around the CHF 0.9810 level.  Technically, today’s intraday low was right around the 23.6% retracement of the CHF 0.8460 – 0.9930 range.  Data released in Switzerland today saw the October purchasing managers index decline to 59.2 from the prior level of 59.7 and September retail sales data will be released tomorrow.  Data to be released on Thursday include October foreign currency reserves and October consumer price inflation.  Swiss National Bank Chairman Hildebrand last week warned “The longer monetary policy remains expansive, the greater the risk that it will have undesirable consequences.  Already there are some warning signs. Especially on the real estate market there’s a risk of imbalances if rates are maintained at a very low level for a long period of time.”  Hildebrand also reported monetary policy cannot resolve all problems while SNB member Danthine warned Swiss economic growth will be hurt by the franc’s strength.  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 1.3795 level while the British pound moved higher vis-à-vis the Swiss franc and tested offers around the CHF 1.5880 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