User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Wednesday November 24, 2010 - 17:36:15 GMT
GCI Financial -

Share This Story:
| | Email

Forex Market Commentary and Analysis (24 November 2010)

The euro appreciated vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.3420 level and was supported around the $1.3285 level.  The common currency extended its recent sell-off and reached its lowest level since 22 September.  Dealers are still reacting to the situation involving Ireland’s bailout.  Prime Minister Cowen confirmed Ireland discussed a total financial assistance package valued around €85 billion with the European Union and International Monetary Fund.  Ireland also confirmed it plans to reduce spending by about 20% and raise taxes over the next four years as part of its fiscal austerity program.  Traders are also focusing on ongoing problems in Portugal and Spain where a public strike was held in the former today.  Some dealers believe at least one of the Iberian countries will be forced to accept a bailout, possibly before the end of 2010.  Comments from German Chancellor Merkel pushed the common currency lower today as she again reiterated that bondholders and investors should assume some of the financial loss in future European Union bailouts.  Merkel’s comments led to greater selling pressure on eurozone bonds and let to a further sell-off of the euro.  Yesterday, Merkel was on the tape saying the situation with the euro has become “exceptionally serious” following Ireland’s bailout. Despite these problems, European Central Bank officials continue to highlight their commitment to unwinding the central bank’s monetary policy accommodation.  ECB member Mersch said the ECB will “continue on our gradual and prudent exit strategy” while ECB member Wellink said eurozone banks cannot rely on ECB funds indefinitely. Earlier this week, ECB member Stark said the central bank plans to continue with its policy exit despite tensions in some areas.  Data released in the eurozone today saw EMU-16 September industrial new orders off 3.8% m/m and up 13.5% y/y.  The November German Ifo business climate index powered higher to 109.3 with improvements in the current assessment and expectations sub-indices.  French consumer confidence data will be released tomorrow.  In U.S. news, data released today saw the MBA mortgage applications reverse course and climb 2.1%.  Also, October durable goods orders fell 3.3% with the ex-transportation component off 2.7% and other core components also lower.  Additionally, October personal income and spending were up 0.5% and 0.4%, respectively.  The October PCE deflator was up 1.3% y/y and October core PCE was up 0.0% m/m and 0.9% y/y.  Weekly initial jobless claims fell to +407,000 from the previous week’s reading of +441,000 and continuing jobless claims tumbled to 4.182 million. These improvements may reflect some holiday seasonality.  Moreover, the final November University of Michigan consumer sentiment indicator rallied to 71.6 and October new home sales were off 8.1% to an annualized 283,000 units with the September house price index off 0.7% m/m.  Minutes from the Federal Open Market Committee’s meeting on 2-3 November were released yesterday in which “nearly all members agreed that the statement should reiterate the expectaton that economic conditions were likely to warrant exceptionally low levels of the federal funds target rate for an extended period.”  Euro bids are cited around the US$ 1.3120 level. 

¥/ CNY

The yen depreciated vis-à-vis the U.S. dollar today as the greenback tested offers around the ¥83.50 level and was supported around the ¥82.95 level.  Technically, today’s intraday low was just below the 38.2% retracement of the ¥81.65 – 83.85 range.  Democratic Party of Japan officials called on Bank of Japan to adopt an inflation target to boost inflation and stimulate jobs creation.  The government continues to seek more oversight and involvement in BoJ policymaking and may pursue an overhaul of the 1998 Bank of Japan Law.  BoJ Governor Shirakawa said the Fed’s decision to pursue additional quantitative easing is “understandable” to “reduce some of the pain arising from ongoing balance sheet adjustments” and to stimulate more economic growth.  Traders also paid close attention to developments on the Korean peninsula where North Korea attacked a South Korean island, a skirmish that led to yen appreciation yesterday.  Prime Minister Kan verbally intervened this week against the yen’s recent strength, noting “abrupt currency movements are undesirable.”  Data released in Japan overnight saw October nationwide department sales up 0.6% y/y while October department store sales were up 2.7% y/y.  Data to be released tonight include the October corporate service price index and October merchandise trade balance.  There is renewed market talk Bank of Japan may expand its balance sheet by purchasing Japanese government bonds much in the same way the Federal Reserve announced it may purchase up to US$ 600 billion in U.S. Treasury securities.  Currently, BoJ purchases ¥21.6 trillion in long-term JGBs every year and the new talk suggests the central bank may scrap its bond purchase cap in favour of purchasing significantly more JGBs to try and overcome deflation.  Finance minister Noda reiterated he wants the central bank to support the economy.  Kyodo last week reported Bank of Japan may seek to boost its capital before it purchases riskier assets. The Nikkei 225 stock index lost 0.84% to close at ¥10,030.11.  U.S. dollar offers are cited around the ¥84.60 level.  The euro moved higher vis-à-vis the yen as the single currency tested offers around the ¥111.75 level and was supported around the ¥110.30 level.  The British pound moved higher vis-à-vis the yen as sterling tested offers around the ¥132.00 figure while the Swiss franc moved higher vis-à-vis the yen and tested offers around the ¥84.10 level. In Chinese news, the U.S. dollar appreciated vis-à-vis the Chinese yuan as the greenback closed at CNY 6.6536 in the over-the-counter market, up from CNY 6.6439.  The October leading index will be released tonight.  People’s Bank of China reported it will “strengthen liquidity management” and “normalize” monetary conditions.  Earlier this week, People’s Bank of China adviser Li Daokui reported China may consider selling U.S. Treasuries as “compensation for losses” incurred by the Fed’s decision to purchase US$ 600 billion to inject liquidity into the U.S. economy.  Li said the “very likely” run-up in inflation would erode the value of China’s holdings of U.S. debt and justify such a move by China.  Li also verbally intervened on the yuan, saying its further advances “should be gradual” and not “excessive.” 


The British pound appreciated vis-à-vis the U.S. dollar today as cable tested offers around the US$ 1.5835 level and was supported around the US$ 1.5740 level. Cable reached its lowest level since 27 October before traders lifted the pair higher.  Data released in the U.K. today saw Q3 gross domestic product up 0.8% q/q and 2.8% y/y.  Bank of England Monetary Policy Committee member Sentance reported the central bank should hike rates gradually while MPC member Posen said there could be labour shortages in some economic sectors.  Cable bids are cited around the US$ 1.5665 level.  The euro appreciated vis-à-vis the British pound as the single currency tested offers around the £0.8490 level and was capped around the £0.8425 level.


The Swiss franc appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the CHF 0.9895 level and was capped around the CHF 0.9990 level.   Technically, today’s intraday high was just below the 23.6% retracement of the CHF 1.1730 – 0.9460 range.  Swiss National Bank Chairman Hildebrand verbally intervened yesterday, saying the European Union will restore stability and adding current exchange rate movements are a “major challenge.”  Data released in Switzerland this week saw the October M3 money supply up 6.1% y/y.  Other Swiss data to be released this week include Q3 employment and the November KOF leading indicator.  U.S. dollar offers are cited around the CHF 1.0045 level.  The euro depreciated vis-à-vis the Swiss franc as the single currency tested bids around the CHF 1.3240 level while the British pound moved lower vis-à-vis the Swiss franc and tested bids around the CHF 1.5640 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

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