User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Monday December 6, 2010 - 14:36:10 GMT
GCI Financial - www.gcitrading.com

Share This Story:
| | Email

Forex Market Commentary and Analysis (6 December 2010)

The euro depreciated sharply vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.3250 level and was capped around the $1.3420 level.  The common currency gave back many of the gains its realized on Friday and dealers chased the pair below the US$ 1.3255 level, representing the 38.2% retracement of the $1.2970 – 1.3440 range.  Traders were focused on two major issues over the weekend.  First, there was much discussion as to whether the European Union should increase the size of its €750 billion aid fund and introduce joint bond sales to help finance the bailout of some highly indebted eurozone member countries and prevent market rates from escalating too much.  EU ministers are convening in Brussels today and German Chancellor Merkel voiced her opposition to increase the size of the bailout fund, a proposal that was championed by Belgian finance minister Reynders this weekend.  Merkel also noted European Union treaties currently do not allow joint bond sales and it is clear Merkel does not want German borrowing costs – currently the lowest in the eurozone – to increase.  Yields on Portuguese and Spanish debt moved higher today on account of the political disagreement.  Dealers are also focusing on Greece again amid speculation that country will have to restructure some of its debt.  The lack of political agreement at the ministerial level in the EU renders its more likely the European Central Bank will have to assume a larger role by expanding its various assistance programs.  Belgian debt came under attack in the market last week, one reason why Belgian officials including Reynders are seeking an increase in bailout facilities.  The joint bond initiative would have an “E-bond” issued to support eurozone members and some officials called for issuance size to cover as much as half of the borrowing costs of EMU-16 governments.  Merkel said the eurozone “will always do everything” to ensure the strong euro.  Second, Federal Reserve Chairman Bernanke spoke in a television interview last night and said it could be at least four or five years before the U.S. unemployment rate declines substantially.  Moreover, Bernanke vociferously defended the Fed’s latest easing measures, saying they do not amount to “printing money” and adding speculation that inflation would move sharply higher are overdone.  Bernanke also said the Fed could increase the size of of its easing facility in the future if required.  Data to be released in the U.S. this week include October consumer credit, weekly initial jobless claims, October wholesale inventories, the October trade balance, and the December University of Michigan consumer sentiment indicator.  In eurozone news, data released today saw the EMU-16 December Sentix investor confidence measure decline to 9.7 from the prior reading of 14.0.  German October factory orders data will be released tomorrow.  Euro bids are cited around the US$ 1.3075 level. 

¥/ CNY

The yen depreciated vis-à-vis the U.S. dollar today as the greenback tested offers around the ¥83.00 figure and was supported around the ¥82.65 level.  The pair reclaimed some of the ground it lost last week and today’s intraday high was right around the 23.6% retracement of the ¥84.40 – 82.50 range.  Speculation was renewed that Bank of Japan will adopt an easier monetary policy, especially after Federal Reserve Chairman Bernanke was quoted as saying the Fed could expand its latest US$ 600 billion asset purchase plan further if need be.  Many dealers believe the BoJ does not want the exchange rate to decline below ¥80 and could expand its own asset purchase programs if required.  On 5 October, BoJ reduced its key overnight unsecured call rate to a range of 0% to 0.1% and announced it will purchase government and corporate debt to reduce borrowing costs.  Data to be released in Japan overnight include November official reserve assets, the Q1 Japan manpower survey, the October coincident index, and the October leading index.  The Nikkei 225 stock index lost 0.11% to close at ¥10,167.23.  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 ¥109.65 level and was capped around the ¥111.05 level.  The British pound moved lower vis-à-vis the yen as sterling tested bids around the ¥129.65 level while the Swiss franc moved lower vis-à-vis the yen and tested bids around the ¥83.95 level. In Chinese news, the U.S. dollar depreciated vis-à-vis the Chinese yuan as the greenback closed at CNY 6.6487 in the over-the-counter market, down from CNY 6.6627.  The pair lost major ground on a day when People’s Bank of China injected funds into the financial system to ease a shortage of cash after banks in November set aside additional money as reserves.  China will likely hold its annual conference to discuss monetary and fiscal policies for 2011 on 10-12 December.  Many traders expect PBoC will lift interest rates multiple times next year as China moves policy to a “prudent” level from a “moderately loose” stance.  The Q1 China manpower survey will be released overnight and data to be released this week include the November trade balance and November property prices.  PBoC adviser Xia Bin said he expects new loan targets in 2011 will be around ¥7.1 trillion, a reduction partially designed to reduce inflationary pressures in the economy. 

£


The British pound depreciated vis-à-vis the U.S. dollar today
as cable tested bids around the US$ 1.5655 level and was capped around the US$ 1.5775 level.  Stops were reached below the $1.5670 level, representing the 38.2% retracement of the $1.5485 - $1.5790 range. Data to be released in the U.K. tomorrow include the BRC November retail sales monitor, October industrial production, and October manufacturing production.  The British Chamber of Commerce reported Bank of England will be forced to increase its asset purchase plan by the middle of 2011 on account of the risks of a “setback” to economic growth.  Cable bids are cited around the US$ 1.5295 level.  The euro depreciated vis-à-vis the British pound as the single currency tested bids around the £0.8455 level and was capped around the £0.8510 level.

CHF

The Swiss franc depreciated vis-à-vis the U.S. dollar today as the greenback tested offers around the CHF 0.9875 level and was supported around the CHF 0.9725 level.  Technically, today’s intraday high was right around the 50.0% retracement of the CHF 1.0275 – 0.9460 range.  Data released in Switzerland today saw November foreign currency reserves climb to CHF 212.4 billion from the prior level of CHF 211.9 billion.  The November unemployment rate will be released tomorrow and is expected to tick higher to 3.6% from the prior level of 3.5%.  Swiss National Bank is expected to keep monetary policy unchanged when its next rate decision is announced later this month.   U.S. dollar offers are cited around the CHF 1.0180 level.  The euro appreciated vis-à-vis the Swiss franc as the single currency tested offers around the CHF 1.3095 level while the British pound moved higher vis-à-vis the Swiss franc and tested offers around the CHF 1.5460 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 15 December 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:

Thu 14 Dec
23:50 JP- Tankan Survey

Mon 18 Dec
10:00 EZ- final HICP
Tue 19 Dec
09:00 DE- IFO Survey
13:30 US- Housing Starts/Permits
13:30 US- Current Account
Wed 20 Dec
15:00 US- Existing Homes Sales
15:30 US- EIA Crude
Thu 21 Dec
03:00 JP- BOJ Decision
13:30 CA- CPI & Retail Sales
13:30 US Weely Jobless
13:30 US- GDP
Fri 22 Dec
09:30 US- GB- GDP
13:30 US- core PCE Deflator & Presonal Income
15:00 US- New Homes Sales
15:00 US- final University of Michigan
17:00 US- early Closes
Mon 25 Dec
00:00 Christmas Holidays

Forex Trading Outlook


Potential Trading Opportunities

  • POTENTIAL PRICE RISK: HIGH-Medium- Thu --23:50-- JP- Tankan Survey
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