User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Thursday December 9, 2010 - 21:49:56 GMT
GCI Financial - www.gcitrading.com

Share This Story:
| | Email

Forex Market Commentary and Analysis (9 December 2010)

The euro depreciated vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.3165 level and was capped around the $1.3320 level.  Technically, today’s intraday high was right around the 23.6% retracement of the $1.2970 – 1.3440 range.  The big news in the market today was a downgrade of Ireland’s credit rating by Fitch Ratings to the lowest level by any of the three major ratings companies.  Fitch lowered the rating to BBB+ from A+, the second downgrade in two months.  The European Union overnight this week called for fresh stress tests on banks in the eurozone starting in February that will be “even more rigorous and comprehensive” than the tests undertaken in July.  The new stress tests are expected to incorporate a liquidity assessment.  European Central Bank President Trichet was quoted this week as saying excessive foreign exchange volatility and disorderly moves are “adverse.”  For the first time in seven months, the yield on the 10-year German bund this week eclipsed 3% as traders are becoming increasingly skeptical the European Union will move quick enough to stop other credit crises in the eurozone.  The German and French governments are pushing for another EU summit next month to approve a treaty change that would permit fiscally-overburdened eurozone countries to default in an orderly fashion with private bondholders sharing in some losses.  The ECB’s monthly report was published today.  German data released today saw November consumer prices up 0.1% m/m and 1.5% y/y while the harmonized index was up 0.1% m/m and 1.6% y/y. Q3 French non-farm payrolls were up 0.1% y/y.  In U.S. news, data released today saw weekly initial jobless claims fall to +421,000 while continuing jobless claims narrowed to 4.086 million.  Also, October wholesale inventories were up 1.9%.  Data to be released tomorrow include the October trade balance, November import price index, and December University of Michigan consumer sentiment. Euro bids are cited around the US$ 1.3075 level. 

 

 

¥/ CNY

The yen appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the ¥83.50 level and was capped around the ¥84.10 level.  Traders pushed the pair lower below the ¥84.00 figure and reached stops below the ¥83.60 level, representing the 61.8% retracement of the ¥84.40 – 82.30 range.  Data released in Japan overnight saw Q3 GDP growth come in at +1.1% q/q, above expectations, while the GDP deflator fell 2.4% y/y.  Also, November machine tool orders were up 104.2% y/y.  The Q4 domestic corporate goods price index will be released tonight along with Q4 BSI manufacturing data followed by November consumer confidence data tomorrow.  Bank of Japan Policy Board member Morimoto reported the yen’s appreciation could have an “adverse effect” on domestic corporate activity and economic growth.  He also said the move higher in recent long-term interest rates will not harm the economy.  Former MoF official “Mr Yen” Sakakibara this week pessimistically noted “The world is set for a long-term structural slump reminiscent of the 1870s” and further predicted the slowdown could last as many as eight years.  He added Japan will likely enter a double-dip recession from Q3 2011 and called on the government to increase bond issuance to stimulate fiscal spending.  Minister for Economic and Fiscal Policy Kaieda suggested the government can do away with a rule that limits Bank of Japan’s purchases of Japanese government bonds to the amount of bank notes in circulation.  He suggested this be undertaken before legislators contemplate changing the existing Bank of Japan law to require the adoption of a formal inflation target.  The Nikkei 225 stock index climbed 0.52% to close at ¥10,285.88.  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 ¥110.55 level and was capped around the ¥111.65 level.  The British pound moved lower vis-à-vis the yen as sterling tested bids around the ¥131.75 level while the Swiss franc moved lower vis-à-vis the yen and tested bids around the ¥84.90 level. In Chinese news, the U.S. dollar depreciated vis-à-vis the Chinese yuan as the greenback closed at CNY 6.6553 in the over-the-counter market, down from CNY 6.6629.  Data to be released in China overnight include November trade balance numbers and tomorrow’s data include November property prices, November CPI, November industrial production, November PPI, the November trade balance, and November retail sales.  People’s Bank of China Governor Zhou reported the central bank has increased its macroeconomic controls and the government reported China will move to a “prudent” monetary policy from a “moderately loose” stance.  China is expected to aim for economic growth around 8% in 2011 along with 4% for inflation and CNY 6.5 trillion for new loans.

£


The British pound depreciated vis-à-vis the U.S. dollar today
as cable tested bids around the US$ 1.5710 level and was capped around the US$ 1.5840 level. Cable reached its highest level since 23 November before moving lower.  Data released in the U.K. today saw November Halifax house prices off 0.1% m/m and the October total trade balance widened to -£3.946 billion.  As expected, Bank of England’s Monetary Policy Committee kept its Bank rate unchanged at 0.50% and the BoE asset purchase target was unchanged at £200 billion.  Chancellor of the Exchequer Osborne this week defended BoE Governor King against recent criticism that he is “partisan,” suggesting that observation is “wrong.”  He added the central bank is free to act “in either direction” with “maximum” policy flexibility and said King “speaks his mind.”  Cable bids are cited around the US$ 1.5295 level.  The euro appreciated vis-à-vis the British pound as the single currency tested offers around the £0.8415 level and was supported around the £0.8360 level.

CHF

The Swiss franc appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the CHF 0.9810 level and was capped around the CHF 0.9895 level.  Technically, today’s intraday low was right around the 50% retracement of the CHF 0.9545 – 1.0065 range.  Data released in Switzerland this week saw the November unemployment rate tick higher to 3.6% from 3.5% in October.  Adjusted for seasonal variations, the November unemployment rate is the lowest since May 2009.  Also, November foreign currency reserves climbed to CHF 212.4 billion from the prior level of CHF 211.9 billion.  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 depreciated vis-à-vis the Swiss franc as the single currency tested bids around the CHF 1.2975 level while the British pound moved lower vis-à-vis the Swiss franc and tested bids around the CHF 1.5470 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