User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Thursday April 28, 2005 - 14:21:42 GMT
GCI Financial - www.gcitrading.com

Share This Story:
| | Email

Forex Market Commentary and Analysis (28 April 2005)



The euro moved lower vis-à-vis the U.S. dollar today as the single currency tested bids around the US$1.2880 level and was capped around the $1.2940 level. The common currency was quite volatile following the release of advance Q1 U.S. GDP data that failed to meet estimates, printing at 3.1%. Nonetheless, the GDP deflator printed at 3.2% - more-than-expected – and traders reacted by immediately pushing the pair below the $1.2900 figure. Bottom-feeders quickly pushed the pair back to the $1.2935 level but the pair has since retreated back to the $1.2900 figure. Technically, the $1.2900 figure remains the short-term pivot point as it represents the 50% retracement of the move from $1.2765 to $1.3120. Personal consumption was up a preliminary 3.5% in Q1 in the U.S. and even though overall advance GDP did not meet estimates, the growth rate of the U.S. economy still outpaces that of the eurozone. This pullback from the Q4 growth rate in the U.S., however, will elicit comments from the USD-bearish school of thought that focuses on the U.S.’s structural imbalances rather than pro-growth cyclical factors. Other data released in the U.S. today saw weekly initial jobless claims up 21,000 to 320,000 while continuing claims printed at 2.55 million, down from 2.63 million. All eyes are on tomorrow’s U.S. personal consumption expenditures data as this is said to be the Fed’s preferred measure of inflation. Stronger-than-expected PCE data could tip the balance in favour of those who expect the Federal Open Market Committee to abandon its “measured pace” language when policymakers convene on Tuesday. Traders continue to talk about yesterday’s decline in oil prices and will continue to watch energy costs. Data released in the eurozone today saw revised German GDP signal that Germany technically entered a recession at the end of 2004 as Q3 GDP were downwardly revised to show a fractional contraction. German Q1 GDP is said to be relatively decent, however, and data released today saw Germany’s April jobless total fall to 4.97 million, as expected. Other data released today saw March German wholesale sales up a real 1.2% m/m but were off 2.1% y/y. German plant and machinery orders were off a whopping 10.0% y/y last month. In European Central Bank news, the ECB reported the eurozone’s Q4 current account surplus of € 14.3 billion largely reflected surpluses with the U.S. and U.K. Italian Prime Minister Berlusconi today urged the ECB to “change its destructive monetary policy” and said Europe is likely to impose quotes on the importation of Chinese textile goods. Euro bids are seen around the $1.2900 figure and euro offers are detected around the $1.2940 level.

¥

The yen was little changed vis-à-vis the U.S. dollar today as the greenback tested offers around the ¥106.25 level and was supported around the ¥105.75 level. Notably, the pair has remained above the technically-significant ¥105.55 level for three days now – the 61.8% retracement level of the move from ¥111.70 to ¥101.75. Traders are talking about several items of note today. First, Bank of Japan released its semiannual Outlook for Economic Activity and Prices today and downwardly revised its forecast for price trends. The central bank does not expect Japan will emerge from deflation until the year ending in March 2007, a year later than earlier thought. Fundamentally, this is likely to be a drag on the yen because it suggests BoJ will begin to unwind its long-standing quantitative easing interest rate policy later rather than sooner meaning official interest rates will be kept lower longer. The central bank is now predicting core CPI will rise 0.3% y/y in the year to March 2007 and downwardly revised its real GDP growth forecast for FY 2005 to 1.3% from 2.5%. Bank of Japan’s Policy Board also convened overnight and voted 7-2 to keep monetary policy unchanged. Policymakers remain split as to whether or not the central bank should reduce its current account surplus target in what would be largely a technical move with no implication for the direction of monetary policy. BoJ Governor Fukui added to the interest rate issue in his remarks when he said the central bank will not necessarily abandon its policy accommodation once core consumer prices stop falling. The three criteria, he reiterated, are that the monthly CPI index must be above 0% for a prolonged period; no prospect of moving below 0%; and the economy must be growing steadily. The BoJ also announced it will utilize a new CPI measure as the basis for policy after the government revises CPI data in 2006. Finance minister Tanigaki today called on China to reform its currency regime ahead of his attendance of a multilateral policymaking meeting in Istanbul next week at which his Chinese counterpart will attend. Data released in Japan today saw March industrial output recede 0.3% m/m and climb 1.1% y/y. Also, March commercial sales were up 0.5% y/y and retail sales were up 0.6%. Moreover, March housing starts came off 2.7% y/y, the first decline in three months and capital flows data released today saw foreign investors as net sellers of Japanese equities last week. Japanese investors sold a net ¥41.9 billion of foreign equities last week, the fourth week of net sales in the previous five weeks. The MoF reported it did not intervene in the FX market last month. Japanese financial markets will be closed tomorrow for a national holiday. The Nikkei 225 stock index gained a mere 0.03% to close at ¥11,008.90. Dollar bids are cited around the ¥105.55 level and dollar offers are seen around the ¥106.70 level. The euro moved lower vis-à-vis the yen as the single currency tested bids around the ¥136.45 level and was capped around the ¥137.35 level. Euro bids are seen around the ¥136.25 level. In Chinese news, China announced its January – February trade with Taiwan grew 15.3% y/y to US$ 9.78 billion.







The British pound retraced most of its gains vis-à-vis the U.S. dollar today as cable tested offers around the US$ 1.9100 figure – a key short-term retracement level – and was supported around the $1.9015 level. Sterling was volatile in the aftermath of the U.S. GDP data’s release and established a fresh daily high soon thereafter. The pair climbed from intraday lows after the release of Nationwide house price data that saw April house prices rise by 0.9% in April, backtracking from March’s 0.6% drop. U.K. Prime Minister Blair, who faces a re-election vote in early May, today said the U.K. is likely to remain outside of Economic and Monetary Union in the next Parliament and said the five economic tests that will determine whether or not a national referendum is held on the issue remain in place. Cable bids are cited around the $1.9045 level and cable offers are seen around the $1.9100/ 25 levels. The euro came off vis-à-vis the British pound as the single currency tested bids around the ₤0.6765 level and was capped around the ₤0.6795 level.

CHF

The Swiss franc gained marginal ground vis-à-vis the U.S. dollar today as the greenback tested offers around the CHF 1.1945 level and was supported around the CHF 1.1885 level. The pair has been unable to gain much of a foothold above the technically-important CHF 1.1920 level, the 38.2% retracement of its move from CHF 1.1475 to CHF 1.2195. Swiss National Bank President Roth is likely to speak today. Dollar bids are seen around the CHF 1.1875/ 50 levels. The euro moved lower vis-à-vis the Swiss franc as the single currency tested bids around the CHF 1.5380 level and was capped around the CHF 1.5420 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