User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Thursday June 3, 2004 - 17:31:56 GMT
GCI Financial - www.gcitrading.com

Share This Story:
| | Email

Daily Market Commentary and Analysis (3 June 2004)



The euro could not sustain gains vis-à-vis the U.S. dollar today as the single currency ran out of steam around the US$ 1.2250 level. Euro bids were tested around the $1.2170 level earlier in the Australasian session. Volatility in the oil markets pushed the price of crude higher and took the single currency for a ride. Dealers also moved into euros after the release of strong eurozone services PMI data that saw a May reading of 55.8, exceeding most forecasts. The European Central Bank convened today and voted to not change monetary policy. Traders paid very close attention to comments from ECB President Trichet who said oil prices have created “considerable upward pressure” on consumer prices, echoing similar comments from Bank of England Chief Economist Bean today. Trichet indicated the ECB’s latest staff projections call for average annual HICP inflation between 1.9% and 2.3% in 2004 with a midpoint of 2.1%, higher than the 1.8% midpoint that the staff published in December. These projections are the nail in the coffin for those monetary doves who voiced support for a rate easing as recently as a couple of weeks ago. Trichet made it clear, however, that higher energy costs are expected to recede in the medium-term and thus do not yet have a consequence for monetary policy. Germany, France, and Italy all registered improvements in their services PMI indices. Kuwait confirmed that OPEC is reviewing two output proposals and some OPEC members believe the OPEC deal will include 2 to 2.5 million additional barrels per day. Data released in the U.S. today saw Q1 final productivity at 3.8%. Weekly initial jobless claims fell 6,000 to 339,000 while continuing claims mover higher to just above three million. Also, unit labour costs came in at +0.8%, twice the consensus forecast. Also, the headline May ISM non-manufacturing business activity index came in at 65.2 from April’s 68.4 reading but some traders expressed comfort with the improving employment sub-index and rising prices paid. Also, April factory orders were off 1.7% to US$ 356.9 billion. Traders will pay close attention to tomorrow’s May non-farm payrolls report in the U.S. The consensus forecast is for net new jobs creation of 215,000 with Citibank’s forecast of 300,000 new payrolls near or at the top of the range. Remarks from FOMC’s Kohn later in the day will also closely be scrutinized. Richmond Fed’s Broaddus said the Fed is still on path to raise rates at a “measured pace” and intimated that the federal funds target rate could be 2.0% by the end of 2004. Euro bids are cited around the $1.2170/ 50 levels with stops below the $1.2140 level.

¥

The yen lost significant ground vis-à-vis the U.S. dollar today as the greenback tested offers around the ¥111.55 level before ducking below the ¥111.00 figure during North American dealing. Dollar bids supported the pair around the ¥109.80 level during Australasian dealing and decent stops were hit above the ¥110.50 level on the move higher. The pair has been trading in close tandem with the price of front-month NYMEX crude oil futures. It was announced by OPEC today that they will increase output by two million barrels per day and will convene in Vienna on 21 July. Capital flows data for the five days ending 28 May evidenced substantial net yen inflows of ¥486.4 billion as foreign investors returned as major net buyers of Japanese equities. Bank of Japan Governor Fukui spoke today and said the Japanese economy is improving faster-than-expected. Fukui also said he does not envision consumer price inflation reaching zero per cent or higher soon. BoJ Policy Board’s Haru also spoke today and said the central bank’s quantitative easing policy will continue until the conditions it enumerated in October are met. He also said there is a significant chance that the “end to deflation” will come during or after FY 2005/2006. The implications of these comments and policies for the FX market are a weaker yen as the BoJ is clearly in no hurry to tighten policy under Fukui, a stark contrast to what may have happened if Hayami was still the chief. MoF’s Watanabe said the G7 is unlikely to discuss FX much at the upcoming G8 summit in Sea Island. Data released in Japan today saw January – March corporate capital spending up 10.2% y/y. The Nikkei 225 stock index reversed course and ended up falling 1.91% to close at ¥11,027,05 on account of oil concerns. Dollar bids are cited around the ¥109.80/50 levels. The euro moved higher vis-à-vis the yen today as the single currency tested offers around the ¥ 136.30 level before falling back below the ¥135.50 level during North American dealing. Stops were triggered above the ¥135.60 level during the initial move upward. Stops are cited below the ¥135.00 figure.

 

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 11 December 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:

Tue 12 Dec
09:30 GB- CPI
10:00 GB- ZEW Survey
13:30 US- PPI
Wed 13 Dec
00:30 AU- Employment
09:30 GB- Unemployment
13:30 US- CPI
15:30 US- EIA Crude
19:00 US- Fed Decision
Thu 14 Dec
07:30 CH- SNB Decision
All Day- Global- flash PMIs
12:00 GB- Bank of England Decision
12:45 EZ- ECB Decision
13:30 US- Retail Sales
13:30 US- Weekly Jobless
14:45 US- Industrial Production

Forex Trading Outlook


Potential Trading Opportunities

  • POTENTIAL PRICE RISK: Mediun Tue--10:00 GMT-- DE- ZEW. Second Tier Sentiment Survey
  • POTENTIAL PRICE RISK: HIGH-Medium Tue--13:30 GMT-- US- PPI

  • POTENTIAL PRICE RISK: HIGH-Medium Wed--09:30 GMT-- GB- Employment
  • POTENTIAL PRICE RISK: HIGH Wed--13:30 GMT-- US- CPI
  • POTENTIAL PRICE RISK: Medium Wed--15:30 GMT-- US- EIA Crude
  • POTENTIAL PRICE RISK: High Wed--19:00 GMT-- US- Fed Decision


  • POTENTIAL PRICE RISK: HIGH- Thu --00:30 GMT-- AU- Employment
  • POTENTIAL PRICE RISK: Medium- Thu --All day-- global- flash PMIs
  • POTENTIAL PRICE RISK: HIGH-Medium- Thu --07:30-- CH- Swiss National Bank Decision
  • POTENTIAL PRICE RISK: HIGH-Medium- Thu --09:30-- GB- Retail Sales
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