User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Friday May 13, 2005 - 13:57:44 GMT
GCI Financial - www.gcitrading.com

Share This Story:
| | Email

Forex Market Commentary and Analysis (13 May 2005)



The euro depreciated further vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.2620 level and was capped around the $1.2695 level. The common currency has not been this low since 22 October 2004 and failed to get above the 61.8% retracement level of the move from $1.2215 to $1.3665. Stops were hit below the $1.2650 level and dollar bulls pushed the pair through a reported option barrier around the $1.2630 level. Another option barrier is reportedly in place around the $1.2600 figure. Data released in the U.S. today saw the April import price index climb 0.8% m/m and +8.1% y/y, both above forecast, while the export price index came in +0.6% m/m. Ex-oil, the import price index was up around +0.3%, suggesting most of the increases in the import price index was attributable to commodities like petroleum. Other data released today saw March business inventories up +0.4%, a little lighter-than-expected, while sales were up +0.7%. The preliminary May University of Michigan consumer sentiment index came in weaker-than-expected at 85.3. The pair has given back around 300 pips in the past three days and chartists are eyeing key long-term retracement levels around the $1.2540/ $1.2480 levels. In eurozone news, EMU-12 finance ministers will be convening this morning and are likely to discuss the languid pace of economic growth in the eurozone. Russia and the so-called Paris Club announced an agreement today that would permit Russia to repay some US$ 15 billion in debts ahead of schedule. French data released today saw April consumer prices rise 0.2%, down from a 0.6% gain in March. On an annualized basis, April CPI growth was 1.8%, down from 1.9% y/y. Euro offers are seen around the $1.2665/ 70 and $1.2730 levels.

¥

The yen moved lower vis-à-vis the U.S. dollar today as the greenback tested offers around the ¥107.20 level and was supported around the ¥106.65 level. Today’s prints matched the pair’s strongest levels since 21 April and offers around the ¥107.08/ 10 level were absorbed, representing a 61.8% retracement of the move from ¥108.90 to ¥104.20. Finance minister Tanigaki pledged that Japan would conduct yen-selling intervention if there are “speculative or rapid moves” in the FX market and said Japan will act consistently with the statement of G7 finance ministers. Tanigaki cited Chinese yuan revaluation speculation as one exchange rate driver now. Bank of Japan Governor Fukui also spoke today and said the central bank “will not waiver” in its commitment to an easy monetary policy. He also added he did not know if the current quantitative easing policy would be in place in 2006/ 2007. Data released in Japan today saw March core machinery orders climb 1.9% m/m and 13.2% y/y. The government, however, is predicting core machine orders will decline 3.1% q/q in the April to June period. Other data released today saw April department store sales up 0.1% y/y for only the third rise in 41 months. Also, the economy watchers’ index climbed last month for the fourth consecutive month to print at 49.8, below the boom-or-bust 50.0 level. Economy minister Takenaka spoke today and said the government will examine reasons why exports to China may have slowed recently. Fukui also spoke at length today about the ongoing inventory adjustment in the information technology sector and suggested it would end in mid-2005 at which time the sector could continue being a net positive to Japanese economic growth. The Japanese government will release GDP data on Tuesday and many forecasts are predicting the economy will have grown a real 0.5% to 0.6% in the January – March quarter. The Nikkei 225 stock index came off 0.26% today to close at ¥11,049.11. Dollar offers are cited around the ¥107.75 level and dollar bids are seen around the ¥106.55 level. The euro moved lower vis-à-vis the yen as the single currency tested bids around the ¥135.15 level and was capped around the ¥135.55 level. Euro bids are seen around the ¥134.95 level and euro offers are seen around the ¥135.50 level. In Chinese news, April M2 money supply was reported up 14.1% while April ex-factory industrial prices were up 5.8% y/y. People’s Bank of China Zhou effectively ruled out a yuan revaluation on 18 May when China will begin to trade eight additional currency pairs in its interbank market while a leading Chinese wire service said a yuan revaluation is “likely” in H2 2005. Zhou called such a move “definitely impossible.” Deutsche Bank issued a forecast today that China would raise interest rates by 27bps in 2005.



The British pound came off sharply vis-à-vis the U.S. dollar today as cable tested bids around the US$ 1.8540 level and was capped around the $1.8655 level. Chartists note that sterling is rapidly approaching a key technical level around the $1.8510/ 07 area, the 50% retracement level of the move from $1.7465 to $1.9550. Sterling has now given back more than 3.5 cents over the past three days. Data released in the U.K. today saw John Lewis Partnership department store sales receded 3.4% w/w in the week to 7 May. An option barrier that was reported around the $1.8550 level was absorbed during early North American dealing. Cable bids are seen around the $1.8510 level. The euro was little-changed vis-à-vis the British pound today as the single currency tested bids around the ₤0.6790 level and was capped around the ₤0.6810 level.

CHF

The Swiss franc moved lower vis-à-vis the U.S. dollar today as the greenback tested offers around the CHF 1.2250 level and was supported around the CHF 1.2150 level. Notably, the Swiss franc notched losses vis-à-vis all major currencies today including the euro, yen, British pound, Canadian dollar, and Australian dollar. The dollar has not been this strong since 8 February and has been bid higher since Wednesday when the pair tested technical support around the CHF 1.1960 level. Data released in Switzerland today saw March retail sales off 3.0% y/y. Technically, today’s floor was coincident with the 61.8% retracement level of the move from CHF 1.2685 to CHF 1.1285. The euro moved higher vis-à-vis the Swiss franc as the single currency tested bids around the CHF 1.5465 level and was supported 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 20 October 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:

Fri 20 Oct
12:30 CA- Retail Sales & CPI
14:00 US- Existing Homes Sales


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: High Fri-- 12:30 GMT CA- Retail Sales and CPI. Top economic indicators.


  • POTENTIAL PRICE RISK: HIGH Fri-- 14:00 GMT US- Existing Homes Sales. Top Housing 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