User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Monday May 23, 2005 - 10:50:30 GMT
Mellon Bank Foreign Exchange -

Share This Story:
| | Email

Global FX Daily - European Edition

Key Points
• German ‘early election’ call compounds political uncertainty in Europe ahead of forthcoming EU Constitution referenda…

• …but a fresh mandate for reform policies (if maintained) would be a welcome development.

• IMM data reveals extension of net short spec position on EUR-USD.

• 1.2450-1.2500 likely on EUR-USD this week, but market holidays set for next Monday (the day after the French vote) may undermine positional appetite in general.

Market Outlook
Political uncertainty will remain at the top of the agenda this week for the EUR, with yesterday’s announcement by German Chancellor Schroeder about the need for an early election likely to compound the market’s edginess ahead of key referenda in France and the Netherlands. The French vote is on Sunday, while the Netherlands goes to the polls a few days later on the Wednesday.

The developments in Germany came after the SPD lost their majority in the regional elections in North-Rhine Westphalia, Germany’s most populous state. However, the alternative to an early election would be paralysis in the run-up to the next ‘scheduled’ election in autumn 2006, in which the reform process could become stalled. An early poll would provide the new government with a mandate to push ahead with reform policies. The main concern of the electorate is with Schroeder’s reform efforts, although these are likely to continue under a CDU government. The biggest potential negative would be if both parties decide to outdo each other in trying to abandon such policies or at least distance themselves from them.

The latest referendum polls give the No vote a commanding lead in the Netherlands but a narrow one in France. Rejection of the treaty will not be a good advertisement for European integration, but by its very nature integration is a sketchy and disjointed process anyway and the market should already be well aware of this. Today’s FT quotes one European commissioner as saying, “We’re not meant to say this but we could carry on as we are”. This is the case for the existing EU perhaps and why the EUR will most likely survive any No vote, but it will raise some question marks about the smoothness with which countries can join the EU in the future, e.g. Turkey. Sentiment towards these currencies will not be helped.

However, the run-up to the referendum is likely to be an uncertain one for EUR-USD, especially as it has slipped to new lows for this move on Friday. The prospect of the French referendum on Sunday, ahead of market holidays in both the US and the UK, will limit interest. However, it may also serve to limit those willing to extend EUR-USD short positioning. Latest IMM data (see chart) show an extension of the net short position (as of last Tuesday), but it is not that large. There are two ways of looking at this. First of all, it reflects a slight hesitancy to aggressively pursue EUR-USD downside, while secondly, it also suggests that short-term accounts have ammunition left if they do decide to aggressively turn on EURUSD. The 1.2450-1.2500 area should be seen early this week, but this should hold it for now and until this area breaks our medium-term forecast will remain unchanged.

Data/event BST Consensus*
NO Norges Bank’s Gjedrem in parlmnt 10.00
EU ECB’s Trichet at Euro parlmnt 14.00
US Fed’s Moskow speaks 14.30
US Fed’s Santomero speaks 23.00
JP Tertiary index (Mar) m/m 00.50 -0.4%
JP All-industry index (Mar) m/m 00.50 -0.3%
Latest data Actual Consensus*
NZ PPI output (Q1) q/q +0.3% +0.5% last
* Consensus unless stated

Copyright © 2002, Mellon Financial Corporation, All Rights Reserved
Note: Although obtained from sources believed by us to be reliable, Mellon Financial Corporation and its affiliates cannot guarantee the accuracy or completeness of the information upon which this report is based. This report does not purport to disclose the risks or benefits or entering into particular transactions and should not be construed as advice in any specific instance. The views in this report constitute our judgement as of this date and are subject to change without notice.


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."

Actionable trading levels delivered to YOUR charts in real-time.

Register To Test Your Amazing Trader

Trading Ideas for 12 March 2018

GVI Trading. Potential Price Risk Scale
AA: Major, A: High, B: Medium

Mon 12 Mar 2018
A 17:00 US- 3-Yr Auction
Tue 13 Mar 2018
A 10:00 DE- ZEW Survey
AA 12:30 US- CPI
A 17:00 US- 10-Yr Auction
Wed 14 Feb 2018
AA 12:30 US- Retail Sales
A 12:30 US- PPI
A 14:30 US- EIA Crude
A 17:00 US- 30-Yr Auction
Thu 15 Mar 2018
A 12:30 US- Weekly Jobless
A 12:30 US- Philly Fed, Empire PMI
A 12:15 US- Industrial Production
Fri 16 Mar 2018
A 10:00 EZ- final HICP
A 12:30 US- Housing Starts/Permits
A 14:00 US- prelim Univ of Mich

John M. Bland, MBA
co-founding Partner,
Start trading with forex broker Markets Cube

Max McKegg's Daily Forex Trading Forecasts

Veteran FX Trader, Max McKegg, forecasts all the Major currencies and the Australasians; providing Daily and Medium Term Trading forecasts to subscribers, who include large Banks the world over, as well as individual traders in more than 30 different countries.

Request a TRIAL of Max's Forex Service.


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

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 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 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.



Copyright ©1996-2014 Global-View. All Rights Reserved.
Hosting and Development by Blue 105