User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Thursday June 2, 2005 - 22:30:37 GMT
Westpac Institutional Bank -

Share This Story:
| | Email

Forex: Westpac Institutional Bank Morning Report

Westpac Institutional Bank Morning Report

New Zealand Dollar NZD consolidates after breaking lower
NZD/USD made a gradual recovery on Thursday following the previous days swift sell-off. The NZD opened near the low at 0.6954 and slowly moved up to 0.6990 during NZ time. With no data releases, direction was characterised by small profit taking as the NZD managed to pick itself up off the canvas and grind higher throughout the day. Sentiment is still firmly in favour of the US dollar as soft data continues to come out of Australasia, and while the chance of a RBNZ interest rate hike next week diminishes. The offshore session saw a brief sortie above 0.7000 to the high at 0.7016 but the NZD closed slightly lower just holding on to the 0.7000 handle.

Australian Dollar: AUD rallies off 6-month lows
AUD/USD rallied strongly yesterday, rebounding well from the punishment it took on Wednesday. The reversal was due in part to a broad corrective move in the US dollar where recent strength took a micro pause. In a week of poor economic data, the only bright spot was news that the economy produced a smaller than expected trade deficit of $1.3bn. April dwelling consents also made a recovery rising 1.8% from Mar. The AUD rallied off the 6-month low at 0.7475 and climbed throughout the day to a high of 0.7558 during late offshore trading.

Major Currencies: USD profit taking takes euro off 8-month lows
The USD lost ground against major currencies on Thursday as traders took profit on recent long USD positions ahead of tonight's US payrolls report. Expectations are for 185k non-farm jobs created in May down from 274k in April. The euro rallied off an 8-month low of 1.2158 during yesterday's local session and was taken higher offshore on USD profit taking, testing 1.2300. The decision by the ECB on Thursday to leave interest rates unchanged at 2% had little impact as the decision was widely expected. USD/JPY fell off its recent highs testing a break of 108.00 and opens this morning at around 108.20.

Events Today
US Q1 productivity growth was revised up from 2.6% to 2.9%, more or less in line with the upward revision to GDP. However a sharp upward revision to compensation per hour more than offset the higher productivity, with the result that unit labour costs were revised up sharply from 4.8% to 6.3%.

US factory orders rose 0.9% in April, constrained by a small fall in the non-durables component, though this followed a 3% bounce in March, with most of these swings related to the shifting price of energy. Outside of durable transport orders, the picture is lacklustre, though maybe not quite as dire as some of the business surveys seem to be suggesting. Note that factory inventories rose only 0.1%, a sign that inventories will be a drag on Q2 GDP growth.

US initial jobless jumped by 25k to 350k last week, although the Bureau of Labor Statistics said that much of the rise was due to temporary layoffs in the auto industry. That seems odd, because the annual plant shutdowns for new model retooling normally occur in July. But if we take the BLS explanation at face value, labour market conditions have not deteriorated. That said, continuing claims posted their first rise in three weeks, though it was not especially large.

The European Central Bank left its repo rate unchanged at 2.0% after today's Council meeting. Although in the press statement ECB chief Trichet noted that "most recent indicators for economic activity remain, on balance, on the downside", in the Q&A he refused to be drawn upon whether or not a rate cut (or rise for that matter) was discussed. The message was that the Bank remains firmly on hold.

UK house prices. Country Release Last Forecast
NZ May ANZ Commodity Prices NZD 1.3% n/f
Apr Trade Balance (F) NZDmn -147 -147
Aust Q1 House Prices (ABS) 0.6% flat
May AIG PSI 51.4 n/f
US May Non-Farm Payrolls Change 274k 170k
May Unemployment Rate 5.2% 5.3%
May ISM Non Manufacturing 61.7 58.5
Eur Apr Retail Trade 0.3% 0.5%
May PMI Services 52.8 52.5
UK PMI Services 56.5 56.0

Latest Research papers/Publication L
• Taxation - who pays and how much? (2 June)
• Warning shot for the RBNZ (31 May)
• NZ Weekly Forex Outlook (30 May)
• NZ Weekly Interest Rate Wrap-up (30 May)
• What are markets telling us? (27 May)
• NZD: A change in the rules? (27 May)
• NZD: Finding supply and demand (25 May)
• Diversification - no place like home (24 May)
• Wages - a precursor of inflation? (23 May)
These papers/publications are available on Online Research on
Westpac Institutional Bank’s website (

Westpac Banking Corporation ABN 33 007 457 141 incorporated in Australia (NZ division). Information current as at 24 May 2005. All customers please note that this information has been prepared without taking account of your objectives, financial situation or needs. Because of this you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation or needs. Australian customers can obtain Westpac's financial services guide by calling +612 9284 8372, visiting or visiting any Westpac Branch. The information may contain material provided directly by third parties, and while such material is published with permission, Westpac accepts no responsibility for the accuracy or completeness of any such material. Except where contrary to law, Westpac intends by this notice to exclude liability for the information. The information is subject to change without notice and Westpac is under no obligation to update the information or correct any inaccuracy which may become apparent at a later date. Westpac Banking Corporation is regulated for the conduct of investment business in the United Kingdom by the Financial Services Authority. © 2004 Westpac Banking Corporation. Past performance is not a reliable indicator of future performance. The forecasts given in this document are predictive in character. Whilst every effort has been taken to ensure that the assumptions on which the forecasts are based are reasonable, the forecasts may be affected by incorrect assumptions or by known or unknown risks and uncertainties. The ultimate outcomes may differ substantially from these forecasts.


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

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

Mon 23 July 2018
A 14:00 US- Existing Homes Sales
Tue 24 July 2018
AFlash PMIs
Wed 25 July 2018
A 08:00 DE- IFO Survey
A 14:00 US- New Homes Sales
A 14:30 US- EIA Crude
Thu 26 July 2018
AA 11:45 EZ- European Central Bank Decision
A 12:30 US- Weekly Jobless
A 12:30 US- Durable Goods
Fri 27 July 2018
AA 12:30 US- GDP
A 14:00 US- Final University of Michigan

John M. Bland, MBA
co-founding Partner,

Global-View Affiliate Program

We are starting an affiliate program to market some of our products.

Send me an email if you would be interested or if you know someone who would like to be an affiliate. Generous commissions payout for those accepted.

Put the word "affiliate" in the email subject line.

Contact us

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.



By using this website, you are agreeing to our Privacy Policy and Terms of Use, and Cookie Policy

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