User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Tuesday June 8, 2004 - 15:38:30 GMT
GCI Financial -

Share This Story:
| | Email

Forex Market Commentary and Analysis (8 June 2004)

The euro depreciated vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.2255 level after absorbing bids around the $1.2265 level, its 100-hour moving average. The move lower accelerated after Fed Chairman Greenspan hawkishly said deflation is dead and the FOMC has not ruled out an aggressive monetary tightening. Monetary hawks bought the U.S. dollar following these comments on the notion that the FOMC might orchestrate a 50bps interest rate hike instead of the 25bps that most market participants expect. The markets will see the U.S. May PPI data released at 1900 GMT on Thursday instead of Friday on account of the state funeral of former President Reagan. Italian President Berlusconi verbally intervened today saying “the value of the euro is too high vs. the dollar. We have continuously asked the ECB to review its rates" to combat this trend. If this does not happen, I think we will have to flank the ECB with a political committee formed by representatives of the all (EMU) countries." German “Wise Man” Bofinger yesterday called on the ECB to cut rates immediately. These comments are a decoupling with recent ECB comments that suggest the central bank has adopted a neutral policy stance. Minor data released in the U.S. today saw the Redbook retail sales index for same-store sales in June inch up +0.7% week-on-week. Treasury Secretary Snow today said the U.S. economy “has really turned the corner” and added the economy is in a “strong recovery.” Data released in the eurozone today saw German April industrial output register a 2.2% stronger-than-expected expansion.


The yen lost ground vis-à-vis the U.S. dollar today as the greenback tested offers around the ¥110.05 level after testing bids around the ¥109.45 level. The pair moved higher during North American dealing after fairly hawkish remarks from Fed Chairman Greenspan. The big story in Japan today is interest rates as the 10-year JGB yield reached 1.705% overnight, a yield not seen in some 3 ½ years. This coincided with a 0.72% improvement in the Nikkei 225 index that closed at ¥11,531.93. Also, dealers cited less-than-stellar demand for a 5-year JGB auction overnight, an indication that traders believe the Japanese economy is improving nicely. Bank of Japan Policy Board members will likely be on the wires soon to reaffirm the continuity of the central bank’s long-standing quantitative easing policy. Data released in Japan today saw the M2+CD money supply measure expend 2.0% y/y in May while Japanese bank lending came off 4.1% y/y in May, the 77th consecutive monthly decline. Finance minister Tanigaki commented on the rise in JGB yields while FSA’s Takenaka said it reflects an improving economy. The euro came off vis-à-vis the yen today as the single currency tested offers around the ¥135.50 level before moving lower to test bids around the ¥134.55 level. Euro bids are cited around the ¥134.45 level.


The British pound weakened vis-à-vis the U.S. dollar today as cable tested bids around the US$ 1.8325 level after failing to get above the $1.8460 level overnight. Cable’s descent quickened following the hawkish remarks from Fed Chairman Greenspan today. A mixed batch of U.K. housing reports saw the FT House Price Index increase 0.7% m/m and 17.7% y/y in May, the lowest monthly increase in six months. Halifax issued a similar report today that saw a 2.2% m/m and 20.4% y/y gain in house prices last month. Recent data from Nationwide saw increases of 1.9% m/m and 19.5% y/y. The markets would have reacted to these data a couple of weeks ago by taking cable higher to the US$ 1.8480 level. Many traders did not react to the data on account of the forthcoming interest rate decision by Bank of England’s Monetary Policy Committee on Thursday. Some are expecting a 25bps monetary tightening while others see no change in interest rates. Cable bids are cited around the US$ 1.8295 level. The euro weakened vis-à-vis the British pound today as the single currency tested bids around the £0.6675 level.


The Swiss franc lost marginal ground vis-à-vis the U.S. dollar today as the greenback tested offers around the CHF 1.2430 level and found bids around the CHF 1.2315 level. The pair’s move higher was limited by a strong depreciation on the euro/Swiss franc cross that saw the single currency test bids around the CHF 1.5180 level. Swiss data released today saw a decline in unemployment in May but many traders believe Swiss National Bank will not tighten monetary policy this month. SNB added one-week liquidity at 0.11% today, the same rate it has used since 2 April 2003.


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