User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Tuesday June 28, 2005 - 21:22:40 GMT

Share This Story:
| | Email

Forex: Crude Slides, Dollar Rallies

DailyFX Fundamentals 06-28-05

By Kathy Lien, Chief Strategist of

· Crude Slides, Dollar Rallies
· Euro Weakens As Another Country Gets Downgraded
· Yen Drops to 8 Month Low

US Dollar

The retracement in oil prices today along with stronger consumer confidence numbers has helped the dollar gain back some of its traction against the euro. The EURUSD has trended lower throughout the Asian, European and US trading sessions, seemingly adamant about taking another stab at the 1.20 level. Tomorrow’s GDP data, though generally not as market moving as some of the other releases could very well aid dollar bulls in their attempt to push the pair below the staunch line of defense at 1.20. Tomorrow we also begin the two day FOMC meeting, leaving the market openly questioning whether the Fed will provide us with any new information on one of the most important topics on the mind of most traders today, which is when will the Fed pull the plug on rate hikes. The surge in oil prices that we have been seeing over the past few weeks should prompt the Fed to remain vigilant so that prices do not spiral out of control. Speeches from a few Fed officials last week confirm this belief. However, what eventually happens is that oil prices end up being such a drag on growth that the Fed finds themselves in need of moving to neutral or even more accommodative monetary policy to pull the economy out of its slump and tempt consumers to spend once again. For the most part, data that we have seen over the past month has surprised to the downside, suggesting that the Fed may want to wait to see how energy prices proceed before making a big shifts in policy.


The euro is weaker today following a bout of mixed to mostly disappointing data from the region. Consumers for the most part are becoming increasingly pessimistic and we don’t blame them. Even though Blair is scheduled to take over the EU Presidency on July 1st, there have not been any new developments that would give consumers hope about the future of the euro. German consumer confidence as measured by GfK plunged from 4.3 to 3.5. Consumer confidence in Italy also edged lower for the fifth consecutive month. Businesses on the other hand are feeling the opposite. Business confidence in France actually improved in the month of June. This is certainly related to the sharp slide in the Euro that we have seen over the past 2 months. As we talked about yesterday, the slide in the Euro is very beneficial for GDP growth and has helped to offset most of the rise in oil. Meanwhile, Standard and Poor’s downgraded the credit rating of Portugal from AA to AA-. Although Portugal is a comparatively small country, this follows downgrades that have been already issued to Italy and Greece. Collectively, these downgrades may cause some investors to rethink their investments in the Eurozone, which in other words means the euro. The downgrades also illustrate the difficulty that these countries will face if the Euro ever breaks up. Right now, the fact that they are connected to higher rated countries like Germany and France (who are AAA rate) keeps their costs of servicing debt lower. If they leave the Eurozone on the other hand, the cost of servicing their debt could skyrocket.

British Pound

A non-existent economic data environment led traders to take profits on two days of gains as economists mulled over yesterday’s housing price analysis. With data pointing to a continuing fall in the last 12 months, experts remain confident that valuations will continue at current levels with strong sales, up 3.5 percent, as Bank of England rate cut considerations mount. Here, some speculate that sales may again increase once reductions filter into the economy as the cost of money declines. On a political front, attention is turning to the upcoming G8 Summit. Considering rising tension over budgetary rebates and farm subsidies, French President Jacques Chirac backed Prime Minister Tony Blair in his plans to bring climate change ideas to the table. One of the first positive suggestions since the budgetary summit debacle, the stated support to confront global warming issues may hint that tensions were slightly overstated and lend optimism, albeit incremental, to a potentially oversold regional currency. Separately, tomorrow looks to bode better with money supply figures, consumer credit and mortgage approvals for traders to pounce upon. Consumer credit may be the highlighted figure as policy officials stated earlier that individual lending remained a considerable concern to further repurchase rate decisions.

Japanese Yen

Caution reigned supreme during the session as traders continued to bid the Japanese yen lower throughout the day to an eight month low, as they remain fearful of rising oil prices. Casting aside relatively optimistic retail trade data, market participants remained wary as crude contracts flirted with the $61 per barrel resistance. Oil prices have already climbed over 61 percent on an annual comparison as supply constraints have led many to believe that demand may remain exponentially high. As a result, most economists tossed aside the brighter 2.7 percent increase in retail trade data as dips are expected in the near term future on pricing lags. Additionally, with the economy importing close to 98 percent of their oil reserves, higher oil prices mean squeezed corporate bottom lines, rising consumer costs, and a depleted trade balance. Subsequently, the climbs have resulted in policy makers’ keeping a watchful eye. Today, Japanese Finance Minister Sadakazu Tanigaki stated that officials will be “carefully” monitoring the price and that both consumers and producers should begin to consider dealing with higher costs.


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

Tue 17 July 2018
AA 08:30 GB- Employment
A 13:15 US- Industrial Production
AA 14:00 US-Powell Testimony
Wed 18 July 2018
AA 08:30 GB- CPI
A 12:30 US- Housing Starts/Permits
AA 14:00 US-Powell Testimony
Thu 19 July 2018
AA 1:30 AU- Employment
AA 08:30 GB- Retail Sales
A 14:30 US- EIA Crude
A 12:30 US- Weekly Jobless
Fri 20 Jun 2018
A 12:30 CA- CPI/Retail Sales

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