User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Tuesday July 12, 2005 - 11:08:04 GMT
Mellon Bank Foreign Exchange -

Share This Story:
| | Email

Forex: Mellon FX Daily - U.S. Edition

Key Points
• Scale of USD correction is disruptive and could prompt more of the same ahead of tomorrow’s US trade data.

• EUR once again leads the way in Asia.

• Swedish CPI stronger, UK CPI as expected.

• BoC meeting features today.

Market Outlook

A sizeable corrective move in the USD over the past 24 hours and the scale of this itself will make USD longs wary. This sort of movement tends to create its own volatility and while some rebound may be seen today, more USD weakness could easily develop ahead of Wednesday’s US trade data. The 1.2184- 1.2205 area on EUR-USD (twin highs from late June)represents the first point of resistance, although 1.2288 and 1.2351 are the bigger ones. Oddly, the move in Asia started around the same time as it did on Monday, with the EUR leading the way. This may just be coincidental, but a number of EUR crosses also headed higher around this time, including EUR-GBP and EUR-CHF, both of which had been displaying signs of an imminent correction lower yesterday afternoon. However, crucially EUR-GBP has managed to hold below 0.6900 and as long as this remains the case there is a risk of a decent pullback. Below 0.6860 would add momentum to such a move. UK CPI data this morning was unexciting.

One factor helping the EUR yesterday was the publication of the CDU’s election manifesto, which essentially pulled no punches about what was required in terms of reform in Germany. This is a good first step, but many problems remain in attempting to put these policies into practice. For example, the CDU’s likely coalition partner, the FDP, is opposed to the hike in VAT. Furthermore, while such measures will boost the longer-term prospects for the German economy, they will inevitably induce short-term pain, especially the labour market measures that are likely to prompt job rationalisation in the first instance. In conclusion, it is a positive sign for the EUR, but whether the market has the confidence to trade on such a longer-term issue is not clear.

The JPY has also advanced well against the USD. It has been a late mover over the past 24 hours, but while below 111.25-35 there is downside risk and there is not a lot on the chart until 109.65-110.00.

Swedish CPI came out stronger than expected, with the core y/y rate jumping up to +0.7% from the low +0.2% recorded last month. Core CPI has been erratic in recent months and the market will want to see such a stabilisation being sustained. However, today’s data will help take some of the pressure of the SEK. EUR-SEK moved very close to the July 1 high of 9.4909 yesterday, so has now failed twice at this level. In this regard there is some corrective downside risk and above 9.50 is required to keep the move going to 9.60 resistance (9.5960 being the high from July 2002).

Day Ahead
Canada – the BoC announce their latest policy decision against a background of improvement in the export sector, although they will want to see this becoming more established before hiking rates. The latest export data is still to come tomorrow, but today’s meeting is again likely to allude to the likelihood of more tightening at some point and if the recent improvements in the export sector are also acknowledged, this would imply they are one step closer to reactivating the tightening cycle. USD-CAD support is at 1.2000-55 and this should be tested at some point this week as long as there is no fresh weakness in tomorrow’s export data.

Data/event EDT Consensus*

US Chain store sls (w/e Jul 9) w/w 07.45 +0.5% last
CA New house price index (May) m/m 08.30 +0.6%
US Redbook sls (w/e Jul 9) m/m 08.55 +0.5% last
CA BoC policy announcement 09.00 2.5%
NZ Retail trade (May) m/m 16.45 +0.4%
US ABC consumer conf (w/e Jul 10) 17.00 -9 last
JP Current account (May, sa) 19.50 Y1.3trn
AU Consumer sentiment (Jul) 21.30 113.7

Latest data Actual Consensus*
JP Domestic CGPI (Jun) y/y +1.4% +1.6%
JP Consumer confidence (Jun) 46.8 48.1
FR Trade balance (May) -€1.25bn -€2.6bn
SE CPI (Jun) y/y +0.6% +0.4%
SE CPI UND1X (Jun) y/y +0.7% +0.7%
GB CPI (Jun) y/y +2.0% +2.0%
GB RPI (Jun) y/y +2.9% +2.9%
GB RPIX (Jun) y/y +2.2% +2.2%
* Consensus unless stated

2005, Mellon Financial Corporation 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 of 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.
Ian Gunner 44 20 7163 5996 06.40 EDT Monday May 31 2005


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