User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Thursday July 14, 2005 - 11:15:55 GMT
Mellon Bank Foreign Exchange - https://fx.mellon.com/

Share This Story:
| | Email

Forex: Mellon FX Daily - U.S. Edition

Key Points
• USD firm ahead of retail sales, but some apprehension will persist ahead of Monday TIC data.

• Confirmation of favourable fiscal trend allows lower official US deficit forecast.

• UK business survey mixed.

• US CPI, sales/inventories and BoC policy report also feature today.

Market Outlook

EUR-USD has not shown much in the way of recovery power overnight, with the market still being checked by yesterday’s lower than expected trade deficit. There are still likely to be some concerns about Monday’s TIC portfolio data in the US, but other data today and tomorrow is of a nature that has been more helpful to the USD in recent months. Retail sales today and the NY Fed index tomorrow should reaffirm the USD’s cyclical support in the face of ongoing structural uncertainties. Monday’s low at 1.1957 will probably need to break to suggest that a fresh test lower is the making, although below 1.2000 would also be a negative signal. The immediate level of interest today is the 1.2053 low from Tuesday. If the data over the next couple of days is in line with expectations and a net inflow of $50bn or more can be generated in the TIC data on Monday, there is every chance of more USD strength emerging.

Fiscal data released in the US yesterday was also favourable for the USD. The latest data for June showed the cumulative deficit for the current financial year (Oct 04-Sep 05) at $249.8bn compared $327.2bn in the first nine months of the previous year. This has prompted the government to cut its overall deficit forecast for this fiscal year to $333bn from the their previous forecast of $427bn issued in February (always generally considered as high) and $412bn for the previous year.

GBP has been uneven over the past day or so, with a false buy signal being sent on EUR-GBP on the move above 0.6900. Having subsequently failed on the topside yesterday there was a fairly prompt move back towards the bottom end of the current trading range, although a move below 0.6840 will be required to suggest a deeper pullback. GBP may also be hampered by the prospect of next week’s MPC minutes. The respected BCC survey this morning offered a mixed picture, with recoveries in manufacturing sales and orders being offset by a sharp downturn in service sector indicators.

Day Ahead
US – retail sales, CPI and business sales/inventories data features and it seems likely to support the current thesis of steady non-inflationary growth. Sales ex-autos have been a little choppy over the past couple of months, although averaging out +1.5% in April and -0.5% in May still leaves decent trend growth. Core CPI has become subdued again after the strength seen earlier in the year, while the sales/inventories mix (rising inventories and rising sales) has also been favourable recently.

Canada – the Bank of Canada release their Monetary Policy Report Update, where they will include their latest economic projections and advice on the likely direction of monetary policy. This has already been well set and should confirm that rates will be going up “in the near-term”. The statement should support the speculation about a September 7 rate hike that followed Tuesday’s post-BoC meeting statement. However, USD-CAD may continue to find it difficult to progress that much further in the very short-term, given how far it has come over the past week or so. Downside is still favoured eventually and in this regard there should be some comfort in being short USD-CAD, although there is a chance of a modest correction higher in the short-term (close to 1.22).

Diary
Data/event EDT Consensus*

US Retail sales (Jun) m/m 08.30 +1.0%
US Retail sales ex-autos (Jun) m/m 08.30 +0.6%
US CPI (Jun) m/m 08.30 +0.3%
US CPI core (Jun) m/m 08.30 +0.2%
US Initial claims (w/e Jul 9) 08.30 323k
US Continuing claims (w/e Jul 2) 08.30 2581k last
CA Manu shipments (May) m/m 08.30 +0.4%
CA BoC Monetary Policy Report Update 10.30

Latest data Actual Consensus*
NZ CPI (Q2) q/q +0.9% +0.9%
ES CPI (Jun) y/y +3.1% +3.1%
EU GDP (Q1, final) q/q +0.5% +0.5%
GB BCC survey – manu sales (Q2) +19 +14 last
GB BCC survey – manu orders (Q2) +18 +11 last
GB BCC survey – serv sales (Q2) +12 +23 last
GB BCC survey – serv orders (Q2) +9 +18 last
* 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."



Elevate Your Trading With The Amazing Trader!

The Amazing Trader includes:
  • Actionable trading levels delivered to YOUR charts in real-time.
  • Live trading strategy sessions.
  • Market Updates with Trading Tools.

Register To Test Your Amazing Trader


Trading Ideas for 23 October 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:

Tue 24 Oct
All Day flash PMIs
Wed 25 Oct
01:30 AU- CPI
08:00 DE- IFO Survey
08:30 GB- GDP
14:00 CA- BOC Decision
14:30 US- EIA Crude
Thu 26 Oct
11:45 EZ- ECB Decision
12:30 US- Weekly Jobless
14:00 US- Pending Homes Sales
Fri 27 Oct
12:30 US- GDP
14:00 US- final Univ of Michigan

Forex Trading Outlook


Potential Trading Opportunities


  • POTENTIAL PRICE RISK: Medium Tue-- All Day Global flash PMIs. First good look at October economic performances.



  • POTENTIAL PRICE RISK: HIGH Wed-- 01:30 GMT AU- CPI. Top Inflation indicator.

  • POTENTIAL PRICE RISK: HIGH Wed-- 08:00 GMT DE- IFO Survey. Top German indicator.


  • POTENTIAL PRICE RISK: HIGH Wed-- 14:00 GMT CA- BOC Decision. No Policy Change Expected.


  • POTENTIAL PRICE RISK: Medium Wed-- 14:30 GMT US- EIA Crude. Top Weekly WTI Statistic.



John M. Bland, MBA
co-founding Partner, Global-View.com

EXCLUSIVE: Global-View Daily Trading Chart Points Updated

EXCLUSIVE: Global-View Free Forex Database updated




TRADER ADVOCACY ARTICLES

Trader's Advocate Articles..

pic

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 Global-View.com.

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

Global-View.com 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 Global-View.com. 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.

 

WARNING: FOREIGN EXCHANGE TRADING AND INVESTMENT IN DERIVATIVES CAN BE VERY SPECULATIVE AND MAY RESULT IN LOSSES AS WELL AS PROFITS. FOREIGN EXCHANGE AND DERIVATIVES TRADING IS NOT SUITABLE FOR MANY MEMBERS OF THE PUBLIC AND ONLY RISK CAPITAL SHOULD BE APPLIED. THE WEBSITE DOES NOT TAKE INTO ACCOUNT SPECIAL INVESTMENT GOALS, THE FINANCIAL SITUATION OR SPECIFIC REQUIREMENTS OF INDIVIDUAL USERS. YOU SHOULD CAREFULLY CONSIDER YOUR FINANCIAL SITUATION AND CONSULT YOUR FINANCIAL ADVISORS AS TO THE SUITABILITY TO YOUR SITUATION PRIOR TO MAKING ANY INVESTMENT OR ENTERING INTO ANY TRANSACTIONS.

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