User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Thursday March 7, 2013 - 19:44:41 GMT
Westpac Institutional Bank -

Share This Story:
| | Email

Forex - Westpac Morning Report

Morning Report Friday 8 March 2013



Market wrap
Global market sentiment: Risk appetite remained elevated on US data while the ECB wasn’t as gloomy as expected. US jobless claims fell more than expected, boosting US equities ahead of tonight’s important payrolls report. The ECB kept the policy rate at 0.75% (although the vote wasn’t unanimous) but President Draghi gave no easing signal at the press conference, disappointing some. The Eurostoxx 50 still managed to close 0.4% higher though, and the S&P500 was nudged 0.2% to a fresh five-year high. Copper was of a similar disposition, up 0.7%.

Interest rates: The positive sentiment boosted US 10yr treasury yields from 1.92% to 1.99%, the 2-10yr curve steepening from 168bp to 174bp (close to an 11-month high of 176bp). Eurozone peripheral yields continued to decline, Italy’s 10yr down 6bp to 4.60%, Spain’s down 11bp to 4.89%, and Portugal’s down 22bp to 5.93%. Australian 3yr bond yields extended a three-day rise from 2.85% to 2.91% while 10yr bond yields rose from 3.40% to 3.48%.

Currencies: The US dollar index (DXY) fell around 0.7%, reversing the previous day’s gain. EUR outperformed following Draghi’s comments, rising from 1.2980 to 1.3117. Safe-haven yen underperformed, rising from 94.00 to 95.09 – a four year high. AUD rose from 1.0240 to 1.0289. NZD initially followed suit, from 0.8270 to 0.8314 but had a stronger reaction to the Draghi disappointment and slumped back to 0.8264. AUD/NZD accordingly rose from 1.2365 to 1.2420, perhaps a symptom of extreme long NZD positioning.

Economic wrap
US trade balance widened by more than $6bn to $44.4bn in Jan as exports reversed 1.2% and imports bounced 1.8%. Oil accounted for less than half of the increased deficit but most of the imports rise. The real ex oil deficit was little changed but the total deficit rose almost $4bn in real terms. US initial jobless claims fell 7k to 340k at the start of March. That is a six week low with no obvious special factors at play. Meanwhile Challenger reports a 7%yr rise in layoff announcements. Still on the labour market, productivity growth was revised from –2.0% to –1.9% and unit labour costs went from 4.5% to 4.6% in Q4 following the revised GDP data.

Canadian trade deficit narrowed from C$0.33bn to C$0.24bn in Jan, as exports just outpaced imports with a 2.1% vs 1.9% gain. Meanwhile building permits rose 1.7% with residential bouncing 17.6% offsetting a 19.2% fall in non-res.

ECB on hold at 0.75%. ECB chief Draghi acknowledged that a rate cut was discussed by the Council but the “prevailing consensus” was for no change. The ECB’s latest staff projection midpoint foir GDP is exactly in line with us this year on –0.5%, but their hopeful financial market and global trade assumptions mean that their 2014 forecast is unrealistic at 1.0% (as was their 2013 forecast of 1.1% a year ago). Draghi cited the partial repayment of LTROs after one year, reducing the ECB’s balance sheet as evidence that downside risks, while still present, are diminishing. Indeed “uncertainties about the resolution of sovereign debt ... issues” has not been cited as a downside risk since late last year. He’s getting complacent we fear, just like he did after the 2 LTROs a year ago!

German factory goods orders fell 1.9% in Jan, for a –2.5% yr pace of decline. Consumer, capital and intermediate goods all recorded lower orders.

Bank of England on hold at 0.50%; asset purchase program held at £375bn.

Event risk today: NZ’s Q4 manufacturing activity will feed analysts’ GDP forecasts but shouldn’t rattle the NZD, nor should QV house prices. The Australian calendar is bare but China reports its trade balance today and lots more tomorrow (CPI, industrial production etc). Tonight’s US payrolls report is the day’s highlight for markets.

NZD/USD 1 day: 0.8263 is pivotal, a break below this neckline heralding a 1 cent fall.
NZD/USD 1-3 month: The positive trend since May has been broken and we now target around 0.8100 during the month ahead. Our view of a fresh high later in 2013 remains intact though.
NZ 2yr swap yield 1 day: Opening today up 2bp at 3.00%.
NZ 2yr swap yield 1-3 month: Following the current consolidation, which could yet extend lower to the 2.80%-2.90% area, a rise above 3.20% should ensue.
AUD/USD 1 day: We expect a 1.0220-1.0300 range to contain today ahead of any US payrolls surprise.
AUD/USD 1-3 month: Remains inside an 18-month consolidation triangle, which should see it reach at least 1.0100 before an eventual break above 1.0600.




Westpac Banking Corporation ABN 33 007 457 141 incorporated in Australia (NZ division). Information current as at 8 March  2013. 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 registered in England as a branch (branch number BR000106) and is authorised and regulated by The Financial Services Authority. Westpac Europe Limited is a company registered in England (number 05660023) and is authorised and regulated by The Financial Services Authority. © 2010 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.

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

Mon 3 Dec 2018
A All Day Final Mfg PMIs
Tue 4 Dec 2018
A 04:30 AU- Reserve Bank Decision
Wed 5 Dec 2018
A All Day Final SVC PMIs
A 04:30 AU- CPI
A 13:15 US- ADP Jobs
A 13:30 US- Productivity
A 15:00 CA- Bank Of Canada Decision
A 15:30 US- EIA Crude
B 19:00 US- Beige Book
Thu 6 Dec 2018
AA 12:45 EZ- ECB Decision
AA 13:30 US/CA- Trade
A 13:30 US- Weekly Jobless
Fri 7 Dec 2018
A 10:00 EZ- GDP
AA 13:30 US/CA- Employment
A 15:00 US- Final Univ of Michigan

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