User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Wednesday August 3, 2005 - 15:15:31 GMT
GCI Financial -

Share This Story:
| | Email

Forex Market Commentary and Analysis (3 August 2005)

The euro made significant gains vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.2325 level, its highest print since 8 June. Stops were reached above key technical levels around the $1.2245/75 levels and the common currency was supported around the $1.2150 level. Recent U.S. economic data have been good and the dollar has instead reversed course and depreciated, leading many to wonder if the greenback’s cyclical gains are ending and whether traders are starting to refocus on structural issues like the sizable U.S. current account and budget deficits. Data released in the U.S. today saw the July ISM non-manufacturing index print at 60.5%, down from June’s 62.2% pace, more-than-expected but still above the “boom-or-bust” 50.0 levels. The new orders sub-index improved to 61.9% while the employment sub-index receded to 56.2% and the prices paid sub-index climbed to 70.3%, the highest level since December. Other data released today saw Challenger layoffs around 102,971, down 7% m/m. Economists, however, caution that this is not necessarily a reliable proxy for non-farm payrolls data. The July non-farm payrolls tally will be released on Friday and is expected to be around 180,000. On Tuesday, the Federal Open Market Committee will deliberate monetary policy and is expected to raise the federal funds target rate from 3.25% to 3.50%. Many Fed watchers believe the target rate could be at 4.00% by the end of 2005 and all market participants will be curious to learn whether or not the Fed retains its “measured pace” mantra to describe its planned removal of policy accommodation. In eurozone, news, EMU-12 retail sales climbed 0.4% m/m and 0.9% y/y in June, exceeding expectations. Also, the EMU-12 July services business activity index came in around 53.5, up from June’s 53.1 level. Germany and Italy notches gains in their respective services business indices while France’s fell. Dealers continue to cite euro buying from sovereign and quasi-sovereign Middle East names that are thought to be rejigging their reserves portfolios from U.S. dollars to euros now that NYMEX crude futures have spiked to over US$ 63.00. Euro offers are cited around the $1.2345/ 75 levels.


The yen appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the ¥111.05 level and was capped around the ¥111.90 level. Today’s low represents the pair’s lowest level since 22 July and stops were triggered below the ¥111.30 level. Technically, the next round of demand is expected ahead of technical support seen around the ¥110.95 level. In Japanese news, it was reported the government is seeking to extend around ¥1 trillion in corporate tax breaks that currently expire around 31 March. Politically, there may be some horse-trading like this ahead of this Friday’s planned vote in the upper house on privatization of the massive postal savings system. The vote is currently too close to call and Prime Minister Koizumi has warned he may call a snap election if the measured does not pass. A failure to pass the vote could dent confidence in the yen. Nikkei reports that the current account surplus at Bank of Japan is likely to fall below the ¥30-35 trillion range today or tomorrow but this will not impact monetary policy and is actually an indication that the Japanese banking system is strengthening. Dealers cite stronger buying activity from oil companies given the current spike in crude futures. The Nikkei 225 stock index climbed 0.35% to close at ¥11,981.80 and again flirted with the psychologically-important ¥12,000 figure. Dollar bids are cited around the ¥110.95/ 70 levels. The euro appreciated sharply vis-à-vis the yen as the single currency tested offers around the ¥137.15 level. The British pound, Swiss franc, and Australian dollar appreciated vis-à-vis the yen as these crosses tested offers around the ¥198.50, ¥88.05, and ¥85.75 levels, respectively. In Chinese news, the government reported it expects 2005 CPI growth to be less than 2.5% and this is likely to provoke calls from some who believe China may be on the edge of encountering some deflationary pressures in some segments of its economy. The yuan closed at 8.1051 to the dollar today compared with 8.1032 yesterday.

The British pound gained strong ground vis-à-vis the U.S. dollar today as cable tested offers around the US$ 1.7830 level and was supported around the $1.7650 level. Today’s high represented sterling’s best showing since 1 July. Data released in the U.K. today saw July consumer confidence improve last month according to Nationwide, signifying the recent terrorist attacks in the U.K. have thus far had relatively little impact on the U.K. economy. The CIPS service sector activity index improved to 56.3 in July from 55.8 in June. All eyes will be focused on Bank of England’s Monetary Policy Committee meeting tomorrow as policymakers are expected to reduce the headline repo rate target by 25bps to 4.50% in what would be the first monetary easing in two years. Other data released today saw BRC shop price inflation lower by 0.60% y/y last month. Cable offers are cited around the $1.7930 level. The euro moved higher to the £0.6920 level and was supported around the £0.6875 level.


The Swiss franc extended recent gains vis-à-vis the U.S. dollar today as the greenback tested bids around the CHF 1.2630 level and failed to get through the CHF 1.2815 level overnight. Today’s low represents the weakest level for the pair since 22 June. Data released in Switzerland today saw July CPI off 0.5% m/m and up 1.2% y/y, consistent with expectations. Some dealers believe the Swiss franc may continue to benefit given its safe-haven status following Iran’s resumption of nuclear activities, shaky U.S. – North Korean talks, escalating oil prices, and some uncertainty regarding the chain of command in Saudi Arabia. Dollar bids are cited around the CHF 1.2565 level. The euro and British pound lost ground vis-à-vis the Swiss franc as the crosses tested bids around the CHF 1.5555 and 2.2475 levels, respectively.


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 31 July 2018
AA JP- Bank of Japan
A 06:00 DE- Retail Sales
A 09:00 EZ- flash HICP/GDP
AA 12:30 US- Core PCE Deflator
A 14:00 US- CB Consumer Confidence
Wed 1 Aug 2018
A Final Mfg PMIs
AA 12:15 US- ADP Private Payrolls
A 15:00 US- EIA Crude
AA 18:00 US- Federal Reserve Decision
Thu 2 Aug 2018
AA 11:00 GB- Bank of England Decision
A 13:30 US- Weekly Jobless
Fri 3 Aug 2018
A Final Services PMIs
AA 12:30 US- Employment
A 12:30 US/CA- Trade

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