User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Wednesday August 24, 2005 - 14:50:10 GMT
GCI Financial - www.gcitrading.com

Share This Story:
| | Email

Forex Market Commentary and Analysis (24 August 2005)



The euro reversed course and gained ground vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.2280 level after trawling for bids around the $1.2160 level. The move to intraday highs was precipitated by a surprisingly sharp fall in July U.S. durable goods orders that evidenced the widest decline since January 2004. Orders were off 4.9% last month after June’s 1.9% climb amid expectations of a 1.5% drop. Ex-transportation, new orders were off 3.2%, down from +3.6% in June while ex-defense orders were down 4.5%. Also, durable goods shipments were down 0.1% last month after two consecutive monthly improvements. Traders are also looking forward to remarks from Chicago Fed President Moskow later in the day regarding the U.S. economy. Last week, Richmond Fed President Lacker indicated he is increasingly concerned with inflationary pressures thus hawkish rhetoric from Moskow could give the dollar a boost today. In eurozone news, German July import prices were up 0.6% m/m and 4.7% y/y while EMU-12 industrial orders climbed 3.1% m/m in June and 4.9% y/y, above expectations. All eyes will be on tomorrow’s German Ifo number with most dealers expecting an improvement following yesterday’s decent ZEW number. Euro offers are seen around the $1.2280/ $1.2315 levels.

¥/ CNY

The yen extended recent losses vis-à-vis the U.S. dollar today as the greenback tested offers around the ¥110.70 level and was supported around the ¥109.85 level. The pair came off from intraday highs during European and North American dealing and was ten pips shy of testing highs going back to 10 August. Data released in Japan overnight saw the July corporate services price index recede 0.1% m/m, the third decline in four months, and was off 0.7% y/y. These inflation data evidence the fact that Japan has not yet conquered its battle with deflation although many economists believe Japan will realize positive inflation next year. Bank of Japan will unwind its unorthodox quantitative easing policy once deflation is no longer a threat to the Japanese economy. Also, July supermarket sales were down 2.3% y/y to ¥1.22 trillion while department store sales gained 1.1% y/y. Dealers reported Japanese interest in today’s two-year U.S. Treasury note auction and saw Japanese accounts buying dollars in the interbank earlier, pushing the dollar higher. Stubbornly high oil prices are again being cited as a net drag on the yen and Japanese equity prices appear to have topped out after a strong run-up, creating doubts about the sustainability of the run-up in share prices. The Nikkei 225 stock index gained 0.24% to close at ¥12,502.26. Dollar bids are cited around the ¥109.25/ ¥108.90 levels. The euro moved higher vis-à-vis the yen as the single currency tested offers around the ¥135.25 level and was supported at the ¥134.35 level. The British pound and Swiss franc both appreciated vis-à-vis the yen as the crosses tested offers around the ¥198.55 and ¥87.10 levels, respectively. The Chinese yuan appreciated vis-à-vis the U.S. dollar as the greenback closed at the CNY 8.1005 level, down from 8.1012 yesterday. Premier Wen today characterized the Chinese economy as “good” and added China will continue economic reforms to improve the structure of the economy. A government advisor today reported China will move to a fully managed float exchange rate system once speculative pressure on the yuan is eliminated. In other Chinese news, it is being reported that new legislation may be enacted to protect the assets of foreign central banks in China and Hongkong.



The British pound came off vis-à-vis the U.S. dollar today as cable tested bids around the US$ 1.7905 level and was capped around the $1.8025 level. Sterling moved to intraday highs after the release of disappointing U.S. durable goods orders data. Technically, today’s low was around 20 pips below the 61.8 retracement level of the move from $1.8330 to $1.7270. Data released in the U.K. today saw the Confederation of British Industry reduce its 2005 U.K. GDP forecast to 1.9% from its previous estimate of 2.5%. Notably, the last time the CBI’s growth projection was below 1.9% was 1992. CBI also reported that August manufacturing orders were down to their lowest level since October 2003 with 42% of firms reporting total order books below normal. Cable offers are cited around the $1.8030 level. The euro gained ground vis-à-vis the British pound as the single currency tested offers around the £0.6815 level.

CHF

The Swiss franc appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the CHF 1.2640 level after earlier testing offers around the CHF 1.2785 level. The pair declined more than 140 pips in short order during European and North American dealing following the release of weaker-than-expected U.S. July durable goods orders. Stops were reached below the CHF 1.2695 and CHF 1.2665 levels during the move lower. Dollar bids are cited around the CHF 1.2605/ CHF 1.2565 levels. The euro was lower vis-à-vis the Swiss franc as the single currency tested bids around the CHF 1.5510 level while the British pound moved lower vis-à-vis the Swiss franc and tested bids around the CHF 2.2760 level.

 

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 20 October 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:

Fri 20 Oct
12:30 CA- Retail Sales & CPI
14:00 US- Existing Homes Sales


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: High Fri-- 12:30 GMT CA- Retail Sales and CPI. Top economic indicators.


  • POTENTIAL PRICE RISK: HIGH Fri-- 14:00 GMT US- Existing Homes Sales. Top Housing 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