User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Wednesday September 7, 2005 - 14:02:11 GMT
Mellon Bank Foreign Exchange - https://fx.mellon.com/

Share This Story:
| | Email

Forex: Mellon FX Daily - European Edition

Key Points
• EUR-USD rises in early European trading, but some USD support should be forthcoming.
• USD prospects will depend in part on oil price developments and any messages from the Fed.
• Chicago Fed’s Moskow speaks later today.
• German ind prod, BoC policy outcome and Fed’s Beige Book also due.

Market Outlook

In Asia, EUR-USD survived a test of yesterday’s low of 1.2442 before bouncing back ahead of the European open. Indeed, the move above 1.2515 early in the European session is a positive signal, although 1.2545 will also need to be taken out to reestablish the recent positive bias. More likely perhaps is a move below 1.2440 and a test of 1.2400, although much will depend upon how oil prices develop today and any indications from the Fed on what they are thinking about policy.

The market remains uncertain about near-term growth prospects, but the sense of panic that was prevalent last week has clearly subsided along with oil and gasoline prices. Sentiment will remain responsive to movements in energy prices and for this reason alone FX market participants will proceed with some caution, but as it currently stands there is every chance of the USD stabilising further today.

With energy price strength abating somewhat the Fed is in a better position to argue that tightening should continue, although the risk of them skipping a hike at the September 20 meeting remains in place given the scale of the hurricane devastation. More on this subject should be taken from a speech by the Chicago Fed’s Moskow today (see below). Any firm views on the post-hurricane scenario could influence markets either way, but as we have mentioned recently, even if rates are left unchanged on September 20 the Fed will be keen on advancing the message of underlying strength in economic activity and the likely resumption in tightening thereafter. On this basis, the recent damage to short-term rate expectations is probably complete, although again such expectations will remain sensitive to energy prices.

The RBA left rates unchanged last night, although a strong Q2 GDP performance has supported the AUD. However, it is unlikely to advance through the 0.7700-50 area in the shortterm. Tonight’s employment data will be significant for how things develop. Below 0.7645 is needed to undermine the momentum behind the latest upmove.

Day Ahead
Eurozone – German manufacturing output will be closely watched after the strong orders data yesterday. Orders had been strong in prior months and a pullback was generally= expected yesterday, so it will be interesting to see whether output exhibits a similar pattern.

US – Q2 productivity and unit labour costs are out, while the Beige Book is also released and Chicago Fed president Moskow is scheduled to speak about the economy. There is unlikely to be much in the way of market impact from the productivity data – it is a second estimate – while the Beige Book is likely to have been prepared before the onset of the hurricane and may do little to influence expectations on Fed policy. The speech by Moskow is likely to be the most interesting as it could be used as a vehicle for expressing Fed thinking on current issues.

the BoC are likely to raise rates by 25bp, although key for the market reaction will be what they signal about the future – specifically how they deal with the issue of higher energy prices. Will they focus on the negative consequences for the Canadian consumer or the boost because of Canada’s role as a net oil exporter? Some caution is likely, although overall a signal of further rate rises does seem likely. If this occurs a test below 1.1800 looks likely on USD-CAD, although it is not clear whether sufficient momentum will be generated to take out the November 2004 low at 1.1725. This may hold out a little longer. Any official observations about the exchange rate itself will also be significant.

Diary
Data/event EDT Consensus*

IT Consumer confidence (Aug) 08.30 101.0
NO Manu output (Jul) m/m 09.00 +0.5%
DE Ind prod (Jul) m/m 11.00 -0.3%
US Productivity (Q2) saar 13.30 +2.1%
US Unit lab costs (Q2) saar 13.30 +1.4%
CA Building permits (Jul) m/m 13.30 +1.0%
CA BoC policy announcement 14.00 2.75%
US Wholesale sales (Jul) m/m 15.00 +0.6% last
CA PMI (Aug, nsa) 15.00 58.0
US Fed’s Moskow speaks on econ 18.00
US Beige Book for Sep 20 FOMC 19.00
JP M2 plus CDs (Aug) y/y 00.50 +1.7%
AU Employment (Aug) 02.30 -2k
AU Unemployment rate (Aug) 02.30 5.1%

Latest data Actual Consensus*
US ABC consumer conf (w/e Sep 4) -14 -12 last
GB Nwide consumer confidence (Aug) 100 101 last
GB NIESR GDP (3mths to Aug) q/q +0.5% +0.4% last
AU RBA rate announcement 5.5% 5.5%
AU GDP (Q2) q/q +1.3% +1.0%
*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 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