User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Friday September 9, 2005 - 15:04:03 GMT
GCI Financial - www.gcitrading.com

Share This Story:
| | Email

Forex Market Commentary and Analysis (9 September 2005)



The euro moved higher vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.2440 level and was supported around the $1.2375 level. The common currency, however, gave back some intraday gains early in the North American session after the release of hawkish U.S. import data. It was reported that the prices of imported goods moved 1.3% higher, the fastest climb since March. Excluding the 7.1% leap in petroleum prices, however, energy prices marked the fourth consecutive month with no increase. Technically, the pair moved right back to the 38.2% retracement level of the move from $1.2125 to $1.2590. Traders are still talking about the hawkish comments made by San Francisco Fed President Yellen yesterday who said monetary policy “has little scope to cushion the immediate fallout from such a severe and sudden blow to a region,” referring to the economic and financial impact of hurricane Katrina. She also added that a continuation of the Fed’s current tightening cycle is probable “but obviously less certain.” Dealers are split over whether the Federal Open Market Committee will tighten policy on 20 September or take a pause in their tightening cycle to assess the effect of Katrina. The euro’s move higher today reflected an increase in energy prices overnight with crude oil futures trading back above the $65 handle. On the production side, around 6% of U.S. oil-refining capacity is still thought to be offline and traders cannot rule out another spike in energy prices. Dollar bulls note that there are also euro-negative forces at play. First, Germany will hold a national election on 18 September and the distance between incumbent Chancellor Schroeder’s Social Democratic Party and Angela Merkel’s Christian Democratic Party in public opinion polls is said to be narrowing. The prospect of a coalition government reduces the likelihood that Germany will be able to pass much-needed economic and financial reforms. As the largest economy in the eurozone, the lack of strong German economic growth is a drag on the eurozone economy. The other big news in the eurozone today was a comment from Austrian finance minister Grasser who today confirmed the 2005 EMU-12 growth forecast of eurozone finance ministers has been reduced to an average of 1.2% from 1.6% on account of the surge in oil prices. His comments were echoed by U.K. Chancellor of the Exchequer Brown. Data released in the eurozone today saw Q2 Italian GDP rise 0.7% q/q and 0.1% y/y while German wholesale August prices were unchanged in July and up 1.9% y/y. Also, the European Commission today warned Germany that its provisional 2005 deficit of 3.7% of GDP could be upwardly revised to 4.0%. Euro offers are cited around the $1.2475 level.

¥/ CNY

The yen reversed course and appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the ¥109.85 level and was capped around the ¥110.75 level. Technically, today’s high was just above the 38.2% retracement of the move from ¥113.70 to ¥108.75 and stops were triggered below the ¥110.05 level, representing the 38.2% retracement of the move from ¥104.15 to ¥113.70. Traders are buying yen ahead of Sunday’s general election in Japan that Prime Minister Koizumi and his revamped Liberal Democratic Party are expected to win. The premise is that an LDP victory would permit Koizumi to advance his reformist agenda including privatization of the US$ 3 trillion+ postal system. Dealers are also buying yen today following yesterday’s upgraded assessment of the Japanese economy by Bank of Japan. The central bank also noted that the year-on-year change in consumer prices is likely to be zero percent or slightly positive by the end of 2005. This could herald an end to Japan’s long-standing bout with deflation and would fulfill one of the several requirements the BoJ has identified before it will begin to unwind its long-standing quantitative easing policy. The Nikkei 225 stock index climbed 1.26% to close at ¥12,692.04. Dollar bids are cited around the ¥108.90 level. The euro came off vis-à-vis the yen as the single currency tested bids around the ¥136.50 level and was capped around the ¥137.55 level. Stops were reached below the ¥136.80 level, representing the 23.6% retracement of the move from ¥133.50 to ¥137.85. The British pound and Swiss franc moved lower vis-à-vis the yen as the crosses tested bids around the ¥202.05 and ¥88.40 levels, respectively. The Chinese yuan depreciated vis-à-vis the U.S. dollar today as the greenback closed at CNY 8.0956, up from yesterday’s close of CNY 8.0945. Data released in China today saw industrial ex-factory prices rise 5.3% y/y last month and +0.1% m/m while the government is predicting Q3 GDP growth will reach 9.3%, down from an earlier estimate of 9.5%. People’s Bank of China official Ma Delun – who made headlines last month suggesting China would not be revaluing the yuan further – today said the central bank will keep the yuan stable and intervene to reduce volatility. He added the formula involved in compiling the yuan currency basket is “complicated” and added factors such as China’s external trade position, debt position, and M2 money supply figures are components.



The British pound appreciated vis-à-vis the U.S. dollar today as cable tested offers around the US$ 1.8410 level and was supported around the $1.8320 level. Technically, today’s low was right around the 23.6% retracement of the move from $1.7820 to $1.8495. Data released in the U.K. today saw the July global trade in goods deficit widen to £5.076 billion, above June’s £4.167 billion pace and considerably worse than estimates. Cable offers are cited around the $1.8470 level. The euro moved lower vis-à-vis the British pound as the single currency tested bids around the £0.6740 level and was capped around the £0.6765 level.
CHF

The Swiss franc moved higher vis-à-vis the U.S. dollar today as the greenback tested bids around the CHF 1.2390 level and was capped around the CHF 1.2470 level. Data released in Switzerland today Q2 GDP up 0.3% q/q and 1.1% y/y. Swiss National Bank member Hildebrand spoke today and said additional rises in interest rates will be will be required if it becomes apparent that a “sustainable improvement of economic prospects” is transpiring. SNB has successfully prevented the franc from appreciating too much vis-à-vis the euro in 2005 as this cross has not reached levels last seen in 2003 and 2004. Dollar bids are cited around the CHF 1.5380 level. The euro moved higher vis-à-vis the Swiss franc as the single currency tested offers around the CHF 1.5445 level while the British pound appreciated vis-à-vis the Swiss franc and tested offers around the CHF 2.2905 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 11 December 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:

Tue 12 Dec
09:30 GB- CPI
10:00 GB- ZEW Survey
13:30 US- PPI
Wed 13 Dec
00:30 AU- Employment
09:30 GB- Unemployment
13:30 US- CPI
15:30 US- EIA Crude
19:00 US- Fed Decision
Thu 14 Dec
07:30 CH- SNB Decision
All Day- Global- flash PMIs
12:00 GB- Bank of England Decision
12:45 EZ- ECB Decision
13:30 US- Retail Sales
13:30 US- Weekly Jobless
14:45 US- Industrial Production

Forex Trading Outlook


Potential Trading Opportunities

  • POTENTIAL PRICE RISK: Mediun Tue--10:00 GMT-- DE- ZEW. Second Tier Sentiment Survey
  • POTENTIAL PRICE RISK: HIGH-Medium Tue--13:30 GMT-- US- PPI

  • POTENTIAL PRICE RISK: HIGH-Medium Wed--09:30 GMT-- GB- Employment
  • POTENTIAL PRICE RISK: HIGH Wed--13:30 GMT-- US- CPI
  • POTENTIAL PRICE RISK: Medium Wed--15:30 GMT-- US- EIA Crude
  • POTENTIAL PRICE RISK: High Wed--19:00 GMT-- US- Fed Decision


  • POTENTIAL PRICE RISK: HIGH- Thu --00:30 GMT-- AU- Employment
  • POTENTIAL PRICE RISK: Medium- Thu --All day-- global- flash PMIs
  • POTENTIAL PRICE RISK: HIGH-Medium- Thu --07:30-- CH- Swiss National Bank Decision
  • POTENTIAL PRICE RISK: HIGH-Medium- Thu --09:30-- GB- Retail Sales
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